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Stocks rise as traders evaluate Fed Chair Powell’s comments on economy: Live updates

20 Mins Ago

Stocks trade higher as Powell remarks end

29 Mins Ago

Stocks making the biggest moves midday

These are some of the stocks making the biggest midday moves:

  • Union Pacific — Shares of the freight operator added 2.6% after the company reported earnings per share of $2.51 per share while analysts polled by LSEG forecast $2.44. The company’s third-quarter revenue of $5.94 billion missed analyst estimates of $5.99 billion, however.
  • Las Vegas Sands – The casino operator rose 3.8% after topping revenue estimates for the third quarter and pointing to a recovery in Macao and Singapore. Las Vegas Sands posted revenues of $2.8 billion, exceeding the $2.73 billion expected by analysts polled by LSEG.
  • American Airlines — Shares advanced 2% midday even after the air carrier posted weaker-than-expected earnings and revenue for the third quarter. However, better-than-expected operating income and margins helped lift the stock as well as revenue growth in its Atlantic and Pacific regions.

Read the full story here.

— Brian Evans

43 Mins Ago

Stocks turn after Powell says monetary policy is not yet too tight

An Hour Ago

Stocks trade slightly higher as investors analyze Powell remarks

An Hour Ago

Stocks are little changed as traders await Powell remarks

Stocks were largely unmoved in the minutes leading up to Federal Reserve Chair Jerome Powell’s remarks, slated to start around noon ET.

The Dow and S&P 500 each added around 0.1% shortly before 11:50 a.m. ET, while the Nasdaq Composite traded 0.2% higher. Stocks have gyrated over the course of the morning, with all three of the major indexes trading both above and below their flatlines.

— Alex Harring

2 Hours Ago

Gains in Netflix, chips stocks restrict losses for Nasdaq

2 Hours Ago

Double downgrade for this packaging stock as finger is pointed at obesity drugs

Analysts covering the packaging industry have been adjusting their models for expected lower food consumption, and news hasn’t been good. Graphic Packaging shares hit a 52-week low after a double downgrade by Wells Fargo analyst Gabe Hajde on Thursday.

“At the core of GLP-1 treatment for obesity care, patients will ultimately consume roughly one-third less of normal caloric intake, amplifying already lower packaged food demand. Given a middle-of-the-store focus and sustained CPG [consumer packaged goods] efforts to raise price, we believe GPK’s portfolio is more at risk in terms of volume headwinds and assign an UW rating,” Hajde wrote, in research note.

Hajde expects that the drugs, which include Ozempic and Wegovy, could become a “structural headwind” to the industry and lower food and beverage packaging demand by as much as 0.5% annually.

See Chart…

Graphic Packaging, 1-day

—Christina Cheddar Berk

2 Hours Ago

Popular bond ETFs hit lowest level since 2008

The iShares Core U.S. Aggregate Bond ETF (AGG), which tracks the U.S. investment-grade bond market, fell slightly Thursday to 91.88, reaching the lowest level since October 2008. Bond prices move inversely with bond yields.

The Vanguard Total Bond ETF (BND), which mirrors the performance of the Bloomberg U.S. Aggregate Float Adjusted Index, also hit the lowest level since October 2008.

— Yun Li

3 Hours Ago

JPMorgan upgrades First Solar to overweight

First Solar‘s recent pullback has created an attractive entry point, according to JPMorgan. 

Analyst Mark Strouse upgraded shares to overweight from neutral in a Thursday note.

“We believe the recent pullback tilts risk-reward favorably for a company that has the best visibility into medium-term growth prospects owing to a backlog that stretches into later this decade,” said Strouse. 

Shares added nearly 1% in morning trading on Thursday.

More about his upgrade can be found here.

— Hakyung Kim

3 Hours Ago

S&P 500 opens slightly higher

The S&P 500 opened modestly up as trading kicked off.

The broad index rose about 0.2% shortly after 9:30 a.m. ET. The Dow flickered around flat, while the Nasdaq Composite added 0.4%.

— Alex Harring

4 Hours Ago

Stocks making the biggest moves premarket: Tesla, Netflix and more

These are some of the stocks moving the most in premarket trading:

  • Tesla — Shares of the electric vehicle manufacturer dropped more than 7% after it reported third-quarter earnings results that failed to impress investors.
  • Netflix — The streaming entertainment provider jumped nearly 13% after quarterly results postmarket Wednesday and new subscriber numbers all topped analyst estimates.
  • Peloton — The fitness stock slid 6.4% before the bell after a downgrade to underperform from Bank of America. Analyst Curtis Nagle cited declining member engagement as a reason for the downgrade.

Read the full list of stocks moving here.

