News

Stock market news for June 3, 2024

Published

11 months ago

4 June, 2024

FinCrypto Staff

Mon, Jun 3 2024 4:14 PM EDT

Dow closes lower Monday

The Dow Jones Industrial Average closed lower on Monday, kicking off the first trading session of June as investors fretted over the U.S. economy.

The 30-stock Dow pulled back 115 points, or 0.3%, to close at 38,571.03. The S&P 500 ticked up 0.11% to finish the session at 5,283.40, while the Nasdaq Composite added 0.56% to 16,828.67.

— Brian Evans

Mon, Jun 3 2024 3:55 PM EDT

Markets are ‘too cautious’ on rate cuts, UBS says

Markets are more wary of interest rates staying elevated than necessary, according to UBS.

Mark Haefele, CIO of the firm’s global wealth management division, said the market is now only anticipating 35 basis points of rate cuts in 2024. Meanwhile, he said the UBS base case is 50 points.

“Markets have become too cautious on the potential for easing this year, in our view,” he told clients.

— Alex Harring

Mon, Jun 3 2024 3:38 PM EDT

Short seller Citron Research is betting against GameStop again, Bloomberg News reports

The GameStop store in Annapolis, Maryland.

Jim Watson | Afp | Getty Images

Andrew Left, the founder of Citron Research, told Bloomberg News that he re-shorted GameStop Monday after seeing stocks surge on Keith Gill’s social media posts.

In 2021, Citron Research was forced to close out its short position in GameStop at a loss and said it would no longer publish short reports and would focus on long opportunities for investors.

Left also revealed that he shorted GameStop in May and has covered the position.

— Yun Li

Mon, Jun 3 2024 3:26 PM EDT

Strong market performance in May generally carries into June, per Canaccord Genuity

May’s strong performance should bode well for equities this month, according to Canaccord Genuity.

“From a historical perspective, strong market performance in May generally leads to a positive June,” analyst Michael Welch wrote in a Tuesday note. “Since 1957, when the SPX is up 4% or more in May, the month of June has been positive eight out of nine times by a median of 1.4%.”

Although the final week of May saw the S&P 500 decline by about 0.5%, ending a five-week win streak, the broad-market index posted its best performance in May since 2009 with a 4.8% gain, Welch said. He added that on Friday, the percentage of S&P 500 Index components trading above their 10- and 50-day moving averages rose to 50.3% and 51.3%, respectively, removing the oversold conditions.

— Pia Singh

Mon, Jun 3 2024 3:06 PM EDT

Q2 GDP tracker tumbles following data, down to 1.8%.

People walk by the New York Stock Exchange (NYSE) on May 16, 2024 in New York City.

Spencer Platt | Getty Images

The Atlanta Federal Reserve’s closely watched gauge of economic growth took another sharp dive Monday following disappointing news out of the manufacturing sector.

GDPNow, the central bank branch’s tracker of incoming data, reduced the pace of expected second-quarter growth down to 1.8%, from 2.7%. The big step down followed the ISM Manufacturing Index reading for May. At 48.7%, the index was below Wall Street expectations and indicative of further contraction.

This was the second big plunge for GDPNow in the past several days, as the tracker slid 0.8 percentage point on Friday following weak consumer spending data out of the Commerce Department.

The U.S. economy grew at a 1.3% annualized pace in the first quarter.

—Jeff Cox

Mon, Jun 3 2024 2:17 PM EDT

Mexican peso falls 3% after presidential election results

Mexico’s peso slid more than 3% against the U.S. dollar during Monday trading after the Latin American country elected its first female president.

Left-leaning climate scientist Claudia Sheinbaum won the presidential election, according to the electoral institute’s rapid count estimate published late Sunday night.

See Chart…

US Dollar/Mexican Peso FX Spot Rate, 1-day

The currency has weakened around 3.5% against the dollar since the start of the year.

— Sean Conlon

Mon, Jun 3 2024 1:08 PM EDT

See the stocks moving midday

A screen displays the logo and trading information for Spotify on the floor at the New York Stock Exchange on Feb. 6, 2024.

Brendan McDermid | Reuters

These are some of the stocks making notable moves midday:

Spotify — The music streaming company climbed 4% following its announcement of premium subscription price increases in the U.S. in July.
Paramount Global — The media company advanced more than 7% after CNBC’s David Faber reported the firm and Skydance have agreed to terms of a merger.
Cava — Shares shed about 5% after being downgraded at JPMorgan to neutral from overweight.

