Good MorningEquity markets advanced on Wednesday, but additional gains may not come this week. In prepared remarks for Congress, Fed Chief Jerome Powell let the market know that the committee was still a long way off from making the first policy change. In his view, inflation is tracking in the right direction, but there is still a risk of acceleration that will be amplified by cutting rates. Higher-for-longer is still in effect and may remain well into the 2nd half.
Employment data from ADP affirms the sentiment. ADP reports fewer new jobs than expected, but still a solid figure at 140,000. At this pace, investors should expect wage inflation to remain strong and underpin inflation generally throughout the economy. The NFP report is due tomorrow and will likely align with the idea that the FOMC doesn't need to cut rates yet. The caveat for bearish traders is that economic resilience will keep the FOMC from cutting rates, and economic resilience aligns with an uptrending S&P 500. Featured: This is the #1 Stock to Buy for the AI Tidal Wave (Chaikin Analytics) 
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Stocks | | | As Nvidia Corp. (NASDAQ: NVDA) continues to lead the S&P 500 higher, even as other big techs such as Microsoft Corp. (NASDAQ: MSFT) and Apple Inc. (NASDAQ: AAPL) pull back sharply, some investors are wondering whether Nvidia stock may be overvalued. While Nvidia is the most prominent stock in... Read the Full Story >> |
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Markets | | | Shares of Samsara (NYSE: IOT) have demonstrated remarkable resilience over the past year, showcasing an impressive 80% rise, outpacing the broader tech sector. While year-to-date performance shows a modest 5% increase, the stock's recent consolidation within a tight range sets the stage for a pote... Read the Full Story >> |
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Stocks | | | Embattled New York Community Bancorp announced a lifeline of more than $1 billion from a group of investors on Wednesday, after seeing its stock plunge by more than 80% this year. The announcement sent shares of the bank, which has been hammered by weakness in commercial real estate and growing pain... Read the Full Story >> |
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Markets | | | Okta Inc. (NASDAQ: OKTA) is a cybersecurity company that specializes in identity and access management (IAM) solutions. The computer and technology sector firm helps companies protect against identity-based attacks by providing services aimed at securing employee and customer identities. Some of i... Read the Full Story >> |
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Markets | | | China has plenty of room to maneuver to attain its annual target for robust economic growth of about 5% after a strong start for the year, top economic officials said Wednesday, though they acknowledged it's a challenge. China's exports rose about 10% in the first two months of the year from a year ... Read the Full Story >> |
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Stocks | | | Results from the retail sector are a mixed bag, revealing shifting consumer habits that will impact results for the remainder of the year. Stocks like Ross Stores (NASDAQ: ROST) and Nordstrom (NYSE: JWN) are trending strongly because of it, but not in the same direction. The takeaway from the Q4 r... Read the Full Story >> |
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Markets | | | Campbell Soup Company (NYSE: CPB) fell from grace last year as tough comps to the prior year, and retreating sentiment led the market to lower price points. However, the bottom is in for this stock, and higher prices are coming. The Q2 results were not robust but were enough to catalyze the market... Read the Full Story >> |
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Markets | | | Europe's energy crisis sparked by Russia's war in Ukraine has eased. Inflation is way down from its painful double-digit peak. But there likely won't be an interest rate cut at the European Central Bank's meeting Thursday, even as higher borrowing costs weigh on the stalled economy.And the wait coul... Read the Full Story >> |
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Markets | | | Egypt on Wednesday floated its currency and announced a deal with the International Monetary Fund to increase its bailout loan from $3 billion to $8 billion, moving to shore up an economy hit by a staggering shortage of foreign currency and soaring inflation.The flotation of the Egyptian pound, comb... Read the Full Story >> |
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Markets | | | Global shares traded mostly lower Thursday after Wall Street recovered some losses from the day before. France's CAC 40 fell nearly 0.3% in early trading to 7,933.56. Germany's DAX declined 0.4% to 17,653.05. Britain's FTSE 100 dropped 0.4% to 7,651.10. U.S. shares were set to drift lower with Dow f... Read the Full Story >> |
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