NYSE Dow Jones finished today at:

[bigdog]

Stock market today: Hopes for AI and rates nudge Wall Street to records, even as most stocks fall

Most U.S. stocks fell, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes to more record highs.

apnews.com

Hopes for AI and rates nudge Wall Street to records, even as most stocks fall​

By STAN CHOE
Updated 7:08 AM GMT+10, June 14, 2024

NEW YORK (AP) — Most U.S. stocks slipped Thursday, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes to more records.

The S&P 500 added 0.2% to its all-time high set the day before, even though the majority of stocks within it weakened. The Nasdaq composite climbed 0.3% from its own record, thanks to gains for technology stocks, while the Dow Jones Industrial Average fell 65 points, or 0.2%.

Treasury yields eased again in the bond market as conviction built that inflation is slowing enough to get the Federal Reserve to cut interest rates later this year.

The latest update on inflation showed prices paid at the wholesale level weren’t as bad as economists expected. Prices actually dropped from April into May, when economists were forecasting a rise.

It followed a surprising update from Wednesday that showed inflation at the consumer level was lower than expected. Federal Reserve Chair Jerome Powell called that report encouraging and said policymakers need more such data before lowering their main interest rate from the most punishing level in two decades.

“It’s a question of when they cut, not if,” said Niladri “Neel” Mukherjee, chief investment officer of TIAA Wealth Management.

High interest rates have been dragging on some parts of the economy, particularly manufacturing. A separate report on Thursday showed more U.S. workers filed for unemployment benefits last week than economists expected, though the number is still low relative to history.

The hope on Wall Street is that growth for the job market and economy continues to slow in order to take pressure off inflation, but not so much that it creates a deep recession.

Companies whose profits are most closely tied to the strength of the economy lagged the market Thursday following the reports, such as oil-and-gas producers and industrial companies.

Dave & Buster’s Entertainment sank 10.9% after reporting worse drops in profit and revenue for the latest quarter than analysts expected, citing a “complex macroeconomic environment” among other reasons. Other companies have recently been detailing a split among their customers, where lower-income households are struggling to keep up with still-high inflation.

Some companies have been able to skyrocket regardless of the pressures on the economy because of an ongoing frenzy around artificial-intelligence technology.

Broadcom jumped 12.3% after the semiconductor company reported stronger profit for the latest quarter than analysts expected, aided once again by AI demand. It also raised its forecast for revenue this year.

Broadcom’s stock price has jumped so high, to nearly $1,700, that it will soon give nine shares for every one that investors already hold in in order to lower the price and make it more affordable. It follows a similar move by Nvidia, which has become the poster child of the AI rush and seen its total market value top $3 trillion.

Tesla rose 2.9% after CEO Elon Musk said early voting results indicated shareholders were leaning toward approving his pay package. Without it, Musk had threatened to take AI research to one of his other companies.

All told, the S&P 500 rose 12.71 points to 5,433.74. The Dow slipped 65.11 to 38,647.10, and the Nasdaq rose 59.12 to 17,667.56.

In the bond market, the yield on the 10-year Treasury fell to 4.24% from 4.32% late Wednesday and from 4.60% late last month. The two-year yield, which moves more on expectations for the Fed, fell to 4.69% from 4.76%.

Most Fed officials are penciling in either one or two cuts to interest rates this year, and traders are hopeful they can begin as soon as September. Such cuts would ease the pressure on the economy and give a boost to all kinds of investment prices.

TIAA’s Mukherjee said he’s expecting the U.S. economy’s growth to keep slowing as spending by lower-income households weakens under the strain of dwindling savings accounts. But he expects the economy to avoid a recession as spending continues by well-off households benefiting from fatter investment portfolios and home values, as well as by governments and corporations.

“To me, the soft landing” for the economy where inflation eases without a deep recession “has already been achieved,” he said.

But he has muted expectations for stocks for the rest of the year after they’ve already gained so much. The S&P 500 has jumped nearly 14%. Plus, he points to the potential for shakiness in financial markets around upcoming elections, including the U.S. presidential face-off.

“I would be ready for more election surprises,” Mukherjee said. “I don’t know which one, but it looks like the world is full of surprises these days.”

European markets have gotten rocked after recent elections saw a surprising rise in support for the far right in places like France and Germany. Volatility also hit markets recently after investors learned the election results in other countries, such as Mexico and India.

European stocks fell sharply Thursday as leaders of the Group of Seven leading industrialized nations gathered in Italy. France’s CAC 40 fell 2%, and Germany’s DAX lost 2%.

In Asia, Japan’s Nikkei 225 slipped 0.4% ahead of a decision on interest rates by Japan’s central bank coming on Friday. Indexes rose in Seoul and Hong Kong.

ASX 200 to edge lower​

The Australian share market looks set to end the week with a small decline despite a decent session on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open 8 points or 0.1% lower this morning.

Most U.S. stocks slipped Thursday, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes to more records.

The S&P 500 added 0.2% to its all-time high set the day before, even though the majority of stocks within it weakened. The Nasdaq composite climbed 0.3% from its own record, thanks to gains for technology stocks, while the Dow Jones Industrial Average fell 65 points, or 0.2%.

All told, the S&P 500 rose 12.71 points to 5,433.74. The Dow slipped 65.11 to 38,647.10, and the Nasdaq rose 59.12 to 17,667.56.

 

[bigdog]

Stock market today: Wall Street hangs around its records after European stocks slump

U.S. stocks hung around their record levels as Wall Street remained relatively quiet following another slide in Europe.

apnews.com

Wall Street hangs around its records after European stocks slump​

By STAN CHOE
Updated 7:03 AM GMT+10, June 15, 2024

NEW YORK (AP) — U.S. stocks hung around their record levels on Friday as Wall Street remained relatively quiet following another slide in Europe.

The S&P 500 edged down by less than 0.1%, marking the first time this week where it did not set an all-time high. The Dow Jones Industrial Average dipped 57 points, or 0.1%, while the Nasdaq composite added 0.1% to its record set a day before on the back of gains for technology stocks.

Losses were sharper across the Atlantic, where markets have been rocked by the results of recent elections in Europe. Wins by far-right parties have raised the pressure on France’s president in particular, and investors worry it could weaken the European Union, stall fiscal plans and ultimately hurt France’s ability to pay its debt. Recent elections have also shaken markets in Mexico, India and elsewhere.

France’s CAC 40 fell 2.7% to bring its loss for the week to 6.2%, its worst in more than two years. Germany’s DAX lost 1.4%.

On Wall Street, RH fell 17.1% after reporting a worse loss for the latest quarter than financial analysts expected. The seller of home furnishings called this “the most challenging housing market in three decades.”

High mortgage rates have hurt the housing market, as the Federal Reserve has kept its main interest rate at the highest level in more than two decades. The central bank is intentionally slowing the economy through high rates in hopes of starving high inflation of its fuel.

Cruise-ship operators were among the market’s biggest losers after analysts at Bank of America flagged softening price trends for trips. Norwegian Cruise Line dropped 7.5% for the worst loss in the S&P 500, and Carnival fell 7.1%.

Stocks have nevertheless set records as hopes rise that inflation is slowing enough to convince the Federal Reserve to cut interest rates later this year. Big technology stocks, meanwhile, continue to race ahead almost regardless of what the economy and interest rates are doing.

Adobe jumped 14.5% after reporting stronger profit for the latest quarter than analysts expected.

Broadcom rose 3.3% for a second straight day of gains after reporting better profit than expected and a 10-for-one stock split to make its price more affordable. Nvidia gained 1.8% as the poster child of the rush into artificial-intelligence technology sees its total market value climb even higher above $3 trillion.

Nvidia was the strongest single force pushing upward on the S&P 500, as has become almost routine recently. Adobe and Broadcom were close behind.

All told, the S&P 500 dipped 2.14 points to 5,431.60. The Dow lost 57.94 to 38,589.16, and the Nasdaq composite added 21.32 to 17,688.88.

In the bond market, U.S. Treasury yields ticked lower after a preliminary report from the University of Michigan suggested sentiment among U.S. consumers failed to improve this month, against economists’ expectations.

Solid spending by U.S. households has been one of the main engines keeping the economy out of a recession, but “assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes,” according to Joanne Hsu, director of the Surveys of Consumers.

Perhaps more importantly for financial markets, expectations for upcoming inflation among U.S. consumers don’t seem to be moving much, even if they are relatively high. That’s an encouraging signal that the economy could avoid a self-fulfilling cycle where expectations for higher inflation drive behavior that creates more of it.

The yield on the 10-year Treasury fell to 4.21% from 4.25% late Thursday. It had been as high as 4.60% late last month, before a couple of encouraging reports on inflation.

In stock markets abroad, indexes were mixed in Asia. Japan’s Nikkei 225 rose 0.2% after the country’s central bank held steady on interest rates.

