News

Stock market news for June 24, 2024

Published

10 months ago

25 June, 2024

FinCrypto Staff

Mon, Jun 24 2024 4:07 PM EDT

Dow closes higher Monday

The Dow Jones Industrial Average rose 260.88 points, or 0.67%, during Monday’s trading session.

Meanwhile, the S&P 500 and Nasdaq Composite fell 0.31% and 1.09%, respectively.

— Hakyung Kim

Mon, Jun 24 2024 3:27 PM EDT

Dow on pace for negative quarter

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 24, 2024.

Brendan McDermid | Reuters

The Dow Jones Industrial Average is down 1% quarter to date. If the 30-stock index does end in the red, this would mark its first negative quarter in the last three. Intel and Salesforce, which are each down more than 30% and 19% for the quarter, led the Dow lower.

Meanwhile, the S&P 500 and Nasdaq are up 4% and 7.3% for the quarter, respectively.

— Hakyung Kim

Mon, Jun 24 2024 3:13 PM EDT

Gold could rally to $3,000 over the next 12-18 months, according to Bank of America

Gold prices could hit $3,000 per ounce over the next 12 to 18 months if demand increases among large institutional investors, according to Bank of America commodity strategists.

“We believe gold can hit $3,000/oz over the next 12-18 months, although flows do not justify that price level right now,” the strategists wrote. “Achieving this would require non-commercial demand to pick up from current levels, which in turn needs a Fed rate cut to happen.”

— Spencer Kimball

Mon, Jun 24 2024 2:50 PM EDT

Dow outperforms

The Dow broke away from the other major indexes on Monday, boosted by Goldman Sachs and other rallying names.

The blue-chip average added more than 250 points in afternoon trading, a gain that equates to over 0.7%. The S&P 500 traded near its flatline, while the Nasdaq Composite slipped 0.7%.

Goldman Sachs added around 8 of those points. Amgen and United Health each contributed more than 5 points.

In all, more than two out of every three Dow members tracked for gains. Home Depot and Salesforce were among the small group of laggards, with each slipping by more than 3 points.

— Alex Harring

Mon, Jun 24 2024 2:22 PM EDT

Fed’s Daly says there’s ‘more work to do’ before cutting rates

San Francisco Federal Reserve President Mary Daly on Monday said the central bank has made progress in its efforts to bring inflation down but can’t let up yet.

“We’ve made a lot of progress, but there is still work to do,” Daly said in remarks for a speech in her home district. “Monetary policy is working, but we need to finish the job.”

There are multiple scenarios left to play out, with each in “the realm of reasonable,” she added. They include a slow decline in inflation that would require a higher-for-longer approach on interest rates; a faster decline that would necessitate cuts, or a “gradual decrease and a rebalancing in the labor market, which would mean “we can normalize policy over time, as many expect.”

“We need to be ready to respond to however the economy evolves,” Daly said.

—Jeff Cox

Mon, Jun 24 2024 2:06 PM EDT

Affirm could rally 40%, according to Goldman Sachs

Affirm’s best-in-class fundamentals are poised to give it a competitive edge over its peers, according to Goldman Sachs.

The bank assumed coverage of the stock at a buy rating and a $42 price target, which implies that shares could rally 40% from here.

As one catalyst, analyst Will Nance pointed to Affirm’s differentiated approach to underwriting. Additional strengths include the company’s track record of managing its revenue less transaction costs margins.

CNBC Pro subscribers can read the full story here.

— Lisa Kailai Han

Mon, Jun 24 2024 1:43 PM EDT

Oil prices rise 1% as Israel-Lebanon tensions simmer

Oil pumpjacks operate on July 31, 2023 in Los Angeles, California.

Mario Tama | Getty Images

Crude oil futures rose 1% Monday and are on pace to post a gain for the month, as signs point to strengthening gasoline demand in the US and geopolitical tensions flare again in the Middle East.

“The chief underlying reason behind the price strength, nonetheless, is the growing confidence that global oil inventories will inevitably plunge during the summer in the northern hemisphere,” Tamas Varga, an analyst with oil broker PVM, said in a note Monday.

Ryan McKay, senior commodity strategist at TD Securities, said supply risks are now back in focus as tensions are building on the Israel-Lebanon border. Israel and the Iran-backed militia group Hezbollah have traded threats of war in recent weeks.

— Spencer Kimball

Mon, Jun 24 2024 1:25 PM EDT

A tech sell-off could be ‘more dramatic’ due to CTA positioning, Bank of America says

Further signs of weakness in large tech stocks could spur a rash of selling by some large trading firms, according to Bank of America.