Click here for the full list.

— Alex Harring

Mon, Jun 3 2024 12:55 PM EDT

Paramount shares rise as Skydance deal nears finish line

Shares of Paramount rose nearly 7% on Monday as the media company appears to be close to finalizing a deal with Skydance and private equity firms RedBird Capital and KKR.

See Chart…

Shares of Paramount jumped on Monday.

CNBC’s David Faber reported Monday, citing sources, that the deal is likely to be announced soon, pending the approval of Paramount controlling shareholder Shari Redstone.

Wells Fargo analyst Steven Cahall said in a note to clients that the reported details of the offer should “make everyone reasonably happy.”

“Should Shari accept the Skydance deal on the board’s recommendation then this week could see the full details come to light, and then the market can judge for itself how Skydance’s strategic plan looks vs the $15/sh cash-out offer. We think alternative bids like Sony/APO were deemed too risky on regulatory grounds, and in the end may have resulted in desired improvements to Skydance’s offer,” the note said.

— Jesse Pound

Mon, Jun 3 2024 12:36 PM EDT

Technical issue related to new software, 40 tickers affected

The Consolidated Tape Association, the organization used by major exchanges to jointly provide real-time stock quotes, further explained what caused the technical issue Monday.

It said there was an issue with limit up and limit down price bands that could be related to a new software release. A total of 40 tickers were affected by erroneous price bands due to this software release between 9:30 a.m. and 10:27 a.m., the organization said in a statement. The CTA previously had said 49 stocks were affected and later corrected the number.

— Yun Li

Mon, Jun 3 2024 12:36 PM EDT

U.S. crude oil falls more than 3% as OPEC+ plans to phase out voluntary cuts

Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area near Long Beach, California.

David Mcnew | Reuters

U.S. crude oil fell more than 3% to trade below $75 per barrel on Monday, as OPEC+ announced plans to phase out voluntary production cuts totaling 2.2 million barrels per day.

A coalition of eight OPEC+ members led by Saudi Arabia and Russia announced Sunday that they would begin phasing out those cuts over the course of 12 months starting in October.

Under the plan, more than 500,000 barrels per day would return to the market by December, and 1.8 million barrels per day would come back by June 2025.

“Some people read the OPEC statement, particularly the part about the adding barrels back from the voluntary cut, as bearish,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.

“They were pretty clear that this is going to be data dependent,” Croft said. “As we get to the end of August, if the fundamental picture looks worse than what we have now, they would pause that addition.”

— Spencer Kimball

Mon, Jun 3 2024 12:11 PM EDT

Structure Therapeutics stock is skyrocketing more than 60% on hopes for its weight loss pill

Despite all the buzz around Ozempic and new anti-obesity GLP-1 treatments, many patients would still prefer to pop a pill rather than give themselves a once-a-week injection. Unfortunately, finding a safe and highly effective pill has been elusive. That is why investors are very excited by new clinical data from Structure Therapeutics on Monday.

Shares are up more than 60% in trading after a midstage clinical trial showed weight loss of 6% after patients enrolled in the study took its GSBR-1290 for 12 weeks. Notably, the result is competitive to an experimental pill Eli Lilly is developing.

See Chart…

Structure Therapeutics shares over the past year

— Christina Cheddar Berk

Mon, Jun 3 2024 11:57 AM EDT

NYSE says technical issue has been resolved

Traders and floor officials react to technical issues on the floor at the New York Stock Exchange on June 3, 2024.

Brendan McDermid | Reuters

Mon, Jun 3 2024 11:06 AM EDT

India ETF tracks for best session in more than 2 years

The iShares MSCI India ETF (INDA) headed for its best day in more than two years.

The fund rose more than 3% in Monday’s session, clinching a new 52-week high. If that gain holds through session close, it will mark the best day since March 9, 2022, when the exchange-traded fund gained more than 4%.

Monday’s moves follow the latest election in the country. Exit polls suggest Prime Minister Narendra Modi and his alliance were poised for a third straight term in power, which is considered rare.

See Chart…

The India ETF, 1-day

Mon, Jun 3 2024 10:14 AM EDT

ISM manufacturing index lower than expected in May

The U.S. manufacturing sector showed a greater level of contraction than expected in May, according to an Institute for Supply Management report Monday.