The Index's below now includes

BOTTOM

 

[TimeISmoney]

Reported by Bloomberg.​

​

Global Traders Flood American Markets in Search for Safety​

• Money flooding stocks and company notes shows faith in US
• Diversification in doubt amid decade-long S&P 500 dominance

Stung at home by fraught politics and flat economies, international investors are squeezing themselves further into the crowded trade that is American markets.

Over the last month, about $30 billion of fresh money has flooded into stock funds, with 94% of the allocations lavishing US assets — tech shares in particular — according to EPFR Global data compiled by TD Securities.

The buy-America trade keeps working for now: The S&P 500 outpaced the rest of the world this week by the widest margin in 15 months, while long-dated Treasuries rallied 3.5% for the best run of 2024.

Belying debt woes and widening political gulfs, America is increasingly the only game in town for international traders starved for stability amid European election stress and China’s monetary struggles.

Foreign interest in the US credit market is running similarly high. During the first quarter of 2024, overseas investors poured $187 billion into US company notes, according to Torsten Slok, chief economist at Apollo Global Management. That’s a 61% jump from the same time last year.


Reports showing stateside inflation easing with few signs of a recession fueled the latest bullish advance, extending total returns in the tech-heavy Nasdaq 100 to more than 80% since the start of 2023. Along the way, funds betting on the rest of the world are getting crushed.

The US “is still the most stable country, with a combination of AI/tech-related companies that just has no equal elsewhere in the world,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. Its supremacy “can continue a little while longer until some of these factors change, or a suitable substitute appears,” he added.

 

[bigdog]

ASX 200 expected to edge lower​

The Australian share market looks set to edge lower on Monday following a mixed finish on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 17 points or 0.25% lower.
U.S. stocks hung around their record levels on Friday as Wall Street remained relatively quiet following another slide in Europe.

The S&P 500 edged down by less than 0.1%, marking the first time this week where it did not set an all-time high. The Dow Jones Industrial Average dipped 57 points, or 0.1%, while the Nasdaq composite added 0.1% to its record set a day before on the back of gains for technology stocks.

All told, the S&P 500 dipped 2.14 points to 5,431.60. The Dow lost 57.94 to 38,589.16, and the Nasdaq composite added 21.32 to 17,688.88.

 

[bigdog]

Stock market today: Asian shares mostly gain after Wall St rallies to new records

Shares are mostly higher in Asia after U.S. stocks rallied to more records, with gains for technology companies pushing the benchmarks higher.

apnews.com

Wall Street rises to more records as big tech stocks keep climbing​

By STAN CHOE
Updated 8:00 AM GMT+10, June 18, 2024

NEW YORK (AP) — U.S. stocks rose to records Monday as gains for technology companies keep pushing the market higher.

The S&P 500 climbed 0.8% to top its all-time high set on Thursday. The Dow Jones Industrial Average gained 188 points, or 0.5%, while the Nasdaq composite added 1% to its own record.

Autodesk jumped 6.5% for one of the market’s biggest gains after an investment firm said it will try to delay the software company’s annual meeting so it can nominate new directors for the board. Starboard Value also outlined how it says Autodesk hasn’t performed as well financially as it should have. In response, Autodesk said it will review Starboard’s suggestions but added that it has “a clear strategy that is working.”

Close behind Autodesk was chip company Broadcom, which rose 5.4% to add to gains from last week after it reported better profit than expected and said it would undergo a 10-for-one stock split to make its price more affordable. Broadcom followed Nvidia, the company that’s become the poster child of Wall Street’s frenzy around artificial-intelligence technology and just executed a similar split.

Broadcom was one of the strongest forces pushing the S&P 500 upward, along with a 2% rise for Apple and 1.2% climb for Microsoft.

Continued momentum for Big Tech stocks, along with easing pressure on inflation, has investors “cheering the ‘glass half full’ outlook” instead of focusing on the struggles of lower- and middle-income Americans and other challenges, according to Anthony Saglimbene, chief market strategist at Ameriprise.

Super Micro Computer, which sells server and storage systems used in artificial intelligence and other computing, leaped 5.1% to bring its gain for the year so far to a staggering 212.2%. It’s also part of the supernova around AI that’s been overshadowing almost everything else on Wall Street.

The gains for tech helped offset pressure on the stock market caused by rising Treasury yields in the bond market. The climb in yields erased some of the slack created last week when better-than-expected reports on inflation raised hopes that the Federal Reserve will cut interest rates later this year.

This upcoming week has few top-tier economic reports for the United States, outside of Tuesday’s update on how much customers are spending at U.S. retailers and Friday’s preliminary look at the state of U.S. business activity. Markets will also be closed Wednesday for the Juneteenth holiday.

A report on Monday said manufacturing in New York state is still contracting, though not by as much as economists expected. Manufacturing has been one of the areas hardest hit by the Federal Reserve’s zeal to keep its main interest rate at the highest level in more than two decades.

The Fed is trying to hold rates high for long enough to slow the economy and snuff out high inflation, but it wants to cut rates and reverse the momentum before the slowdown evolves into a painful recession.

High interest rates hurt all kinds of investments, and they tend to hit some areas particularly hard. Utilities in the S&P 500 fell 1.1% for Monday’s largest loss among the 11 sectors that make up the index. They often get hurt when bonds are paying more in interest and drawing away income-seeking investors who would otherwise gravitate to dividend-paying utility stocks.

GameStop was another laggard and fell 12.1% following its annual shareholder meeting. The stock has been soaring and sinking as it rides waves of enthusiasm by smaller-pocketed investors. At the meeting, CEO Ryan Cohen said the struggling video game retailer will focus on cutting costs, which would involve a “smaller network of stores.”

All told, the S&P 500 rose 41.63 points to 5,473.23. The Dow gained 188.94 to 38,778.10, and the Nasdaq composite jumped 168.14 to 17,857.02.

In the bond market, the yield on the 10-year Treasury climbed to 4.28% from 4.22% late Friday. The two-year Treasury yield, which more closely tracks expectations for the Fed, rose to 4.76% from 4.71%.

In stock markets abroad, European indexes calmed somewhat following last week’s rout. France’s CAC 40 rose 0.9% following its worst week in two years on worries that potential electroal losses by the president’s centrist party could lead to sharply higher debt for the country.

The modest gains for Europe followed losses in Asia. Japan’s Nikkei 225 dropped 1.8%.

ASX 200 expected to rebound​

The Australian share market is expected to rebound on Tuesday after a strong start to the week on Wall Street.

According to the latest SPI futures, the ASX 200 is poised to open the day 29 points or 0.4% higher.

U.S. stocks rose to records Monday as gains for technology companies keep pushing the market higher.

The S&P 500 climbed 0.8% to top its all-time high set on Thursday. The Dow Jones Industrial Average gained 188 points, or 0.5%, while the Nasdaq composite added 1% to its own record.

All told, the S&P 500 rose 41.63 points to 5,473.23. The Dow gained 188.94 to 38,778.10, and the Nasdaq composite jumped 168.14 to 17,857.02.

Index below now includes Bitcoin AUD $100,537.23

 

[bigdog]

Stock market today: Nvidia climbs to Wall Street's mountaintop as indexes edge up to more records

U.S. stocks edged up to more records following the latest signal that the economy’s growth may be slowing without cratering, while Nvidia continued its rocket ride upward to become Wall Street's most valuable company.

apnews.com

Nvidia climbs to Wall Street’s mountaintop as indexes edge up to more records​

By STAN CHOE
Updated 7:25 AM GMT+10, June 19, 2024

NEW YORK (AP) — The staggering run for Nvidia’s stock carried it to the market’s mountaintop Tuesday, as it became the most valuable company on Wall Street. Stock indexes, meanwhile, ticked to more records following the latest signal that the U.S. economy’s growth may be slowing without cratering.

The S&P 500 added 0.3% to set an all-time high for the 31st time this year. The Nasdaq composite edged up by less than 0.1% to set its own record, while the Dow Jones Industrial Average added 56 points, or 0.1%.

Underneath that calm market surface, Nvidia was the star again. It rose again, this time up 3.5%. It was the strongest force pushing the S&P 500 upward, again. And it lifted its total market value further above $3 trillion, again.

It grabbed the top spot on Wall Street from Microsoft, which has been trading the crown back and forth with Apple after they wrested it from past titans like Exxon Mobil and cigarette-maker Philip Morris.

Microsoft and Apple were at the vanguard of Big Tech, which is the dominant force in the U.S. stock market after amassing strength through the digitization of the world. Nvidia is riding the wave of a more specific tech surge, this time in artificial intelligence.

Nvidia’s chips are helping to develop AI, which proponents expect to change the world as much or more than the internet, and demand for its chips has proven to be shockingly voracious. Nvidia’s revenue routinely triples every quarter, and its profit is rocketing at even more breathtaking rates. Its stock is up nearly 174% this year, and Nvidia alone was responsible for nearly a third of the S&P 500’s entire gain for the year through May.