— Lisa Kailai Han

4 Hours Ago

Jobless claims come in lighter than expected

5 Hours Ago

Stocks on pace to end week lower

With more than half the trading week in the rearview mirror, the three major indexes are on track for losses.

The S&P 500 and Nasdaq Composite are poised for losses of 0.3% and 0.7%, respectively. The Dow is down a mere 0.02% on the week.

If this performance holds, it would mark the second straight losing week for the technology-heavy Nasdaq.

— Alex Harring

5 Hours Ago

Powell should strike similar tone to September, Wolfe Research’s Chris Senyek says

Wolfe Research’s Chris Senyek said Federal Reserve Chair Jerome Powell should make similar remarks at the Economic Club of New York as he did last month.

Senyek said Powell’s “hawkish pause” language delivered during the September Fed meeting should be apparent on Thursday. Powell is expected to start speaking at noon ET.

“We also expect Powell to once again emphasize the FOMC’s ‘data dependent’ approach,” he said. “Unfortunately, given recent developments, we believe that this backward-looking approach is likely to create additional policy uncertainty and place additional upward pressure on term premiums and longer-term yields. In our view, this is likely to last until the Fed sends more definitive signals about the likely direction and timing of its next move.”

— Alex Harring

5 Hours Ago

AT&T climbs more than 4% on earnings beat

AT&T jumped 4.8% after delivering a third-quarter earnings report that exceeded analyst expectations.

The telecommunications company saw 64 cents earned per share in the quarter excluding items, beating the consensus estimate of analysts polled by LSEG, formerly known as Refinitiv, by 2 cents. Revenue came in at $30.35 billion, topping the forecast of $30.19 billion.

AT&T’s stock has fallen more than 22% this year.

— Alex Harring

6 Hours Ago

Blackstone slides after earnings underwhelm Wall Street

Blackstone dropped nearly 3% before the bell Thursday after offering a third-quarter earnings report that was worse than analysts expected.

Blackstone reported 94 cents earned per share and revenue at $2.32 billion. Analysts surveyed by LSEG, formerly known as Refinitiv, had anticipated $1.01 earned per share and $2.51 billion in revenue.

The investment firm’s stock has climbed more than 37% in 2023.

— Alex Harring

6 Hours Ago

10-year Treasury yield nears 5%

The benchmark 10-year Treasury yield hit a high of 4.981% on Thursday, bringing it closer to the key 5% mark.

“Next stop 5.0% 10s,” wrote Ian Lyngen and Benjamin Jeffery of BMO in a note. “It’s a given at this point.”

The rate strategist cited concern over growing Treasury auction sizes needed to fund the the widening U.S. fiscal deficit, along with the Federal Reserve’s willingness to allow market rates to slow the economy for the central bank.

— Fred Imbert, John Melloy

10 Hours Ago

European markets open lower

European markets opened lower Thursday as investors assess the impact of the crisis in the Middle East as well as earnings and economic data.

The pan-European Stoxx 600 index was down 0.6% at the start of the session, with most sectors trading in negative territory. Industrials and construction led losses, each with a 0.9% dip.

— Hannah Ward-Glenton

15 Hours Ago

Bank of Korea continues to hold rates at 3.5%, in line with expectations

South Korea’s central bank again kept its benchmark policy rate at 3.5%, in line with expectations from a Reuters poll of economists.

In its release, the Bank of Korea said that inflation in the country is “projected to continue its underlying trend of a slowdown,” but there are uncertainties regarding the future path of inflation.

South Korea’s inflation rate rose to 3.7% in September from 3.4% in August, but the BOK noted that core inflation has stayed at 3.3% in September, the same as in August. 

While it expects inflation to continue to slow to the lower end of 3% by the end of 2023, and continue to slow in 2024, the BOK noted that “upside risks to inflation have increased due to the effects of higher global oil prices and exchange rates, and due to the Israel-Hamas conflict.”

— Lim Hui Jie

13 Hours Ago

Kakao CIO arrested for allegedly manipulating stock during SM takeover: South Korean media

The chief investment officer of South Korean tech giant Kakao has reportedly been arrested for suspected stock manipulation in connection with the tech giant’s acquisition of K-pop label SM Entertainment.

Back in February, Kakao and K-pop agency Hybe were engaged in a bidding war to acquire a majority stake in SM. Hybe had launched an tender offer to buy shares from other shareholders after acquiring a 14.8% stake, but later suspended its takeover bid.

Yonhap News reported that South Korea’s financial market watchdog suspects that Bae Jae-hyun and two other Kakao executives inflated SM’s share price to surpass the tender offer price.

Kakao and its subsidiary Kakao Entertainment together later secured nearly a 40% stake in SM in March, clinching management control of the K-pop label.

— Lim Hui Jie

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