Good MorningEquity markets sold off on Tuesday, extending the weakness seen on Monday. The 2nd quarter is starting on shaky footing due to receding expectations for FOMC rate cuts this summer, and more bad news came out during the session. Oil prices rose 1% to set another fresh high to underpin inflation, while the Fed's Mester ruled out a cut in May. She still thinks a cut will come this year but is uncertain of the timing and needs more data. The news that caught the market's attention was her long-term outlook for long-term rates, which was increased. In her view, the target rate is likely near 3.0% a full 100% basis points above the market's expectations.
The yield on the ten-year treasury advanced to a new six-week high on the news, and the S&P 500 fell. The broad market fell more than 1.0% at the session's low, marking the largest one-day decline in weeks. The VIX spiked in tandem, signaling a more significant correction could come. If the market can not regain footing by the end of the week, a move to firmer support levels is likely. The next catalyst is the labor market data which begins coming out today. Featured: We just added a $250 account credit to your MarketBeat subscription (MarketBeat Internal) 
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Every cycle brings new opportunities; now that the Federal Reserve (the Fed) is looking to cut interest rates in 2024, the market could be getting ready to shift in a new direction. Banking stocks could be the first to move, as they are tied to the financial pulse of the economy.
Not all bank sto... Read the Full Story |
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The global economy is taking a turn this quarter, with the United States and China leading the way. After reporting a year of consecutive contraction, the U.S. manufacturing sector has finally pushed out its first expansionary reading during March 2024.
Both professional and retail investors foll... Read the Full Story |
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Stocks | | | Less than a week after a flashy stock market debut, Donald Trump's social media company on Monday disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%.Losses in 2023 for Trump Media & Technology Group — whose flagship product is Truth Social — mark a st... Read the Full Story |
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The popular iShares Biotechnology ETF (NASDAQ: IBB) has formed a bullish consolidation in the upper portion of its 52-week range, hinting at a significant sector-wide breakout.
The bullish formation comes at a time when technology, and specifically semiconductor stocks, have continued to ou... Read the Full Story |
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GLP-1 (Semaglutide) drugs like Ozempic and Wegovy produced by Novo Nordisk A/S (NYSE: NVO) and Mounjaro and Zepbound (Tirzepatide) produced by Eli Lilly and Co. (NYSE: LLY) have taken the mainstream by storm. These drugs have transformed the medical sector. The Oprah Winfrey special, "Shame, Blame... Read the Full Story |
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Snowflake Inc. (NYSE: SNOW) is a cloud-native data warehouser in the computer and technology sector, offering companies cloud-based data platform-as-a-service (PaaS) solutions. Snowflake's shares collapsed over 20% on its fiscal Q4 2024 earnings release. Despite beating consensus estimates, it del... Read the Full Story |
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Markets | | | Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023, the World Bank said in a report released Monday.Debt, trade barriers and policy uncertainties are dulling the region’s economic dynamism and governments need to do mo... Read the Full Story |
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Markets | | | Global stocks were mixed on Tuesday after Wall Street retreated as surprisingly strong U.S. manufacturing data cast doubts over how soon the Federal Reserve might cut interest rates. European markets opened mostly higher, but Germany’s DAX then slipped, losing 0.1% to 18,525.79. In Paris, the CAC 40... Read the Full Story |
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Markets | | | General Electric has completed its split of the one-time conglomerate into three separate companies, as its aerospace and energy businesses started trading on the New York Stock Exchange as separate entities on Tuesday Read the Full Story |
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Markets | | | The inflation that has squeezed European shoppers fell more than expected in March to 2.4%, as cost spikes in the grocery aisle eased and overall price rises headed down in the two biggest economies, Germany and France. The annual figure for the 20 countries that use the euro currency came in below ... Read the Full Story |
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Wednesday's Early Bird Stock Of The Day BRP Inc., together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and marine products in the United States, Canada, Europe, the Asia Pacific, Mexico, Austria, and internationally. The Powersports segment offers year-round products, such as Can-Am all-terrain vehicles, side-by-side vehicles, and three-wheeled vehicles; and seasonal products, including Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercrafts and pontoons, Rotax engines for karts and recreational aircraft, and Pinion gearboxes with smart shift systems. The Marine segment provides Alumacraft, Manitou, Quintrex, Stacer, and Yellowfin boats; Rotax engines for jet boats; and Rotax S outboard engine. The company was formerly known as J.A. Bombardier (J.A.B.) Inc. and changed its name to BRP Inc. in April 2013. BRP Inc. was founded in 1937 and is headquartered in Valcourt, Canada. | | View Today's Stock Pick |
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