Of course, a potential danger of having a handful of superstars responsible for most of the U.S. stock market’s run to records is a more fragile market. If more stocks were participating, it could be a signal of a healthier market.

Stocks broadly got some lift Tuesday from easing yields in the bond market. Treasury yields fell after a report showed sales at U.S. retailers returned to growth last month but remained below economists’ expectations.

That could be an encouraging signal for the Federal Reserve, which is trying to pull off a tough balancing act for the economy. The Fed wants to slow the economy by just enough through high interest rates to get inflation under control. The hope is that it will cut its main rate, which is at its highest level in two decades, in time so that the slowdown stops short of a painful recession.

Following the retail sales data’s release, bets built among traders that the Federal Reserve will cut rates at least twice this year, according to data from CME Group. Fed officials themselves are largely penciling in one or two cuts in 2024.

The yield on the 10-year Treasury fell to 4.21% from 4.29% late Monday. The two-year yield, which more closely tracks expectations for the Fed, fell to 4.70% from 4.77%.

A survey of global fund managers by Bank of America showed they’re the most optimistic about stocks since the autumn of 2021, with relatively little hiding out in cash and allocations heavy to stocks. Fewer managers are also calling for a “hard landing” where the economy tumbles into a bad recession.

The downside of Tuesday’s weaker-than-expected data is that it could be a warning signal that the main engine of the U.S. economy, spending by households, is cracking. Alongside May’s numbers, the U.S. government also revised down figures for retail sales in prior months.

Inflation is still high, even if it’s slowed since its peak, and lower-income households in particular are struggling to keep up with the more expensive prices.

Lennar, a homebuilder, fell 5% after co-CEO Stuart Miller said “challenged consumer sentiment” and swings in interest rates are testing the company. Its stock fell even though it reported better profit for the latest quarter than analysts expected.

Shares of Fisker more than halved to 2 cents after the electric-vehicle maker filed for Chapter 11 bankruptcy protection. The company cited “various market and macroeconomic headwinds.”

On the winning side of Wall Street was La-Z-Boy, which jumped 19.4% after reporting stronger profit and revenue for the latest quarter than expected. The furniture maker said the current quarter is also off to a good start, with a solid Memorial Day, even as high interest rates keep a lid on housing activity.

Silk Road Medical jumped 24% after Boston Scientific agreed to buy the medical device company in a cash deal valuing it at roughly $1.26 billion, including its cash. Boston Scientific added 0.2%.

All told, the S&P 500 rose 13.80 points to 5,487.03. The Dow gained 56.76 to 38,834.86, and the Nasdaq composite edged up by 5.21 to 17,862.23.

In stock markets abroad, indexes continued to recover in Europe following last week’s rout. Surprise victories by far-right parties in elections had raised worries about the potential for mounting debt loads at the French government in particular.

France’s CAC 40 rose 0.8% for a second straight gain.

In Asia, Japan’s Nikkei 225 rose 1%. Heavyweight Toyota Motor climbed after its shareholders rejected a proposal to force Akio Toyoda, grandson of the automaker’s founder, to leave his post as chairman of the board.

ASX 200 expected to edge lower​

It looks set to be subdued day for the Australian share market on Wednesday despite a reasonably positive session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 8 points lower.

The staggering run for Nvidia’s stock carried it to the market’s mountaintop Tuesday, as it became the most valuable company on Wall Street. Stock indexes, meanwhile, ticked to more records following the latest signal that the U.S. economy’s growth may be slowing without cratering.

The S&P 500 added 0.3% to set an all-time high for the 31st time this year. The Nasdaq composite edged up by less than 0.1% to set its own record, while the Dow Jones Industrial Average added 56 points, or 0.1%

All told, the S&P 500 rose 13.80 points to 5,487.03. The Dow gained 56.76 to 38,834.86, and the Nasdaq composite edged up by 5.21 to 17,862.23.

 

[Skate]

Juneteenth National Independence Day (19th of June)
This Federal Holiday commemorates the end of slavery in the United States and is known as “Freedom Day” or "Emancipation Day". The Nasdaq and New York Stock Exchange will be closed on Wednesday, 19th of June and reopen on Thursday, 20th of June.

Skate.

 

[bigdog]

NYSE Juneteenth National Independence Day Holiday Wednesday June 19

Stock market today: Global stocks are mixed after Wall Street edges to more records

Global stocks are mixed after U.S. benchmarks ticked to more records following the latest signs that the U.S. economy may be slowing without falling into recession.

apnews.com

Global stocks are mixed after Wall Street edges to more records​

By ZIMO ZHONG
Updated 7:47 PM GMT+10, June 19, 2024

HONG KONG (AP) — World stocks were mixed on Wednesday after U.S. benchmarks ticked to more records following the latest signs that the U.S. economy may be slowing without falling into recession.

The future for the Dow Jones Industrial Average was down 0.1% while that for the S&P 500 rose 0.1%. U.S. markets are closed on Wednesday in observance of Juneteenth.

European equity markets opened lower. In London, the FTSE 100 lost 0.2% to 8,177.86 after data showed that British inflation fell to the central bank’s 2% target for the first time in nearly three years. The data also backed the market’s expectation that the Bank of England would hold the rate at 5.25% in the coming meeting on Thursday.

Germany’s DAX slipped 0.1% to 18,109.65, while the CAC 40 in Paris shed 0.2% to 7,615.76.

Tokyo’s Nikkei 225 index climbed 0.2% to 38,570.76 as Japan’s trade data for May showed exports rose 13.5% while imports were up 9.5% from a year earlier, pushed higher by rising prices and the weaker value of the yen against the U.S. dollar.

Minutes from the Bank of Japan’s latest policy meeting showed a debate among its decision makers over whether the yen’s weakness may push inflation still higher. Governor Kazuo Ueda has hinted at raising the benchmark interest rate in coming months, depending on economic data at the time.

“Moves in the Nikkei have reflected much indecision in place, with the index trading in a broad consolidation phase thus far,” IG Asia said in a commentary.

The Hang Seng in Hong Kong added 2.9% to 18,430.39, while the Shanghai Composite index lost 0.4% to 3,018.05 after the head of China’s securities watchdog said at a financial forum in Shanghai that the agency would be enhancing oversight of all financial activities to prevent potential risks.

In Sydney, the S&P/ASX 200 edged 0.1% lower to 7,769.70. South Korea’s Kospi surged 1.2% to 2,797.33.

Elsewhere, Taiwan’s Taiex gained 2%, while Bangkok’s SET fell 1%.

On Tuesday, the S&P 500 added 0.3% to 5,487.03, setting an all-time high for the 31st time this year. The Nasdaq composite edged up by less than 0.1% to 17,862.23. The Dow Jones Industrial Average gained 0.2% to 38,834.86.

Nvidia once again was the star, gaining 3.5% and acting as the strongest force pushing the S&P 500 upward. It lifted its total market value further above $3 trillion, again.

The Commerce Department reported that retail sales rose 0.1% in May, below the pace that economists projected, while April sales were revised downward — a 0.2% decline, from unchanged.

That might signal that the main engine of the U.S. economy, spending by households, is cracking. Inflation is still high, even if it’s slowed since its peak, and lower-income households in particular are struggling to keep up with higher prices.

In other dealings Wednesday, U.S. benchmark crude oil gave up 15 cents to $80.56 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude lost 17 cents to $85.16 per barrel.

The dollar fell to 157.76 Japanese yen from 157.87 yen. The euro slipped to $1.0736 from $1.0738.

ASX 200 expected to fall again​

The Australian share market looks set to fall again on Thursday where global stocks were mixed after Wall Street edges to more records on Tuesday

According to the latest SPI futures, the ASX 200 is expected to open the day 21 points or 0.3% lower this morning.

World stocks were mixed on Wednesday after U.S. benchmarks ticked to more records following the latest signs that the U.S. economy may be slowing without falling into recession.

The future for the Dow Jones Industrial Average was down 0.1% while that for the S&P 500 rose 0.1%. U.S. markets are closed on Wednesday in observance of Juneteenth.

European equity markets opened lower. In London, the FTSE 100 lost 0.2% to 8,177.86 after data showed that British inflation fell to the central bank’s 2% target for the first time in nearly three years. The data also backed the market’s expectation that the Bank of England would hold the rate at 5.25% in the coming meeting on Thursday.

U.S. markets are closed on Wednesday in observance of Juneteenth.

REST of WORLD trading

 

[bigdog]

Stock market today: A dip for Nvidia weighs on Wall Street, and indexes edge back from records

U.S. stock indexes edged back from their records, weighed down by a rare dip for Wall Street darling Nvidia, following a mixed set of reports on the economy.

apnews.com

A dip for Nvidia weighs on Wall Street, and indexes edge back from records​

By STAN CHOE
Updated 7:36 AM GMT+10, June 21, 2024

NEW YORK (AP) — U.S. stock indexes edged back from their records Thursday, weighed down by a dip for Wall Street darling Nvidia, following a mixed set of reports on the economy.

