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Stocks climb as S&P 500 notches best 3-day run of 2024
Stocks closed near session highs Monday, as the S&P 500 (^GSPC) notched its best three-day run in a rip-roaring 2024. Wall Street continued to build on an end-of-week surge precipitated by a softer-than-expected jobs report that helped spur bets toward an earlier rate cut from the Federal Reserve.
The S&P 500 gained 1%, while the tech-heavy Nasdaq Composite (^IXIC) rose 1.2%. The Dow Jones Industrial Average (^DJI) increased almost 0.5%.
Stocks extended their rally from the end of last week, getting a boost from a “Goldilocks” jobs report that struck the balance in providing welcome news for both the markets and the Fed. More than two-thirds of bets are now on a September rate cut from the Fed, according to the CME FedWatch Tool. Most traders now expect at least two cuts by the end of the year.
Those bets could be swung by the return of Fedspeak, now that free-speaking Fed officials are untethered from a pre-meeting blackout period.
On Monday, New York Fed president John Williams said officials will make rate cut decisions based on the totality of incoming data. Williams assured eventually “we’ll have rate cuts,” but for now monetary policy is in “a very good place.”
Also on Monday, Federal Reserve Bank of Richmond president Thomas Barkin expressed optimism that inflation will come down to 2% as “the full impact of higher rates is yet to come.”
Minneapolis’s Neel Kashkari is set to speak on Tuesday.
In corporate news, Disney (DIS) will take center stage this week as earnings season starts to wind down. Its stock is up more than 25% so far this year.
After a 6% post-earnings rally on Friday, Apple (AAPL) shares lost around 0.9% after Berkshire Hathaway CEO Warren Buffett revealed over the weekend the company had pared its holdings in the iPhone maker.
Boeing (BA) sank more than 1% in afternoon trading after the the Federal Aviation Administration said it has launched a new probe into the aircraft maker’s 787 Dreamliner after the company revealed to regulators last month it may not have completed the required inspections.
A Boeing spokesperson told Yahoo Finance, “we promptly notified the FAA and this is not an immediate safety of flight issue for the in-service fleet.”
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- Mon, May 6, 2024 at 10:04 PM GMT+2
S&P 500 notches biggest 3-day rally gain of the year
Stocks gained to close around session highs Monday as the S&P 500 (^GSPC) notched its biggest three-day rally gain of the year amid expectations of Fed rate cuts in 2024.
The S&P 500 gained 1% while the tech-heavy Nasdaq Composite (^IXIC) rose 1.2%. The Dow Jones Industrial Average (^DJI) increased almost 0.5%.
On Monday Richmond Fed president Tom Barkin said the current level of interest rates would be enough to eventually bring inflation down to the central bank’s target of 2%.
Meanwhile, Federal Reserve Bank of New York president John Williams said a rate cut decision will be made on the totality of economic data but for now, monetary policy is in a “very good place.”
Some of the biggest gainers on the Nasdaq 100 (^NDX) included Micron (MU) and Nvidia (NVDA), both up more than 3.5%.
Boeing (BA) shares sank as the the Federal Aviation Administration (FAA) said it had launched a new probe into the aircraft maker’s 787 Dreamliner after the company revealed to regulators last month it may not have completed required inspections.
A Boeing spokesperson told Yahoo Finance, “We promptly notified the FAA and this is not an immediate safety of flight issue for the in-service fleet.”
All eyes are on Disney (DIS), set to report quarterly results on Tuesday before the opening bell.
Mon, May 6, 2024 at 9:20 PM GMT+2
Disney earnings preview: set to report first earnings report since Nelson Peltz proxy battle win
Disney (DIS) will report its fiscal second quarter earnings before the bell on Tuesday — its first earnings report since the media giant successfully fended off a high-profile proxy fight with activist investor Nelson Peltz.
As a reminder, Disney recently adjusted its reporting structure after CEO Bob Iger reorganized the company into three core business segments: Disney Entertainment, which includes its entire media and streaming portfolio; Experiences, which encompasses the parks business; and Sports, which includes ESPN networks and ESPN+.
Over the past year, Disney has been grappling with challenges that include a declining linear TV business, slower growth in its parks business, and profitability hurdles in streaming. But a recent turnaround plan from CEO Bob Iger has investors more bullish in recent months.
Here’s how Wall Street expects Disney to perform, according to consensus estimates compiled by Bloomberg:
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Total revenue: $22.10 billion versus $21.82 in Q2 2023
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Adj. earnings per share: $1.10 versus $0.93 in Q2 2023
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Entertainment revenue: $10.31 billion
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Sports revenue: $4.33 billion
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Experiences revenue: $8.18 billion
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Disney+ subscribers: 4.71 million versus a loss of 4 million subscribers in Q2 2023
Disney’s stock has been on a tear since the start of the year, up about 30% compared to the S&P 500’s (^GSPC) 10% rise over that same time period.
