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S&P 500, Nasdaq close at record highs again, led by tech stocks
For S&P 500 movers on Thursday
4 h 13 min ago
Winners
Actions of Albemarle (ALVA), the world’s largest lithium producer, jumped 7.1%, posting the best daily performance of any S&P 500 stock. With Wednesday’s gains, the stock recouped a significant portion of steep losses posted in the previous session after analysts at two banks cut their price targets, citing weak lithium prices and an uncertain demand trajectory for electric vehicles (EVs). Other analysts suggested that lithium prices are poised to rebound in the medium to long term.
CarMax (KMX) shares rose 6.5%. The gains came after analysts at Needham updated shares from another vehicle retailer Carvana (CVNA) to “buy” from “hold,” highlighting the company’s growth potential and new features designed to streamline the process of buying cars that qualify for EV tax credits. Carvana shares gained 4.2%.
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Shares of the pharmaceutical giant Walgreens Boots Alliance (World Management Association (WBA)) rose 4.4%. Shares fell to 27-year lows in late June after the company missed profit estimates, cut its guidance and announced it would close underperforming stores amid sluggish consumer demand. The health-care provider’s shares remain down more than 55% year to date.
Declining
Outdoor Deckers (COVERED AREA) fell 4.9%, the biggest losses in the S&P 500, after a report from data analytics firm M Science pointed to slower sales in June for the company’s Hoka and Ugg footwear brands. The slowdown for popular footwear brands reflects broader pressure on discretionary spending, as consumers cut back on high-end purchases in response to high inflation and limited wage growth.
NurPhoto / Contributor / Getty Images
Shares of software companies fell, suggesting a potential rotation from hot semiconductor stocks to likely beneficiaries of artificial intelligence (AI) in the software industry may be losing steam. Shares of cybersecurity software provider CrowdStrike Holdings (CROSSING) fell 3%. Meanwhile, financial software company purpose (INTU) said he would10% discount of its workforce. Its shares fell 2.6%. HubSpot (CENTERS) fell 12% after reports that Google’s parent company Alphabet (GOOGL) was no longer interested in buying it.
Uber Technologies (UBER) shares fell 2.9% after Hong Kong said it would start regulating ride-sharing services. The Transport and Logistics Bureau in the special administrative region said it would require licensing for Uber and rival platforms, while also aiming for stricter enforcement of the rules and penalties for violations.
Tesla extends winning streak as Goldman raises price target
4 h 41 min ago
Tesla (TSLA) shares closed higher for the eleventh consecutive session on Wednesday, Goldman Sachs analysts raised their price target for the electric vehicle giant’s shares.
Shares have been on a winning streak since the days leading up to the launch of its Q2 production and delivery numberswhich exceeded analysts’ expectations. The recent extension of earnings allowed Tesla shares to return to the green for the year to date.
The stock rose 0.4% to close Wednesday’s session at $263.26, gaining 44% during its winning streak.
Trading view
Goldman analysts raised their price target on the stock to $248 from $175, while maintaining a neutral rating.
Goldman analysts said a lower-cost model could have a positive impact on Tesla’s market share, helping the electric vehicle maker be more competitive with Chinese companies offering cheaper vehicles.
Analysts also pointed to Tesla’s evolving self-driving software and its planned robotaxi launch next month as areas of future growth, but said it would be time before self-driving taxis were widely available or Tesla’s traditional vehicles were fully autonomous.
“While we continue to believe Tesla is well positioned for long-term growth given its strong position in the electric vehicle and clean energy markets,” the analysts wrote, “we expect weaker market conditions to weigh on earnings in the near to medium term.”
Tesla is scheduled to report earnings after the close of trading on July 23, when the company could provide additional details about the robotaxi debut event currently scheduled for August 8th.
Nvidia shares near record high, fueled by AI optimism
6h 30min ago
Nvidia (NVDA) shares rose again on Wednesday, closing in on the record set last month as the chipmaker continues to benefit from investor enthusiasm about the company’s strong position during the AI boom.
Trading view
The continued rise could raise questions about how the company’s shares will sustain their record climb.
