Reported 7 days ago
U.S. stocks experienced a slight decline on Monday, with the S&P 500 and Nasdaq inching down while still on track for solid monthly gains. Investors are focused on Federal Reserve Chair Jerome Powell's upcoming comments ahead of the significant September jobs report, which is expected to provide insights into the labor market's health. Meanwhile, shares of Stellantis plunged after the automaker lowered its profit outlook, causing a ripple effect across the automotive sector.
Source: YAHOO
Reported 7 days ago
Chinese stocks are surging following new stimulus measures introduced by the government to energize the economy. Market analysts highlight the implications of these measures for U.S. investors, discussing both potential benefits and risks associated with this rally.
Source: YAHOO
Reported 7 days ago
The U.S. Federal Trade Commission has approved Chevron's $53 billion acquisition of Hess Corp, but barred CEO John Hess from joining Chevron's board due to concerns that his past communications with OPEC could influence Chevron's production decisions. While Chevron's chairman expressed respect for Hess, the FTC emphasized the need for competitive independence among U.S. oil producers. The deal still faces challenges from Exxon Mobil and CNOOC Ltd regarding Hess's assets in Guyana, with further decisions expected in the coming year.
Source: YAHOO
Reported 7 days ago
Dockworkers along the East and Gulf Coasts are set to strike at midnight, potentially disrupting the US supply chain. Mark Szakonyi, an expert from S&P Global Market Intelligence, discusses the International Longshoremen's Association's strong opposition to automation in port operations and the ongoing wage negotiations. The length of the strike will influence the severity of disruptions, with experts predicting significant economic costs if the Biden administration intervenes. Szakonyi emphasizes the union's concerns over job loss while recognizing some potential safety benefits of automation.
Source: YAHOO
Reported 7 days ago
Apple has decided not to participate in the upcoming funding round of OpenAI, which aims to raise $6.5 billion. The Wall Street Journal reports that Nvidia and Microsoft are expected to take part in the funding, with Microsoft planning to invest $1 billion, following its previous $13 billion investment in OpenAI.
Source: YAHOO
Reported 7 days ago
Constellation Energy has signed a significant agreement with Microsoft to supply clean energy for its cloud computing and AI data centers, potentially leading to the reopening of the Three Mile Island nuclear plant. Jefferies analyst Paul Zimbardo suggests that Microsoft's rate of $112 per megawatt hour marks a substantial premium, indicating potential for Constellation's stock to double if the plan succeeds amidst anticipated regulatory challenges.
Source: YAHOO
Reported 7 days ago
Tesla is set to announce its third-quarter delivery figures on Wednesday, with analysts projecting approximately 461,000 vehicles delivered. The optimistic forecast is supported by several key factors, highlighted ahead of the company's upcoming robotaxi event.
Source: YAHOO
Reported 7 days ago
A recent report reveals that only 2.5% of U.S. homes changed hands in the first eight months of 2024, marking the lowest turnover rate in over 30 years. High home prices and steep mortgage rates are cited as key factors contributing to this stagnation. The report suggests a significant slowdown in home sales across the country, particularly in metro areas like Los Angeles and Boston, with many potential sellers reluctant to move due to ‘lock-in’ effects of lower mortgage rates locked in before 2022. Experts predict a challenging road ahead for the housing market as a shortage of new home constructions exacerbates affordability issues.
Source: YAHOO
Reported 7 days ago
Betsy Graseck, an analyst at Morgan Stanley, has downgraded JPMorgan Chase from Overweight to Equal Weight, highlighting that the bank faces significant challenges in the current economic climate. Graseck notes that JPMorgan is poorly positioned for potential interest rate cuts by the Federal Reserve and has limited upside compared to its competitors, with expectations of minimal growth in its net interest margin in the near future.
Source: YAHOO
Reported 7 days ago
In a recent discussion on Yahoo Finance, portfolio manager Matt Stucky emphasized the importance of labor market health as a determinant for market movements into 2024. He noted a gradual decline in employment rates this year and expressed concerns about potential further weakening. Following a strong Q2 earnings season, Stucky is cautious about earning expectations for Q3 and 2024, predicting a shift towards defensive investments in a late-cycle economic environment.
Source: YAHOO
Reported 7 days ago
Nvidia's stock experienced a drop of up to 2.8% in premarket trading as Chinese regulators reportedly discourage local firms from purchasing its AI chips, directing them to use domestic alternatives instead. The stock recovered slightly but still closed down 2.2%. This comes amidst ongoing trade tensions between the U.S. and China, affecting Nvidia's sales, which had previously relied significantly on the Chinese market.
Source: YAHOO
Reported 7 days ago
As the fourth quarter begins, market growth is increasingly expanding beyond the technology sector, with utilities and other industries catching up after the AI-driven tech boom. Charles Schwab's Kevin Gordon emphasizes that this indicates broader market participation rather than a definitive leadership shift, as sectors such as industrials and materials outperform. He also highlights that both large and small-cap stocks are thriving in this diverse market environment.
