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Stocks waver after jobs report smashes expectations

Published

11 months ago

7 June, 2024

US futures stuck in inflation countdown as meme rally roars back

US stocks wobbled on Friday, after a jobs report seen as pivotal to expectations for interest-rate cuts showed much stronger hiring growth than expected.

The S&P 500 (^GSPC) rose 0.1%, while the Dow Jones Industrial Average (^DJI) gained 0.2%, coming off a lackluster session Thursday for the three major gauges. The tech-heavy Nasdaq Composite (^IXIC) remained in the red, hovering just below the flatline.

Investors have lifted stocks on the expectation that further data would suggest an economic cooldown. But the Labor Department report offered more evidence that parts of the economy are too hot for the central bank’s fight against inflation, feeding into a narrative of keeping rates higher for longer.

The highly anticipated May jobs report reinforced the idea that pulling back rates from their two-decade high likely won’t come until the Fall.

The US economy added 272,000 jobs in May, smashing expectations. However, the unemployment rate did tick higher, rising to 4.0%.

Elsewhere in markets, the wait is also on for a livestream apparently promised by GameStop (GME) booster Keith Gill, aka “Roaring Kitty.” The event, scheduled for noon ET Friday, would be the first live YouTube appearance by Gill since he helped ignite the meme stock rally three years ago.

GameStop shares closed 47% higher on Thursday, but they dropped sharply after the video game retailer said it would sell up to 75 million shares and said sales declined in the first quarter.

Also on deck is the completion of Nvidia’s (NVDA) 10-for-1 stock split, expected after the market closes. A midweek rally briefly vaulted the AI chipmaker to a $3 trillion valuation, but its shares have lost steam as short bets against the company pile up.

Live10 updates

Fri, June 7, 2024 at 8:05 PM GMT+2

Homebuilder stocks sink after hotter than expected jobs report slams rate cut hopes

Homebuilder stocks lost steam Friday after a hotter than expected May jobs report dampened rate cut expectations for September.

The SPDR S&P Homebuilders ETF (XHB) sank by 1%, alongside DR Horton, Inc. (DHI), the biggest US homebuilder, which slipped by 2%. Lennar (LEN) and Toll Brothers (TOL) were down by more than 1% in afternoon trading.

The jobs print underscored the difficulty the Federal Reserve faces in determining when to lower interest rates and how quickly. The economy and labor market have largely held up while inflation remains sticky, supporting the case for holding rates higher for longer.

After Friday’s jobs report, investors were pricing in a 53% chance that the Fed will cut rates in September, down from a roughly 69% chance seen just a day prior, per the CME FedWatch Tool.

Although the Federal Reserve doesn’t directly set mortgage rates, the rates offered by lenders tend to follow the agency’s lead. As such, mortgage rates remain elevated, hovering around 7% and pushing homebuying activity to stay persistently low.
Fri, June 7, 2024 at 7:46 PM GMT+2

Stocks trending in afternoon trading

Here are some of the stocks leading Yahoo Finance’s trending tickers page during afternoon trading on Friday.

GameStop (GME): Shares of the video game retailer and meme stock extraordinaire fell 35% in afternoon trading, following the kickoff of the highly anticipated livestream from bullish retail investor Keith Gill. The stock was halted for volatility numerous times during the stream, in which Gill said he believes in the company’s management.

AMC (AMC): The meme stock pull back spilled over into other names Friday, as shares of the movie-theater chain, dropped 15%. The stock has sunk about 12% so far this year, failing to ride the same momentum as GameStop.

Oddity Tech (ODD): The beauty and wellness company that uses AI rose more than 20% Friday following an announcement that the board of directors approved a share buyback program of a maximum of $150 million of the Company’s Class A Ordinary Shares. The company also boosted its Q2 outlook.

DocuSign (DOCU): The software company specializing in electronic agreements shed 8% after reporting second quarter billings guidance that fell below Wall Street expectations. Investors looked past the more positive updates, however, as the company beat earnings estimates and boosted its stock repurchase program by up to $1 billion of outstanding common stock.
Fri, June 7, 2024 at 7:07 PM GMT+2

GameStop down 35% as retail trader Keith Gill says he believes in company’s management

GameStop (GME) stock was halted for volatility numerous times during the highly anticipated livestream of retail investor Keith Gill.

