Good MorningEquity markets pulled back last week as traders prepare for this week's PCE price index. The price index is expected to show another hot increase in consumer-level inflation and keep the Fed on track to hike rates again. The question is if the FOMC will hike by only 25 basis points or if it will hike another 50 or more, as members have indicated. As it is, the market is only pricing in a single interest rate hike, and it may be surprised by the data this week.
The S&P 500 pulled back and snapped a winning streak, but it is still above the key 4,300 level, so the near-term uptrend is intact. The index may pull back to 4,300 before moving higher, but the stage is set for the updraft to continue. Even with hot inflation, the rise of AI and stimulus-related government spending underpin strength in the tech and industrial sectors and will help the market move higher. The question is how high the market will go before the reality of the Fed's new "normal" is realized.
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Carnival Corporation (NYSE: CCL) reported its second quarter 2023 earnings results at the market opening on Monday morning. Despite posting what seems to be optimistic financials and further expansion in the business drivers, the stock price action is reacting negatively, as it is reacting wi... Read the Full Story |
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Stocks | | | Another drop for stocks on Friday helped drag Wall Street to its first losing week in the last six.The S&P 500 fell 33.56, or 0.8%, to 4,348.33, pulling back further from last week when it reached its highest level in more than a year. The Dow Jones Industrial Average dropped 219.28, or 0.6%, to... Read the Full Story |
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After reaching an impressive all-time high closing price of $345.46, at the height of the pandemic in 2021, shares of Wayfair (NYSE: W) have fallen over 83% to their current prices. The company had close to a $38 billion market cap at its peak. As of yesterday's closing price, the market cap of W ... Read the Full Story |
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Shares of Smith & Wesson Brands (NASDAQ: SWBI) are advancing by as much as 6.6% in the after-market hours of Thursday evening; the sudden pop in the stock comes amid the company reporting its quarterly earnings results. Despite posting some slowdowns, investors are still looking to S... Read the Full Story |
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Stocks | | | Asian stock markets were mixed Tuesday after Wall Street drifted lower following its latest rally.Shanghai and Hong Kong advanced. Tokyo and Seoul declined. Oil prices rose.Wall Street's benchmark S&P 500 index lost 0.4% on Monday as tech stocks declined following a rapid run-up while most other... Read the Full Story |
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Shares of the diversified auto dealership CarMax (NYSE: KMX) are flying higher by as much as 10% right during the opening hours of Friday's trading session; the quick advance comes amid the company announcing its first quarter 2024 earnings results, blowing past analyst expectations by a massive 8... Read the Full Story |
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Markets | | | Qatar's sovereign wealth fund is buying a roughly 5% stake in the parent company of the NBA’s Washington Wizards, NHL’s Washington Capitals and WNBA’s Washington Mystics as part of a $4.05 billion deal, a person with knowledge of the sale said Thursday.The person spoke to The Associated Press on con... Read the Full Story |
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Markets | | | Investors and a wide range of retailers are taking a dim view of the remainder of 2023 and expect consumers to buckle under pressure from inflation.Macy's, Target and Dollar General are warning investors about weaker sales through the rest of the year as consumers shift their spending to essentials.... Read the Full Story |
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Commercial Metals (NYSE: CMC) stock price corrected over the past year due to falling prices and concerns over demand. The company’s Q3 results belie that sentiment and have the market moving higher. The results prove the company’s resiliency in the face of tough times and solid underl... Read the Full Story |
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Markets | | | The sleek, polished dark blue 1978 Cadillac Seville eased slowly out of a showroom near Iran's capital, its driver carefully inserting the 8-track tape that came with it to blast the sounds of a time long since past. The Sevilles, once assembled in Iran, represented the height of luxury in the count... Read the Full Story |
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Monday's Early Bird Stock Of The Day Chinook Therapeutics, Inc., a clinical-stage biotechnology company, focuses on the discovery, development, and commercialization of precision medicines for kidney diseases. The company's lead clinical program is atrasentan, a Phase III endothelin receptor antagonist for the treatment of IgA nephropathy and other proteinuric glomerular diseases. Its product candidates also include BION-1301, an anti-APRIL monoclonal antibody is being evaluated in a Phase I/II trial for IgA nephropathy; and CHK-336, an oral small molecule LDHA inhibitor for the treatment of primary hyperoxaluria, as well as research programs for other rare and severe chronic kidney diseases. Chinook Therapeutics, Inc. is headquartered in Seattle, Washington. As of August 11, 2023, Chinook Therapeutics, Inc. operates as a subsidiary of Novartis AG. | | View Today's Stock Pick |
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