|Day's Range||3,008.77 - 3,017.80|
|52 Week Range||2,346.58 - 3,017.80|
Fed Chair Jerome Powell is signaling a rate cut despite low unemployment and record high stock prices.
(Bloomberg) -- A technology rally drove the Nasdaq-100 Index to a fresh record at the start of a busy week for corporate earnings, economic data and Federal Reserve speakers. Treasuries climbed.Broadcom Inc. paced gains in tech on reports that talks over a proposed merger with Symantec Corp. were halted. Energy shares led losses in the S&P 500 Index as oil fell below $60 a barrel. After last week’s surge, Treasury 10-year yields dropped as investors bought bonds at cheaper prices. Bitcoin slumped briefly below $10,000.Investors will sift through speeches by Fed officials this week after Chairman Jerome Powell left it all but certain that the central bank will reduce rates this month for the first time in a decade. As the July 30-31 meeting nears, the debate now is how deep they will cut and what will they do afterward. Key data points such as U.S. retail sales may provide more clarity as the earnings season gets under way.“It’s very, very well advertised that earnings are expected to come out weaker,” said Jim Caron, managing director of global fixed-income at Morgan Stanley Investment Management. “If we connect this with the Fed and say, ‘OK, if the Fed is doing these insurance cuts to really stave off any real significant slowdown, then hey, you know what, then maybe earnings in the fourth quarter might be pretty good.”’Profits are expected to drop from last year, making this season “the worst of times,” according to Bloomberg Intelligence analyst Gina Martin Adams. Eight of 11 sectors are forecast to post declines in per-share earnings growth, with analysts and companies cutting second-quarter views “to the bone,” she said.Investors also assessed data showing that China’s economy slowed to the weakest pace since quarterly data began in 1992 amid the ongoing trade standoff with the U.S., while monthly indicators provided signs that a stabilization is emerging.Elsewhere, Bitcoin trimmed losses, following another weekend sell-off that saw some digital tokens plunge by more than 20%. Treasury Secretary Steven Mnuchin said Monday that the Trump administration has “very serious concerns” about Facebook Inc.’s proposed cryptocurrency Libra.Here are some key events coming up:JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Taiwan Semiconductor are among companies due to report results this week.U.S. June retail sales, due Tuesday, are expected to rise from the prior month.Monetary policy decisions are due in Indonesia, South Korea and South Africa on Thursday.These are the main moves in markets:StocksThe S&P 500 Index dipped less than 0.1% to 3,012 as of 3:35 p.m. New York time.The Nasdaq-100 gained 0.3%.The Stoxx Europe 600 Index increased 0.2%.The MSCI Asia Pacific Index rose 0.3%.CurrenciesThe Bloomberg Dollar Spot Index increased 0.1%.The euro declined 0.1% to $1.1257.The Japanese yen decreased less than 0.05%.BondsThe yield on 10-year?Treasuries decreased three basis points to 2.09%Germany’s 10-year yield decreased four basis points to -0.25%.Britain’s 10-year yield dipped three basis points to 0.801%.CommoditiesThe Bloomberg Commodity Index decreased 0.6% to 80.55.West Texas Intermediate?crude decreased 1.1% to $59.58 a barrel.Gold climbed 0.2% to $1,415.30 an ounce.(An earlier version corrected the name of Europe’s benchmark equity index.)\--With assistance from Adam Haigh, Joanna Ossinger, Samuel Potter, Todd White, Laura Curtis and Sarah Ponczek.To contact the reporters on this story: Rita Nazareth in New York at [email protected];Vildana Hajric in New York at [email protected] contact the editors responsible for this story: Jeremy Herron at [email protected], Rita NazarethFor more articles like this, please visit us at bloomberg.com?2019 Bloomberg L.P.
U.S. stock investors should prepare themselves a more than 5% pullback between now and the end of the year, says Citigroup’s Tobias Levkovich.
U.S. Treasury Secretary Steven Mnuchin threw cold water on the regulatory path forward for Facebook’s digital currency Libra, saying “this is indeed a national security issue.”
LVMH Moet Hennessy Louis Vuitton SE announced a new partnership with fashion house Stella McCartney, though details of the arrangement won't be revealed until September. McCartney will continue to serve as creative director of her brand, and she will still hold a majority ownership. McCartney bought back full ownership of her brand from luxury company Kering in March 2018. The arrangement will include a role for McCartney as a special advisor to LVMH Chief Executive Bernard Arnault on sustainability issues. LVMH shares are up nearly 45% for the year to date while the S&P 500 index has gained 20.2% for the period.
