News

Stock market news for May 14, 2024

Published

10 months ago

14 May, 2024

FinCrypto Staff

2 Hours Ago

Nasdaq Composite closes at new record high

U.S. stocks closed higher on Tuesday afternoon.

The Nasdaq Composite jumped to a new closing high, adding 0.75% to settle at 16,511.18. The S&P 500 gained 0.48% to finish at 5,246.68, while the Dow Jones Industrial Average added 126.60 points, or 0.32%, closing at 39,558.11.

— Lisa Kailai Han

2 Hours Ago

Inflation is persisting at levels too high to justify rate cuts this year, according to strategist

The Federal Reserve is unlikely to cut rates this year, according to Verdence Capital Advisors’ Chief Investment Officer Megan Horneman.

While Horneman also views a rate hike as unlikely, she believes the U.S. central bank will be forced to keep rates on hold for the remainder of the year as inflation persists.

“It’s a problem that they’ve exacerbated by taking such a dovish tone and — as early as last year — letting the markets price in so many rate cuts,” she said. “They really need to get these markets to be more realistic on where interest rates are going to go.”

— Lisa Kailai Han

3 Hours Ago

Negative economic surprises will eventually drag stocks down, Citi says

The market has reacted positively to negative economic surprises in recent times, but Citi believes this “bad news is good news” narrative will soon change.

“Seasonally, surprises tend to trough around now and, with Fed hikes off the table for the near future, good economic news will likely be welcomed by risky assets,” wrote analyst Nathaniel Rupert.

He added, “However, with cracks appearing in the labor market, more below-consensus data would eventually weigh on equities (even though the first cut may be viewed positively), as would a tightening in financial conditions in our view.”

— Lisa Kailai Han

3 Hours Ago

S&P 500 can see summer rally, recover quarterly losses: BofA

There is reason to believe the S&P 500 could be in for a summer rally and that the recent pullback will be just a blimp, according to Bank of America.

“If the SPX follows bullish seasonality and positive breadth signals, the index should embark on a summer rally,” Stephen Suttmeier, the firm’s technical research strategist, wrote to clients on Tuesday. “This suggests that the April into May corrective phase is likely a bullish continuation pattern.”

Despite a tough start to the second quarter, a recent return to gains has pushed the broad index just 0.2% off its flatline for the three-month period. The index is up nearly 10% on the year.

— Alex Harring

4 Hours Ago

Paramount Global shares slide on CNBC report that Sony is ‘rethinking’ acquisition

Paramount Global fell more than 7% after a report from CNBC’s David Faber that Sony is “rethinking” its offer to buy the company.

Sony and Apollo sent a letter earlier this month to Paramount Global’s board expressing interest in an all-cash $26 billion offer for the company. Sony would be the majority shareholder and Apollo a minority stakeholder.

Many of Paramount Global’s common shareholders publicly supported the Sony-Apollo offer over a competing bid from Skydance Media, which did not pay as large of a premium to as many class B shareholders.

The Paramount Global special committee said on May 3 that it would end exclusive talks with Skydance Media and its two private equity backers, KKR and RedBird Capital, to examine the Sony-Apollo bid.

— Alex Sherman

4 Hours Ago

OpenAI event ‘raises the bar’ on AI chatbots, Bank of America says

OpenAI’s Monday event highlighting its new desktop app and some refreshes “raises the bar, again, for consumer chatbots,” according to Bank of America analyst Vivek Arya.

He wrote in a Tuesday note that the event “ups the ante for AI assistant,” adding that semiconductor stocks should see multiyear growth tailwinds from the computing and networking capabilities needed to appease the expanding artificial intelligence use cases.

Analyst Wamsi Mohan also highlighted Apple as a potential beneficiary from OpenAI and multimodal assistants and the potential productivity gains.

“Much of the demo used a ‘hardwired’ iPhone to lower latency of real time interaction,” he wrote. “Maintain Buy on benefits from GenAI at edge with gross margin upside and momentum in Services.”

Even so, Rosenblatt’s Barton Crockett views the event as a potential competitive pressure point for Alphabet ahead of its Google I/O event. The developments also seem to turn up the head on Apple, which has struggled for years to create similar capabilities for its Siri component, he added.

“We suspect that Apple is nowhere near, internally, to what OpenAI just demoed,” he wrote. “If Google can’t show an ability to match OpenAI at I/O, then Apple will be under meaningful pressure we believe to partner with OpenAI to modernize Siri for the current state of AI.”

