Reported 29 days ago
On September 10, 2024, US stocks ended the day mixed as technology shares lifted the S&P 500 and Nasdaq, while the Dow dropped due to JPMorgan's disappointing forecast for net interest income. The S&P 500 rose 0.5% and the Nasdaq gained 0.9%, while the Dow fell 0.2%. Investors are closely watching upcoming inflation reports that may impact Federal Reserve interest rate cuts ahead of the presidential debate between Trump and Harris.
Source: YAHOO
Reported 29 days ago
D.A. Davidson's managing director, Gil Luria, has highlighted that the 'Magnificent Six', comprising Meta, Alphabet, Microsoft, Apple, Amazon, and Nvidia, will dominate the future of AI and technological advancements, while excluding Tesla from this grouping. Luria argues that unlike previous technological innovations driven by startups, the future innovations will stem from these large corporations due to their substantial resources and market reach. He emphasizes how each company is strategically advancing in AI to further their competitive edge.
Source: YAHOO
Reported 29 days ago
The Department of Justice's antitrust trial against Google focuses on defining the online advertising market. While the DOJ argues that the market consists of various niche segments, Google contends that it encompasses all online advertising types, which could help them portray big tech firms like Meta and Amazon as competitors. The outcome hinges on demonstrating consumer harm, a key concern for the judge.
Source: YAHOO
Reported 29 days ago
The first presidential debate between Vice President Kamala Harris and former President Donald Trump is scheduled for Tuesday at 9 PM ET, ahead of the November election. Also, August's Consumer Price Index (CPI) will be released Wednesday, providing crucial inflation data before the Federal Reserve's September meeting. Additionally, Yahoo Finance will cover important discussions at the Goldman Sachs Communacopia and Technology Conference.
Source: YAHOO
Reported 29 days ago
Mark Newton, managing director at Fundstrat Global Advisors, believes JPMorgan's current stock price of around $200 is an excellent buying opportunity, referring to it as a 'steal.' He highlights the overall health of the market despite some recent pullbacks in the financial sector, emphasizing the importance of diversification for investors as they approach an election year.
Source: YAHOO
Reported 29 days ago
Source: WSJ
Reported 29 days ago
U.S. stock markets closed on a mixed note with the S&P 500 and Nasdaq Composite reporting gains, while the Dow Jones Industrial Average saw a slight decrease of just over 0.2%. Investors are now awaiting the Consumer Price Index (CPI) inflation data for August, set to release on Wednesday morning. The market's performance was influenced by the fluctuating values of major bank stocks, with notable sector shifts throughout the trading day.
Source: YAHOO
Reported 29 days ago
Deutsche Bank analyst Edison Yu has begun coverage of Tesla (TSLA) with a 'Buy' rating and set a price target of $295 per share. This rating reflects Yu's optimistic outlook on Tesla's performance within the electric vehicle market.
Source: YAHOO
Reported 29 days ago
Goldman Sachs chief economist Jan Hatzius expressed in an interview that artificial intelligence is projected to have a 'very meaningful impact' on the economy, with sectors such as energy and data centers likely to see visible changes. He noted that while major effects may take several years to materialize, the long-term growth forecast for the US economy has been revised upwards from 1.8% to 2.2% annually, particularly by the early 2030s.
Source: YAHOO
Reported 29 days ago
The antitrust trial between Google and the US Justice Department highlights a critical debate over whether the online advertising industry represents a singular market or distinct markets. This discussion is pivotal for Google's defense, as federal prosecutors claim it has illegally monopolized multiple sectors within ad tech, which generates over $24 billion annually. The outcome hinges on the court's interpretation of market boundaries, with implications for consumer welfare and competition in the tech industry.
Source: YAHOO
Reported 29 days ago
Consumer price increases are projected to ease in August, with economists expecting a year-on-year inflation rate of 2.5%, down from 2.9% in July. The core inflation rate is forecasted to remain at 3.2%. As the Federal Reserve prepares for its next meeting on September 18, investors anticipate a significant rate cut due to moderating inflation and a weakening labor market. The upcoming Consumer Price Index report will be critical in influencing this decision.
Source: YAHOO
Reported 29 days ago
Sirius XM has launched a $1.17 billion share buyback program while adjusting its full-year free cash flow forecast. Additionally, the merger and spin-off with Liberty Media has been successfully completed, marking a significant development for both companies as they move forward in the market.
Source: YAHOO
Reported 29 days ago
Big banks are facing increased pressure as the Federal Reserve unveils new capital requirement regulations that significantly reduce proposed capital levels. This update was highlighted by Federal Reserve Vice Chair for Supervision Michael Barr during a speech, prompting discussions on the challenges ahead for the banking sector.
Source: YAHOO
Reported 29 days ago
Ally Financial's stock dropped following CFO Russ Hutchinson's remarks at the Barclays Global Financial Services Conference, where he discussed worsening credit conditions for borrowers. Market experts, including Julie Hyman and Josh Lipton, analyzed these comments and their implications for the banking sector.
