News
Mixed stocks with focus on inflation data
U.S. stocks were mixed in early trading Tuesday, with the technology sector serving as a bright spot as Wall Street kicked off a holiday-shortened week by focusing on an upcoming inflation report closely watched by the Fed. Reserve.
The benchmark S&P 500 index (^GSPC) embraced the flat line, while the Nasdaq Composite (^IXIC) added about 0.5% after solid closing gains on Friday. The Dow Jones industrial average (^DJI)which lists fewer technology names, fell about 0.3%.
Major gauges are regrouping after a volatile week as traders return from the Memorial Day holiday. Stocks were hit back and forth by two impulses: fading optimism about rate cuts, on the one hand, and high hopes for AI, on the other. The latter is led by Nvidia (NVDA), whose shares continued their post-earnings slide, gaining about 5%.
Investors are now firmly back to inflation surveillance, counting down until the release of the Federal Reserve’s preferred PCE indicator on Friday. Fed officials have sent out a series of warnings that data must show a real cooling in inflation to trigger a policy change, with Neel Kashkari, the latest to join them.
See more information: How does the job market affect inflation?
These comments, next economic prints hotter than expected It is Fed hawkish minutesled traders to once again reduce bets about interest rate cuts this year. Data hunters will get updates on Q1 GDP and consumer confidence later this week, which could be a catalyst.
On other individual engines, GameStop (GME) actions rose up to 22% on Tuesday. The gaming retailer said Friday that it raised not far from $1 billion by selling shares during the meme rally in early May. Meanwhile, Apple (AAPL) rose after data showing iPhone sales in China jumped more than 50% in April when retail partners reduced prices.
Live8 Updates
- Tuesday, May 28, 2024 at 5:45 pm GMT+2
Nvidia shares surpass $1,100 for the first time
Nvidia (NVDA) shares traded above $1,100 for the first time on Tuesday.
The landmark moment comes as shares rose about 5% after Elon Musk’s artificial intelligence startup xAI raised $6 billion in a Series B funding round, the company announced in a statement. blog post. The financing brings xAI’s valuation to $24 billion.
Increasing competition in AI has continued to drive Nvidia’s growth rate as the chipmaker continues its record recovery.
Last week, Nvidia reported first quarter results this impressed Wall Street. The company also announced a 10-for-1 stock split and a dividend increase.
- Tuesday, May 28, 2024 at 5:15 pm GMT+2
GameStop Shares Rise After Nearly $1 Billion Stock Sale Completes
GameStop (GME) shares rose as much as 22% on Tuesday, with shares opening around $23. The moves come after the video game retailer said it raised nearly $1 billion with its latest stock offering.
While shares are still well below the nearly $65 level reached earlier this month during a short-lived meme manifestationThe stock’s action reflects investors’ exuberance toward meme trading.
Yahoo Finance’s Ines Ferré reports:
“If this were a normal market, people would be a little scared,” Steve Sosnick, chief strategist at Interactive Brokers, told Yahoo Finance.
He added: “You don’t sell shares in the market if you think they are undervalued. You do this when you think your stocks are overvalued.”
GameStop is a heavily shorted stock, with short interest just over 21% of the float.
The company took advantage of the unexpected rally in memes in mid-May, selling 45 million shares and raising about $933 million, according to a Friday statement.
GameStop said it intends to use the net proceeds for general corporate purposes, which could include acquisitions and investments.
The offering was first announced on May 17 together with the company preliminary financial resultscausing the stock to plummet up to 30% that day.
O offer was seen as a smart move by some Wall Street analysts amid the video game retailer’s financial difficulties. GameStop’s quarterly sales fell sharply from the same period a year ago, according to its most recent earnings report.
- Tuesday, May 28, 2024 at 4:38 pm GMT+2
San Diego Sees Biggest Home Price Gains
How house prices reached a new historical record in March, some cities remained more susceptible to rising costs.
Regionally, San Diego continued to report the largest annual gain among the top 20 cities, rising 11.1% in March. New York and Cleveland also increased by 9.2% and 8.8%, respectively.
High mortgage rates, high home prices and limited housing stock have challenged homebuyers. In March, mortgage rates hovered around average range of 6%. Last week, they fell below 7% for the first time since the beginning of April.
Despite the pent-up demand for houses, low stock continues to be a problem, which has not allowed house prices to fall. But this dynamic is expected to change.
“While we expect mortgage rates to fall in the coming years, we also expect inventories to gradually normalize, which should help cool the market,” wrote Thomas Ryan, U.S. economist at Capital Economics, in a note to clients following the release. . Ryan and his team expect home prices to rise 3% in 2025 and 2.5% in 2026.
- Tuesday, May 28, 2024 at 4:28 pm GMT+2
House prices hit new records, data shows
The seasonally adjusted S&P CoreLogic Case-Shiller national home price index (HPI) rose 0.3% month over month in March and jumped 6.5% year over year – the second strongest annual gain since late 2022, it said Oxford Economics in a note to clients following the release of the data.