— Samantha Subin

4 Hours Ago

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

During Tuesday’s trading session, 24 stocks in the S&P 500 hit new 52-week highs.

Of these names, six stocks reached new intraday highs. Here are the names that met this milestone:

Aflac Inc. trading at all-time-high levels back through our history in 1973
Brown & Brown trading at all-time highs back to when it became publicly traded on the New York Stock Exchange in 1997
Goldman Sachs trading at all-time-high levels back to its initial public offering in May 1999
Analog Devices trading at all-time highs back through our history to 1972
NXP Semiconductors trading at all-time highs back to its IPO in August 2010
Welltower trading at all-time-high levels back to its incorporation as Health Care REIT in 1985

— Lisa Kailai Han, Christopher Hayes

5 Hours Ago

AMC, GameStop slip from highs of the day

An AMC theater is pictured in Times Square in the Manhattan borough of New York City.

Carlo Allegri | Reuters

Meme stocks were losing steam in early afternoon trading and hovering well below their highs of the day.

Shares of GameStop were last up 33.7% for the day at $40.72 per share. The stock’s high of the day came at the opening bell, when it hit $64.83 per share.

See Chart…

GameStop is trading well below its opening level from Tuesday morning.

AMC Entertainment has similarly cooled off. The stock was last up 23.7% at $6.42 per share. It traded as high as $11.88 per share Tuesday morning.

— Jesse Pound

5 Hours Ago

On Holding rallies on earnings

On Holding shares headed for their best day in more than a year following a strong earnings report.

The shoemaker climbed nearly 17.5% in midday trading. If that holds through close, it will mark the stock’s biggest one-day gain since March 2023, when the stock soared more than 26% in a session.

See Chart…

On Holding, 1 day

Tuesday’s jump came after the Swiss company posted adjusted earnings per share and net sales that were both higher than forecast by analysts polled by FactSet. On has also benefited from demand for more comfortable clothing such as padded shoes.

— Alex Harring

6 Hours Ago

See the stocks moving midday

These are some of the stocks making the biggest moves midday:

Alibaba — The Chinese technology company shed 7% after posting an 86% drop in net income from a year ago for its fiscal fourth quarter. Elsewhere, revenue topped expectations.
Sony — U.S.-listed shares jumped 5.3% after quarterly revenue came in at 3.5 trillion yen, above the consensus expectation of 2.89 trillion yen from analysts polled by LSEG. However, operating profits came in lower than analysts forecast.
Vodafone — U.S. shares popped 5% after the U.K.-based telecommunications company posted full-year profit that beat expectations.

Click here for the full list.

— Alex Harring

6 Hours Ago

Energy stocks lagging behind the broader market

Cooling towers at Marathon Refinery in Carson, California, on April 3, 2024.

Myung J. Chun | Los Angeles Times | Getty Images

The energy sector underperformed the S&P 500 on Tuesday, pulling back around 0.5% while the broad market index gained 0.2%. Marathon Petroleum led Tuesday’s downturn, declining 3.7%.

Month to date, energy and consumer staples are neck and neck for worst-performing sectors. Both groups are down nearly 0.8%.

See Chart…

The Energy Select Sector SPDR Fund (XLE) and S&P 500 over the last month

7 Hours Ago

Credit card delinquencies rise to nearly 13-year high

Credit card default rates hit their highest level in nearly 13 years at the beginning of 2024, the New York Federal Reserve reported Tuesday.

The central bank’s Quarterly Report on Household Debt and Credit showed the share of “seriously delinquent” debt, or at least 90 days behind, rose to 6.86% of outstanding balances in the first quarter of 2024, the highest since Q2 of 2011. At the same time, auto delinquencies moved to 2.78%, the highest since Q2 of 2010.

Those increases came even though total credit card balances fell to $1.12 trillion, a decline of $14 billion. However, total consumer debt rose to $17.69 trillion, an increase of $184 billion, or 1.1%.

— Jeff Cox

7 Hours Ago

U.S. federal debt boosts economy short term but poses long-term challenges, Wolfe Research says

Although U.S. federal debt boosts the economy in the short term, Wolfe Research foresees it posing key risks to the market over time.