Source: YAHOO
Reported 29 days ago
Following Apple's recent event unveiling the iPhone 16 and new AirPods and Apple Watch, analyst Wamsi Mohan discussed how enhancements in health and convenience features could broaden Apple's ecosystem. He emphasized that, while there may not be a standout 'killer app' this cycle, the new devices are seen as productivity-enhancing tools, attracting new users to the ecosystem.
Source: YAHOO
Reported 29 days ago
Bank of America CEO Brian Moynihan acknowledged Warren Buffett’s significant support for the company, noting he has not inquired about Buffett's recent share sales, which amount to nearly $7 billion since July. Moynihan highlighted that while Buffett reduces his stake, the market is effectively absorbing these transactions. He also discussed expected changes in capital regulations for large banks, indicating it could impact lending capabilities while Bank of America plans to continue stock buybacks.
Source: YAHOO
Reported 29 days ago
The weight-loss treatment market is projected to introduce 16 new drugs by 2029, with the overall market for obesity treatments potentially reaching $200 billion by 2031. Analysts from Morningstar and Pitchbook note that this expansion is driven by the success of existing drugs like Novo Nordisk's Wegovy and Eli Lilly's Zepbound, prompting competitors such as Amgen and Pfizer to pursue clinical trials for their own treatments. The competition is expected to lower drug prices as new entrants aim for market share.
Source: YAHOO
Reported 29 days ago
During Google's antitrust trial, a former News Corp executive revealed that the company would face a $9 million loss in advertising revenue if it switched away from Google's ad services. The testimony highlighted frustrations over Google's dominant position in the ad market, as the publisher depended heavily on Google's tools, which were reportedly more beneficial for Google than publishers. The ongoing trial seeks to determine if Google has unlawfully monopolized ad tech services.
Source: YAHOO
Reported 29 days ago
Bank of America Corp.'s investment banking revenues are expected to be around $1.2 billion for the third quarter, remaining flat compared to last year and falling short of analyst expectations. In contrast, sales and trading revenues are projected to increase modestly. CEO Brian Moynihan noted that while overall loan demand is stable, some sectors are pulling back due to high interest rates. The bank's shares declined following the announcement.
Source: YAHOO
Reported 29 days ago
Tony Attanasio, a prominent baseball agent known for representing clients like Bobby Valentine and Ichiro Suzuki, has passed away at the age of 84. He died on August 30 at his San Diego home following a prolonged illness. Beginning his career in 1972 with Valentine, Attanasio gained a reputation in salary arbitration and played a key role in the careers of many players until his retirement in 2014.
Source: YAHOO
Reported 29 days ago
Apple is betting on its generative AI-powered Apple Intelligence platform as a key driver for future iPhone sales, starting with the iPhone 16 launch. Although set to debut as a software update in October, Apple aims to roll out its features gradually, ensuring a smooth introduction to AI capabilities while avoiding the pitfalls of past launches like Apple Maps. The long-term approach is intended to reshape the smartphone user experience and bolster iPhone upgrades going forward.
Source: YAHOO
Reported 29 days ago
Ireland faces the task of deciding how to spend nearly €13.8 billion that Apple was ordered to pay in taxes, following a ruling by the EU’s top court. Despite initial government resistance, the money, now sitting in escrow, represents 14% of government spending this year and comes as housing crises and election pressures mount. Ongoing discussions will focus on various proposals, including housing funds, while the government maintains its position on tax fairness.
Source: YAHOO
Reported 29 days ago
Goldman Sachs strategist David Kostin warns benchmark managers to slow down on reshuffling stock indices due to the influence of megastocks like Apple and Microsoft. He argues that while addressing regulatory concerns is important, the existing capped versions of indices should be maintained to preserve accurate market representation and avoid disrupting extensive investment strategies.
Source: YAHOO
Reported 29 days ago
At the 2024 Goldman Sachs Communacopia and Technology Conference, AWS CEO Matt Garman spoke about the rapid growth of AI at Amazon Web Services, highlighting diverse revenue streams such as AI model sales and infrastructure services, which contribute to multibillion-dollar revenues. Garman emphasized the significant potential of AI technology for enterprises and startups, noting that AWS's business model supports financial success in this area.
Source: YAHOO
Reported 29 days ago
The U.S. Treasury has sanctioned Ivan Cazarin Molina, who allegedly leads a fuel theft operation for Mexico's Jalisco New Generation cartel, responsible for generating tens of millions in illicit profits from stolen gasoline. Molina, nicknamed 'the tank' for managing large fuel storage facilities, was among 35 entities and individuals sanctioned due to their role in the cartel's criminal activities, which have severely impacted Mexico's economy. The sanctions freeze their U.S. assets and bar American businesses from transacting with them.
Source: YAHOO