Source: YAHOO
Reported 7 days ago
A potential strike by the International Longshoremen's Union could result in significant disruptions for the US economy, estimated to cost $5 billion per day. With the upcoming presidential election, President Biden is under pressure as he risks appearing weak if he cannot resolve the strike, yet intervening could alienate labor groups. The union's demand for a 77% pay increase reflects their critical role during the pandemic, making this a complicated situation for the administration.
Source: YAHOO
Reported 7 days ago
Carnival Corporation reported third quarter earnings that surpassed analysts' expectations, providing positive guidance for the fourth quarter and the full year ahead. Morning Brief anchors Seana Smith and Madison Mills discuss these results in detail.
Source: YAHOO
Reported 7 days ago
On September 30, 2024, the major stock indices opened slightly lower, marking the final trading day of the third quarter. Yahoo Finance anchors discussed the opening market trends and provided a recap of the quarter's performance.
Source: YAHOO
Reported 7 days ago
SoftBank's Vision Fund will invest $500 million in OpenAI's new funding round as the AI startup aims to raise $6.5 billion in total. This marks SoftBank's initial investment in OpenAI, which is currently valued at $150 billion, pending a restructuring of the company. Apple has reportedly withdrawn from the funding effort, while OpenAI seeks to lift its profit cap for investors.
Source: YAHOO
Reported 7 days ago
The third quarter of 2024 saw significant volatility in global markets, highlighted by the Japanese yen's best performance since the 2008 financial crisis, gaining 11% amidst rapidly rising interest rates and dreary U.S. economic data. While world stocks and U.S. Treasuries rose by approximately 6%, gold surged almost 15%, and oil prices fell by 17%. China's aggressive stimulus measures led to a recovery in emerging markets, even as major tech stocks faced mixed results. The fourth quarter is anticipated to be tumultuous, especially with the upcoming U.S. presidential election influencing economic outlooks.
Source: YAHOO
Reported 7 days ago
Nio's shares experienced a notable increase during Monday morning trading after the company announced it would be receiving a significant investment totaling about $1.9 billion from its shareholders. The funding is expected to be delivered in two installments by the end of 2024, which could enhance the electric vehicle manufacturer's operations and growth prospects.
Source: YAHOO
Reported 7 days ago
U.S. natural gas prices fell about 1% as production increased following Hurricane Helene, which left over two million homes without power, reducing demand for gas. The front-month futures remained technically overbought, despite a 36% gain in September. Meanwhile, Canada's gas prices at the AECO hub hit a new low, reflecting varying supply and demand dynamics across North America.
Source: YAHOO
Reported 7 days ago
Israel has intensified its airstrikes on Beirut, marking the first significant attack in nearly a year, in response to the assassination of Hezbollah leader Hassan Nasrallah. The strikes killed key members of various groups and indicated a potential ground operation. Concurrently, Hezbollah leaders declared their readiness to confront Israeli forces on the ground. This escalation, amid ongoing conflicts with Hamas and increased tension with Iran, highlights the precarious security situation in the region.
Source: YAHOO
Reported 7 days ago
JPMorgan Chase, a strong performer in the banking sector amid rising interest rates, saw its shares dip by 2.5% after Morgan Stanley analyst Betsy Graseck downgraded its rating from overweight to equal-weight. Graseck cites reduced expectations for positive surprises in the stock and sees more upside potential in mid-cap banks benefiting from rate cuts. While JPMorgan remains a strong investment, its growth potential is seen as more limited compared to other banks.
Source: YAHOO
Reported 7 days ago
As the final trading day of September approaches, U.S. stocks have bucked the traditional trend of weakness for the month, aiming for one of the strongest Septembers in over a decade as they close the third quarter. Investors are now looking ahead to the upcoming jobs report set to be released on Friday.
Source: YAHOO
Reported 7 days ago
Blackstone Inc. is expanding its credit operations by hiring Aneek Mamik and Chris Yonan, both seasoned professionals in finance. Mamik, previously at Värde Partners, will lead asset-based finance investments, while Yonan, formerly with Jefferies Financial Group, will focus on European infrastructure investments. This strategic move is part of Blackstone's aim to strengthen its position in the credit market, targeting roughly $1 trillion in assets in the coming decade through its newly formed BXCI division.
Source: YAHOO
Reported 7 days ago
The U.S. Commerce Department has implemented a new rule that allows data centers in the Middle East to apply for Validated End User status, simplifying the process for receiving advanced AI chips, especially from suppliers like Nvidia. This change aims to ease export restrictions while ensuring proper oversight to prevent technology misuse, amid concerns about potential technology transfer to China. Data centers participating in the program will undergo thorough reviews and must comply with strict security measures.
Source: YAHOO
Reported 7 days ago
Russia's Tagansky district court has slapped fines of 3.5 million roubles on both Google and Discord for not complying with orders to delete or restrict access to banned content. These penalties highlight ongoing tensions between Russia and foreign tech platforms, particularly Google, which has faced increased scrutiny since the Ukraine invasion.
Source: YAHOO