News

Stock market news for May 16, 2024: Dow 40,000

Published

10 months ago

1 July, 2024

FinCrypto Staff

Stock market news for May 16, 2024: Dow 40,000

Thu, May 16 2024 4:16 PM EDT

Stocks close lower after Dow reaches historic milestone

Traders work on the floor of the New York Stock Exchange (NYSE) on May 16, 2024 in New York City.

Spencer Platt | Getty Images

Stocks closed lower, turning their performance around after all three major indexes rose to new intraday highs Thursday morning.

The Dow Jones Industrial Average lost 38.62 points, or 0.10%, to settle at 39,869.38. The 30-ticker benchmark had earlier crossed over the 40,000 level for the first time in history.

The S&P 500 and Nasdaq Composite, which also notched intraday highs, respectively slid 0.21% and 0.26%. The broader market index closed at 5,297.10, while the tech-heavy Nasdaq closed at 16,698.32.

— Lisa Kailai Han

Thu, May 16 2024 3:46 PM EDT

More value exists for regional banks over big banks, Baird says

With valuations for many banks hitting their 52-week highs, upside is getting much more limited these days, according to Baird Equity Research.

“Refreshed market cap/assets implying less upside here, still more value in regionals but would not advocate chasing here,” the firm wrote in a note from Thursday.

Analyst David George noted that while low expectations last fall provided a margin of safety for investors to comfortably buy bank names, this margin is “largely negligible” at the sector’s current prices.

— Lisa Kailai Han

Thu, May 16 2024 3:21 PM EDT

There’s still room for further upside for Big Tech stocks, Barclays says

Rafael Henrique | Lightrocket | Getty Images

Backed up by artificial intelligence-related tailwinds, the tech sector has largely led the current market rally. Shares of graphics processer manufacturer Nvidia are up 91% this year alone.

Despite this bull run, Barclays is still constructive on the sector.

“Big Tech fundamentals still look good here and we think there’s room to run over the next couple of quarters, even though the bar for the group to deliver has been set very high. Big Tech revisions have strengthened further post-Q1 earnings, bifurcating even more from the rest of the S&P 500,” strategist Venu Krishna wrote in a note.

Krishna added that the defensible margins that characterize the sector also have scarcity value in an increasingly troubling macroeconomic environment.

— Lisa Kailai Han

Thu, May 16 2024 3:00 PM EDT

Costco climbs to all-time high, tops $800 for the first time

Costco Wholesale Corporation rose more than 1% Thursday to an all-time high of $804.50 per share on an intraday basis, marking the first time the membership-only big-box store has topped the $800 threshold.

When the retailer merged with Price Club in 1993, the shares were only trading under $10 apiece. The stock is up more than 20% this year, outperforming the S&P 500’s 11% gain.

The late Charlie Munger, who was on Costco’s board, was an early investor and a big champion of the retailer, calling himself a “total addict” to the company. He was a big fan of Costco’s membership business and rewards program as well as its big, efficient stores and consistently strong management. He believed Costco will eventually become a huge internet player, threatening Amazon in the process.

The company is set to report fiscal third-quarter earnings on May 30. Costco had missed Wall Street’s revenue expectations for its holiday quarter despite reporting year-over-year sales growth and strong e-commerce gains.

— Yun Li

Thu, May 16 2024 2:41 PM EDT

Market rally to widen in 2024, according to Barclays

While Big Tech has led the current market rally, Barclays sees much more room ahead for outperformance from other sectors.

“Broadening has been modest and we think there’s room for a lot more. Earnings growth is the most likely catalyst, in our view,” strategist Venu Krishna wrote in a Thursday note.

Krishna noted that investors have already accounted for much optimism in Big Tech’s current earnings estimates, meaning that comps could be challenged going forward.

“We think this creates an opportunity for the rest of the S&P 500 to contribute more meaningfully to YoY earnings growth in 2H24 and into 2025, provided the macro backdrop remains supportive,” the strategist added. “In an encouraging sign, revisions for the rest of the SPX have also improved following the Q1 earnings season.”

— Lisa Kailai Han

Thu, May 16 2024 2:24 PM EDT

GameStop retail participation notched 3-year high on Monday, JPMorgan says

Retail investor participation in GameStop hit a three-year high on Monday, according to JPMorgan.

Everyday traders were involved in the video game retailer’s stock at a level of around 30% on Monday after the online return of “Roaring Kitty,” the user credited with helping spur 2021’s epic meme stock squeeze. That is a level not seen since 2021, JPMorgan data shows.

Despite that, the meme stock rallies have fizzled as the week has gone on, making Monday’s moves appear to be more of a fad than a harbinger.

— Alex Harring

Thu, May 16 2024 2:00 PM EDT

Walmart leading Dow gains on Thursday

A Walmart employee fulfilling Instacart orders in the produce aisle in North Carolina.

