Reported 3 days ago
An ongoing strike by 45,000 dockworkers has temporarily closed 36 ports across the U.S., potentially costing the economy up to $4.5 billion each day and reducing GDP growth by half a percentage point this quarter, according to analysts. The strike, which seeks better pay and job protections from automation, affects critical supply chains and imports, including building materials and various goods. While the immediate economic impact is significant, experts believe the long-term effects could be manageable if the strike resolves swiftly.
Source: YAHOO
Reported 3 days ago
In a recent update on trending stocks, Tesla is recalling over 27,000 Cybertruck vehicles in the U.S. due to rear-view camera issues, while Costco plans to sell platinum bars following strong demand for its gold and silver products. Additionally, Warren Buffett's Berkshire Hathaway has reduced its stake in Bank of America, divesting shares worth $338 million.
Source: YAHOO
Reported 3 days ago
Recent data on initial jobless claims and ISM Services PMI presents a mixed picture of the US economy, leading economist Tom Porcelli to identify potential 'cracks' in the labor market. He notes a declining quit rate alongside a recovering hiring rate, suggesting that these indicators may influence the Federal Reserve's monetary policy decisions, including a possible aggressive stance moving forward. Porcelli also anticipates continued market volatility, linked to an economic slowdown but does not foresee an immediate recession.
Source: YAHOO
Reported 4 days ago
KraneShares CIO Brendan Ahern discusses the recent stimulus measures in China aimed at revitalizing the economy, particularly the real estate sector. He highlights the government's commitment to provide substantial funds to support stock purchases and restore consumer confidence, while noting the need for clear fiscal policies to boost domestic consumption. Despite warnings of high stock valuations, Ahern believes the market rally could continue as more clarity is expected from Chinese officials.
Source: YAHOO
Reported 4 days ago
Barclays has downgraded shares of Porsche, Mercedes-Benz, and Stellantis due to margin pressures and increasing competition. Mercedes and Stellantis have been moved to an Equal Weight rating, while Porsche has been downgraded to Underweight. This decision has put pressure on the stocks of these automotive companies.
Source: YAHOO
Reported 4 days ago
Barton Crockett, an analyst from Rosenblatt, shares a positive outlook on Meta Platforms in a recent segment, emphasizing that Meta's robust advertising growth is sufficient to offset significant losses in its reality division. Despite concerns about investments in virtual reality, he argues that Meta's strategic positioning and advancements in AI are yielding better returns for marketers, and they continue to resonate with consumers. With a projected cumulative loss nearing $60 billion in the reality segment, Crockett believes Meta's strong advertising revenues, which are set to grow at nearly 20% year-over-year, make a compelling case for the stock.
Source: YAHOO
Reported 4 days ago
Hims & Hers Health (HIMS) saw its stock decline after Eli Lilly's weight-loss medications Mounjaro and Zepbound were removed from the FDA's shortage list, indicating that Eli Lilly can now meet market demand. This shift in the market led to concerns for Hims & Hers as they face increased competition.
Source: YAHOO
Reported 4 days ago
As of October 2, 2024, the world's ten richest people have amassed fortunes of over $100 billion, led by Elon Musk with $262 billion. These billionaires, including Jeff Bezos and Mark Zuckerberg, primarily build their wealth through significant investments in major companies like Tesla and Amazon. Their success is attributed not only to smart investments but also to decades of hard work and careful planning, showcasing how wealth can be built over time.
Source: YAHOO
Reported 4 days ago
Tesla is set to develop four new versions of its in-house 4680 battery, aimed at powering the Cybertruck and its upcoming robotaxi, according to reports. The company, currently reliant on third-party suppliers like Panasonic and LG, is pushing to boost the production of its battery cells domestically. Despite facing challenges with manufacturing, including a significant loss of components during production, Tesla plans to use dry-coating technology for these batteries, with a target to launch the robotaxi in the near future. The new battery models are expected to be available by 2026.
Source: YAHOO
Reported 4 days ago
Nvidia CEO Jensen Huang reported that there is 'insane demand' for the upcoming Blackwell AI processors, leading to a rise in Nvidia's stock price. The new chip is slated for release in the fourth quarter of 2024. Morning Brief hosts discussed this development alongside recent analyst feedback on Nvidia's performance.
Source: YAHOO
Reported 4 days ago
US stocks fell on Thursday as attention returned to the economy with the impending jobs report, while ongoing Middle East conflicts raised concerns. The S&P 500 dropped 0.2%, the Dow fell 0.7%, and the Nasdaq Composite declined 0.4%. Investor anxieties were compounded by rising oil prices driven by geopolitical tensions. Labor market indicators suggested a potential cooling, which may influence future Federal Reserve rate cuts.
Source: YAHOO
Reported 4 days ago
Oil prices have increased for the third straight day, driven by rising tensions in the Middle East after Iran's missile attack on Israel, raising concerns about possible disruptions in oil supply. Yahoo Finance's Senior Markets Reporter, Ines Ferré, explores the factors contributing to this price rise.
Source: YAHOO
Reported 4 days ago
The Institute for Supply Management (ISM) reported a rise in its Services PMI for September, reaching 54.9, surpassing economists' expectations of 51.7 and marking the highest level since February 2023. Co-hosts Seana Smith and Brad Smith discuss the report's implications and details.
