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Nasdaq ekes out 5th straight record to cap banner week for tech
US stocks finished little changed Friday, with the S&P 500 and Nasdaq logging strong weekly performances as Apple’s (AAPL) AI strategy and Elon Musk’s pay package win at Tesla (TSLA) took center stage.
The Dow Jones Industrial Average (^DJI) lost about 0.2%, while the S&P 500 (^GSPC) tipped just below the flatline. The tech-heavy Nasdaq Composite (^IXIC) gained 0.1% to eke out its fifth consecutive record close.
The S&P 500 finished up around 1.5% this week, while the Nasdaq gained more than 3%. The S&P notched record closes for four days in a row, while the Nasdaq pulled off the improbable five straight, boosted by strength in techs.
A surprise cooling in wholesale price pressures gave heart to investors betting on two interest rate cuts this year since the decline is likely to be reflected in the coming PCE inflation reading watched by the Federal Reserve.
Read more: How does the labor market affect inflation?
But the Fed this week dialed down its projected rate cuts from three to one in 2024, keeping the market guessing and leaving stocks vulnerable to shifts in mood. Strength in technology names has driven broader gains, earning the S&P 500 and the Nasdaq multiple record closes for the week. But the Dow suffered a loss for the week, as questions persist about the breadth of this year’s rally.
Meanwhile, Tesla shares were down 2% Friday after shareholders reapproved CEO Elon Musk’s pay package. Despite opposition from some large investors, 77% of votes were cast in favor, the EV maker said.
Weighing down spirits Friday more generally was a slump in European stocks (^STOXX). Investors are concerned about the fallout for markets if the far right makes political gains or even wins France’s snap election, whose first round will begin at the end of the month.
In other individual movers, Adobe (ADBE) shares jumped close to 15% after an upbeat AI sales projection from the Photoshop maker.
LIVE COVERAGE IS OVER11 updates
- Fri, June 14, 2024 at 10:04 PM GMT+2
Nasdaq ekes out a gain to end week full of records
Stocks cooled off some to end the trading day on Friday, but investors still won out on the week, which featured a more optimistic inflation outlook from the Fed, the debut of Apple’s AI plans, and a major shareholder victory for Tesla’s Elon Musk.
The Dow Jones Industrial Average (^DJI) lost about 0.2%, while the S&P 500 (^GSPC) tipped just below the flatline. The tech-heavy Nasdaq Composite (^IXIC) gained 0.1%.
Fri, June 14, 2024 at 9:30 PM GMT+2
A look at the week ahead
Investors are in for a relative lull next week, coming off major developments from Apple (AAPL), Tesla (TSLA), and the Federal Reserve.
Earnings season too is winding down, although Accenture (ACN), Kroger (KR), and CarMax (KMX) are among the tickers set to report next week.
Investors will be greeted with a shortened schedule as markets will be closed on Wednesday in honor of the Juneteenth holiday. But a smattering of economic indicators will give the market some metrics to chew on as the broader story over inflation and interest rates continues to play out with sudden shifts in sentiment.
Retail sales and industrial production figures will arrive on Tuesday, followed by S&P flash US PMI on Friday, offering insight into business conditions as central bankers and market participants look for signs of economic weakness.
Wall Street will also brace for further concerns from Europe, where markets have been rattled by the prospect of political advances of the far-right party in France. President Emmanuel Macron called for snap elections that will begin later this month after his party was beaten badly by the far right in European Parliament elections.
Yahoo Finance’s Brent Sanchez has a graphical breakdown of what to watch next week:
- Fri, June 14, 2024 at 8:45 PM GMT+2
Why Apple’s OpenAI deal is bad for Google
Now that Cupertino has unveiled its AI plans, the relationship between frenemies Apple and Google just got more complicated.
That’s because the sometimes-gadget rivals work as partners when it comes to search and online advertising. But the tie-up, which has featured heavily in a landmark antitrust lawsuit against Google’s dominance in the search engine market, will come under new strain as AI changes how people seek out information online.
For more than two decades, Apple has fixed Google as the default search engine in its Safari browser. Apple steers the traffic of its huge user base into Google’s search business. And in exchange for the default privilege, Google pays the iPhone maker around $18 billion a year.
But Apple, to the delight of investors, has another deal going.
