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Stocks Fall After Strong Jobs Report; Jump in Treasury Yields
Stock indexes close: Strong jobs report weighs on commodities, consumers and construction companies
16 hours and 26 minutes ago
The Dow Jones
3M (MMM) rose 2.7% after being upgraded from “neutral” to “buy” by Bank of America.
Litter (AAPL) added 1.2% before its Worldwide Developer Conference on Monday when it is expected to reveal several new AI capabilities.
Consumer stocks weighed on the index, including Walmart (WMT), down 1.9%, and McDonald’s (DCM), drop of 1.8%.
The S&P 500
Air and Chemical Products (DPA) rose 3.6% after the company signed an agreement with TotalEnergies (TTE) to supply green hydrogen to the French oil and gas company.
The financial sector outperformed on Friday. Capital One (COF) rose 2.6%, while Discover Financial (DFS) gained 1.8% and JPMorgan Chase (JPM) advanced 1.6%.
Eli Lilly (LLY) gained 1.5% after FDA researchers expressed no concerns about the company’s experimental Alzheimer’s drug, donanemab. A special panel will meet next week to advise on approval of the drug.
Newmont gold miner (NOR) fell 5% as Treasury yields rose and gold prices fell after Friday’s jobs report. Freeport-McMoRan (FCX), another major mining company, fell 3.8% as copper prices fell.
Homebuilders declined as Friday’s jobs report threatened to keep mortgage interest rates high longer than anticipated. Pulte Group (PHM) fell 2.5% and DR Horton (DHI) fell 2.4%.
Nvidia (NVDA) fell 0.1% before its 10-for-1 stock splitwhich will come into force before markets open on Monday.
Nasdaq 100
Cybersecurity stocks rose across the board on Friday. CrowdStrike Holdings (CRWD) gained 2.5%, while Palo Alto Networks (PANW) advanced 2% and ZScaler (ZS) rose 1.2%.
Biogen (BIIB) fell 2.8% following the FDA’s review of Eli Lilly’s donanemab, which would compete directly with Biogen’s Leqembi if approved.
Chip stocks fell as rising Treasury yields weighed on growth stocks. ASML participation (ASML) fell 2.3% and Qualcomm (QCOM) fell 1.4%.
What could Friday’s stock split do for Nvidia?
17h30min ago
Nvidia (NVDA) shares were little changed on Friday ahead of a 10-for-1 split set to take effect after the close.
Nvidia shares were trading at $1,208 with about an hour left in the session. If the stock closed at that price, the stock would open at a price of about $120.80 and investors would have ten times as much stock on Monday morning.
After a stock split, some investors may find the stock price more affordable and decide to buy, increasing demand and, in turn, leading to an increase in share price. For example, when Amazon (AMZN) executed a 20-for-1 stock split in 2022, shares rose on the days following the division.
A stock split can also signal to the market that the company’s share price has increased enough to justify the change and investors may believe that this growth will continue in the future.
“Historically, stock splits have been bullish for companies that implement them, gaining 25% a year later versus 12% for the broad index,” according to Bank of America research.
The split could also increase Nvidia’s chances of joining an index like the Dow Jones Industrial Average (DJIA)since price-weighted indices like the Dow tend to avoid adding high-priced stocks because movements in their prices can have a disproportionate impact on the index.
Vail Resorts Shares Fall as Snowfall Low Impact on Q3 Earnings
18 hours and 23 minutes ago
Vail Resorts Shares (MTN) fell on Friday, a day after the ski resort operator reported worse-than-expected results and lowered its guidance as a lack of snow reduced demand.
The company reported third quarter fiscal 2024 earnings per share (EPS) of $9.54, with revenue increasing 3.6% year over year to $1.28 billion. Both fell short of analyst estimates compiled by Visible Alpha.
Chief Executive Officer (CEO) Kirsten Lynch said Vail faced “unfavorable conditions at our North American resorts for much of the 2023/2024 North American ski season.” She noted that year-over-year snowfall totals were about 28% lower for the entire winter season at the company’s western North American resorts.
Vail now sees full-year net income attributable to the company in a range of $224 million to $256 million, down from its previous forecast of $270 million to $325 million.
Vail Resorts shares traded down 11.3% on Friday afternoon, near the lowest point since the start of the COVID-19 pandemic in 2020.