Source: YAHOO
Reported 4 days ago
Pacaso, a vacation home startup founded by ex-Zillow executives, is seeking to raise up to $75 million by offering shares to individual investors after experiencing a significant revenue drop of 59% in the past year. The company allows multiple owners to purchase stakes in luxury vacation homes but has faced challenges due to a tough real estate market, leading to decreased sales and substantial financial losses.
Source: YAHOO
Reported 4 days ago
The 'Magnificent Seven' tech stocks (AAPL, TSLA, GOOG, GOOGL, AMZN, META, MSFT, NVDA) have lost their previous market-leading status, particularly after mid-July. Dave Mazza, CEO of Roundhill Investments, suggests that while these stocks may not show outstanding performance for now, it's premature to abandon them, as their participation is crucial for sustained market growth. He highlights that, among the group, Tesla is currently the most concerning.
Source: YAHOO
Reported 4 days ago
In the face of heightened market volatility influenced by factors like Hurricane Helene and global tensions, Talley Léger, chief market strategist at The Wealth Consulting Group, encourages investors to see market dips as buying opportunities. He emphasizes the consistent forward movement of the stock market despite uncertainty and suggests focusing on sectors such as financials, industrials, and materials for potential investments.
Source: YAHOO
Reported 4 days ago
On Thursday, all three major stock indexes opened lower as investors gear up for the September jobs report set to be released on Friday morning. This report is anticipated to provide valuable insights into the economy and influence the Federal Reserve's decisions on interest rates, especially amid rising initial claims for unemployment and soaring oil prices due to ongoing Middle East tensions.
Source: YAHOO
Reported 4 days ago
A recent port strike on the East Coast could lead to a significant shortage of bananas in American grocery stores. The strike, which affects 36 ports from Maine to Texas, has disrupted the supply chain for bananas, a vital fruit in the U.S. with 75% of imports arriving via these ports. Experts warn that if the labor dispute continues for more than two weeks, consumers may face limited availability or higher prices for this staple fruit, as fresh produce like bananas cannot be stockpiled like non-perishable goods.
Source: YAHOO
Reported 4 days ago
The U.S. labor market shows stability despite a slight increase in unemployment claims, with recent disasters and strikes potentially impacting future employment dynamics. Labor Department data indicates the market is steady, with low layoffs providing support. However, Hurricane Helene's effects and labor stoppages in major industries could disrupt this outlook, complicating the Federal Reserve's interest rate decisions as they navigate the economy in the run-up to the November elections.
Source: YAHOO
Reported 4 days ago
Initial unemployment claims for the week ending September 28 rose to 225,000, exceeding expectations and suggesting a potential slowdown in the economy. This comes as the market anticipates the September jobs report, with some analysts, like Goldman Sachs' Scott Rubner, maintaining a positive outlook for the S&P 500, forecasting a rally starting late October due to seasonal trends.
Source: YAHOO
Reported 4 days ago
Costco has begun selling one-ounce platinum bars for $1,089.99, slightly above the current market value of around $1,000 per ounce. While the company previously experienced significant success with gold bar sales, financial experts express mixed opinions about investing in platinum. Some highlight its industrial value and rarity compared to gold, while others caution against investment in physical metals due to liquidity concerns and potential shifts toward electric vehicles. Overall, many suggest considering exchange-traded funds (ETFs) over physical purchases.
Source: YAHOO
Reported 4 days ago
Levi Strauss & Co. saw its shares drop by 11% after the company reduced its full-year sales growth forecast to 1%, down from a previous estimate of 1-3%. Challenges in international markets and declining sales of its Dockers brand contributed to the revised outlook. The company is exploring the sale of Dockers and reported that its wholesale business declined 6% while its direct-to-consumer sales grew by 10%. Levi's recent partnership with Beyoncé aimed to boost brand visibility amid weakening performance in other areas.
Source: YAHOO
Reported 4 days ago
In the latest trading day, U.S. stocks faced pressure due to a slight increase in jobless claims, which rose to 225,000 against an estimated 221,000. Meanwhile, the Hang Seng index in Hong Kong fell after a recent rally, with JPMorgan cautioning investors about overvalued stocks. Additionally, OpenAI's valuation surged to $157 billion following a massive $6.6 billion funding round, positioning it alongside significant firms like AT&T and Goldman Sachs.
Source: YAHOO
Reported 4 days ago
The United States has proposed a conditional loan guarantee of up to $1.05 billion to EVgo to facilitate the growth of public electric vehicle charging stations nationwide, particularly in underprivileged urban areas. If finalized, the funding will aid in the installation of approximately 7,500 high-power charging stalls across nearly 1,100 stations, enhancing EVgo's capacity to compete with Tesla's charging network and focusing on improving customer service and accessibility, especially in disadvantaged communities.
Source: YAHOO
Reported 4 days ago
In a discussion featured on Yahoo Finance, Tom Sosnoff, founder and CEO of tastylive and tastytrade, shares insights from his 20-year career in trading and his journey of selling two companies for a total of nearly $2 billion. He reflects on market conditions, the concept of liquidity, and the evolving future of retail trading, suggesting a movement towards tokenization and digitization in financial transactions.
Source: YAHOO