Apple is partnering with OpenAI to bring ChatGPT to the iPhone. It’s part of a bold effort to catch up to Big Tech rivals that have gone all-in on AI. Later this year, iPhone users will get free access to the chatbot, which will mesh with Siri and other apps, giving people access to a repository of knowledge and granting OpenAI a ticket to mainstreaming AI technology.
Apple’s iPhones infused with increasingly capable versions of ChatGPT would lessen the need to use Google search. If users in significant numbers start interacting with the web primarily through Siri instead of a search bar, even the heavy influence of default status might mean very little for the future of search traffic.
If chatbots and other software powered by large language models (LLMs) are as transformational as tech executives claim they are, the business of search is poised for major disruption.
- Fri, June 14, 2024 at 8:00 PM GMT+2
Price pessimism continues despite positive inflation data
The disconnect between positive inflation data and negative public sentiment continues to reveal itself, based on a new reading of consumer perceptions.
The latest University of Michigan consumer sentiment survey released Friday showed sentiment hit its lowest level in seven months during June. The index reading for the month came in at 65.6, down from 69.1 in May and lower than the 72 economists had expected.
Broadly speaking, the decline in the index represents a continued trend among consumers who are fed up with higher prices regardless of whether inflation is cooling and the labor market remains on solid footing, reports Yahoo Finance’s Josh Schafer.
Experts have argued that the incongruence stems in part from how people perceive their own financial circumstances versus how they see the health of the national economy.
The degree of negativity that isn’t always connected to a person’s own circumstances reflects the disorienting period of the pandemic and its aftermath, market observers have argued. And the rapid changes that followed — high inflation and high interest rates — could have amplified those negative perceptions.
- Fri, June 14, 2024 at 7:18 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.
RH (RH): The home furnishings company shed 17% Friday afternoon after missing earnings expectations and forecasting second quarter guidance that fell below estimates. RH reported a wider-than-expected first quarter loss amid softening demand in the housing market.
Royal Caribbean (RCL): The cruise line and its peers tumbled Friday after Wall Street expressed concerns of some industry weakening. “Based on cruise prices pulled in early June, there was modestly softer pricing in ocean markets relative to early May,” said Bank of America analysts in a research note Friday. Royal Caribbean gave up more than 5%.
Adobe (ADBE): Shares of the software company surged close to 15% after reporting fiscal second quarter earnings that beat expectations and boosted guidance for the year. A rosier outlook for sales of its creative products suggests increasing adoption of the company’s new AI tools.
Shopify (SHOP): Shares of the e-commerce company gained 5% following an analyst upgrade that implied a 16% increase in the stock price. Evercore ISI analyst Mark Mahaney upgraded Shopify from In-Line to Outperform after the stock’s pullback created an entry point for investors.
- Fri, June 14, 2024 at 6:30 PM GMT+2
Stocks tick down in afternoon trading
US stocks pulled back on Friday just as a new reading of consumer sentiment tumbled in June, as higher prices remained a pain point for Americans.
The Dow Jones Industrial Average (^DJI) sank about 0.3% to lead the declines, while the S&P 500 (^GSPC) shed 0.2%. The tech-heavy Nasdaq Composite (^IXIC) dropped about 0.1%.
- Fri, June 14, 2024 at 5:45 PM GMT+2
Trump offers a low-tax pitch to business leaders
The Trump campaign engaged in fresh outreach to the business world that crystallized his promises to corporate America should he win the election.
Donald Trump met with prominent CEOs in the nation’s capital, speaking to a group supremely focused on tax reform, reports Yahoo Finance’s Ben Werschkul.
The former president was interviewed on stage by Larry Kudlow, his former top economic adviser, and appeared before an audience that included figures like Jamie Dimon of JPMorgan Chase (JPM), Tim Cook of Apple (AAPL), Bechtel CEO Brendan Bechtel, and Walmart (WMT) CEO Doug McMillon and dozens more top executives.
According to one CEO who was in attendance, Trump was focused on favorably comparing his own record on issues like taxes, regulation, and inflation to Biden’s time in office. Trump also offered attacks on Biden, but the CEO was skeptical that the back-and-forth moved the needle on business leaders’ overall views.
The plan Trump has outlined centers on an extension of his 2017 tax cuts, which cut costs for many individuals and businesses. He is promising to extend those cuts and also potentially make new ones, including an idea to further lower the corporate tax rate.
