Reported 2 months ago
US stocks fell sharply on Friday following a July jobs report indicating a further cooling labor market, raising fears of recession as concerns about the Federal Reserve's prolonged high-interest-rate stance grew. The Nasdaq Composite slid nearly 3%, entering correction territory, while the Dow Jones and S&P 500 also experienced significant declines. Companies like Intel and Amazon contributed to the downturn with disappointing earnings, intensifying market volatility amid worsening economic signals.
Source: YAHOO
Reported 2 months ago
Exxon Mobil reported a robust $9.2 billion profit for the second quarter of 2024, driven by rising oil prices and increased production from its recent acquisition of Pioneer Natural Resources. This profit, translating to $2.14 per share, exceeded analysts' expectations despite a drop in refining earnings. CEO Darren Woods expressed confidence in sustained high oil demand, prompting the company to raise its 2024 output target by 13% to 4.3 million barrels per day. Despite the overall market decline, Exxon's shares saw a slight uptick in early trading.
Source: YAHOO
Reported 2 months ago
Traders anticipate that the Federal Reserve will cut interest rates by half a percentage point in September, driven by disappointing job growth and a rising unemployment rate reported for the previous month. Interest rate futures now suggest a 70% likelihood of this significant cut, compared to the previously expected quarter-point decrease.
Source: YAHOO
Reported 2 months ago
On August 2, investors faced significant news: the U.S. added only 114,000 jobs in July, far less than the expected 175,000, with the unemployment rate rising to 4.3%. This raises concerns about the Federal Reserve's timing in cutting rates. Meanwhile, Apple reported better-than-expected earnings for Q3, but faced challenges in China, while Amazon's and Intel's disappointing results dragged the market down, with Intel experiencing a sharp decline due to weak guidance and job cuts.
Source: YAHOO
Reported 2 months ago
Snap Inc. shares dropped 22% following a muted earnings forecast for the third quarter, raising concerns about its ability to compete in the advertising sector against larger companies like Meta and Alphabet. The company cited weak advertiser demand, especially in consumer discretionary sectors, while rivals reported strong ad spending. Analysts express skepticism about Snap's growth prospects, indicating challenges ahead as competition intensifies in the digital advertising space.
Source: YAHOO
Reported 2 months ago
The July jobs report showed a concerning trend as the unemployment rate rose to 4.3%, the highest in nearly three years, while only 114,000 jobs were added—significantly lower than the expected 175,000. This marks a slowdown in the US labor market, with wage growth also slowing down, raising speculation about potential interest rate cuts by the Federal Reserve in upcoming meetings. The data indicates warning signs of an economic cooling, prompting a closer watch for possible recessionary signals.
Source: YAHOO
Reported 2 months ago
Source: BARRONS
Reported 2 months ago
In July, the US economy added only 114,000 jobs, significantly lower than the expected 175,000, while the unemployment rate rose to 4.3% compared to 4.1% in June. Average hourly earnings also increased by just 0.2% month-over-month and 3.6% year-over-year, falling short of projections.
Source: YAHOO
Reported 2 months ago
Warren Buffett's Berkshire Hathaway primarily invests in dividend-paying stocks, with the top five holdings—Apple, Bank of America, American Express, Coca-Cola, and Chevron—accounting for 74% of the portfolio. Apple leads the pack, noted for its substantial free cash flow and consistent dividend growth. Bank of America and American Express are strong financial bets, while Coca-Cola's iconic brand and lengthy dividend history appeal to long-term investors. Chevron offers diversification in the energy sector, boasting significant profit and dividends, making these stocks attractive choices for dividend-focused investors.
Source: YAHOO
Reported 2 months ago
Chevron reported disappointing second-quarter earnings of $4.4 billion, missing Wall Street estimates due to weak refining margins and declining natural gas prices, causing a 1.5% drop in its stock. The company's oil output is expected to decline, and it is relocating its headquarters from California to Houston amid ongoing regulatory challenges. Meanwhile, its proposed $53 billion acquisition of Hess is delayed due to a pending arbitration with Exxon Mobil.
Source: YAHOO
Reported 2 months ago
Source: INVESTORS
Reported 2 months ago
Yahoo Finance's Brian Sozzi discusses the implications of President Biden's withdrawal from the 2024 presidential race with Rebecca Patterson, former Chief Investment Strategist at Bridgewater Associates. They emphasize the importance of focusing on company fundamentals rather than solely political outcomes, highlighting the need for investors to assess potential policy changes and their market impacts. Patterson shares her investment strategies and insights into currency and crypto markets, underscoring the complexities of profitable investing.
Source: YAHOO
Reported 2 months ago
Donating to charity can reduce your taxable income, but the impact depends on various factors including the tax code and the type of donation. If you donate cash or assets, ensure the charity is IRS-qualified, follow donation limits, and maintain proper documentation. To benefit from deductions, itemization on your tax return is necessary. For larger deductions, consider strategies like donor-advised funds or donating appreciated assets. Consult a financial advisor for tailored advice.