Analyst Chintan Kotecha said in a note to clients that commodity trading advisors — big players in the futures contract market — are unbalanced on Nasdaq 100 positions and could be quick to sell if there is a pullback.

“According to our models, CTAs are likely now back to very stretched levels of long positioning in NASDAQ-100 futures. With positioning at these levels, stop loss triggers become tighter and with the last two days’ declines our models estimate pressure for CTA unwinds starting at levels 2.8% lower from Friday’s close,” the note said.

The CTA positioning, combined with the rising popularity of leveraged and inverse ETFs, could lead to “more dramatic 1-day drop,” Kotecha wrote.

— Jesse Pound

Mon, Jun 24 2024 1:07 PM EDT

Stocks making the biggest midday moves

A ResMed logo is displayed on a smartphone screen with a computer keyboard in the background.

Nikolas Joao Kokovlis | SOPA Images | Lightrocket | Getty Images

Here are some of the names moving during midday trading:

RXO — The stock soared nearly 23% after the freight company said it came to an agreement to purchase Coyote Logistics from UPS for more than $1 billion. UPS was up 1.5%.
ResMed, Inspire Medical Systems — ResMed and Inspire Medical Systems, which manufacture devices to treat obstructive sleep apnea, tumbled 11% and 15%, respectively, following the news Friday news that Eli Lilly‘s weight loss drug tirzepatide reduced the severity of the condition. Eli Lilly’s stock gained 2%.
Alnylam Pharmaceuticals — Shares surged 35% after a late-stage study found that the therapeutics company’s drug vutrisiran showed a statistically significant reduction in the number of deaths and cardiovascular events in patients with ATTR amyloidosis with cardiomyopathy.

To see more stocks making midday moves, read the full story here.

—Michelle Fox

Mon, Jun 24 2024 12:49 PM EDT

Energy, financial stocks outperform S&P 500

Mon, Jun 24 2024 12:32 PM EDT

Crypto stocks fall as bitcoin continues its descent to $60,000

Nicolas Economou | Nurphoto | Getty Images

Stocks tied to the price of bitcoin fell on Monday as the cryptocurrency took another leg down to $60,000, the bottom of the tight range it’s been stuck in since March.

Coinbase lost 5% and MicroStrategy dropped nearly 7%. The biggest mining stocks, Marathon Digital and Riot Platforms, retreated just 1% each. Other miners registered steeper losses.

The price of the flagship cryptocurrency was last down 5% at $60,724.45, according to Coin Metrics. It’s on pace to end the month lower by 10%.

— Tanaya Macheel

Mon, Jun 24 2024 11:57 AM EDT

Deutsche Bank forecasts market lull as tech stocks top out, risk appetite slips

Deutsche Bank thinks equities could be headed for a slight breather as a multitude of negative catalysts coalesce.

“Fast forwarding, we see conditions in place for another breather, this time with concerns spanning all three elements of our demand-supply framework,” strategist Parag Thatte wrote in a June 21 note.

The strategists framework encompasses “a sharp but narrow jump in positioning to near the top of its historical band, driven by tech; rising risk appetite which has prompted a boom in equity inflows but now looks stretched; a temporary diminishing of buybacks again as blackout periods ramp up next week ahead of the Q2 earnings season.”

— Brian Evans

Mon, Jun 24 2024 11:24 AM EDT

31 stocks in the S&P 500 hit new 52-week highs

Shoppers come and go the TJ Maxx store at the Mall at Prince George’s on August 17, 2022 in Hyattsville, Maryland.

Chip Somodevilla | Getty Images

During Monday’s trading session, 31 stocks in the S&P 500 index hit new 52-week highs.

Names that reached this milestone included:

Alphabet A share trading all-time highs back to its IPO on Aug 19, 2004
The TJX Companies trading at all-time highs back to IPO in 1987
Colgate-Palmolive trading at all-time high levels back to its first listing on the NYSE in 1930, the company was founded in 1806
Procter & Gamble trading at all-time high levels back to when it was first listed on the NYSE in 1891
Walmart Stores trading at all-time high levels back to when it first began trading on the NYSE in Aug, 1972
Ameriprise Financial trading at all-time highs back to its IPO in Oct, 2005
L3Harris Technologies trading at levels not seen since Dec, 2022
Microsoft trading at all-time high levels back to its IPO in March, 1986
Motorola Solutions trading at all-time highs back to its when it began trading as a separate entity post the Motorola Mobility split
Bank of America trading at levels not seen since Apr, 2022

On the other hand, Solventum was trading at its all-time lows since its spinoff from 3M in March 2024.

