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Stock market news for June 27, 2024
17 Hours Ago
S&P 500 closes flat Thursday
The S&P 500 ended Thursday’s trading session little changed.
The broad market index inched up just 0.09%, while the Nasdaq Composite gained 0.30%. The 30-stock Dow Jones Industrial Average added around 36 points, or 0.09%.
— Hakyung Kim
17 Hours Ago
Retail stores have even more competition now due to e-commerce, retail analyst says
Today’s brick-and-mortar retailers are due to face even more obstacles because of the breadth of e-commerce offerings now available to consumers as a result of the Covid-19 pandemic, according to JPMorgan retail analyst Matthew Boss.
“It’s a lot more cutthroat competition, and being equal on price to the discounters might not be enough because now you might not be as convenient given that technology advance that’s happened outside of their world,” Boss told CNBC’s “The Exchange” on Thursday afternoon.
The analyst added that he is currently favoring a selection of stocks that includes off-price retailers such as TJX, Burlington Stores and Ross Stores.
“They have brands for great value. They’re not pushing price but instead that value component where the consumer comes in, that treasure hunt,” he shared.
Boss also likes Ollie’s Bargain Outlet, Dollar Tree, Birkenstock, PVH and Royal Caribbean, among others.
— Lisa Kailai Han
18 Hours Ago
These are the biggest winners in the S&P 500
18 Hours Ago
AI boom will benefit industrials and materials stocks, Wells Fargo says
The artificial intelligence boom will create more demand for companies in the industrials and materials sectors, according to Scott Wren, senior global market strategist at Wells Fargo.
“We believe the generative AI push will likely benefit the basic industries that both of these sectors represent, even in a slower-growth economy,” Wren wrote in a note to clients.
The excitement around AI has thus far benefited mainly chipmakers such as Nvidia and software names including Microsoft, but that should broaden out as spending ramps up, according to Wells Fargo.
“The fact remains that little can happen to actually ramp up use of these products until the infrastructure has been adequately updated,” Wren added.
— Jesse Pound
18 Hours Ago
9 stocks in the S&P 500 hit new 52-week highs
During Thursday’s trading session, nine stocks in the S&P 500 reached new 52-week highs. These stocks were also trading at new all-time highs.
Names that hit this milestone included:
- Alphabet C share trading at all-time highs back to the special distribution on April 2, 2014, when the nonvoting share was created, and it began trading on April 3, 2014
- Alphabet A share trading all-time highs back to its initial public offering on Aug. 19, 2004
- Amazon.com trading at all-time-high levels since back to its IPO in May 1997
- Booking Holdings trading at all-time highs back to its IPO in April 1999
- Royal Caribbean trading at all-time-high levels back to its IPO in April 1993
- Intuitive Surgical trading at all-time highs back to its IPO in June 2000
- Arista Networks trading at all-time-high levels back to its IPO in June 2014
- Fair Isaac trading at all-time highs back to when it was listed at the New York Stock Exchange in 1986
- Microsoft trading at all-time-high levels back to its IPO in March 1986
On the other hand, Walgreens Boots Alliance was trading at lows not seen since June 1997.
— Lisa Kailai Han, Christopher Hayes
18 Hours Ago
Walgreens heads for worst day in more than 50 years
Walgreens Boots Alliance‘s postearnings sell-off put the stock on track for its worst day in at least half a century.
Shares tumbled close to 25% on Thursday. That would mark its worst session for either Walgreens or Walgreens Boots Alliance in CNBC’s records going back to 1972.
See Chart…
Walgreens Boots Alliance, 1-day
Thursday’s retreat comes after the drugstore chain slashed its profit outlook and warned of a “challenging” consumer environment. Walgreens also missed expectations of analysts polled by FactSet for earnings per share in its third fiscal year.
The stock’s current worst-completed trading day took place in October 2007, when shares dropped around 15%. Walgreens first went public on the New York Stock Exchange in 1927, before becoming the Walgreens Boots Alliance in late 2014.
Walgreens Boots Alliance has plummeted more than 54% in 2024, on track for its third straight negative year. The stock was replaced by Amazon in the Dow earlier this year.
