Good MorningWho said August would be a quiet month? All the major indexes fell 1% with the NASDAQ being the worst performer, tumbling over 2%. The negative sentiment was mostly due to the United States receiving a credit downgrade from Fitch.
This is likely a knee-jerk reaction from investors looking for a reason to sell. But if history means anything, the S&P 500 index dropped 7% the last time the U.S. had its credit rating downgraded in 2011.
While this price action may not be long-lasting, it does put Thursday’s earnings reports from Apple and Amazon in sharper focus. Better-than-expected results will likely recharge stocks, particularly in the technology-rich NASDAQ index. But if the results disappoint, it could take the broader market lower.
And before the opening bell on Friday, investors will get the latest reading on employment when the jobs report for July is released.
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Markets | | | In early trading, the day after the company reported disappointing second-quarter earnings, Camping World Holdings, Inc. (NYSE: CWH) stock was down over 9%. The company missed on both the top and bottom lines, but the real catalyst is the company’s announcement that it slashed its quarterly di... Read the Full Story |
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Investors had been expecting big things from SoFi Technologies Inc’s (NASDAQ: SOFI) earnings this week, especially after its shares rallied 160% since May. However, as seen with the 15% drop from Monday’s high before the numbers were released, they were disappointed, and to m... Read the Full Story |
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Stocks | | | Asian stocks markets were mixed Friday after Wall Street sank for a third day following a British interest rate hike.Shanghai and Hong Kong advanced. Tokyo retreated. Oil prices were mixed.Wall Street's benchmark S&P 500 index fell 0.3% after the Bank of England on Thursday raised its main lendi... Read the Full Story |
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Generac Holdings, Inc. (NYSE: GNRC) is showing investors what happens when you miss on earnings in a quarter where over 80% of companies have beaten expectations. Shares of GNRC stock are down over 24% in midday trading after the company reported mixed earnings results. If that holds, it will be t... Read the Full Story |
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Is it worth taking a flyer on a stock that’s not currently showing much, if any, price potential, as Wall Street expects an earnings turnaround?
Everyone wants to get in early, but there’s such a thing as buying too early. If you think a stock has promise, that doesn’t mean you ... Read the Full Story |
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Markets | | | Banks from four Arab countries are interested in investing in Lebanon’s struggling banking sector, which was hard-hit by the small nation’s three-year economic meltdown, a top Arab banker said Thursday.Lebanon is in the throes of its worst economic crisis in its short and troubled history that has s... Read the Full Story |
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Markets | | | DoorDash set records for total orders and revenue in the second quarter as its grocery and convenience deliveries accelerated and it improved driver efficiency.The San Francisco-based delivery company said Wednesday that its total orders rose 25% to 532 million for the April-June period. That was ah... Read the Full Story |
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After watching their shares lose 90% of their value through the start of this year, investors would have been forgiven for writing off Roku Inc (NASDAQ: ROKU) once and for all. The well-known digital media and streaming company had seen its stock soar during the pandemic, but it proved u... Read the Full Story |
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Markets | | | The Bank of England raised its main interest rate Thursday to a fresh 15-year high and indicated it would stay high for some time to bring down persistently high inflation — another potential blow for those seeing their rents and mortgages rise during a cost-of-living crisis.The widely anticipated q... Read the Full Story |
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Stocks | | | Late Tuesday, Fitch Ratings became the second of the three major credit-rating firms to remove its coveted triple-A assessment of the United States government's credit worthiness, a move that spurred debate in Washington about spending and tax policies. Fitch cited the federal government's rising de... Read the Full Story |
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Thursday's Early Bird Stock Of The Day Galecto, Inc., a clinical-stage biotechnology company, develops molecules for the treatment of fibrosis, cancer, inflammation, and other related diseases. The company's lead product candidate is GB2064, which is in Phase IIa for the treatment of myelofibrosis. It also develops GB2064, a selective oral small molecule inhibitor of LOXL2 that is in Phase 2a clinical trial for the treatment of fibrotic diseases, including cancer and myelofibrosis; and GB1211, a selective oral galectin-3 inhibitor that is in Phase IIa for the treatment of cancer, as well as in Phase Ib/IIa for fibrosis. Galecto, Inc. was founded in 2011 and is headquartered in Copenhagen, Denmark. | | View Today's Stock Pick |
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