- Fri, June 14, 2024 at 5:23 PM GMT+2
Musk doubles down on Tesla growth after successful shareholder vote
Tesla CEO Elon Musk, fresh off a major win in which shareholder’s reapproved his record-breaking pay package, is doubling down on the company’s enormous potential for growth.
After Tesla confirmed that 72% of votes cast by shareholders were in favor of a $56 billion compensation package, Musk reiterated his vision for Tesla that goes beyond cars.
Musk predicts that Tesla’s humanoid robot prototype, called Optimus, will surpass the size of the company’s vehicles business.
“If the price-to-earnings multiple is, say, I don’t know, 20 or 25, something like that, that would mean a $20 trillion market cap from Optimus alone,” Musk said at the company’s annual shareholder meeting.
But Musk’s optimism for the future of Tesla faces multiple hurdles. For one, even after the majority of voting shareholders backed his pay package, other stakeholders could challenge its legality before the same Delaware court that voided Musk’s pay earlier this year.
In addition, Musk has previously threatened to develop AI technology outside of Tesla if he is not given sufficient voting control over company decisions.
- Fri, June 14, 2024 at 4:20 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.
Adobe (ADBE): Shares of the software company surged 15% after reporting fiscal second quarter earnings that beat expectations and boosted guidance for the year. A rosier outlook for sales of its creative products suggests increasing adoption of the company’s new AI tools.
GameStop (GME): The meme stock rose almost 3% Friday morning, riding the momentum from the earlier session after Keith Gill, the folk-hero retail trader, shared a screenshot of an account that showed a massive increase in his GameStop position. The image appeared to show more than 9 million GameStop shares, up from Monday’s 5 million shares from a similar screenshot that the account posted on Reddit.
Shopify (SHOP): Shares of the e-commerce company gained 3% following an analyst upgrade that implied a 16% increase in the stock price. Evercore ISI analyst Mark Mahaney upgraded Shopify from In-Line to Outperform after the stock’s pullback created an entry point for investors.
Zscaler (ZS): The cloud security company increased nearly 2% following an upgrade from JPMorgan. Analysts said Zscaler is a “next generation” security company that is poised for growth, which is currently trading at a discount. JPMorgan upgraded the stock from Neutral to Overweight.
Fri, June 14, 2024 at 4:09 PM GMT+2
RH stock plunges after retailer posts wider-than-expected loss
RH (RH) stock sank more than 17% Friday morning after the luxury home goods retailer reported a wider-than-expected loss the previous day and said it expected business conditions to remain challenging until interest rates ease and the housing market rebounds.
RH posted a loss of $0.40 per share, wider than analyst estimates for a loss of $0.09.
“I don’t think there’s going to be a sustained inflection in luxury home sales at these interest rates,” RH chairman and CEO Gary Friedman told investors and analysts on the company’s earnings call on Thursday, noting that mortgage rates may not meaningfully move downward until next year.
“Home prices went up 42% in the two years of COVID, and then they’ve continued to compound the last two years. … And now you’ve got interest rates 7% or higher when they were 2.6% to 3.3%. I mean it’s just simple affordability now,” the executive added.
The comments come after the Federal Reserve held interest rates steady this week and signaled it expects just one interest rate cut this year, down from three previously. The Fed doesn’t directly set mortgage rates, but its policy moves impact them.
The average weekly rate on the 30-year fixed mortgage slightly declined to 6.95% from 6.99% the prior week, per Freddie Mac data.
Read more: Mortgage rates hover around 7% — is this a good time to buy a house?
- Fri, June 14, 2024 at 3:34 PM GMT+2
Stocks tick lower as European markets recoil
US stocks pulled back from all-time highs as investors reacted to jitters in Europe, where the coming snap election in France could bring advancements for the nation’s far-right party.
The Dow Jones Industrial Average (^DJI) sank about 0.5%, while the S&P 500 (^GSPC) shed 0.3%. The tech-heavy Nasdaq Composite (^IXIC) dropped 0.2%.
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
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Thu, 11 Jul 2024 03:58 PM
Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, â‚ą10 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
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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’
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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
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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
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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
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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?
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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
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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
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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
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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
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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’
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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 â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 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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