The S&P 500 dropped 0.3% from its all-time high set before trading paused for Wednesday’s Juneteenth holiday. The Nasdaq composite also pulled back from its record and slipped 0.8%. The Dow Jones Industrial Average beat the market with a gain of 299 points, or 0.8%.

Nvidia gave up an early gain and swung to a loss of 3.5% to put at risk an eight-week winning streak. The chip company has been the main beneficiary of Wall Street’s frenzy around artificial-intelligence technology, and it had supplanted Microsoft on Tuesday to become the most valuable company in the market. Nvidia’s stumble ceded the top spot back to Microsoft.

Nvidia’s chips are helping to power the move into AI, which proponents see producing explosive growth in productivity and profits, and it’s already up 164% this year after more than tripling last year.

Besides raising worries about a potential bubble where investors’ excitement is getting excessive, the eye-popping gains for Nvidia and other AI winners have also helped prop up the stock market despite some weakness in the U.S. economy. High interest rates meant to grind down inflation have hurt the housing market and manufacturing, while lower-income households are showing signs of struggling to keep up with still-rising prices.

Winnebago Industries, for example, has been introducing “economical” trailers to attract customers amid “inconsistent retail patterns.” But it said Thursday its profit and revenue for the latest quarter fell short of analysts’ expectations. Shares of the maker of motorhomes and pontoons fell 3.5%.

In a show of how powerful AI can be, Accenture rose 7.3% even though the consulting and professional-services company reported weaker profit and revenue for the latest quarter than expected. In its earnings report, it highlighted how it won over $900 million in new bookings for generative AI to bring the total for its last three quarters to $2 billion.

All told, the S&P 500 fell 13.86 points to 5,473.17. The Dow rose 299.90 to 39,134.76, and the Nasdaq fell 140.64 to 17,721.59.

The supernova for AI stocks has helped mask some weakness underneath the surface in the market. That can be a worrying signal for market watchers, who would prefer to see a large number of companies pushing the market higher instead of just a handful.

“It has been common in past cycles, as the stock market is coming into a meaningful top, that the biggest growth names are the ones carrying the load,” according to Scott Wren, senior global market strategist at Wells Fargo Investment Institute,

In the bond market, Treasury yields ticked higher following a spate of mixed reports on the economy. The number of U.S. workers filing for unemployment benefits eased last week, but not by as much as economists expected. A separate report said manufacturing in the mid-Atlantic is growing, but not as quickly as economists thought. Home builders, meanwhile, broke ground on fewer new homes last month than expected.

The hope on Wall Street is actually for a slowdown in the U.S. economy’s growth. That could help keep a lid on inflationary pressures and convince the Federal Reserve to cut its main interest rate later this year. Such a cut would release pressure on the economy and boost investment prices.

Fed officials have indicated they could cut their main interest rate once or twice this year, down from its highest level in more than 20 years. Many traders on Wall Street, meanwhile, are expecting two or more cuts, according to data from CME Group.

The yield on the 10-year Treasury climbed to 4.25% from 4.22% late Tuesday. The two-year yield, which more closely tracks expectations for the Fed, rose to 4.73% from 4.71%.

Some other central banks have already begun removing the brakes from their economies.

The Swiss National Bank cuts its main rate on Thursday. The Bank of England, though, kept its main rate steady.

Stock indexes rose across much of Europe following the moves. The French CAC 40 gained 1.3% to recoup more of its losses from last week following jolting results from elections. Asian indexes were mixed.

ASX 200 futures pointing higher​

The Australian share market looks set to end the week on a positive note despite a relatively poor session on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open 6 points or 0.1% higher this morning.

U.S. stock indexes edged back from their records Thursday, weighed down by a dip for Wall Street darling Nvidia, following a mixed set of reports on the economy.

The S&P 500 dropped 0.3% from its all-time high set before trading paused for Wednesday’s Juneteenth holiday. The Nasdaq composite also pulled back from its record and slipped 0.8%. The Dow Jones Industrial Average beat the market with a gain of 299 points, or 0.8%.

All told, the S&P 500 fell 13.86 points to 5,473.17. The Dow rose 299.90 to 39,134.76, and the Nasdaq fell 140.64 to 17,721.59.

 

[bigdog]

Stock market today: Wall Street coasts to the close of another winning week as Nvidia cools again

U.S. stocks coasted to the close of their latest winning week, as Nvidia’s stock continued to cool from its startling, supernova run.

apnews.com

Wall Street coasts to the close of another winning week as Nvidia cools again​

By STAN CHOE
Updated 8:12 AM GMT+10, June 22, 2024

NEW YORK (AP) — U.S. stocks coasted to the close of their latest winning week on Friday, as Nvidia ’s stock continued to cool from its startling, supernova run.

The S&P 500 slipped 0.2%, but it remained close to its all-time high set on Tuesday and capped its eighth winning week in the last nine. The Dow Jones Industrial Average edged up by 15 points, or less than 0.1%, while the Nasdaq composite dropped 0.2%.

Nvidia again dragged on the market after falling 3.2%. The company’s stock has soared more than 1,000% since October 2022 on frenzied demand for its chips, which are powering much of the world’s move into artificial-intelligence technology, and it briefly supplanted Microsoft this week as the most valuable company on Wall Street.

But nothing goes up forever, and Nvidia’s drops the last two days sent its stock to its first losing week in the last nine.

Much of the rest of Wall Street was relatively quiet, outside a few outliers.

Sarepta Therapeutics jumped 30.1% after U.S. regulators approved the use of its medicine for children with Duchenne muscular dystrophy who are at least 4.

Gun maker Smith & Wesson Brands tumbled 12.9% despite reporting stronger profit for the latest quarter than analysts expected. The summer is traditionally a slower season for firearms, according to CEO Mark Smith.

Shares of Trump Media & Technology Group rallied back from an early loss and rose 3.4% to trim its loss for the week to 25.3%. The company behind Donald Trump’s Truth Social platform had seen its stock nearly halve since the conviction of the former president in late May on charges in a scheme to illegally influence the 2016 election through a hush money payment to a pr0n actor who said the two had sex.

All told, the S&P 500 dipped 8.55 points to 5,464.62. The Dow Jones Industrial Average rose 15.57 to 39,150.33, and the Nasdaq composite dropped 32.23 to 17,689.36.

In the bond market, U.S. Treasury yields initially fell after a report suggested business activity among countries that use the euro currency is weaker than economists expected. Concerns are already high for the continent ahead of a French election that could further rattle financial markets.

The weak business-activity report dragged down yields in Europe, which at first pressured Treasury yields. But U.S. yields recovered much of those losses after another report said later in the morning that U.S. business activity may be stronger than thought.

Overall output growth hit a 26-month high, according to S&P Global’s preliminary reading of activity among U.S. manufacturing and services businesses. Perhaps more importantly for Wall Street, that strength may be happening without a concurrent rise in pressure on inflation.

“Historical comparisons indicate that the latest decline brings the survey’s price gauge into line with the Fed’s 2% inflation target,” according to Chris Williamson, chief business economist at S&P Global Market Intelligence.

The Federal Reserve is in a precarious spot, where it’s trying to slow the economy through high interest rates by just enough to get high inflation back down to 2%. The trick is that it wants to cut interest rates at the exact right time. If it waits too long, the economy’s slowdown could careen into a recession. If it’s too early, inflation could reaccelerate.

Hope still reigns among traders that the Fed can pull it off, and many are forecasting at least two cuts to interest rates later this year, according to data from CME Group. Of course, their predictions have regularly proven to be overly optimistic through history.

Fed officials themselves have penciled in one or two cuts in 2024 to their main interest rate, which has been sitting at its highest level in more than two decades. The economy is still growing, though it has slowed recently under the weight of high rates. Housing and manufacturing have been hurt in particular, while lower-income households are struggling to keep up with still-rising prices.

The yield on the 10-year Treasury edged down to 4.25% from 4.26% late Thursday. The yield on the two-year Treasury, which more closely tracks expectations for Fed action, dipped to 4.73% from 4.74%

In stock markets abroad, European stocks fell after the weak continental economic reports, and many Asian indexes were also lower. Hong Kong’s Hang Seng dropped 1.7%, and South Korea’s Kospi fell 0.8%.

 

[Skate]

Overnight results

Skate.

 

[bigdog]

ASX 200 expected to fall​

The Australian share market looks set to fall on Monday following a mixed finish on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 16 points or 0.2% lower this morning.

U.S. stocks coasted to the close of their latest winning week on Friday, as Nvidia ’s stock continued to cool from its startling, supernova run.

The S&P 500 slipped 0.2%, but it remained close to its all-time high set on Tuesday and capped its eighth winning week in the last nine.