“Can I talk about GameStop? The funny thing is that I have a lot of the same feelings about everything, you know?” said Gill during the livestream, appearing in front of a Yahoo Finance screen.

“It becomes a bet on the management,” said Gill. “Ryan Cohen and his crew — that’s what folks should be focused on.”

Cohen is the chairman and CEO of GameStop.

“I see enough where I believe this guy may be able to do it,” said Gill, adding a disclaimer that his video is not financial advice.

Gill also confirmed the screenshots posted online this week of a massive position in GameStop are his own.

The stock had opened lower on Friday and was also halted for volatility earlier in the session after GameStop reported quarterly results that missed analyst estimates and announced a stock sale.

The stock was down 35% as of 1 p.m. Eastern Time.
Fri, June 7, 2024 at 6:39 PM GMT+2

Stocks turn green in afternoon trading, Keith Gill kicks off livestream

All three indexes were up Friday afternoon, recovering from earlier losses after a crucial jobs report came in hotter than expected.

Investors were also greeted with the reappearance of bullish retail investor Keith Gill, who began a YouTube livestream in the afternoon session. The stream marked his first live appearance on the channel since the investor helped ignite the meme stock rally in 2021 via his bullish videos and posts about the video game retailer GameStop (GME).

The S&P 500 (^GSPC) rose 0.2%, while the Dow Jones Industrial Average (^DJI) gained 0.1%, coming off a lackluster session Thursday for the three major gauges. The tech-heavy Nasdaq Composite (^IXIC) also rose 0.1%.
Fri, June 7, 2024 at 5:45 PM GMT+2

GameStop investors brace for Roaring Kitty livestream

GameStop shares are down more than 18% Friday just minutes before a highly anticipated livestream from “Roaring Kitty,” an alias used by bullish retail investor Keith Gill.

Gill’s YouTube account is scheduled to broadcast a livestream at noon ET following an announcement from the video game retailer showing quarterly results that missed analyst estimates and news of a stock sale.

As Yahoo Finance’s Ines Ferré reports, GameStop filed to sell up to 75 million additional shares on the heels of last month’s sale of 45 million shares, bringing in about $930 million in proceeds.

The announcements followed the stock’s 47% surge in the prior session after “Roaring Kitty” scheduled his YouTube live stream. Friday’s event will mark the first live appearance on the channel since the investor helped ignite the meme stock rally in 2021 through his bullish videos and posts about the video game retailer.

Gill’s actions and pronouncements could serve as another catalyst for the stock and other names in the meme stock basket.

Earlier this week, an account believed to be associated with Gill revealed a $175 million bet on GameStop. Shares surged following that post too.
Fri, June 7, 2024 at 5:09 PM GMT+2

The jobs report is a ‘Rorschach blot’ for mixed interpretations

The US labor market added more jobs than expected in May, but the report also contained data for both optimists and pessimists, in what Bill Adams, chief economist for Comerica Bank, called a Rorschach blot.

Data from the Bureau of Labor Statistics released Friday showed the labor market added 272,000 nonfarm payroll jobs in May, significantly more than the 180,000 that was expected.

But the unemployment rate rose to 4% from the prior month’s 3.9%.

“Optimists about the growth outlook will see solid payrolls growth as a sign the expansion continues unabated,” said Adams in a note on Friday. “Pessimists will focus on the unemployment rate’s uptick to the highest since early 2022, the increase in part-time employment, and the dip in temporary employment, which is often a leading indicator of broader job market weakness.”

How market observers interpret how the latest jobs figures influences interest rate outlooks.

“Most Fed policymakers will see May’s strong payrolls growth and uptick in earnings as a sign that immediate rate cuts are not necessary,” Adams noted. But the Fed will also see the increase in unemployment over the past year as a sign that inflation is on course to moderate further, he added.

