Good MorningEquity markets deepened their sell-offs after another round of good-news-is-bad-news. The Q3 GDP was hotter than expected on consumer spending, business inventories, building activity, and government spending. The takeaway is that the data may not lead the Fed to hike rates again, but it cements the idea that rates will stay high indefinitely. The US consumer is resilient and continues to spend in the face of higher prices; it may take some time for it to run out of momentum.
The next big hurdle for the market is today's reading of the PCE price index. The index is expected to accelerate from the prior month and may be hot enough to keep the market moving lower. If so, the S&P 500 could shed another 5% to 10% before hitting a firm bottom. Earnings will also be a factor in Friday trading. Reports from names like Amazon, Exxon, and Chevron are due before the open and will be market-moving events. Featured: Buy This Stock for AI Tidal Wave (not NVDA) (Chaikin Analytics) 
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Shares of Lockheed Martin (NYSE: LMT) took flight after a better-than-expected report, and other defense contractors are doing the same. News from Northrup Grumman, the 6th largest by contract obligations, and General Dynamics (NYSE: GD) #3 have these stocks flying bull flags and set to extend rec... Read the Full Story |
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Stocks | | | Stocks stumbled on Wall Street, bringing the S&P 500 10% below the peak it reached in July and putting the benchmark index into what's called a “correction.”The S&P 500 fell 0.5%, or 19.86 points, to close at 4,117.37 Friday and is now 10.3% below its July 31 high of 4,588.96. That marks its... Read the Full Story |
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Up as much as 13% earlier this year, the S&P 400 has slipped into negative territory for 2023. Like its large-cap cousin, the S&P 500, the mid-cap index is being weighed down by surging Treasury yields and rising geopolitical risks. The 10-year Treasury note’s return to 5% (the highe... Read the Full Story |
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At face value, the top is in for Meta Platforms (NASDAQ: META). The technical picture is more than suggestive and points to an overextended market needing correction. However, given the rapid uptick in valuation, the Q3 results, and the outlook for next year, it is more likely to be a sideways con... Read the Full Story |
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Stocks | | | Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months.Buffett's company said in a Securities and Exchange Commission filing late Wednesday that it invested more tha... Read the Full Story |
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Shares of United Parcel Service (NYSE: UPS) were trading within a range at the start of Q3 and were not expected to set new lows, yet it did. The company’s effort to reposition itself for growth and earnings is working, but global macroeconomic conditions pulled the rug out from under the ma... Read the Full Story |
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The SPDR S&P 500 ETF Trust (NYSEARCA: SPY) is trading below its 200-day line, a signal that more declines may be in the cards.
The S&P 500 rallied to a high of 4607 on July 27, before rolling over as tech, in particular, led the market lower. The index is down 6.40% in the past three mont... Read the Full Story |
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Markets | | | Banking veteran Ted Pick will become the next CEO of Morgan Stanley. Pick will succeed long-time CEO James Gorman effective Jan. 1. And Gorman, who announced his plans to step down in May, will remain at the bank as executive chairman of the board.Pick has served as co-president of Morgan Stanley fo... Read the Full Story |
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Markets | | | Hasbro’s third-quarter revenue performance missed Wall Street’s expectations and the company cut its full-year revenue outlook again as signs of a possible industry slowdown in toy sales heading into the holiday season weighs on jittery investors Read the Full Story |
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Markets | | | Southwest Airlines' third-quarter profit fell 30% to $193 million despite record revenue as leisure travel boomed over the summer, and the airline is losing pricing power at the same time that labor costs are rising.Southwest said Thursday that it will throttle back growth plans next year because of... Read the Full Story |
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Friday's Early Bird Stock Of The Day Stellantis N.V. engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, mobility services, and production systems worldwide. It provides luxury and premium vehicles; sport utility vehicles; American and European brand vehicles; and parts and services, as well as retail and dealer financing, leasing, and rental services. The company offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS, Dodge, Fiat, Jeep, Maserati, Ram, Opel, Lancia, Vauxhall, Peugeot, and Comau brand names through distributors and dealers. Stellantis N.V. was founded in 1899 and is based in Hoofddorp, the Netherlands. | | View Today's Stock Pick |
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