— Lisa Kailai Han, Christopher Hayes

Mon, Jun 24 2024 11:02 AM EDT

Nvidia sinks 6%, sits 15% off all-time high

Nvidia shares dropped nearly 6% Monday, building on a nearly 4% decline from last week that snapped eight straight weeks of wins.

With Monday’s intraday losses, the chipmaker sits about 10% below its closing high and more than 15% off of its intraday high from earlier this month.

The stock is on pace for its worst day since April.

See Chart…

Shares slump nearly 6%

Mon, Jun 24 2024 10:51 AM EDT

RXO heads for best day ever as public company

Shares of freight company RXO were on track for their best day ever after purchasing the Coyote Logistics unit from UPS.

RXO jumped more than 19% in morning trading, putting it on pace for its biggest one-day gain since it spun off to become its own public company in late 2022. The Charlotte-based company paid more than $1 billion to UPS, whose shares traded up by around 2%.

Despite Monday’s rally, shares of RXO have gained just about 4% in 2024.

See Chart…

RXO shares on Monday

Mon, Jun 24 2024 10:26 AM EDT

Nvidia’s stock chart hits potentially ominous milestone

BTIG technical strategist Jonathan Krinsky said in a note to clients Sunday that Nvidia traded at roughly 100% above its 200-day moving average last week, the biggest gap for any market-leading company since 1990.

The stock that came closest to hitting this metric was Cisco Systems near the peak of the dot-com bubble, according to BTIG.

Mon, Jun 24 2024 9:58 AM EDT

Cocoa prices fall 11%

A farmers holds cocoa beans while he is drying them at a village in Sinfra, Ivory Coast, on April 29, 2023.

Luc Gnago | Reuters

Cocoa is down almost 11% to a low of $7,901 per tonne. This marked the commodity’s lowest level since May 27, when it traded as low as $7,869. Prices came under pressure on concerns that second quarter global cocoa demand reports scheduled for release next month will indicate record-high prices leading to demand destruction.

Year to date, cocoa is still up 88.4%, on pace for its best year back through 1980.

— Hakyung Kim, Gina Francolla

Mon, Jun 24 2024 9:35 AM EDT

Stocks open flat Monday

The S&P 500 little changed to start Monday’s trading session.

The broad market index declined less than 0.1%.

Meanwhile, the Dow Jones Industrial Average added 0.2%, and the tech-heavy Nasdaq Composite fell 0.2%.

— Hakyung Kim

Mon, Jun 24 2024 9:13 AM EDT

Fed’s Goolsbee sees possibility that rates should come down

Austin Goolsbee, speaking at Jackson Hole

David A. Grogan | CNBC

Chicago Federal Reserve President Austan Goolsbee said Monday that more soft readings on inflation would raise questions about whether interest rates are too high.

“If we get more months, like what we have just seen in the last month on inflation, coupled with slowing conditions in some of the other parts of the real economy, then you would have to start questioning should we remain as restrictive as we’ve been,” Goolsbee said on CNBC’s “Squawk Box.”

Though he would not commit to when he thinks rate cuts would be appropriate, Goolsbee notehe is “hopeful” that the inflation rate is heading back to the Fed’s 2% goal.

Goolsbee does not vote this year on the rate-setting Federal Open Market Committee.

—Jeff Cox

Mon, Jun 24 2024 8:48 AM EDT

Stocks remain overbought despite record highs and cash remains on the sidelines, says BofA’s Suttmeier

The lack of market volatility on Wall Street is tied to seasonality, the 2024 election overhang as well as a robust amount of cash sitting on the sidelines, according to Bank of America chief equity technical strategist Stephen Suttmeier.

“I think the market is continuing to run-up because not enough people are on board with it,” told CNBC’s Suttmeier told CNBC’s “Squawkbox” on Monday. “We’ve been staying overbought…and people hate chasing overbought markets, and I think that’s the reason overbought markets continue to grind higher.”

Suttmeier noted that the S&P 500 could hit the 5,600 level in a potential rally, and also said the benchmark index could climb as much as 20% in 2024.

— Brian Evans

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We are the editorial team of FinCrypto, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypto, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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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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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

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.
Read the full story here
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.
Read the full story here
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.
Read the full story here

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.
Read the full story here
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.
Read the full story here
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.
Read the full story here

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.
Read the full story here
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.
Read the full story here
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.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
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.
Read the full story here
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.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
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.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
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.
Read the full story here
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.
Read the full story here

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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