Stocks Tumble as Consumer Spending, Treasury Yields Surge

Published

11 months ago

3 June, 2024

FinCrypto Staff

Stocks Tumble as Consumer Spending, Treasury Yields Surge

Stock Indexes Wrap: Banks Rise on Earnings Beats; Tech Tumbles Amid Interest Rate Concerns

April 15, 2024 04:08 PM EDT

The Dow

Goldman Sachs (GS) rose 2.9% after its first-quarter earnings blew past analysts’ estimates on the back of investment banking gains.

UnitedHealth Group (UNH) advanced 1.4% ahead of its earnings report before the opening bell tomorrow. Johnson & Johnson (JNJ), also reporting tomorrow, closed flat.

Salesforce (CRM) fell 7.3% following reports it was in talks to buy data-management software provider Informatica (INFA).

Big tech also fell amid concerns about delayed interest rate cuts. Apple (AAPL) slid 2.2%, while Microsoft (MSFT) gave up 2% and Amazon (AMZN) shed 1.4%.

The S&P 500

M&T Bank (MTB) climbed 4.7% after reporting it decreased its commercial real estate loan exposure by 7% in the first quarter.

Charles Schwab (SCHW) rose 1.8% after it reported earnings and revenue came in above expectations in the first quarter.

Lockheed Martin (LMT) ticked up 0.7% after Reuters reported the defense contractor had won a $17 billion contract to develop a next-generation U.S. intercontinental ballistic missile defense system.

Tesla (TSLA) slumped 5.6% amid reports it would lay off more than 10% of its workforce to cut costs amid a slowdown in electric vehicle demand.

Illumina (ILMN) fell 4.7% after the European Commission approved its plan to divest from cancer test maker GRAIL, which it acquired without EU approval in 2021.

Real estate investment trusts sank as surging consumer spending in March added to reasons for the Federal Reserve to delay interest rate cuts that markets previously thought would start as soon as June. Higher interest rates and vacancies are weighing on commercial property values. Boston Properties (BXP) fell 3.3% and Public Storage (PSA) shed 2.4%.

The Nasdaq 100

Intel (INTC) gained 1.7%, recovering some of last Friday’s sell-off following reports about Chinese telecoms being ordered to phase out U.S. chips.

Software companies fell across the board, led by Atlassian (TEAM), down 7%, and The Trade Desk (TTD), down 6.2%.

Trump Media Stock Plummets After Filing To Issue Millions of New Shares

April 15, 2024 03:15 PM EDT

Shares of Trump Media & Technology Group (DJT), former President Donald Trump’s media company and the parent of Truth Social, plummeted in intraday trading Monday as it reported in a Securities and Exchange Commission (SEC) filing that it plans to issue millions of additional shares.

Trump Media could offer up to about 21.5 million shares that are issuable upon the exercise of a number of different warrants, the company said in an S-1 filing.

The company also registered to resell more than 146 million shares, about 115 million of which belong to Trump, who is one of several shareholders who cannot sell shares until after a predetermined lock-up period passes.

Trump Media projected that it would receive about $247.1 million if those who hold public warrants exercise them and sell shares, and the company expects they will if the stock’s price stays above $11.50. Trump Media shares were down 17% to $26.90 around 1:50 p.m. ET Monday.

–Aaron McDade

Tesla Stock Slips as EV Maker Reportedly Set To Lay Off ‘More Than 10%’ of Employees

April 15, 2024 02:29 PM EDT

Shares of electric vehicle (EV) maker Tesla (TSLA) fell in intraday trading Monday following reports that the company is laying off “more than 10%” of its global staff.

Tesla Chief Executive Officer (CEO) Elon Musk reportedly told employees in an internal email that the company is looking at “every aspect of the company for cost reductions and increasing productivity,” according to The New York Times and EV-focused publication Electrek, which first reported the cuts.

Tesla did not immediately respond to a request for comment.

Earlier this month, Tesla reported its first decrease in quarterly deliveries since 2020 as increasing competition in the EV market and constantly shifting prices affected demand for Tesla’s vehicles in the U.S. and internationally. Last month, reports also emerged that Tesla had decreased production at its facility in Shanghai, China, in another sign of the company’s acknowledging challenges in demand.