The bullish sentiment has been driven by improved financials along with a slew of fresh announcements the company revealed in February — just ahead of its proxy fight win.
“I don’t know that [Disney has] a lot left in its pocket for this earnings report,” Doug Creutz, managing director at TD Cowen, told Yahoo Finance. “I think numbers will be fine, but I don’t think you’ll see nearly as much ‘new news’ as we did three months ago.”
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Mon, May 6, 2024 at 8:49 PM GMT+2
A quiet economic data week is usually a good thing for stocks
After several weeks of inflation and Federal Reserve interest rate cuts driving the market narrative, it’s all quiet on the economic news front.
There are no notable economic data releases set for this week.
And research from Bank of America shows that’s usually a good thing for stocks. Since 2014, the S&P 500 (^GSPC) has risen 0.6% during weeks with no key macro data releases. The median gain in other weeks is 0.2%, per BofA.
- Mon, May 6, 2024 at 7:57 PM GMT+2
Companies are having their best earnings season in nearly 2 years
Stocks have remained largely resilient in recent weeks despite reports of sticky inflation and risk that the Federal Reserve holds interest rates higher for longer than investors expect. Wall Street strategists believe that’s likely due to a better-than-expected set of first quarter earnings.
With 80% of the companies in the S&P 500 (^GSPC) done reporting, the benchmark index is pacing for 5% growth in first quarter earnings per share, per FactSet. This is the biggest year-over-year increase since the second quarter of 2022 and higher than the 3.2% growth analysts had expected prior to the start of the season.
“Higher interest rates usually hurt U.S. stock valuations,” Jean Boivin, the head of the BlackRock Investment Institute, wrote in a weekly note on Monday. “Instead, strong Q1 earnings have supported stocks even as high rates and lofty expectations raise the bar for what can keep markets sanguine.”
Perhaps the most notable move on the earnings front in the past month has come in second quarter outlooks. Thus far, 55% of the companies that have reported have given lower EPS guidance than analysts expected for the current quarter, well below the 10-year average of 63%, per FactSet.
This comes as analysts have remained surprisingly optimistic on the current quarter. Typically, analysts cut earnings forecasts as the quarter rolls on. That hasn’t happened yet.
Through the first month of the second quarter, analysts have raised their earnings per share projections for companies in the S&P 500 by an aggregate of 0.7%. This compares to a usual decline of 1.8% over the past 20 years.
DataTrek co-founders Jessica Rabe and Nicholas Colas described this as a “bullish development.”
“Even with all the uncertainty around monetary policy, it is hard to see US large caps falling very much when estimate revisions are positive,” the DataTrek team wrote. “The bear case for stocks needs an exogenous shock to come along, and quickly.”
Mon, May 6, 2024 at 7:21 PM GMT+2
Current rates should be enough to bring inflation down: Fed’s Barkin
Yahoo Finance’s Jennifer Schonberger reports:
Richmond Fed president Tom Barkin said Monday he is optimistic that the current interest rates will be enough to eventually bring inflation down, and that the Fed can afford to be patient due to a strong job market.
“The recent data whiplash has only confirmed the value of the Fed being deliberate,” Barkin said in a speech at Columbia Rotary Club in South Carolina.
“The economy is moving toward better balance, but no one wants inflation to reemerge.”
Barkin’s comments come after inflation showed a lack of progress in the first three months of the year after a steady decline in the second half of last year.
- Mon, May 6, 2024 at 6:30 PM GMT+2
Boeing countdown to Starliner first crewed mission to ISS
Boeing (BA) stock was up more than 1% ahead of the industrial giant’s first planned astronaut launch to NASA’s International Space Station on Monday night at 10:34 p.m. Eastern.
If the flight proves successful, it could pave the way for NASA to allow Boeing to conduct routine flights to and from the ISS for the agency. Boeing’s Starliner program has faced a series of setbacks and delays over the years. The Starliner space capsule failed to reach the ISS in 2019.
Monday’s milestone comes amid an ongoing safety controversy and a leadership change at Boeing.
- Mon, May 6, 2024 at 5:45 PM GMT+2
Trending tickers Monday
Palantir Technologies (PLTR)
Palantir stock rose more than 6% Monday morning to occupy the No. 1 slot on Yahoo Finance’s trending ticker page with the software developer’s first quarter earnings results due out after the market close. Analysts will be paying close attention to the company’s performance in its artificial intelligence platform (AIP) segment.