“We expect house price growth to remain positive in the coming quarters, with risks tilted to the upside,” wrote Oxford Economics chief economist Bernard Yaros. “Short supply in the resale market, a robust job market and pent-up demand from aging Millennials in their early years of household formation argue for potentially firmer home price gains than in our baseline forecast.”
According to the data, prices in the 20 largest U.S. metro areas reached another all-time high in March.
(Source: Oxford Economics/Haver Analytics)
Yaros added that while he expects “mortgage rate declines as the first rate cut by the Federal Reserve becomes visible,” prices are expected to remain elevated amid a “historically tight” supply of homes for sale.
Meanwhile, the seasonally adjusted Federal Housing Finance Agency (FHFA) House Price Index also rose during March, but at a slower pace compared to previous months. The index rose just 0.1% after rising 1.2% month-on-month in February.
“Although base effects have started to become less favorable for the FHFA index, it is still increasing on an annual basis faster than it has for most of 2023,” Yaros said.
- Tuesday, May 28, 2024 at 4:08 pm GMT+2
Consumer confidence recovers for the first time in 3 months
Consumer confidence unexpectedly increased in May.
The Conference Board’s latest index reading was 102, up from 97.5 in April and higher than expected by the 96 economists surveyed by Bloomberg. The May reading ended three months of decline in the index.
“Consumers’ assessment of current business conditions was slightly less positive than last month,” Conference Board Chief Economist Dana Peterson said in the release. “However, the strong labor market continued to reinforce consumers’ overall assessment of the current situation. Opinions about current labor market conditions improved in May as fewer respondents said jobs were ‘hard to get’ ‘.”
Peterson added: “Fewer consumers expected deterioration in future business conditions, job availability and income, resulting in an increase in the Expectation Index.”
- Tuesday, May 28, 2024 at 3:32 pm GMT+2
Dow falls, Nasdaq rises at opening
US stocks opened mixed on Tuesday, with technology serving as a bright spot ahead of a critical inflation report due later this week.
The benchmark S&P 500 index (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) added about 0.4% after solid closing gains on Friday. The Dow Jones industrial average (^DJI) was the biggest laggard of the morning, falling 0.3%.
- Tuesday, May 28, 2024 at 12:53 GMT+2
Foot Locker is not out of the woods
Foot cabinet (Florida) has had a horrible 12 months.
Poor financial performances have led to surprisingly weak prospects, causing shares to fall 16% last year.
The Street is bracing for another terrible quarter for the sneaker and sportswear retailer when it reports Thursday morning.
Evercore ISI analyst Michael Binetti said investors should expect a “very difficult quarter.” The company may alert again for the entire year.
He pointed out several reasons:
“In addition to pressure from low-income consumers, we believe major product releases like the Air Max DN have underperformed, and the recent Jordan 4 Industrial Blue is selling below MSRP in the resale channel ($ 185 vs $215 MSRP).”
- Tuesday, May 28, 2024 at 12:47 GMT+2
Evercore ISI’s Take on Trump 2.0 Tariffs
We started to see Wall Street crunch the numbers on the economic impact of the new tariffs that former President Trump would be interested in implementing if he won a second term.
Today Evercore ISI weighs in with its opinion:
“Presidents rarely enact or implement the entirety of any one campaign idea, and Trump, in particular, likes to use bold ideas as a launchpad. However, it is critical to understand what dramatic starting point Trump has presented, as this has implications for where he could, Ultimately, coming down to face value, the combination of the proposed 10% across-the-board tariff and China’s 60% tariff would lead to an overall U.S. weighted average tariff rate of nearly 17%, the highest since the 1930s. It was Hawley. On a static basis (that is, without assuming any dynamic economic effects), tariffs would increase from 0.3% of GDP to 1.9% of GDP – an increase of more than $400 billion annually. by commercial partners.”
Are markets underestimating a new Trump trade war? (EvercoreISI)
News
Breakfast on Wall Street: The Week Ahead
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
News
Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
News
Latest Business News Live Updates Today, July 11, 2024
Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.
Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.
Follow all the updates here:
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Thu, 11 Jul 2024 08:44 PM
Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
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Thu, 11 Jul 2024 03:58 PM
Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
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Thu, 11 Jul 2024 03:51 PM
Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
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Thu, 11 Jul 2024 03:09 PM
LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
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Thu, 11 Jul 2024 02:39 PM
LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
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Thu, 11 Jul 2024 01:39 PM
LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
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Thu, 11 Jul 2024 01:10 PM
Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
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Thu, 11 Jul 2024 12:44 PM
LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
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Thu, 11 Jul 2024 12:18 PM
Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
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Thu, 11 Jul 2024 11:30 AM
Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
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Thu, 11 Jul 2024 11:04 AM
LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
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Thu, 11 Jul 2024 10:22 AM
LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
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Thu, 11 Jul 2024 09:42 AM
LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
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Thu, 11 Jul 2024 09:16 AM
Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
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Thu, 11 Jul 2024 08:40 AM
LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
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Thu, 11 Jul 2024 08:35 AM
LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
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Thu, 11 Jul 2024 07:59 AM
LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
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Thu, 11 Jul 2024 07:45 AM
Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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