— Alex Harring, Gina Francolla
19 Hours Ago
Real estate is the leading sector in the S&P 500
Real estate was the outperforming sector in the S&P 500 during Thursday’s trading session.
The category was trading 0.7% higher, followed by consumer discretionary and communication services stocks, both up approximately 0.3%.
On the other hand, the consumer staples and health-care sectors led the broad market index lower. Stocks in both categories were trading around 0.4% in the red.
— Lisa Kailai Han
19 Hours Ago
Chewy shares surge 13% on Roaring Kitty tweet
Online pet retailer Chewy rallied 12.6% after meme stock influencer Keith Gill, known as “Roaring Kitty,” posted a picture of a cartoon dog on social media platform X.
Petco shares also gained more than 6% after the post.
— Hakyung Kim
20 Hours Ago
SM Energy slumps as much as 12% after acquisition, dividend raise and buyback
Denver-based SM Energy tumbled as much as 12% in reaction to a $2.55 billion acquisition of oil and gas assets from privately held XCL Resources, or $2.04 billion after a concurrent sale of 20% of those holdings to Northern Oil and Gas for $510 million.
SM said the purchase, large in relation to SM’s market value of $5.65 billion, would be immediately accretive to earnings and funded through a combination of debt and cash on hand.
SM’s board also approved an 11% increase in its quarterly dividend, giving it a yield after today’s slide of some 1.9%, and authorized a new $500 million stock buyback.
See Chart…
SM shares on Thursday.
20 Hours Ago
Retail traders bought the recent dip in Nvidia
Retailer traders took Nvidia’s recent sell-off as a buying opportunity, snapping up shares of the dominant artificial intelligence chipmaker amid the volatility.
The cohort bought $1.8 billion worth of Nvidia shares over the past week as the Jensen Huang-led company suffered a quick pullback, according to JPMorgan data.
Nvidia’s sell-off started last Thursday after it temporarily unseated Microsoft as the most valuable public company in the U.S. It went on to see a 13% slump in the span of just three days. The stock has since recouped some of those losses, and the shares are now off just 2% so far this week.
— Yun Li
21 Hours Ago
Stocks making the biggest moves midday
Here are the stocks on the move midday:
- Walgreens Boots Alliance — The stock plummeted more than 24.5% after the retail company reported third-quarter earnings results that missed Wall Street’s expectations. The company also announced a cut to its full-year adjusted profit outlook and said it would close stores that are underperforming as a way to cut costs. Shares of CVS fell more than 4% in sympathy.
- Levi Strauss — The denim maker’s stock tumbled 17.1% after revenue came in at $1.44 billion for the second fiscal quarter. That is slightly below the consensus forecast of $1.45 billion from analysts polled by LSEG.
- International Paper — Shares of the paper manufacturing company fell nearly 8% following the news that Suzano is no longer pursuing a potential acquisition of the company. Suzano said it believes it had reached the maximum price for the transaction to general value without receiving any response from the other party.
Read the full list here.
— Sean Conlon
21 Hours Ago
UBS strategists expect pullback ahead for stocks, say buy the dip
UBS derivatives strategists think the S&P 500 could sell off 2% to 3% in the next week or two, with pensions primed to sell about $30 billion to $40 billion amid low market liquidity.
That said, they think that pullback would be a good buying opportunity as many investors are properly hedged against a decline. “Further, summer seasonality typically points to lower volatility which should trigger $250-$300B of Buying from systematic funds,” the UBS strategists said.
— Fred Imbert
21 Hours Ago
Tom Lee sees further upside for stocks and inflation falling ‘like a rock’
Fundstrat head of research Tom Lee told CNBC on Wednesday that he believes inflation is “going to fall like a rock” and help the stock market rally broaden out.
Lee pointed to the auto market in particular, where he sees downside on new car prices, as an area where goods inflation can continue to fall.
Lee also downplayed comparisons between the current market and the dot-com boom, saying investor sentiment does not feel like a bubble.
“There was a lot more ebullience back then, and a lot more people who didn’t think stocks could ever go down. I think there’s a lot of top-callers today,” Lee said on “Squawk Box.”
