Reported 3 months ago
The Biden administration has purchased 4.65 million barrels of crude oil to replenish the Strategic Petroleum Reserve, which had reached a 40-year low after significant drawdowns in response to the Russia-Ukraine conflict. This brings the total replenished oil to 43.25 million barrels, with contracts awarded to Exxon Mobil and Macquarie. The Energy Department plans to continue purchasing oil as prices decline, aiming for sustained recovery of the reserve.
Source: YAHOO
Reported 3 months ago
Ares Capital Corporation (ARCC) is set to release its Q2 2024 earnings on July 30. Revenue is expected to show improvement year over year, while earnings are anticipated to remain stable at 58 cents per share, reflecting the previous year's results. The company has a strong earnings history, having met or beaten consensus estimates in three of the last four quarters. The report will also highlight expected increases in interest income and expenses as Ares invests in growth-stage companies.
Source: YAHOO
Reported 3 months ago
An analyst has adjusted Tesla's stock price target following CEO Elon Musk's remarks on the company's push towards full self-driving technology. Musk emphasized that those who don't believe in Tesla's autonomy vision should sell their shares, while those who do should invest. Although Tesla reported disappointing earnings, analysts see potential in the autonomous driving sector, expecting it to drive demand significantly in the future. Despite some skepticism about Tesla's promises, the company maintains a strong outlook influenced by advancements in its Full Self-Driving system.
Source: YAHOO
Reported 3 months ago
Source: BARRONS
Reported 3 months ago
European stocks fell slightly due to disappointing earnings reports as investors prepare for critical central bank meetings. The Stoxx Europe 600 Index dipped 0.2% after earlier rising, while sectors like real estate performed well and autos and travel faced notable declines. Investors are looking ahead to U.S. tech earnings and inflation reports in Europe, which may influence monetary policy decisions in the upcoming week.
Source: YAHOO
Reported 3 months ago
The UK government has decided not to sell its £6 billion stake in NatWest Group to the public, stating it would not provide value for money, according to Chancellor Rachel Reeves. The plan would have required significant discounts, potentially costing taxpayers hundreds of millions. Instead, the government plans to transition its shares to institutional investors by 2026.
Source: YAHOO
Reported 3 months ago
U.S. health regulators have approved a groundbreaking blood test, the Shield test by Guardant, for colon cancer screening in adults aged 45 and older with average risk. This noninvasive test aims to identify DNA fragments from tumor cells and has demonstrated an 83% cancer detection rate. While it does not replace colonoscopies, the approval may enhance insurance coverage and accessibility for patients who hesitate to undergo traditional screenings.
Source: YAHOO
Reported 3 months ago
Emerging market currencies fell as the US dollar strengthened, especially in Latin America, where the Mexican peso hit a one-month low. Despite this, stocks gained, led by Asian tech firms, ahead of significant central bank decisions and economic data releases. Analysts anticipate a possible hold in US rates with indications of future cuts, while geopolitical tensions in Venezuela and currency adjustments in Ethiopia added to the market dynamics.
Source: YAHOO
Reported 3 months ago
Cocoa futures have reached their lowest point in over four months as traders assess a potential rise in supply against weak demand expectations. The most-active futures contract in New York fell by 4.4%, influenced by an anticipated surplus in the upcoming season and concerns about production recovery in major producers like Ivory Coast and Ghana. Analysts are cautious about rising cocoa prices impacting demand, with concerns that chocolate manufacturers may face margin pressures as consumer preferences shift towards more affordable options.
Source: YAHOO
Reported 3 months ago
A new reform bill for the Federal Reserve's discount window, introduced by Senator Mark Warner, aims to address the long-standing stigma associated with this emergency lending facility. The Fed seeks to encourage banks to utilize the discount window during liquidity crises, following the challenges faced in March 2023 which highlighted the urgent need for modernization. The bill mandates that banks test their access to the discount window and requires accountability from regulators, fundamentally reshaping how banks view and access emergency loans.
Source: YAHOO
Reported 3 months ago
Tesla's stock surged in Monday trading following Morgan Stanley's analyst Adam Jonas naming the company as a 'top pick.' Jonas highlighted Tesla's potential for positive cash flow due to recent cost-cutting and restructuring efforts, creating a positive outlook amid discussions on the overall electric vehicle market.