Analysts at Truist Securities said in a report Wednesday that earnings growth driven by rising sales will be key for the stock to maintain its outperformance. They highlighted strong demand for AI chips and Nvidia’s advantaged position as factors contributing to organic sales growth.
Read more here on analysts’ views on the outlook for Nvidia.
Carvana shares surge in momentum with update
8 h 31 min ago
Carvana (CVNA) shares accelerated on Wednesday after Needham analysts updated its shares and the company revealed new resources for the purchase of electric vehicles (EVs).
The digital car-buying company is a “secular growth story with cyclical recovery momentum,” Needham analysts Chris Pierce and Mackenzie Holleran wrote in a note Wednesday, in which they raised their rating on the stock to “buy” from “hold.”
Trading view
Needham issued a price target of $160, a 27% premium to Tuesday’s closing price. Carvana shares, which traded at $25.09 last November, have risen 4.6% to $131.40 in recent trading.
“After a volatile past we see [Carvana] becoming a profitable secular growth story, with increasing retail unit sales and improving gross profit per unit metrics, leveraging a high fixed cost base,” the analysts wrote.
TSMC shares rise on strong revenue growth
9 h 49 min ago
Shares of Taiwan Semiconductor Manufacturing Company (TSM) got up Wednesday after the chipmaker released revenue figures for June, providing a complete picture of the company’s performance in the second quarter.
June revenue increased 33% year-over-year. Combined with its performance in April and May, the June data puts TSMC’s second-quarter revenue at NT$673.51 billion ($20.67 billion), about NT$20 billion better than what analysts had projected and 40% above last year’s mark of NT$480.84 billion.
The company, which supplies tech giants like Apple (AAPL) and Nvidia (NVDA), was a beneficiary of the artificial intelligence (AI)) growth, as demand for chips to manufacture AI products increased compensate for lower demand for its other productssuch as semiconductors used in car production.
Earlier this year, the Biden administration announced plans to award TSMC up to US$6.6 billion in subsidies from CHIPS and Science Law to help the chipmaker increase its production capacity in the US
TSMC shares rose 2.7% in recent trading.
LegalZoom falls to record low as CEO leaves
10 h 48 min ago
LegalZoom shares (LZ) fell 30% to an all-time low on Wednesday as online advertised legal services provider CEO Dan Wernikoff is leaving and has cut his full-year guidance.
Trading view
The company said Wernikoff will “step down” and be replaced by current Chairman Jeffrey Stibel, effective immediately. Wernikoff had been CEO since October 2019 and took LegalZoom public in 2021.
The company said it was the “right time for this transition” as it shifts its focus “towards subscription-based revenue to drive long-term profitable growth.”
Along with the CEO change, LegalZoom said it was lowering its 2024 revenue forecast from $700 million to $720 million to $675 million to $685 million.
Corning shares rise again amid AI enthusiasm
11 h 24 min ago
Shares of specialty glass maker Corning (GLW) rose in early trading Wednesday, adding to a 16% gain the stock posted in the previous two sessions. The rally began Monday after the company boosted its current quarter outlook due to the growing acceptance of its optical connectivity products used in generative artificial intelligence (AI) forms.
Since bottoming out at the lower trendline of a descending channel In late October, Corning shares continued to trend sharply higher, with gains accelerating after the pattern’s upper trendline broke.
Source: TradingView.com.
It is important to note that the increase in shares this week occurred at the highest weekly index volume of business since February 2018, indicating strong conviction behind the movement. Furthermore, the relative strength index (RSI) confirms the bullish price momentum, but also signals significantly overbought conditions with a reading above the 80 threshold.
Given the stock’s recent upward movement, the price could see an imminent retest of its April 2021 high at $46.82. Shares were up 0.8% early Wednesday at $45.03.
During periods of profit-taking, Corning stock may attract buying interest at key chart levels, including $39, $35 and $31.
Read more here what Corning’s technical data and weekly chart tell us.
Stock futures point to higher open for major indexes
13 h 12 min ago
Futures contracts tied to the Dow Jones Industrial Average rose 0.1%.
Trading view
S&P 500 futures gained 0.3%.
Trading view
Nasdaq 100 futures rose 0.4%.
Trading view
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
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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
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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 ₹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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