The Dow Jones Industrial Average edged up by 15 points, or less than 0.1%, while the Nasdaq composite dropped 0.2%.

All told, the S&P 500 dipped 8.55 points to 5,464.62. The Dow Jones Industrial Average rose 15.57 to 39,150.33, and the Nasdaq composite dropped 32.23 to 17,689.36.

 

[bigdog]

Stock market today: Asian stocks follow Wall Street rise, but Nvidia tumbles again as AI mania cools

Asian stocks rise after another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied.

apnews.com

Most of Wall Street rises, but Nvidia tumbles again as AI mania cools​

By STAN CHOE
Updated 7:08 AM GMT+10, June 25, 2024

NEW YORK (AP) — Another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied.

The S&P 500 slipped 0.3% to pull further from its record set last week. The drops for Nvidia and other winners of Wall Street’s artificial-intelligence boom pulled the Nasdaq composite down 1.1%, while the Dow Jones Industrial Average rose 260 points, or 0.7%.

Stocks of oil-and-gas companies were among the market’s strongest, as seven out of every 10 stocks in the S&P 500 rose. Exxon Mobil climbed 3%, and oilfield services provider SLB gained 4% as oil prices hung near their highest levels since April.

Financial companies were also strong. JPMorgan Chase added 1.3%, and Wells Fargo climbed 1.6% ahead of results coming later in the week for tests by the Federal Reserve of how big banks would fare in a recession.

But declines for a handful of high-profile stocks offset all of those gains, and the spotlight shone brightest on Nvidia’s 6.7% tumble. It was a third straight drop for the chip company, which had rocketed 1,000% higher since the autumn of 2022.

Nearly insatiable demand for Nvidia’s chips to power artificial-intelligence applications have been a big reason for the U.S. stock market’s run to records recently, even as the economy’s growth slows under the weight of high interest rates. But the AI boom has been so frenzied that it’s raised worries about a possible bubble in the stock market and too-high expectations among investors.

Nvidia’s stock has been receding since it briefly overtook Microsoft as Wall Street’s most valuable last week, and it’s down nearly 13% in just three days. Because Nvidia has become so massive in size, the movements for its stock carry extra weight on the S&P 500 and other indexes. It was the heaviest weight by far on the S&P 500 Monday.

Other AI beneficiaries also gave up some of their fantastic gains. Super Micro Computer dropped 8.6% to shave its gain for the year so far back below 200%, down to 190.9%.

Such a rotation among stocks could actually be a healthy sign for the market, as long as it can stay close to its records. Market watchers have been worried to see just Nvidia and a handful of other companies responsible for much of the S&P 500’s returns recently. They would prefer a market where many stocks are participating in the gains.

RXO jumped 23% after it agreed to buy the Coyote Logistics freight brokerage business from UPS for nearly $1.03 billion. RXO said the deal will make it North America’s third-largest provider of brokered transportation. UPS, which bought Coyote in 2015 for $1.8 billion, rose 1.5%.

Under Armour swung from an early loss to a gain of 2% after saying it agreed to pay $434 million to settle charges raised by shareholders related to its accounting and sales practices. The shoe and athletic wear company denied any wrongdoing in the settlement, but it also agreed to separate the roles of chairman and CEO for at least three years.

All told, the S&P 500 fell 16.75 points to 5,447.87. The Dow rose 260.88 to 38,411.21, and the Nasdaq composite dropped 192.54 to 17,496.82.

In the bond market, Treasury yields eased a bit. The yield on the 10-year Treasury fell to 4.23% from 4.26% late Friday.

It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market. Yields have sunk on hopes that inflation is slowing enough to convince the Federal Reserve to cut its main interest rate later this year.

The Fed has been keeping the federal funds rate at the highest level in more than 20 years, hoping to grind down on the economy just enough to get inflation under control.

Fed officials may be underappreciating just how much the U.S. economy is slowing, according to economists at UBS led by Abigail Watt. They see growth slowing to below a 2% annualized rate in the first half of 2024, down from 3.1% growth in the fourth quarter of 2023 from a year earlier.

The UBS economists say U.S. households in the bottom 40% of the country for income are burning through their savings after depleting the cushions they had built through the pandemic. That could further slow retail sales, which have been up and down as companies highlight how lower-income customers are often struggling to keep up.

Wall Street is actually hoping for a slowdown in the economy, one that will take upward pressure off inflation and push the Federal Reserve to cut rates. Goldman Sachs economist David Mericle said a rate cut could happen as soon as September if inflation reports like the one coming up on Friday turn out as expected.

The Fed just needs to make sure it cuts interest rates at the right time. If it waits too long, the economy’s slowdown could careen into a recession. If it’s too early, inflation could reaccelerate.

In stock markets abroad, indexes rose across much of Europe after mostly falling in Asia.

ASX 200 expected to rebound
The Australian share market is expected to rebound on Tuesday despite a mixed start to the week on Wall Street.

According to the latest SPI futures, the ASX 200 is poised to open the day 36 points or 0.5% higher.

Another slide for Wall Street heavyweight Nvidia kept U.S. indexes mixed Monday, even as the majority of stocks rallied.

The S&P 500 slipped 0.3% to pull further from its record set last week. The drops for Nvidia and other winners of Wall Street’s artificial-intelligence boom pulled the Nasdaq composite down 1.1%, while the Dow Jones Industrial Average rose 260 points, or 0.7%.

Stocks of oil-and-gas companies were among the market’s strongest, as seven out of every 10 stocks in the S&P 500 rose. Exxon Mobil climbed 3%, and oilfield services provider SLB gained 4% as oil prices hung near their highest levels since April.

All told, the S&P 500 fell 16.75 points to 5,447.87. The Dow rose 260.88 to 38,411.21, and the Nasdaq composite dropped 192.54 to 17,496.82.

 

[bigdog]

Stock market today: Asian shares falter after Nvidia rebound supports Wall St

Asian shares are mixed after a rebound for Nvidia propped up a weakened Wall Street. Japan's Nikkei led regional gains, rising 1.4%.

apnews.com

Nvidia rebounds, and it’s back to masking losses for the rest of Wall Street​

By STAN CHOE
Updated 7:10 AM GMT+10, June 26, 2024

NEW YORK (AP) — A rebound for Nvidia propped up a weakened Wall Street Tuesday.

The S&P 500 rose 0.4% and neared its all-time high set a week earlier, while the Nasdaq composite leaped 1.3% for its first gain in four days. Such strength came even as most stocks outside Wall Street’s frenzy around artificial-intelligence technology fell.

The Dow Jones Industrial Average, which doesn’t include Nvidia among its members, was a laggard and sank 299 points, or 0.8%.

Nvidia climbed 6.8%, and without that gain, the S&P 500 would have dropped to a loss for the day. The chip company’s shares snapped a three-day losing streak where they had lost nearly 13% for their worst such stretch since 2022.

It’s just one stock, but Nvidia has the power to swing the S&P 500 around because it’s grown to become one of Wall Street’s largest and most influential companies.

Voracious demand for Nvidia’s chips to power artificial-intelligence applications has been a big reason for the U.S. stock market’s run to records recently, even as the economy’s growth slows under the weight of high interest rates. But the AI boom has been so frenzied that it’s raised worries about a possible bubble in the stock market and too-high expectations among investors.

The recent struggles for Nvidia haven’t caused too many concerns, at least not yet. Part of that is because Nvidia’s 13% dip over three days was a drip compared with its 1,000% surge before that since autumn 2022. Market watchers have also been hoping for more stocks to participate in the rising stock market rather than just Nvidia and a handful of AI winners.

That’s what happened Monday, when banks, oil companies and other stocks outside the AI boom rallied as Nvidia sank. But it may be a challenge for such stocks to keep picking up slack from AI darlings depending on how much more the U.S. economy’s growth slows.

In financial markets, the focus is starting to swing toward growth and away from just inflation and interest rates, according to Michael Wilson and other strategists at Morgan Stanley.

Pool Corp., a distributor of swimming pool supplies, tumbled 8% after it said construction of new pools is falling amid “cautious consumer spending on big ticket items” and cut its financial forecasts for the year.

It was the worst performer in the S&P 500, but Pool wasn’t alone. Three out of every four stocks in the index fell.

SolarEdge Technologies dropped 20.6% after it said a customer that owes it $11.4 million filed for Chapter 7 bankruptcy, which raises questions about how much the solar-power company can collect and when. The smaller companies in the Russell 2000 index also fell 0.4%.

Broadly, sales at retailers across the country have been up and down recently as companies highlight how lower-income customers are struggling to keep up with still-rising prices. The job market, though, still looks mostly solid. A report on Tuesday also showed confidence among U.S. consumers fell this month, but not by quite as much as economists expected.

Upper-income households seem to be doing better, and they’re booking trips on cruise ships. Carnival steamed 8.7% higher after it raised its profit forecast for 2024. The cruise company said bookings for the rest of the year are the best on record in terms of both price and occupancy. And bookings for next year may end up even better.