Lindsey Nicholson | Getty Images

Thu, May 16 2024 1:54 PM EDT

53 stocks in the S&P 500 reach new 52-week highs

People enter and exit a Costco Wholesale store in Bayonne, New Jersey, on March 26, 2023.

Gary Hershorn | Corbis News | Getty Images

On Thursday, 53 stocks in the S&P 500 hit new 52-week highs.

Names that reached this milestone included:

On the other hand, only one stock hit a 52-week low: Solventum.

— Lisa Kailai Han

Thu, May 16 2024 1:50 PM EDT

The S&P 500 is headed for the 5,575 level, Strategas’ Verrone says

The S&P 500 could next find support at the 5,575 level, according to Strategas head of technical and macro research Chris Verrone.

“[It’s] not exactly advanced math, but simple breakout technique suggests roughly 5550-5600 as the next S&P target,” Verrone wrote in a Thursday note.

See Chart…

The S&P 500 has climbed about 12% this year.

The S&P 500 has gained more than 2% over the past week and nearly 12% in 2024.

— Brian Evans

Thu, May 16 2024 1:47 PM EDT

U.S. may need unemployment to rise for ‘last mile’ of inflation fight, Bernanke paper says

New research authored by former Fed Chair Ben Bernanke and International Monetary Fund veteran Olivier Blanchard suggests that the U.S. and other countries may need unemployment to rise for inflation to fall back to normal levels.

The working paper, published by the Peterson Institute for International Economics, comes from a project in which 10 global central banks used a model developed by Bernanke and Blanchard to examine the pandemic-era inflation spike. The research showed that some period of higher unemployment and slower wage growth may be necessary to accomplish the “last mile” of reducing inflation.

“As the effects of relative price shocks and shortages stabilized or reversed, inflation declined, and the role of labor market tightness became increasingly important, suggesting that some slowing of activity might be necessary to get US inflation all the way back to target,” the paper’s abstract said.

The paper does say in its conclusion that “the unemployment costs of the last mile could be limited” in the U.S.

— Jesse Pound

Thu, May 16 2024 1:28 PM EDT

Fed’s Barkin says inflation data progressing but still short of goal

Richmond Federal Reserve President Thomas Barkin said Thursday that he was encouraged by the consumer price index report the previous day but sees more work ahead to get back to the central bank’s goal of 2% inflation.

“On the inflation side, it certainly came off the numbers of the prior few months, which was good. It’s still not where we’re trying to get to target,” the central bank official said during a CNBC “Squawk on the Street” interview.

“I do believe we’re on the right path here. I do believe inflation is coming down on the big picture,” he added regarding data showing CPI inflation running at a 3.4% annual rate. “My point is only to get to 2% sustainably in the right kind of way. I just think it’s going to take a little bit more time.”

Harkin is a voting member this year on the rate-setting Federal Open Market Committee.

Thu, May 16 2024 1:05 PM EDT

Consumer staples stocks outperform, Walmart pops 6%

Thu, May 16 2024 12:41 PM EDT

Stocks making the biggest moves midday

Morning traffic outside Meta headquarters in Mountain View, California, on Nov. 9, 2022.

Peter Dasilva | Reuters

Check out the companies making headlines in midday trading:

Meta — Shares pulled back 1.3% after the European Union opened a probe into the company regarding child safety concerns on social media platforms Facebook and Instagram.

Deere — Deere shares slipped about 3% after the maker of agricultural equipment cut its full-year guidance. The company said it now expects net income of roughly $7 billion, down from a range of $7 billion to $7.5 billion.

Walmart — Shares rallied nearly 6% after the company reported adjusted first-quarter earnings of 60 cents per share, topping the 52 cents expected from analysts polled by LSEG. Revenue was $161.5 billion, beating the $159.5 billion consensus estimate. Walmart said it made big gains in e-commerce and won over more high-income shoppers.

The full list can be found here.

— Hakyung Kim

Thu, May 16 2024 12:20 PM EDT

40,000 Dow level is a ‘big psychological’ win, boosting markets into ‘overvalued territory,’ investor says

The Dow Jones Industrial Average crossing above 40,000 for the first time on Thursday could add fuel to the flames for the current bull rally, according to Independent Advisor Alliance Chief Investment Officer Chris Zaccarelli.

“Breaking the 40,000 barrier is a big psychological boost for the bulls as round numbers hold special significance in people’s hearts and minds,” he said in an email. “We are in a Bull Market and people are showing some irrational exuberance (meme stocks) and dismissing bad news (slowing retail sales) and focusing on good news (slightly slowing inflation).”

Zaccarelli added a warning that the market is now heading into “overvalued territory,” making it even more important for investors to become especially discerning when investing in equities.