“We expect transfer payments, the CHIPS Act, the IRA, and infrastructure spending to continue to provide fiscal tailwinds for the economy and stock prices in the quarters ahead,” wrote chief investment strategist Chris Senyek. “However, the huge problem is that U.S. federal debt is on an unsustainable long-term trajectory! More specifically, the CBO projects that publicly held federal debt will reach an all-time high in 2029!”

Senyek noted two specific key risks.

For one, “bond vigilantes” could push back, ultimately sending yields higher. Additionally, interest payments could also squeeze out spending faster than expected, the analyst added.

— Lisa Kailai Han

8 Hours Ago

Powell says Fed will ‘need to be patient’ on inflation

Federal Reserve Chair Jerome Powell arrives to a news conference following a Federal Open Market Committee meeting in Washington, D.C., on March 22, 2023.

Alex Wong | Getty Images

Federal Reserve Chair Jerome Powell said Tuesday that inflation data this year has been disappointing and will require patience from the central bank on monetary policy.

“We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” he told a bankers’ group in Amsterdam. “So what that has told us is that we’ll need to be patient and let restrictive policy do its work.”

— Jeff Cox

8 Hours Ago

Wheat futures hit highest prices since July 2023

A combine harvests wheat near Kramatorsk, in Donetsk region, on Aug. 4, 2023.

Anatolii Stepanov | AFP | Getty Images

Wheat prices hit their highest level since July 31, 2023, during early morning trading on Tuesday.

The commodity’s July-dated futures briefly hit a high of 696 cents per bushel. Last July, wheat had traded at as high as 703 cents.

Wheat prices rose after frosts damaged crops in Russia, the country that exports the most wheat globally.

— Lisa Kailai Han, Gina Francolla

9 Hours Ago

Stocks open little changed

Stocks opened little changed on Tuesday morning, following April’s hotter-than-expected reading of the producer price index.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite were all trading near flat shortly after market open.

— Lisa Kailai Han

9 Hours Ago

Stocks moving before the bell

Here are some of the stocks making moves in premarket trading:

Meme stocks — GameStop jumped 119%, adding to Monday’s 74.4% gain, after the man who fueled the 2021 GameStop frenzy, “Roaring Kitty,” posted online for the first time in about three years. AMC soared 105%, while Reddit and Robinhood rose 4.6% and nearly 7%, respectively.

Alibaba — U.S.-listed shares dropped 4% after the Chinese e-commerce retailer reported an 86% drop in profits for its fiscal fourth quarter. However, Alibaba beat revenue expectations.

Sony — The PlayStation maker’s U.S.-listed shares added 3.5% after posting quarterly revenue of 3.5 trillion yen, topping the LSEG consensus estimate of 2.89 trillion yen. Operating profits came in lighter than expected.

— Michelle Fox

10 Hours Ago

Producer price index rises more than expected

The producer price index rose more than expected in April, raising concerns that the Federal Reserve will not be able to cut rates as soon as expected. The PPI rose 0.5% last month. Economists polled by Dow Jones expected a 0.3% increase in PPI.

However, March’s PPI reading was revised to a 0.1% decline.

— Fred Imbert

10 Hours Ago

Copper stocks rise after metal hits 2022 high

An employee works on the production line of copper foil sheet at a factory in Dongying, Shandong province of China, on Feb. 20, 2022.

Zhou Guangxue | Getty Images

Copper stocks popped in Tuesday’s premarket as the metal reached multiyear highs.

The Global X Copper Miners ETF (COPX) advanced more than 1% before the bell, putting the fund on pace for its fourth straight positive session. That leg up comes as CME Copper and LME Copper touched their highest levels going back to March and April of 2022, respectively.

— Alex Harring, Gina Francolla

10 Hours Ago

The U.S. economy still looks ‘too hot,’ according to Barclays

Of the potential scenarios for the macroeconomy in the latter half of 2024, it is most likely that the U.S. will not see any sharp weakening in the near term.

“There are several possible paths for the US macro-economy going forward. … A second is that the US is still too hot, in which case higher yields and a stronger USD pose challenges for markets,” wrote Barclays analyst Ajay Rajadhyaksha. “We think the second is most likely; more importantly, markets seem very convinced of just one of these three outcomes.”

Rajadhyaksha added that at least for the time being, he prefers staying in cash assets.

— Lisa Kailai Han

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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

8 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

8 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

8 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

8 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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