Source: YAHOO
Reported 2 months ago
Kamala Harris, during her 2024 presidential campaign, has shifted her strategy from supporting a government-run healthcare system to strengthening the Affordable Care Act, which is likely to benefit stocks like Oscar Health and HCA Holdings. Additionally, her moderated stance on fracking aligns with Biden’s approach, potentially favoring energy ETFs while the Powell-led Federal Reserve's expected rate cuts could benefit rate-sensitive ETFs like the iShares U.S. Home Construction ETF.
Source: YAHOO
Reported 2 months ago
Tucker Carlson, during a recent Bitcoin conference, humorously claimed that Bitcoin was created by the CIA, mocking cryptocurrency enthusiasts for being unaware of the true identity of its creator, Satoshi Nakamoto. He referred to the agency's early involvement as a 'honey trap,' drawing laughter from the audience. This theory isn't new and has circulated in discussions around Bitcoin's origins, highlighting the ongoing mystery surrounding Nakamoto's identity.
Source: YAHOO
Reported 2 months ago
Stock futures are experiencing a downturn after the July jobs report showed only 114,000 new jobs added, with the unemployment rate rising to 4.3%. This was below expectations, which forecasted 175,000 new jobs and a steady unemployment rate of 4.1%. Additionally, shares of Amazon and Intel are sharply impacting the market; Amazon reported lower-than-expected revenue and Intel revealed earnings that missed forecasts along with plans to cut 15% of its workforce. Key discussions and insights from economic experts are scheduled throughout the day.
Source: YAHOO
Reported 2 months ago
Nvidia, a leading semiconductor company pivotal in the AI sector, has seen its market cap soar to approximately $2.8 trillion. Analyst Hans Mosesmann from Rosenblatt Securities believes the company’s stock could rise 77%, reaching $200 per share, equating to a $5 trillion valuation. Nvidia's strong performance is driven by its advanced GPUs for AI applications and a growing software business, making it a high-potential investment in the tech landscape.
Source: YAHOO
Reported 2 months ago
Apple's recent shift towards training its AI models using Google's TPUs instead of Nvidia's GPUs raises concerns for Nvidia investors. This decision highlights the growing competition in the AI chip market, suggesting that companies may opt for more cost-effective and efficient alternatives. With major customers looking to reduce their reliance on Nvidia, the potential for slowed revenue growth poses a significant risk to Nvidia's stock value.
Source: YAHOO
Reported 2 months ago
In the current earnings season, major tech companies like Meta, Microsoft, Amazon, and Apple are ramping up their investments in AI, with spending projected to be in the tens of billions. This escalated spending is seen as part of a competitive race to dominate generative AI, which many believe could be the next transformative technology. However, concerns are raised about whether such high stakes may lead companies to push AI solutions even when they may not be necessary, as the industry has previously seen transformative technologies fail to deliver on their promises.
Source: YAHOO
Reported 2 months ago
The Federal Reserve is hinting at potential interest rate cuts in September, driven by easing inflation, yet high mortgage rates may remain a significant hurdle for homebuyers. Currently, the 30-year fixed mortgage rate is around 6.73%, significantly higher than the pandemic lows, and experts predict it will stay above 6% well into 2025. As a result, the anticipated rate cuts are unlikely to provide meaningful relief for those seeking to enter the housing market.
Source: YAHOO
Reported 2 months ago
Bank of America's Michael Hartnett warns that stocks are expected to decline following the Federal Reserve's first interest-rate cut, which he believes will indicate a hard landing for the US economy. Historical patterns since 1970 show that such rate cuts, especially amid economic downturns, often lead to negative outcomes for stocks. Hartnett notes that volatility is rising and the equity market is already weakening as investors prepare for potential rapid easing by the Fed later this year.
Source: YAHOO
Reported 2 months ago
The National Highway Traffic Safety Administration (NHTSA) has escalated its investigation into nearly 1 million Dodge SUVs, specifically targeting the Dodge Journey models produced between 2009 and 2020 due to issues with faulty door locks and windows.
Source: YAHOO
Reported 2 months ago
U.S. index futures dropped significantly following poor forecasts from Amazon and Intel, causing concern among investors who await a crucial jobs report. Amazon's shares fell 8% due to slowed online sales growth, while Intel's stock plummeted 21% after disappointing revenue projections and a dividend suspension. The broader market showed weakness, particularly in major tech stocks, as fears of an economic slowdown continue to mount, with all eyes on the upcoming nonfarm payrolls data for insights into the labor market.
Source: YAHOO
Reported 2 months ago
Walmart's commitment to low pricing will be challenged as it prepares to report its quarterly results after Amazon cautioned that consumers are increasingly searching for bargains, negatively impacting its revenue outlook. Major retailers like Walmart and Target are focusing on keeping prices low amidst inflation, with Walmart expected to see its slowest revenue growth in nearly two years. This trend reflects a shift in consumer behavior towards discount shopping, as highlighted by Amazon's forecast of subdued sales for the upcoming quarter.
Source: YAHOO
Reported 2 months ago
GDS Holdings Ltd. is seeking to raise up to $1 billion for its international data center operations outside China. Following a successful fundraising earlier this year, the company is in discussions with global investors to enhance its presence in Southeast Asia. If successful, GDS will retain a significant minority stake in the business. The company has already raised hundreds of millions for its non-China ventures and operates data centers in locations including Singapore and Malaysia, despite reporting a net loss in the first quarter of this year.
Source: YAHOO