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Stocks rise with inflation data in focus
US stocks opened higher on Monday, ready to enjoy a string of gains as attention turned to the next inflation report, seen as a potential starting point for interest rate cuts.
The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) rose around 0.3%. The Dow Jones industrial average (^DJI) also rose 0.3%, leaving the best week of the year for the blue-chip index.
Stocks came back strong in May, supported by better-than-expected earnings and a revival of optimism about an easing of monetary policy by the Federal Reserve. The Dow Jones recorded eight consecutive daily wins on Friday – although a dearth of economic releases likely played a role.
Following the recent high inflation data, markets have been more nervous as investors increasingly priced at “no landing”, where price increases do not meet the Fed’s target, but the economy continues to grow.
This week brings a flurry of economic releases as potential catalysts, with Wednesday’s Consumer Price Index update being the star. The April CPI update will clarify whether inflation will remain sticky in the second quarter, amid some belief on Wall Street that the report will mark a faster descent and set the stage for more than one rate cut this year.
See more information: How does the job market affect inflation?
In individual stock movers, GameStop (GME) shares jumped about 45%, adding to the gaming retailer’s recent rally as meme stocks make headlines again. O the earnings came as the social media star Credited with kickstarting the meme stocking frenzy of 2021, “Roaring Kitty” has returned from a three-year break.
Live updates6
- Monday, May 13, 2024 at 3:31 pm GMT+2
Stocks Rise as Dow Looks to Extend 8-Day Rally, With Inflation Print in Focus
Stocks opened higher on Monday as investors turned their attention to the last month inflation report expected this week for clues about how the Federal Reserve will move interest rates this year.
The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) rose around 0.3%. The Dow Jones industrial average (^DJI) also added around 0.3%, seeking the ninth consecutive daily victory. The blue-chip index reached its best week of the year on Friday.
On Wednesday, investors will know whether the inflation trend tighter than expected continued in the second quarter with the release of the April Consumer Price Index (CPI) reading.
When it comes to retail spending, Home Depot’s quarterly results (High definition) scheduled for Tuesday and Walmart (WMT) on Thursday may provide insights into U.S. consumer health.
Monday, May 13, 2024 at 12:40 GMT+2
Here’s an interesting fact about Netflix (NFLX) you probably didn’t notice.
Shares are up 12% since May 1 and are now trading at levels seen before the company disappointing earnings day at the end of April.
In a new note this morning, JP Morgan analyst Doug Anmuth credits the recovery to “1) increased comfort with the reported revenue outlook for 2024 and NFLX’s decision to no longer report subscribers starting in 2025; 2) recognition that NFLX is not subject to heavy AI-driven investment intensity like Meta, Alphabet and Amazon; and 3) excitement about the Upfront presentation on May 16.”
The annual Upfront is when TV networks and streaming services pitch their programming and advertising products to advertisers and agencies.
Anmuth believes Netflix will have optimistic things to say at the event that could be a catalyst for the stock:
“At Upfront, we expect an update to the disclosure of over 23 million ad-level monthly active users (MAU), with our conversations suggesting that investors are looking for over 35-40 million ad-level MAUs, including the benefit of the T-Mobile package. Outside of ad-level metrics, we expect updates on NFLX’s upcoming content slate and sports strategy, with articles suggesting NFLX could host two Christmas NFL games later this year. NFLX would bring the NFL massive global distribution, while gaming could serve as a boost. to NFLX’s ad tier and allow the company to actively promote future content. Finally, we look for progress in improving the advertising product, technology and sales, with some investors expecting an announcement of the 3P demand-side platform.
- Monday, May 13, 2024 at 12:30 GMT+2
Bullish Trades Demand Walmart Take Profits From EvercoreISI
Walmart (WMT) stocks have lagged the S&P 500 over the past month as sticky inflation data calls into question the purchasing power of U.S. consumers.
There’s been some talk on the street about Walmart’s extra-conservative guidance when it reports earnings this Thursday morning.
But EvercoreISI retail analyst Greg Melich is putting those concerns to rest, adding Walmart to his tactical buy list in the results.
Melich says this morning:
“We believe the company is executing at a high level as it pursues initiatives such as digital advertising, Walmart Plus and automation. Even a modest improvement in digital profitability (before considering incremental advertising/alternative profit opportunity) provides a considerable margin capture opportunity. The sense is that the company will speak to a very stable low to medium income consumer, in addition to capturing higher income share, with positive traffic and reasons to gain share so that the comments are constructive throughout the year. Typically, Walmart doesn’t grow full-year earnings per share. and comparable sales guidance in 1Q, but we see them taking on a positive tone with regards to the underlying dynamics of the business. This may prove especially pronounced in international operations – which continue to record positive double-digit comparable sales percentages, with positive feedback from the industry. in the continued capture of Walmart shares, likely underestimated by investors.”
- Monday, May 13, 2024 at 12:20 GMT+2
An interesting dynamic in the markets is beginning to form.
After several years of explosive EPS growth for Mag 7 names, the space is headed for a slowdown this year and next (chart at left from RBC strategist Lori Calvasina). Likewise, after several years of weak growth for the other 493 components of the S&P 500, EPS growth is expected to accelerate this year and next.
The question on the horizon is this: Do the other 493 companies in the S&P 500 represent better value than the Mag 7, given that their earnings growth is expected to accelerate again in 2025?
Does it make sense to nibble on the other 493 stocks in the S&P 500? (RBC)
- Monday, May 13, 2024 at 12:10 GMT+2
Scheduled date: May 20th, JP Morgan Investor Day
With its shares up 8.7% last month on expectations of higher interest rates for longer, JP Morgan (JPM) May 20, Investor Day is coming into focus.
Jefferies analyst Ken Usdin came out this morning maintaining a buy rating on investor day but raising his price target from $215 to $227. He expects a “focus on market share gains, spending on investments and efficiency” by JPM executives.
“While net interest income guidance appears conservative with rates higher for longer, we see JPM continuing to delay guidance updates,” adds Usdin.
- Monday, May 13, 2024 at 12:00 GMT+2
Goldman does not bet on a major slowdown in inflation
Sticky inflation will likely remain sticky into 2024.
Ahead of this week’s key CPI Index report, Goldman highlights the potential for disinflation in some key categories as the year progresses. Even so, Goldman’s macro team expects inflation to remain above the 2% target preferred by the Fed.
Here’s Goldman’s chief economist Jan Hatzius:
“We see more disinflation in the pipeline in 2024 due to rebalancing in the auto, rental housing and labor markets, although we expect offsets from continued inflation recovery in healthcare, auto insurance and housing. CPI inflation of 3.5% and core PCE inflation of 2.7% in December 2024.”
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.
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Thu, 11 Jul 2024 08:44 PM
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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 ₹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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