Tesla stock slipped 4.8% to $162.84 Monday afternoon, and has lost roughly a third of its value so far this year.

–Aaron McDade

Yields Climb as Consumer Spending Adds to Rate Cut Doubts

April 15, 2024 01:38 PM EDT

Treasury yields climbed to fresh 2024 highs on Monday after data showed U.S. consumers kept on spending in March, another sign of resilient demand that could help keep inflation above the Federal Reserve’s 2% target.

The 10-year Treasury yield jumped above 4.6% for the first time since November following the report Monday morning. 10-year yields, which jumped following last week’s inflation report and impact interest rates on all sorts of financial products including car loans and mortgages, are now nearly 0.5 percentage points higher than they were just two weeks ago.

Sales of food and retail goods rose 0.7% in March from February, the Census Bureau said Monday. That was more than double the 0.3% increase forecasters had expected according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. On top of that, February’s monthly sales increase was upwardly revised to a 0.9% gain from 0.6%.

The report was the latest in a string of data showing U.S. consumers continue to spend freely despite high prices and high borrowing costs putting pressure on household budgets. Surprisingly resilient consumer spending has kept the economy growing in recent months, fending off a long-anticipated recession, as a good job market and heavy consumer spending continue to boost one another.

“The lack of moderation in consumer spending and inflation will undermine Fed officials’ confidence that inflation is on a sustainable course back to 2% and likely delays rate cuts to September at the earliest and could push off rate reductions to next year,” Kathy Bostjancic, chief economist at Nationwide, wrote in a commentary.

–Diccon Hyatt

M&T Bank Cuts Its Exposure to Commercial Real Estate Loans, and Stock Jumps

April 15, 2024 12:52 PM EDT

M&T Bank (MTB) was the best-performing stock in the S&P 500 on Monday as the regional bank reduced its lending to the struggling commercial real estate market.

M&T reported its first-quarter real estate loans totaled $32.7 billion, a 2% drop from the fourth quarter and a 7% decline from a year ago.

M&T’s adjusted earnings per share (EPS) of $3.09 declined from $4.09 a year ago and narrowly missed the Visible Alpha consensus analysts’ estimate of $3.14. Net interest income of $1.68 billion was down from $1.82 billion last year but in line with forecasts.

Chief Financial Officer (CFO) Daryl Bible explained that the bank was “off to a solid start in 2024,” noting that it grew certain sectors of its commercial and consumer loan portfolios, “while continuing to shrink our commercial real estate exposure.”

Shares of M&T Bank jumped 5.6% to $142.10 Monday afternoon, moving into positive territory for 2024.

–Bill McColl

Geopolitical Risks Abound—Is Wall Street Listening?

April 15, 2024 11:56 AM EDT

Stocks rose at the open Monday before sliding throughout the morning as markets digested strong U.S. consumer spending data and awaited Israel’s response to Saturday’s Iranian airstrikes.

Equities trading near all-time highs, “suggests that markets are back to ignoring the building geopolitical risk, in a rash optimism that earnings will continue to grow and liquidity will boost asset prices further,” according to Noelle Acheson, former head of research at Genesis Trading.

Markets, she wrote in a newsletter Monday, are ignoring the chances Israel will retaliate, eliciting a dangerous back and forth between the two countries. The strikes could also encourage more attacks on shipping in the Red Sea and inflame myriad other tensions seething across Europe and Asia.

While the stock market may appear to be ignoring these risks, “signs of concern are strengthening elsewhere,” Acheson wrote. Gold, the classic safe haven, has outperformed stocks, bonds, and even bitcoin in the last month.

Meanwhile, Deutsche Bank analyst Jim Reid on Monday pointed out that geopolitical events have tended to lead to short, sharp S&P 500 sell-offs (around -6% on average) that last about three weeks and take about three weeks to recover from.

“We have to remember that individual geopolitical events have tended to see a lot more negative press/discussion/worries, relative to the eventual price action,” wrote Reid. “The risk is we eventually hit a tipping point of geopolitical risk as the world becomes increasingly fractious, but until we get to this point the market pricing template of the last several decades is hard to ignore.”