All told, the S&P 500 rose 21.43 points to 5,469.30. The Dow dropped 299.05 to 39,112.16, and the Nasdaq composite jumped 220.84 to 17,717.65.

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury remained at 4.23%, where it was late Monday.

It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market. Yields have sunk on hopes that inflation is slowing enough to convince the Federal Reserve to cut its main interest rate later this year.

The Fed has been keeping the federal funds rate at the highest level in more than 20 years, hoping to grind down on the economy just enough to get inflation under control. The hope on Wall Street is that the Fed will cut interest rates at the exact right time. If it waits too long, the economy’s slowdown could careen into a recession. If it’s too early, inflation could reaccelerate.

Investors have been itching for the first cut to interest rates, with many traders betting on it arriving in September. But stocks don’t always rise afterward. Since 1974, the S&P 500 has dropped an average of roughly 20% in the 250 days following the first rate cut, according to Wells Fargo Investment Institute.

That’s because it matters why the Fed is cutting rates. If it’s doing so simply because inflation has slowed enough to cut rates, that could be good for stocks. But if it cuts because the economy is spinning toward a recession, that’s different.

In stock markets abroad, indexes fell across much of Europe and rose in much of Asia.

​

ASX 200 expected to fall​

It looks set to be a red day for the Australian share market on Wednesday despite a relatively positive session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.4% lower.

A rebound for Nvidia propped up a weakened Wall Street Tuesday.

The S&P 500 rose 0.4% and neared its all-time high set a week earlier, while the Nasdaq composite leaped 1.3% for its first gain in four days. Such strength came even as most stocks outside Wall Street’s frenzy around artificial-intelligence technology fell.

The Dow Jones Industrial Average, which doesn’t include Nvidia among its members, was a laggard and sank 299 points, or 0.8%.

All told, the S&P 500 rose 21.43 points to 5,469.30. The Dow dropped 299.05 to 39,112.16, and the Nasdaq composite jumped 220.84 to 17,717.65.

 

[bigdog]

Stock market today: Asian shares are mostly lower ahead of key US inflation report

Shares have fallen in most Asian markets ahead of a key U.S. inflation report due Friday. Benchmarks fell more than 1% in Tokyo, Hong Kong and Sydney.

apnews.com

Wall Street drifts in subdued trading around last week’s records​

By DAMIAN J. TROISE and ALEX VEIGA
Updated 7:01 AM GMT+10, June 27, 2024

A mostly subdued day of trading Wednesday left stock indexes on Wall Street close to the all-time highs they set last week.

The S&P 500 index rose 0.2% after drifting between small gains and losses most of the day. About 65% of the stocks in the benchmark index fell.

The Dow Jones Industrial Average finished less than 0.1% higher, while the Nasdaq composite rose 0.5%.

Several big stocks helped offset the broader decline in the S&P 500.

Amazon.com rose 3.9%, surpassing $2 trillion in market value for the first time. The rise in the e-commerce giant’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street.

Cheerios maker General Mills fell 4.6% after reporting that revenue for its most recent quarter fell more sharply than analysts expected. The company has been dealing with lower sales volumes as consumers grow more cautious and price-conscious amid stubborn inflation.

Markets are moving away from recent records, as reported by the AP’s Seth Sutel.

Chipotle eked out a 0.3% gain on the first day of trading after its 50-for-1 stock split. It was previously among the most expensive stocks in the S&P 500.

FedEx helped offset the losses with a gain of 15.5%. The package carrier reported results for its latest quarter that easily beat forecasts. Rivian soared 23.2% after Volkswagen said it would invest up to $5 billion in the struggling maker of electric vehicles.

Several big technology companies gained ground. Apple rose 2% and Microsoft gained 0.3%. Their large values tend to heavily influence the direction of the market.

All told, the S&P 500 rose 8.60 points to 5,477.90. The Dow gained 15.64 points to 39,127.80, and the Nasdaq rose 87.50 points to 17,805.16.

Wall Street’s big focus this week is on the government’s latest inflation report Friday. The personal consumption expenditures index, or PCE, is the Federal Reserve’s preferred measure of inflation.

“The market is basically just sort of idling, like a race car that’s waiting for the green light,” said Sam Stovall, chief investment strategist at CFRA. “The light will turn Friday morning, when the PCE numbers come out.”

Wall Street expects the index will show that the rate of inflation eased to 2.6% in May, following a 2.7% reading in April.

The Fed is trying to tame inflation back to its 2% target, but the rate has been sticky. The PCE has been hovering just below 3% for months. The better known consumer price index has been hovering around 3% throughout 2024, though it was as high as 9.1% in the middle of 2022.

The latest updates on inflation could influence the central bank’s decision on when to begin cutting interest rates, which remain at their highest level in more than 20 years.

“Noisy inflation data may be sufficient to keep policymakers cautious in their moves, but the global disinflationary process is well established,” said Solita Marcelli and other analysts in a report from UBS. “Easing price pressures and other economic considerations should encourage central banks to start or continue cutting rates.”

In the bond market, Treasury yields were mixed. The yield on the 10-year Treasury rose to 4.32% from 4.25% late Tuesday. It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market.

Investors are hoping that the Federal Reserve will soon begin cutting interest rates. Wall Street is betting on a rate cut at the central bank’s September meeting.

The economy has remained relatively strong, despite inflation and high borrowing costs for consumers and businesses. Economic growth has been slowing, though, and consumers are seemingly more stressed and shifting spending to necessities. Wall Street is hoping that Fed can time its rate cuts so that it relieves pressure on the economy before it slows too much, but doesn’t also fall short of its goal of cooling inflation.

“It’s too early for the market to get any encouragement or disappointment from earnings, so the near term focus will be on economic indicators that would imply that the Fed may cut interest rates as soon as September,” Stovall said.

ASX 200 expected to sink again​

The Australian share market looks set to sink again on Thursday despite the positive night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 85 points or 1.1% lower this morning.
A mostly subdued day of trading Wednesday left stock indexes on Wall Street close to the all-time highs they set last week.

The S&P 500 index rose 0.2% after drifting between small gains and losses most of the day. About 65% of the stocks in the benchmark index fell.

The Dow Jones Industrial Average finished less than 0.1% higher, while the Nasdaq composite rose 0.5%.

Several big stocks helped offset the broader decline in the S&P 500.

All told, the S&P 500 rose 8.60 points to 5,477.90. The Dow gained 15.64 points to 39,127.80, and the Nasdaq rose 87.50 points to 17,805.16.

 

[divs4ever]

Stock market today: Asian shares are mostly lower ahead of key US inflation report

Shares have fallen in most Asian markets ahead of a key U.S. inflation report due Friday. Benchmarks fell more than 1% in Tokyo, Hong Kong and Sydney.

apnews.com

Wall Street drifts in subdued trading around last week’s records​

By DAMIAN J. TROISE and ALEX VEIGA
Updated 7:01 AM GMT+10, June 27, 2024

A mostly subdued day of trading Wednesday left stock indexes on Wall Street close to the all-time highs they set last week.

The S&P 500 index rose 0.2% after drifting between small gains and losses most of the day. About 65% of the stocks in the benchmark index fell.

The Dow Jones Industrial Average finished less than 0.1% higher, while the Nasdaq composite rose 0.5%.

Several big stocks helped offset the broader decline in the S&P 500.

Amazon.com rose 3.9%, surpassing $2 trillion in market value for the first time. The rise in the e-commerce giant’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street.

Cheerios maker General Mills fell 4.6% after reporting that revenue for its most recent quarter fell more sharply than analysts expected. The company has been dealing with lower sales volumes as consumers grow more cautious and price-conscious amid stubborn inflation.

Markets are moving away from recent records, as reported by the AP’s Seth Sutel.

Chipotle eked out a 0.3% gain on the first day of trading after its 50-for-1 stock split. It was previously among the most expensive stocks in the S&P 500.

FedEx helped offset the losses with a gain of 15.5%. The package carrier reported results for its latest quarter that easily beat forecasts. Rivian soared 23.2% after Volkswagen said it would invest up to $5 billion in the struggling maker of electric vehicles.

Several big technology companies gained ground. Apple rose 2% and Microsoft gained 0.3%. Their large values tend to heavily influence the direction of the market.

All told, the S&P 500 rose 8.60 points to 5,477.90. The Dow gained 15.64 points to 39,127.80, and the Nasdaq rose 87.50 points to 17,805.16.

Wall Street’s big focus this week is on the government’s latest inflation report Friday. The personal consumption expenditures index, or PCE, is the Federal Reserve’s preferred measure of inflation.

“The market is basically just sort of idling, like a race car that’s waiting for the green light,” said Sam Stovall, chief investment strategist at CFRA. “The light will turn Friday morning, when the PCE numbers come out.”

