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Stock Market Today: Live Updates
20 minutes ago
Strategist Marko Kolanovic is leaving JPMorgan
JPMorgan’s Marko Kolanovic, who served as chief global markets strategist and co-head of global research, is leaving the bank to explore other opportunities, according to a source familiar with the internal announcement.
Kolanovic gained prominence among market watchers for correctly predicting a stock market recovery in the midst of the Covid-19 pandemic. However, he has been consistently bearish over the past two years as the market recovers.
— Jesse Libra
38 minutes ago
ISM services measure for June shows unexpected contraction
Service sector activity was considerably weaker than expected in June, according to a report from the Institute for Supply Management released Wednesday.
O ISM PMI Services reached 48.8%, representing the share of companies reporting expansion for the month; a reading below 50% indicates contraction, which the index has shown in two of the past three months. Economists surveyed by Dow Jones had expected a reading of 52.8%, or 1 percentage point lower than in May.
Elsewhere in the survey, the Business Activity Index fell to 49.6%, down 11.6 percentage points, and new orders fell 6.8 points to 47.3%, while inventories fell to 42.9%, down 9.2 points. The price index fell slightly, as did the employment gauge.
—Jeff Cox
45 minutes ago
Expect a new bull market if the central bank cuts interest rates, says Jim Paulsen
Stocks could continue to gain after a strong first half of 2024, according to “Paulsen Perspectives” author and writer Jim Paulsen.
The S&P 500’s record run has been “narrow,” he says, with only a few stocks gaining because the Federal Reserve has been raising rates, something rarely seen during bull markets.
“[The bull market is] “There are a lot of other missing pieces that could come out if the Fed eases, the big one of course is lower bond yields and lower interest rates,” Paulsen told CNBC’s “S.”quawk box” on Wednesday. “If the Fed finally declares victory over inflation, which I think they will, and we cut rates, then I think we’re going to see a lot more stimulus coming into the stock market and we could have a move that looks a little bit like the start of a new bull market that we’ve never had.”
“This is the only bull market in postwar history that has existed entirely under a Federal Reserve that has tightened throughout its existence,” he continued. “The result of that has been a very narrow bull market because many of its support pieces have not yet appeared.”
— Brian Evans
One hour ago
Stock futures are almost flat
Stocks are little changed at the start of Wednesday’s shorter trading session.
O S&P 500 Index It is Nasdaq Composite both were trading around flat shortly after 9:30 a.m. ET. Dow traded up about 0.1%.
— Alex Harring
2 hours ago
Jobless claims surge; continuing claims highest since November 2021
Job seekers attend the JobNewsUSA.com South Florida Job Fair held at Amerant Bank Arena on June 26, 2024 in Sunrise, Florida.
Joe Raedle | Getty Images
Initial jobless claims rose slightly in the week ending June 29, The Department of Labor reported Wednesday.
First-time registrations totaled 238,000 in the period, up 4,000 from the previous week and above the Dow Jones estimate of 233,000.
In continuing claims, which are a week behind schedule, the total of 1.858 million represented an increase of 26,000 and was the highest total since Nov. 27, 2021.
—Jeff Cox
2 hours ago
Private payrolls fall short of forecast for June
Private payrolls rose by 150,000 in June, less than expected and the lowest total since January, according to an ADP report Wednesday.
The total was lower than the Dow Jones Industrial Average’s estimate of 160,000 and below May’s upwardly revised 157,000. Leisure and hospitality led with 63,000 jobs, followed by construction and professional and business services.
Additionally, wage growth slowed to a 4.9% pace from a year ago, the smallest increase since August 2021.
—Jeff Cox
2 hours ago
Stocks moving before the bell
A view of Paramount Studios in Los Angeles, September 26, 2023.
Mario Anzuoni | Reuters
Here are the stocks making the biggest moves in premarket trading:
Read the full list of actions on the move here.
— Samantha Subin
3 hours ago
Dollar index could break winning streak
Mu_mu_ | Istocope | Getty Images
O dollar index is about to break a four-week positive streak.
The index, which measures the U.S. dollar against a basket of foreign currencies, is down about 0.2% so far this week. If that holds through the end of the week, it would mark its first negative week in the past five.
The dollar gained ground against the yen this week but struggled against the euro and sterling.
— Alex Harring, Gina Francolla
4 hours ago
Tesla seeks 7-day winning streak
Tesla shares rose more than 3% in premarket trading, putting the electric vehicle maker on pace for a seventh consecutive day of gains. That would be the stock’s longest winning streak since a 13-day streak last year.
“The key for Tesla stock is the Street recognizing that Tesla is the most undervalued AI play in the market, in our view, with a historic Robotaxi Day ahead for Musk and Tesla on August 8 that will lay the yellow brick road to FSD and an autonomous future,” Wedbush analyst Dan Ives wrote in a note dated Tuesday. He has an outperform rating on the stock.
— Fred Imbert
16 hours ago
Consumer discretionary sector closes at highest level since 2022
The consumer discretionary sector rose 1.8% to close at its highest level since January 2022.
A jump of 10.2% in Tesla shares helped boost the sector. The electric vehicle maker rose as its vehicle production in the second quarter and delivery reports exceeded analysts’ expectations.
E-commerce giant Amazonas also contributed to the sector’s gains, rising 1.4% and reaching a new all-time high.
The consumer discretionary sector was the best performer among the 11 S&P 500 sectors on Tuesday, propelling the broad-market index to a record closing high of 5,509.01 and its first close above the 5,500 threshold.
—Darla Mercado, Chris Hayes
16 hours ago
Paramount up 9% on reports of resumption of merger talks with Skydance Media
The news comes after National Amusements and Skydance negotiations cancelled for an agreement in June.
Paramount declined to comment to CNBC. National Amusements and Skydance did not immediately return a request for comment.
— Hakyung Kim, Rohan Goswami
16 hours ago
Stock risks likely to rise in second half of year, says Goldman Sachs
The first half of this year was characterized by a technology-led rally within equity markets. But as the second half of the year begins, Goldman Sachs predicts the tides are turning for investors.
“As we enter the second half of the year, the risks for equity holders are increasing,” strategist Peter Oppenheimer wrote. He also pointed to an uncertain outlook that includes elevated valuations and rising political risk.
However, Oppenheimer reassured investors by pointing to historical records that indicate a solid second half is usually followed by a strong first half.
“However, it is important to point out that it is unusual for 2H returns to be weak after 1H returns as strong as we have seen this year,” he wrote.
— Lisa Kailai Han
16 hours ago