–Christiana Sciaudone

Goldman Sachs Stock Surges as Investment Banking Boosts Earnings

April 15, 2024 11:11 AM EDT

Shares of Wall Street banking giant Goldman Sachs (GS) surged in intraday trading Monday following the release of a first-quarter earnings report that handily beat analyst expectations on the back of booming investment banking revenue.

Goldman posted $14.21 billion in total revenue for the quarter, along with $4.13 billion in net income, or $11.58 per share. Each of those figures came in well above analyst estimates compiled by Visible Alpha of $12.92 billion in revenue, $3.1 billion in income, and $8.49 in earnings per share (EPS).

Goldman recorded significant year-over-year increases in a number of revenue streams, including debt and equity underwriting increases of 38% and 45%, respectively, along with a 32% increase in investment banking fees to $2.08 billion during the first three months of 2024.

Like big banks JPMorgan Chase (JPM) and Citigroup (C), which reported earnings on Friday, the Wall Street powerhouse lagged forecasts on its net interest income, which at $1.61 billion was below analysts’ estimates of $1.76 billion, and about 10% below the year-ago period.

Goldman had ended down 2% Friday, along with several other bank stocks, as executives expressed caution about the future of the U.S. economy. Goldman shares were up 3.2% to $401.80 Monday morning and up almost 20% in the past year.

–Aaron McDade

Salesforce Stock Slips After Reports of Possible Informatica Acquisition

April 15, 2024 10:14 AM EDT

Salesforce (CRM) shares fell more than 4% Monday morning after a report late Friday that the customer relationship management software maker is in advanced discussions to acquire data-management software provider Informatica (INFA).

One potential roadblock to a transaction getting across the line surrounds the price being discussed, which is below Informatica’s Friday closing price of $38.48, people familiar with the matter told The Wall Street Journal, which first reported the story Friday evening. Informatica’s shares have gained 43% so far this year, valuing the company at around $11.36 billion.

If a deal takes place, it would be Salesforce’s largest since it acquired workplace collaboration app Slack Technologies for $28 billion during the pandemic work-from-home boom in 2021. Before that transaction, the cloud software maker purchased data analytics platform Tableau Software in 2019 for $15.7 billion in an all-stock deal.

Source: TradingView.com.

Since climbing to its record close in late February, Salesforce’s share price has consolidated within a descending triangle—a chart pattern that technical analysts often interpret as preceding a move lower.

If a breakdown from the triangle eventuates, investors should keep an eye on the $252 level, an area where the stock is likely to find buying support from a multi-month trendline and the rising 200-day moving average. However, a breakout above the pattern to a new all-time high (ATH) on above-average volume would likely see a continuation of the longer-term uptrend.

–Timothy Smith

Stocks Making the Biggest Moves Premarket

April 15, 2024 09:22 AM EDT

Gains:

Goldman Sachs (GS): Shares of the investment bank jumped 4% after it reported a surge in quarterly earnings on the back of better-than-expected trading revenue.

M&T Bank (MTB): Shares of the regional lender rose more than 3% despite earnings declining in the first quarter amid rising deposit costs and an increase in the money set aside for loan losses.

Cisco (CSCO): The networking tech giant’s shares rose more than 2% after it announced the completion of its acquisition of cloud networking and security company Isovalent.

Losses:

Trump Media & Technology Group (DJT): Shares of the former President’s social media company tumbled 14% after last week shedding about 20% of its value.

Salesforce (CRM): Shares fell about 3% amid reports the enterprise software company was in talks to acquire data-management software maker Informatica (INFA).

Charles Schwab (SCHW): Shares of the brokerage fell more than 1% after it reported net new assets of about $88 billion in the first quarter, a 40% decline from the year-ago period. Total deposits also fell short of analyst estimates.

Stock Futures Rise as Goldman Kicks Earnings Into High Gear

April 15, 2024 08:44 AM EDT

Futures contracts connected to the Dow Jones Industrial Average were up 0.6% in premarket trading on Monday.

S&P 500 futures were also 0.6% higher.

Nasdaq 100 futures gained 0.7%.

Source

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.

Source

News

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.”

Source

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

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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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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