— Lisa Kailai Han

Thu, May 16 2024 11:50 AM EDT

Advertising technology stocks pop as Netflix announces new ad platform

Thomas Trutschel | Photothek | Getty Images

Advertising technology stocks popped Thursday, a day after Netflix announced it plans to roll out its own ad platform and partner with Google Display & Video 360, The Trade Desk and Magnite.

The Trade Desk added 5%, while Magnite shares rallied 28% and headed for their best day since November 2022. Alphabet shares were last up 1%.

Wall Street views the partnership as a boon for these ad-tech stocks, with Citi’s Ygal Arounian estimating that it could add $500 million to The Trade Desk’s 2025 gross billings.

Netflix aims to start testing the platform in Canada later this year, and roll out the offering worldwide by the end of next year.

Read more on what the partnership means for this under-the-radar stock here.

— Samantha Subin

Thu, May 16 2024 11:31 AM EDT

There are no signs this cyclical bull market is ‘running out of steam,’ says Baird’s Ross Mayfield

All three major stock averages ripped to new intraday highs Thursday morning, with the Dow Jones Industrial Average crossing over 40,000 for the first time in history.

Baird analyst Ross Mayfield attributed the strong earnings season as providing another leg for the market rally to stand on in recent weeks.

“This has all the signs of a cyclical bull market and it’s not running out of steam as far as we can tell,” he told CNBC in an interview.

— Lisa Kailai Han

Thu, May 16 2024 10:44 AM EDT

The Dow Jones Industrial Average hits 40,000 level

The 30-stock Dow reached a fresh milestone Thursday morning, surpassing the 40,000 threshold.

At its high of the session, the average touched 40,002.75, climbing about 0.2%.

See Chart…

Dow Jones Industrial Average 1-day performance

Walmart shares helped lift the price-weighted index to its fresh high, as the big-box retailer jumped more than 6% following a fiscal first-quarter beat on the top and bottom lines.

The Dow’s new high follows a day after the three major averages closed at fresh records.

— Darla Mercado

Thu, May 16 2024 10:09 AM EDT

AMD replaces Nvidia in Wolfe Research’s Alpha List

Wolfe Research replaced Nvidia with AMD in its Alpha List, saying the decision was a “tactical shift” after Nvidia’s outperformance this year.

“We make a tactical shift in priority to AMD, adding it to the Wolfe Alpha List, replacing NVDA given the relative move in shares YTD,” Chris Caso wrote to clients on Thursday. “We expect more significant catalysts for NVDA later this year, and expect numbers to move higher for both NVDA and AMD.”

The decision comes ahead of Nvidia’s earnings results next week in which the artificial intelligence chipmaker will have a high hurdle to clear after its exorbitant run. Nvidia shares have nearly doubled this year, up roughly 91%. In comparison, AMD shares are up just 8%. Meanwhile, the S&P 500 is up more than 11%.

Thu, May 16 2024 9:33 AM EDT

Stocks open unchanged

Thu, May 16 2024 9:13 AM EDT

There was a trio of very strong retail earnings this morning, but guidance tells a different story

Canada Goose CEO of Dani Reiss applauds the company’s initial public offering above the floor of the New York Stock Exchange shortly after the opening bell in New York on March 16, 2017.

Lucas Jackson | Reuters

Walmart, Under Armour and Canada Goose all reported better-than-expected profits. But the retailers’ outlooks ranged from somewhat cautious to downright disappointing.

Walmart expects second-quarter earnings per share of 62 cents to 65 cents, roughly in line with the consensus estimate of 64 cents, despite just posting its biggest earnings beat in three years.
Under Armour’s fiscal fourth-quarter earnings beat by 3 cents, but its profit forecast of 18 cents to 21 cents in the new fiscal year is a fraction of the 59 cents the Street has been expecting. The athletic gear firm also sees a shocking low double-digit decline in revenue, while analysts were expecting a 2% rise. The company blames “lower wholesale channel demand and inconsistent execution across our business” for the weak guidance.
Canada Goose’s fiscal fourth-quarter earnings were three times greater than the Street’s expectations. But its outlook for the new fiscal year was far more tempered as it expects “global consumer spending will continue to be pressured.” The outdoor apparel maker projects mid-teens earnings growth versus Wall Street’s expectation of 20.6% growth, and revenue growth of low single digits versus an estimate of 8.1%. An even bigger problem, though, is the company has withdrawn its long-term financial targets amid the “more challenging consumer spending environment” that has caused its direct-to-consumer and wholesales businesses to “have not performed according to our expectations.”

— Robert Hum

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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

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Thu, 11 Jul 2024 03:51 PM

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- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
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LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
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Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
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News / Business / Latest Business News Live Updates Today, July 11, 2024

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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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