The ISM manufacturing index was at 48.7 on the month, representing the share of businesses reporting expansion. A number below 50 indicates contraction.

Within the ISM business survey, the prices index fell 3.9 points to 57, while the employment index rose 2.5 points to 51.1, breaking into expansion territory.

— Jeff Cox

Mon, Jun 3 2024 9:33 AM EDT

S&P 500 opens higher, Nvidia climbs

The S&P 500 opened higher on Monday, with shares of Nvidia also climbing to start the first week of June trading.

The broad market index added 0.3%, while the Nasdaq Composite added 0.7%. The Dow Jones Industrial Average gained 22 points, or 0.06%. Shares of Nvidia, meanwhile, climbed nearly 4%.

— Brian Evans

Mon, Jun 3 2024 8:52 AM EDT

Spotify, Cava among stocks making biggest premarket moves

Check out the companies making headlines before the bell:

Spotify — Shares of the music streaming service rose 4.8% after it announced Monday it will raise prices for Spotify Premium subscriptions in the U.S. starting in July.
MarineMax — MarineMax, a recreational boat and yacht services company, popped 19% on a report that OneWater Marine is in talks to buy the company for $40 a share in cash. Bloomberg first reported the deal, citing people with knowledge of the matter.
Cava — The Mediterranean fast-casual restaurant chain slipped nearly 2% following a downgrade by JPMorgan to neutral from overweight.

For the full list, read here.

— Pia Singh

Mon, Jun 3 2024 8:34 AM EDT

Bull market is in early phases, Yardeni says

The Charging Bull/Wall Street Bull is pictured in the Manhattan borough of New New York on Jan. 16, 2019.

Carlo Allegri | Reuters

The market is still in the beginning stages of the bull market, according to Ed Yardeni, president of Yardeni Research.

“I think it’s actually fairly early on,” Yardeni said on CNBC’s “Squawk Box.” “Some people are talking about it being midcycle … or getting near the end of the story, but I don’t think that’s the case.”

Yardeni said continued strength in productivity is likely. While he sees similarities between now and the 1920s with technology-led improvements in the standard of living, he is not necessarily forecasting another crash like there was almost a century ago.

As part of his “Roaring ’20s” outlook, Yardeni expects the S&P 500 to finish 2024 at 5,400; 2025 at 6,000; and 2026 at 6,500. His year-end 2024 forecast implies 2.3% upside from Friday’s close.

— Alex Harring

Mon, Jun 3 2024 7:30 AM EDT

Stericycle soars following acquisition news

Shares of waste-disposal firm Stericycle soared more than 7% in premarket trading following news that Waste Management would acquire the company for $7.2 billion.

See Chart…

Stericycle stock.

Waste Management will acquire Stericycle for $62 per share, representing a roughly 20% premium over Stericycle stock’s Friday close.

— Brian Evans

Mon, Jun 3 2024 6:13 AM EDT

GameStop shares rally 74% after latest posts from ‘Roaring Kitty’

Thiago Prudencio | Lightrocket | Getty Images

GameStop shares were up more than 74% amid speculation that Keith Gill, who inspired the 2021 short squeeze, could have a big position in the video game retailer.

Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube and social media site X, posted a screenshot of what could be his portfolio, showing more than five million GameStop shares worth $115.7 million. The image also showed 120,000 call options in GameStop.

Mon, Jun 3 2024 3:19 AM EDT

European markets open higher

European markets started the month higher Monday, extending last week’s rally as investors look ahead to the European Central Bank’s latest interest rate decision later this week.

The U.K.’s FTSE 100 was up 0.63% at 8,326, Germany’s DAX was 0.79% higher at 18,648 and France’s CAC was up 0.72% at 8,050. Italy’s MIB was 0.8% higher at 34,762.

European markets

TICKERCOMPANYPRICECHANGE%CHANGE

.FTSE	FTSE 100	8,232.04	-30.71	-0.37%
.GDAXI	DAX	18,405.64	-202.52	-1.09%
.FCHI	CAC 40 Index	7,937.90	-60.12	-0.75%
.FTMIB	FTSE MIB	34,276.02	-394.04	-1.14%
.IBEX	IBEX 35 Idx	11,286.40	-110.80	-0.97%

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FinCrypto Staff

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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News

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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