The benchmark S&P 500 index struggled for direction in choppy trade on Monday as earnings season began in earnest with a mixed quarterly report from Citigroup Inc. Citigroup shares erased early losses in afternoon trading and were last up 0.3%. Shares of S&P 500 banks - including JPMorgan Chase & Co, Goldman Sachs Group Inc and Wells Fargo & Co, set to report results on Tuesday - fell 1.0% in the wake of Citigroup's results.
Rite Aid Corp. , the Rite Aid Foundation, and Google Maps have partnered to make it easier for users to find a medication disposal unit at a Rite Aid or a KidCents Safe Medication Disposal Unit at a local police station or enforcement agency. The Rite Aid Foundation launched the KidCents Safe Medication Disposal program in 2017 and it's now in 18 states. Rite Aid recently installed the last of 100 medication disposal units in a store in Ottawa, Ohio. Rite Aid also makes DisposeRX packets available, a biodegradable powder that, when mixed with water, dissolves prescriptions drugs. Rite Aid stock is down 5% in Monday trading and down nearly 41% for the year to date. Shares of Alphabet Inc. , Google Maps parent, are up almost 11% for the year so far. And the S&P 500 index has gained 20.2% for 2019 so far.
Shares of containerboard companies fell Monday, after KeyBanc Capital analyst Adam Josephson turned bearish on several companies in the sector, as industry fundamentals continue to deteriorate. Shares of WestRock Co. fell 2.7%, Sealed Air Corp. shed 2.2%, Packaging Corp. of America slumped 2.2% and International Paper Co. slid 1.0%. The stocks were the four-biggest decliners within the SPDR Materials Select Sector ETF , which edged up 0.1%. Josephson cut his ratings on all four companies to underweight from sector weight. Although containerboard fundamentals are "worse now than in recent years," Josephson said valuations are now lower than in line with historical averages. That suggests consensus estimates for the companies have further room to fall, which suggests the stocks are more likely to underperform over the next 9 to 12 months. The stocks' selloff comes as the materials ETF has climbed 15.7% year to date, while the S&P 500 has gained 20.1%.
We’ll see earnings reports from lots of banks, as well as other companies, and economic data on retail, housing, and consumer sentiment.
U.S. stocks trade mixed Monday, building on record finishes from last week, as a wave of second-quarter earnings are set to kick off.
A gauge of global stocks edged higher on Monday after economic data from China came in as expected, although stocks on Wall Street slipped as financials showed some weakness in the wake of Citigroup's earnings report. China's second-quarter annual GDP growth rate fell to a 27-year low of 6.2%, as expected, while June reports on industrial production, retail sales and urban investment were above forecasts.
Guggenheim Partners’s chief investment officer Scott Minerd said Monday he has been in talks about taking a seat on the Federal Reserve Board.
Wall Street's three main indexes edged lower in choppy trade on Monday, easing from record highs, as declines in Boeing and bank stocks after Citigroup's quarterly report were tempered by a rise in healthcare shares. Citigroup Inc reported a better-than-expected profit kicking off earnings for major U.S. lenders, but reported a decline in interest margins, with its shares marginally lower in volatile trading.
The stock could enter a higher trading range if investors like the results, but Twitter shares could take a hit if they don’t. The figures are due on July 26.
This year, mid-cap stocks and the related exchange traded funds are, well, in the middle. Up 18.9% year to date, the $49.82 billion iShares Core S&P Mid-Cap ETF (NYSE: IJH ), which tracks the S&P MidCap ...
Bank of America now thinks Deere Stock is a buy, but there is no clear consensus on the stock on Wall Street.
Wall Street's three main indexes flitted between slight gains and losses on Monday, as declines in Boeing and bank stocks after Citigroup's quarterly report were countered by a rise in technology shares. The third-largest U.S. lender beat profit estimates but reported a decline in interest margins, with its shares marginally lower in volatile trading. The sequential squeeze on Citi's net interest margins by 5 basis points is a cause for worry for investors in other large banks, said Marty Mosby, director of bank and equity strategies at Vining Sparks in Memphis, Tennessee.
The second-quarter earnings season will kick off in earnest next week, and investors should brace for bad news with all signs signaling a second straight decline that will confirm an earnings recession.
Yahoo Finance's Dan Roberts, Melody Hahm, and Myles Udland discuss what to expect from earnings season, the Fed, and more with Global X CIO Jon Maier.