GameStop Slides Further During Roaring Kitty Live Stream
19 hours and 27 minutes ago
GameStop stock trading (GME) was interrupted several times on Friday afternoon as meme stock influencer Keith Gill hosted his first live broadcast in more than three years, fueling wild swings in the video game retailer’s share price.
Gill, who goes by Roaring Kitty online, began streaming around 12:25 p.m. and quickly amassed an audience of more than 600,000 viewers as he discussed in vague terms his confidence in GameStop and its CEO Ryan Cohen.
GameStop shares fell Friday morning after the company unexpectedly reported its quarterly earnings days before its scheduled release. GameStop’s revenue and profits fell short of Wall Street expectations. Stocks fell further during Gill’s live broadcast in erratic trading, start and stop.
Friday’s losses wiped more than $235 million from Gill’s position, which he first revealed on Sunday at 12:58 p.m. Still, Gill’s portfolio showed an unrealized gain of more than $146 million.
GameStop shares were down more than 38% as of 1:10 p.m. ET, but are still up 57% this year.
Docusign Revenue, Future Billing Raise Concerns, Stock Drops
20h30min ago
Document (DOCU) shares fell on Friday, a day after the document-signing software-only provider slightly exceeded revenue estimates and its billing guidance has raised concerns about growth.
The company reported the first quarter of fiscal 2025 adjusted earnings per share (EPS) of $0.82, with revenue increasing 7.3% year over year to $709.6 million.
Revenue increased 5.2% to US$709.5 million. For the current quarter, Docusign forecasts revenue in the range of US$715.0 million to US$725.0 million, and between US$2.98 billion and US$3.03 billion for fiscal year 2025.
CFO Blake Grayson said the company anticipates the second quarter will have the lowest year-over-year booking growth rate in fiscal 2025, “particularly given comparisons to last year’s strong on-time renewal performance and timing impacts of various customer contracts.”
Docusign also announced that the board approved a $1 billion increase in company value share buyback program.
Docusign shares are down 5% and have lost 13% of their value this year.
GameStop Slips After Unexpectedly Reporting Earnings, Issuing More Shares
21 hours and 12 minutes ago
GameStop (GME) unexpectedly announced his fiscal 2024 first quarter report before the bell on Friday, with results falling short of analysts’ expectations, contributing to the stock’s recent volatility.
The company reported quarterly net sales of $882 million, down from $1.24 billion in the same period a year ago and below analyst expectations of $900 million, according to consensus estimates compiled by Visible Alpha.
Net losses were $32.3 million, or 11 cents per share, down from last year’s $50.5 million, or 17 cents per share, but slightly larger than analyst projections.
GameStop also said in a Securities and Exchange Commission (SEC) order would sell up to an additional 75 million shares, on top of the 45 million shares it recently sold for more than $900 million.
The unexpected gains came hours before meme stock influencer Keith Gill first Live broadcast in three years, scheduled for noon ET Friday. Gill, known as “Roaring Kitty” on YouTube and “DeepF—ingValue” on Reddit, was a top player in 2020 and 2021 meme stock craze. Gill recently began posting again after a hiatus of about three years, sending GameStop shares soaring and contributing to the stock’s volatility.
GameStop shares, which closed 47.5% higher on Thursday, have fallen more than 28%. However, they have more than doubled this year.
Stocks making the biggest moves in early trading
22 hours and 29 minutes ago
Earnings:
Lyft (LIFT): Shares rose 6%, continuing Thursday’s gains after the ride-sharing company gave an optimistic long-term prospects on your first day for investors.
Robinhood Markets (HOOD): Shares extended their gains and rose 1.2% after the online trading platform announced its acquisition of Bitstampa European cryptocurrency exchange, on Thursday.
Losses:
Document (DOCU): Shares fell 8% even with the electronic signature and document management company released financial and financial results that surpassed analysts’ forecasts.
GameStop (GME): Shares, which were halted twice this morning, fell 6% after the video game retailer unexpectedly reported results and announced plans to sell more shares for the second time in less than a month. The launch took place just hours before a Live stream on YouTube that meme stock influencer Keith Gill is scheduled for noon ET on Friday.
Nvidia (NVDA): Shares of the AI star fell 1.3% ahead of the chip designer’s 10-for-1 stock split after market closewith division-adjusted trading beginning on Monday.
Stock Futures Drop
23 hours and 47 minutes ago
Dow futures fell 0.3% in premarket trading Friday.
S&P futures fell 0.4%.
Nasdaq futures fell 0.3%.
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.
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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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
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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’
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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
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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
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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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