Tyson Foods (TSN)
Shares of Tyson Foods fell Monday despite reporting better-than-expected earnings for the second quarter. While the company beat revenue estimates, it missed on net sales due to a consumer spending slowdown and issues stemming from the company’s chicken production operations.
Disney (DIS)
Disney is set to deliver its quarterly results on Tuesday prior to the market open. The print will be the first results released since the media conglomerate won its proxy fight with Nelson Peltz last month. Investors will be watching for subscriber growth in streaming services, parks attendance, and Disney’s read on the summer box office.
- Mon, May 6, 2024 at 5:05 PM GMT+2
Robinhood gets new legal threat from SEC as crypto crackdown continues
Yahoo Finance’s David Hollerith reports:
Robinhood (HOOD) said it received a Securities and Exchange Commission warning that the trading platform could face an enforcement action related to its US crypto business.
The so-called Wells notice that Robinhood received May 4 stated that the SEC’s staff made a “preliminary determination” to recommend the action due to violations of registrations as a securities broker and transfer agent.
Its stock, however, rose more than 1% in early morning trading Monday after dropping by as much as 7% before the market open.
Robinhood warned in its disclosure that a potential action from the SEC could mean a civil complaint and a public court proceeding that could end in a fine, a cease-and-desist order, and other limitations on its crypto activities.
The SEC has gone after a number of firms that let US customers trade cryptocurrencies as part of a wide-ranging crackdown on the industry. Read more here.
- Mon, May 6, 2024 at 4:24 PM GMT+2
Energy stocks lead gains as oil edges higher
Energy-related stocks gained Monday as oil inched higher. The S&P 500 Energy Sector Select ETF (XLE) rose more than 1%, leading the overall market gains.
Crude futures rose on renewed geopolitical tensions and after Saudi Aramco increased its prices for Asian customers, signaling tight supply.
West Texas Intermediate (CL=F) rose less than 1% to hover above $78 per barrel. Brent, the international benchmark price, also gained (BZ=F) to trade above $83 per barrel.
Last week, oil fell more than 6% amid diplomatic efforts for a ceasefire between Hamas and Israel. By Monday, that prospect had dimmed.
“I believe we have seen some major liquidation in the crude space from hedge funds and therefore, more buying power could be on the sidelines if we get renewed Geopolitical fears,” Dennis Kissler, senior vice president at BOK Financial, said in a note to clients on Monday.
- Mon, May 6, 2024 at 3:33 PM GMT+2
Stocks edge higher on hopes of Fed rate cuts this year
Stocks opened higher on Monday as Wall Street looked set to continue the market’s surge on Friday on bets the Federal Reserve will cut rates this year amid a softening job market.
The S&P 500 (^GSPC) gained 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.3%. The Dow Jones Industrial Average (^DJI) rose more than 0.4%.
In corporate news, Disney (DIS) will report quarterly results this week, as earnings season starts to wind down.
Apple (AAPL) shares opened slightly lower Monday after Berkshire Hathaway CEO Warren Buffett revealed over the weekend the company had pared its holdings in the iPhone maker. Apple stock gained more than 6% on Friday in reaction to the company’s quarterly results and historic share buyback announcement.
RobinHood (HOOD) revealed it received a “Wells Notice” from the Securities and Exchange Commission (SEC) informing the trading platform of potential securities violations related to crypto trading.
Mon, May 6, 2024 at 1:31 PM GMT+2
Monday’s quick earnings primer
Via the Yahoo Finance Morning Brief newsletter (sign up here), here’s a quick glance at the biggest companies reporting earnings today:
Post-close
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.
Follow all the updates here:
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Thu, 11 Jul 2024 08:44 PM
Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
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Thu, 11 Jul 2024 03:58 PM
Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, â‚ą10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
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Thu, 11 Jul 2024 03:51 PM
Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
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Thu, 11 Jul 2024 03:09 PM
LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
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Thu, 11 Jul 2024 02:39 PM
LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
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Thu, 11 Jul 2024 01:39 PM
LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
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Thu, 11 Jul 2024 01:10 PM
Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
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Thu, 11 Jul 2024 12:44 PM
LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
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Thu, 11 Jul 2024 12:18 PM
Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
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Thu, 11 Jul 2024 11:30 AM
Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
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Thu, 11 Jul 2024 11:04 AM
LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
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Thu, 11 Jul 2024 10:22 AM
LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
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Thu, 11 Jul 2024 09:42 AM
LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
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Thu, 11 Jul 2024 09:16 AM
Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
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Thu, 11 Jul 2024 08:40 AM
LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
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Thu, 11 Jul 2024 08:35 AM
LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
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Thu, 11 Jul 2024 07:59 AM
LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
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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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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 â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 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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