“If core inflation continues to slow in the next few months, the Fed will likely feel comfortable beginning to reduce interest rates with a quarter percentage point rate cut at their September meeting.”
Fri, June 7, 2024 at 4:15 PM GMT+2

Stocks trending in morning trading

Here are some of the stocks leading Yahoo Finance’s trending tickers page during morning trading on Friday.

GameStop (GME): Shares of the video game retailer and meme stock extraordinaire fell 19% in morning Friday after it reported quarterly results that missed analyst estimates and announced a stock sale just hours before a highly anticipated livestream from “Roaring Kitty,” an alias used in the past by bullish retail investor Keith Gill.

DocuSign (DOCU): The software company specializing in electronic agreements shed 8% after reporting second quarter billings guidance that fell below Wall Street expectations. Investors looked past the more positive updates, however, as the company beat earnings estimates and boosted its stock repurchase program by up to $1 billion of outstanding common stock.

Lyft (LYFT): Shares of the ride-hailing company rose 3% Friday morning following the company’s decision to revise its growth forecasts upward and reaffirm its guidance for the second quarter. Lyft now anticipates around 15% growth in bookings over the next three years.

Vail Resorts (MTN) The mountain resort dropped 13% after the company missed earnings expectations and cut its full-year EBITDA outlook. CEO Kirsten Lynch pointed to lift ticket visitation not rebounding in the spring season as a reason for the lowered guidance.
Fri, June 7, 2024 at 3:33 PM GMT+2

Stocks slide as rate cut expectations fall

The May jobs report, which came in hotter than expected, put another dent in the narrative that the Federal Reserve will soon cut interest rates. The latest reading offered another signal that defied previous signs of a slowdown in the economy.

The S&P 500 (^GSPC) fell 0.3%, while the Dow Jones Industrial Average (^DJI) shed 0.2%, coming off a lackluster session Thursday for the three major gauges. The tech-heavy Nasdaq Composite (^IXIC) dropped around 0.4%.
Fri, June 7, 2024 at 1:32 PM GMT+2

Eyes on Robinhood

Robinhood (HOOD) remains on several impressive streaks.

For one, the stock price: It’s up 27% in the last 30 days. And two, the flow of news — from debuting a new credit card and reporting a solid first quarter to spending $200 million yesterday to buy crypto exchange Bitstamp.

“This is a strategic move by HOOD to expand its crypto business, and we believe validates our thesis that HOOD is a great way to seek crypto equity exposure at the commencement of an exciting new crypto cycle,” said Bernstein’s Gautam Chhugani this morning.

I grabbed coffee with Robinhood’s co-founder and CEO Vlad Tenev yesterday afternoon post Bitstamp deal. The guy has his swagger back, but you can tell he has gained a whole new level of experience having gone through what he did several years back — from layoffs to testifying on the GameStop (GME) insanity. Keep an eye on what the company does nevlad tenevxt in wealth management.

Our last chat below.
Fri, June 7, 2024 at 1:16 PM GMT+2

Reminder as you read the jobs report

The market still wants to believe in rate cuts for 2024.

So keep that in mind as you navigate today’s jobs report and plot through how it may influence Fed policy.

Good point by Deutsche Bank’s Jim Reid this morning after the ECB’s rate cut yesterday:

“And even though the tone was a bit hawkish in several respects, it now makes them the fourth G10 central bank to have cut rates, after Canada, Sweden and Switzerland. In turn, the move has cemented the idea that the global monetary policy cycle is moving towards an easing mode, with investors expecting further cuts on the horizon. So it marks a big shift from much of the last couple of years, when central banks were rapidly hiking rates to try to bring down inflation.”

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News

Breakfast on Wall Street: The Week Ahead

Published

9 months ago

14 July, 2024

FinCrypto Staff

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.

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News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

9 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of 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 killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

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.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

9 months ago

14 July, 2024

FinCrypto Staff

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:

Thu, 11 Jul 2024 08:44 PM

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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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Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
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LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
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- 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 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
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LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
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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
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News / Business / Latest Business News Live Updates Today, July 11, 2024

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News

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

9 months ago

14 July, 2024

FinCrypto Staff

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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