Wall Street expects the index will show that the rate of inflation eased to 2.6% in May, following a 2.7% reading in April.

The Fed is trying to tame inflation back to its 2% target, but the rate has been sticky. The PCE has been hovering just below 3% for months. The better known consumer price index has been hovering around 3% throughout 2024, though it was as high as 9.1% in the middle of 2022.

The latest updates on inflation could influence the central bank’s decision on when to begin cutting interest rates, which remain at their highest level in more than 20 years.

“Noisy inflation data may be sufficient to keep policymakers cautious in their moves, but the global disinflationary process is well established,” said Solita Marcelli and other analysts in a report from UBS. “Easing price pressures and other economic considerations should encourage central banks to start or continue cutting rates.”

In the bond market, Treasury yields were mixed. The yield on the 10-year Treasury rose to 4.32% from 4.25% late Tuesday. It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market.

Investors are hoping that the Federal Reserve will soon begin cutting interest rates. Wall Street is betting on a rate cut at the central bank’s September meeting.

The economy has remained relatively strong, despite inflation and high borrowing costs for consumers and businesses. Economic growth has been slowing, though, and consumers are seemingly more stressed and shifting spending to necessities. Wall Street is hoping that Fed can time its rate cuts so that it relieves pressure on the economy before it slows too much, but doesn’t also fall short of its goal of cooling inflation.

“It’s too early for the market to get any encouragement or disappointment from earnings, so the near term focus will be on economic indicators that would imply that the Fed may cut interest rates as soon as September,” Stovall said.

ASX 200 expected to sink again​

The Australian share market looks set to sink again on Thursday despite the positive night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 85 points or 1.1% lower this morning.
A mostly subdued day of trading Wednesday left stock indexes on Wall Street close to the all-time highs they set last week.

The S&P 500 index rose 0.2% after drifting between small gains and losses most of the day. About 65% of the stocks in the benchmark index fell.

The Dow Jones Industrial Average finished less than 0.1% higher, while the Nasdaq composite rose 0.5%.

Several big stocks helped offset the broader decline in the S&P 500.

All told, the S&P 500 rose 8.60 points to 5,477.90. The Dow gained 15.64 points to 39,127.80, and the Nasdaq rose 87.50 points to 17,805.16.


View attachment 179383

View attachment 179384

noted today's SPI and was a little surprised , i thought today may have been flat or even a little up given tomorrow is the last trading day of the week/month/quarter/financial year

i guess time will tell

 

[bigdog]

Stock market today: Wall Street inches higher ahead of inflation report

Stocks inched higher on Wall Street as markets wait for a key report on inflation. The S&P 500 edged up 0.1% Thursday.

apnews.com

Wall Street inches higher ahead of inflation report​

By DAMIAN J. TROISE and ALEX VEIGA
Updated 6:55 AM GMT+10, June 28, 2024

Major stock indexes on Wall Street closed little changed Thursday as traders looked ahead to a key report on inflation that could influence the Federal Reserve’s next move on interest rates.

The S&P 500 eked out a 0.1% gain. The benchmark index has been hovering near the all-time high it set last week.

The Nasdaq composite rose 0.3% and remains just below its all-time high. The Dow Jones Industrial Average closed 0.1% higher.

Gains in retailers and communications services companies helped outweigh losses in consumer goods makers, financial stocks and elsewhere in the market. Amazon.com rose 2.2% and Meta Platforms added 1.3%.

Walgreens Boosts Alliance plunged 22.2% for the biggest drop in the S&P 500. It reported results that fell shy of forecasts and cut its outlook. The company said it could close hundreds more stores in the next three years.

Jeans maker Levi Strauss sank 15.4% after its latest quarterly revenue results fell short of analysts’ expectations, along with its current earnings forecast for the year.

Spice maker McCormick rose 4.3% for one of the biggest gains in the market after beating analysts’ earnings forecasts.

Chipmaker Micron Technology fell 7.1% after its latest forecast left investors disappointed.

Treasury yields fell in the bond market. The yield on the 10-year Treasury, which influences interest rates on mortgages and other consumer loans, fell to 4.28% from 4.33% late Wednesday. The yield on the two-year Treasury fell to 4.71% from 4.75%.

An update from the government said the American economy expanded at a 1.4% annual pace from January through March. The figure is a slight revision from a prior estimate of 1.3%. It marks the slowest quarterly growth since spring 2022.

The report also backed data from previous economic reports that show consumers are getting squeezed by persistent inflation and high interest rates. Consumer spending, which has been fueling economic growth, grew at just a 1.5% rate, down from an initial estimate of 2%, according to the report.

The main upshot from the report is that “the economy remained resilient in the first quarter but that private sector demand growth was cooling, led by more consumer prudence,” said Gregory Daco, EY chief economist, in a note.

The slowdown in consumer spending could help further ease inflation, but too much of a slowdown could result in a more painful hit to the economy. The Federal Reserve is trying to time its efforts tame inflation back to its 2% target without slowing the economy so much that it slips into a recession.

The stock market has been listless this week in the lead up to Friday’s release of the next influential inflation report from the government. The personal consumption expenditures index, or PCE, is the Fed’s preferred measure of inflation.

Economists expect the report to show a modest easing of inflation to 2.6% in May, following a 2.7% reading in April. That’s down from the PCE’s peak of 7.1% in the middle of 2022. Other measures of inflation, including the consumer price index, have also eased significantly over the last two years.

The latest updates on inflation could influence the central bank’s decision on when to begin cutting interest rates, which remain at their highest level in more than 20 years and which are having an impact worldwide. Wall Street is betting that the central bank will start cutting interest rates at its September meeting.

The S&P 500 is on pace to notch its fourth straight winning week. With one more trading day left this month, the index is up just under 4% for June and up about 15% so far this year.

All told, the S&P 500 rose 4.97 points to 5,482.87. The Dow added 36.26 points to 39,164.06. The Nasdaq gained 53.53 points to close at 17,858.68.

ASX 200 to rebound​

The Australian share market looks set to end the week on a positive note following a decent session on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open 26 points or 0.35% higher this morning.
Major stock indexes on Wall Street closed little changed Thursday as traders looked ahead to a key report on inflation that could influence the Federal Reserve’s next move on interest rates.

The S&P 500 eked out a 0.1% gain. The benchmark index has been hovering near the all-time high it set last week.

The Nasdaq composite rose 0.3% and remains just below its all-time high. The Dow Jones Industrial Average closed 0.1% higher.

 

[bigdog]

Stock market today: Stocks edge lower on Wall Street, ending a 3-week winning streak for the S&P 500

Stocks drifted lower on Wall Street, erasing the S&P 500's gains for the week. The S&P 500 slipped 0.4% Friday, but remains close to the record high it set last week.

apnews.com

Stocks edge lower on Wall Street, ending a 3-week winning streak for the S&P 500​

By DAMIAN J. TROISE and ALEX VEIGA
Updated 7:34 AM GMT+10, June 29, 2024

Stocks on Wall Street gave up early gains and finished lower Friday, ending a three-week winning streak for the S&P 500.

A flurry of selling late in the day left the benchmark index 0.4% lower and in the red for the week. The Nasdaq composite fell 0.7%, while the Dow Jones Industrial Average ended 0.1% lower.

Despite the downbeat finish, the S&P 500 and the Nasdaq remain near their all-time highs.

A pullback in big technology stocks, which have been big winners in the market’s record-breaking runup, weighed on the market. Apple fell 1.6%, Microsoft lost 1.3% and Meta Platforms ended 3% lower.

The late-afternoon burst of selling may reflect traders taking profits, with the market near all-time highs, or rebalancing their portfolios as the second quarter comes to a close, said Ross Mayfield, investment strategy analyst at Baird.

“It wouldn’t surprise me at all if there was some profit-taking today, especially out of the names that have really run up,” Mayfield said. “That could be why we’re seeing a little bit of additional weakness from big tech versus the rest of the market.”

The market headed higher in the early going following a closely watched report that showed inflation continues easing. Investors are hoping that cooling inflation will prompt the Federal Reserve to start cutting interest rates, which remain at their highest level in more than 20 years.

Consumer prices rose 2.6% in May compared with a year ago, according to the latest personal consumption expenditures index, or PCE. That signaled continued easing from a 2.7% reading in April and is sharply lower than the peak reading of 7.1% two years ago.

“It’s moving in the right direction and this is what the Fed needs to make a decision to cut rates,” said Quincy Krosby, chief global strategist for LPL Financial.

The PCE is the Fed’s preferred measure of inflation and the latest reading is encouraging for economists and investors who are hoping for rate cuts to help ease pressure on the market and borrowers. Wall Street is betting that the Fed will start cutting interest rates at its meeting in September.

Treasury yields rose in the bond market after initially losing ground following the latest signal of easing inflation. The yield on the 10-year Treasury, which influences interest rates on mortgages and other consumer loans, rose to 4.38% from 4.30% just prior to the release of the PCE data. The yield on the two-year Treasury, which more closely tracks expectations for Fed actions, rose to 4.74% from 4.72% just prior to the data’s release.