— Jesse Pound
22 Hours Ago
Communication services leading weekly sector gains
Communication services is up 2.9% week to date, making it the top-performing sector in the S&P 500. Meta Platforms‘ 5% weekly gain is leading the sector, followed by Alphabet and News Corporation gaining more than 3%.
The energy sector is the second-highest gaining sector, rising 2%. Consumer discretionary is up 1.2% week to date, while information technology is just 0.1% higher.
— Hakyung Kim
22 Hours Ago
Cybersecurity ETF pops 3%, heads for best day since November
22 Hours Ago
Hims & Hers shares tumble as questions mount about weight loss drug sales
Shares of telehealth platform Hims & Hers Health slid more than 8% Thursday after Hunterbrook Media published a report raising questions about the company’s sale of weight loss drugs. Hunterbook is affiliated with hedge fund Hunterbrook Capital, which has a short position in Hims & Hers.
The popularity of anti-obesity medications such as Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro has resulted in shortages of the drugs. Hims & Hers is exploiting a loophole that allows compounded versions of drugs in short supply to be sold. The company has said it plans to sell the branded GLP-1 medications to its clients once supplies are more reliable.
See Chart…
Hims & Hers Health shares over the past year.
The stock has gained more than 142% since the start of the year as investors bet that strong demand for weight loss drugs would lead to rapid growth for the firm.
Both Eli Lilly and Novo Nordisk have filed lawsuits against numerous suppliers who are selling knock-off versions of their medications.
— Christina Cheddar Berk
23 Hours Ago
Gold on pace for first negative month in four
Gold is around 0.1% higher for the week. If the gains hold, the metal will notch its second positive week in three.
Month to date, however, gold is down 0.5%, on pace for its first negative month in four.
Year to date, gold is up 12.6%.
— Hakyung Kim, Gina Francolla
23 Hours Ago
Stocks open little changed Thursday
U.S. stocks began Thursday’s trading session flat.
The Dow Jones Industrial Average dipped 42 points, or 0.1%. The S&P 500 was marginally lower, while the Nasdaq Composite added 0.1%.
— Hakyung Kim
Thu, Jun 27 2024 9:04 AM EDT
Walgreens has dismal stock performance
A Walgreens store in San Francisco on March 7, 2023.
David Paul Morris | Bloomberg | Getty Images
Including today’s plunge following its poor earnings report, shares of Walgreens Boots Alliance have plummeted 41% since the stock was booted from the Dow back in February — a mere four months ago.
That is also on top of another 41% it dropped in the year prior to being removed from the index.
Over a two-year span, the stock has lost 70% of its value.
See Chart…
Walgreens shares over the last five years
Thu, Jun 27 2024 8:46 AM EDT
Here’s a rundown of this morning’s economic news
Initial jobless claims edged lower, demand for long-lasting big-ticket items was better than expected and first-quarter economic growth rose a bit as did inflation for the period, according to economic data releases Thursday.
- The Commerce Department’s third and final estimate for Q1 gross domestic product showed a seasonally adjusted annualized gain of 1.4%. That was 0.1 percentage point higher than the previous estimate but in line with the Dow Jones estimate.
- Chain-weighted prices rose 3.1% in Q1, up from 3% previously. The personal consumption expenditures price index, which the Federal Reserve pegs as its preferred inflation gauge, rose 3.4% on all items and 3.7% on the core, both 0.1 percentage point above the previous estimate.
- First-time claims for unemployment insurance for the week ending June 22 totaled 233,000, down 6,000 from the previous week and below the 235,000 estimate, the Labor Department reported. Continuing claims, which run a week behind, rose to 1.839 million, the highest level since Nov. 27, 2021.
- New orders for “durable goods,” or long-lasting items such as aircraft, appliances and computers, unexpectedly increased 0.1% in May, below the downwardly revised 0.2% increase in April but better than the estimate for a 1% decline, according to the Census Bureau. Excluding defense, new orders were off 0.2% and down 0.1%, excluding transportation.
— Jeff Cox
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
- 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.
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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’
- 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.
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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
- 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.
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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
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
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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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News
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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