The Fed raised interest rates to their highest level in more than two decades in an effort to tame inflation back to its 2% target. Other measures of inflation, including the well-known consumer price index, have also confirmed that pressure on prices has been easing.

Consumers are still feeling pressure from inflation, despite the significant easing from its peak, and recent data has shown that spending is weakening and weighing down economic growth. The Fed’s goal was to slow economic growth enough to cool inflation, but not so much that the economy slips into a recession.

“This combination of inflation coming down and consumers being much more careful with spending patterns allows the market to see the possibility of a rate cut in September,” Krosby said.

The strong jobs market has been another big factor driving economic growth, but that has also shown signs of weakening. Wall Street will get updates on job openings, unemployment, and hiring next week.

Nike tumbled 20% for the biggest decline among S&P 500 stocks after the shoe and athletic wear company missed Wall Street’s revenue targets and cut its full-year sales guidance. Company executives said they expect sales to decline by single digits in the current fiscal year, citing a “challenging” environment.

Nike’s dour outlook dragged other athletic apparel companies down with it. Foot Locker fell 2.4%, Skechers lost 1% and Under Armour dropped 2.6%.

More retailers, especially those focusing on discretionary items, have been warning about a slowdown in consumer spending. Consumers barely increased spending in May from April, according to the latest government retail sales report.

Gains in financial sector stocks helped limit the pullback in the S&P 500. JPMorgan Chase rose 1.6% and Wells Fargo closed 3.4% higher.

The S&P 500 closed out its final trading day of June with a 3.5% gain for the month. The index is up about 14.5% so far this year.

The Nasdaq gained about 6% for the month and is up 18.1% this year.

All told, the S&P 500 fell 22.39 points to 5,460.48. The Dow dropped 45.20 points to 39,118.86. The Nasdaq slid 126.08 points to close at 17,732.60.

 

[bigdog]

ASX 200 expected to fall​

The Australian share market looks set to fall on Monday following a poor finish on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 35 points or 0.45% lower.

Stocks on Wall Street gave up early gains and finished lower Friday, ending a three-week winning streak for the S&P 500.

A flurry of selling late in the day left the benchmark index 0.4% lower and in the red for the week. The Nasdaq composite fell 0.7%, while the Dow Jones Industrial Average ended 0.1% lower.

Despite the downbeat finish, the S&P 500 and the Nasdaq remain near their all-time highs.

The S&P 500 closed out its final trading day of June with a 3.5% gain for the month. The index is up about 14.5% so far this year.

The Nasdaq gained about 6% for the month and is up 18.1% this year.

All told, the S&P 500 fell 22.39 points to 5,460.48. The Dow dropped 45.20 points to 39,118.86. The Nasdaq slid 126.08 points to close at 17,732.60.

 

[bigdog]

Stock market today: Wall Street drifts, yields jump and Paris stocks soar as elections drive markets

U.S. stocks drifted to a mixed close, and yields jumped as elections drive swings in financial markets worldwide.

apnews.com

Wall Street drifts, yields jump and Paris stocks soar as elections drive markets​

By STAN CHOE
Updated 6:20 AM GMT+10, July 2, 2024

NEW YORK (AP) — U.S. stocks drifted to a mixed finish Monday, and yields jumped in the bond market as elections continue to drive swings in financial markets worldwide.

The S&P 500 rose 0.3% to kick off a shortened, four-day week that includes the Fourth of July holiday. The Dow Jones Industrial Average edged up by 50 points, or 0.1%, and the Nasdaq composite gained 0.8%.

Some of the world’s strongest action was across the Atlantic, where the CAC 40 index in Paris jumped as much as 2.8% before settling to a gain of 1.1%. Results from France suggested a far-right political party may not win a decisive majority in the country’s legislative elections. That bolstered hopes for potential gridlock in the French government, which would prevent a worst-case scenario where a far-right with a clear majority could push policies that would greatly increase the French government’s debt.

This is a big year for elections worldwide, with voters heading to the polls in the United Kingdom later this week and soon elsewhere. In the United States, pollsters are measuring the fallout from last week’s debate between President Joe Biden and former President Donald Trump. It all underscores “political polarisation and how elections are determining economics, rather than vice versa,” according to Nick Gentle and other members of the product management group at Barclays.

Trump Media & Technology Group, whose stock has been rising and falling with Trump’s White House chances, climbed 1% to $33.08. Shares of the company behind Trump’s Truth Social platform, though, are still well below their perch of roughly $70 reached earlier this year.

The bond market was home to some of U.S. markets’ strongest action. Treasury yields jumped again, as they did Friday immediately following the Biden-Trump debate. Increased prospects for a Republican sweep in November sent traders back to moves from 2016, according to strategists at Morgan Stanley. Besides pushing rates higher, traders also piled into stocks of oil-and-gas and financial companies.

The yield on the 10-year Treasury climbed to 4.46% from 4.39% late Friday and from 4.29% late Thursday. It’s a reversal of the general trend since the spring, when the 10-year Treasury yield had topped 4.70% in late April.

Yields had been largely easing on hopes inflation will slow enough to convince the Federal Reserve to cut its main interest rate later this year, down from the highest level in more than two decades. High rates have been grinding on the U.S. economy by making it more expensive to borrow money for a house, car or anything else.

Hopes for rate cuts held after a report on Monday showed U.S. manufacturing weakened last month by more than economists expected. Perhaps even more importantly for Wall Street, the report from the Institute for Supply Management also said price increases are decelerating. Taken together, the data could offer more of the evidence that the Federal Reserve wants to see of lessening pressure on inflation before it will cut rates.

This week’s economic highlight will likely arrive Friday, when the U.S. government will say how many workers employers hired during June. Economists predict overall hiring slowed to 190,000 from May’s 272,000. That would get the number closer to what Bank of America calls the “Goldilocks” figure of roughly 150,000, give or take 25,000.

At that level, the U.S. economy could continue to grow and avoid a recession without being so strong that it puts too much upward pressure on inflation.

On Wall Street, Chewy swung from a big early gain to a loss of 6.6% after a widely followed trader named Keith Gill revealed he owned just over 9 million shares of the pet supply company. That’s about 6.6% of the entire company, according to a filing made Monday with the Securities and Exchange Commission.

Gill came to fame during the original meme-stock craze of 2021 that saw GameStop rally to market-bending heights. Gill, who goes by “Roaring Kitty” and other nicknames, became the face of fans pushing GameStop upward. Gill had returned to talking about GameStop again recently, which helped its stock rally. But it fell 5.5% Monday following Gill’s disclosure about Chewy.

Elsewhere on Wall Street, Spirit AeroSystems rose 3.3% after Boeing said it would buy the maker of fuselages and other airplane parts for $4.7 billion in stock.

Boeing, which rose 2.6%, has been facing tougher scrutiny from the government and customers over worries about safety and quality. Boeing previously owned Spirit AeroSystems, and the purchase reverses a longtime company strategy of outsourcing key work on its passenger planes.

Meta Platforms edged 0.1% higher after European Union regulators accused it of breaching the bloc’s new digital competition rulebook by forcing Facebook and Instagram users to choose between seeing ads or paying to avoid them.

All told, the S&P 500 rose 14.61 points to 5,475.09, even though three out of every four stocks within the index fell. Gains for Meta and other big, influential companies, such as Nvidia’s 0.6% rise, overshadowed those losses.

The Dow gained 50.66 to 39,169.52 , and the Nasdaq composite rose 146.70 to 17,879.30.

In stock markets abroad, Japan’s Nikkei 225 added 0.1% after a quarterly survey by the Bank of Japan called the “tankan” showed a modest improvement in confidence among the country’s largest manufacturers. Stocks in Shanghai rose 0.9% following mixed economic data.

ASX 200 expected to fall again​

The Australian share market is expected to fall again on Tuesday despite a good start to the week on Wall Street.

According to the latest SPI futures, the ASX 200 is poised to open the day 24 points or 0.3% lower.
U.S. stocks drifted to a mixed finish Monday, and yields jumped in the bond market as elections continue to drive swings in financial markets worldwide.

The S&P 500 rose 0.3% to kick off a shortened, four-day week that includes the Fourth of July holiday. The Dow Jones Industrial Average edged up by 50 points, or 0.1%, and the Nasdaq composite gained 0.8%.

All told, the S&P 500 rose 14.61 points to 5,475.09, even though three out of every four stocks within the index fell. Gains for Meta and other big, influential companies, such as Nvidia’s 0.6% rise, overshadowed those losses.

The Dow gained 50.66 to 39,169.52 , and the Nasdaq composite rose 146.70 to 17,879.30.

Reporting from Thailand tomorrow and hopefully posting before 10:00 AM


Cheers to all