Source: YAHOO
Reported 3 months ago
The comic book film 'Deadpool & Wolverine' exceeded expectations with a $211 million debut, making it the sixth largest opening weekend ever, surpassing 'Jurassic World.' Directed by Shawn Levy and starring Ryan Reynolds and Hugh Jackman, the film also set a record for R-rated movies. The total global earnings reached $444.3 million.
Source: YAHOO
Reported 3 months ago
The newly launched Ethereum ETFs in the U.S. faced $340 million in outflows during their first week, as investors withdrew funds from a high-fee legacy product converted into an ETF. While investors shifted their assets, the new ETFs attracted $1.17 billion within just four trading days, with major inflows noted for funds by BlackRock, Bitwise, and Fidelity. Meanwhile, Grayscale's fund suffered a loss of $1.5 billion, leading to increased interest in their new Ethereum Mini Trust, which has a lower fee structure.
Source: YAHOO
Reported 3 months ago
In a recent discussion, Anthony Pompliano shared his insights on Trump’s evolving perspective towards Bitcoin, suggesting he may be more sympathetic now than in the past due to his close associates' influence. Pompliano pointed out that regardless of the political landscape, the U.S. national debt is on the rise, leading to the devaluation of the dollar, which historically favors Bitcoin’s long-term increase in value.
Source: YAHOO
Reported 3 months ago
Small-cap stocks are witnessing a rally as market rotation continues, particularly in the tech sector. RBC Capital's Lori Calvasina indicates that despite earnings not fully supporting the trend, small-cap stocks may see further short-term gains. The analysis was discussed during Yahoo Finance's Morning Brief with hosts Brian Sozzi and Brad Smith.
Source: YAHOO
Reported 3 months ago
McDonald's recent quarterly report revealed a disappointing decline in global same-store sales, attributed to rising prices and a shift in customer behavior. Wedbush's Nick Setyan highlighted that the $5 meal, aimed at drawing customers from grocery shopping, is backfiring by also alienating higher-income customers who don’t need such offers, suggesting that the fast-food giant may need to rethink its pricing strategy.
Source: YAHOO
Reported 3 months ago
Philips shares experienced a significant boost in trading after the company reported a 2% year-over-year increase in comparable sales, with robust demand in North America countering a decline in China.
Source: YAHOO
Reported 3 months ago
The Federal Reserve is in the process of reducing its balance sheet, which is still larger than pre-pandemic levels. According to BlackRock's Tom Becker, expectations are that the Fed will maintain a cautious stance, avoiding significant changes to its portfolio following a major adjustment in June. Future discussions may focus on the composition of the balance sheet and the duration of the bonds held, but substantial shifts are not anticipated.
Source: YAHOO
Reported 3 months ago
This week, several companies are executing stock splits, including Meta Data Limited with a reverse split to comply with NYSE requirements, Ashford Inc. with a dramatic reverse and forward split to ease delisting, and Sacks Parente Golf initiating a reverse split for Nasdaq compliance. Concord Medical Services will alter its ADS structure, and Viridien has already executed a reverse split. Investors should pay attention to these changes for potential market impacts.
Source: YAHOO
Reported 3 months ago
The Federal Reserve's upcoming two-day meeting starting July 30 is anticipated to maintain current interest rates, but investors are keenly observing communications from leadership, particularly Chair Jerome Powell, for indications of possible rate cuts in September. Yahoo Finance's Jennifer Schonberger discusses what to expect and the implications for the market.
Source: YAHOO
Reported 3 months ago
Global tensions have influenced crude oil prices, prompting investors to monitor the effects of geopolitical events on the market. Analyst Bob Iaccino from Path Trading Partners suggests there could be 'an August surprise' from OPEC+ regarding production cuts, largely influenced by reduced demand traced back to weakness in China. He emphasizes that if one believes the economy isn't slowing as significantly as perceived, then energy could be a strong sector to watch during periods of reflation.
Source: YAHOO
Reported 3 months ago
US stocks opened higher on Monday as the Dow Jones, S&P 500, and Nasdaq all saw gains, setting the stage for a significant week of economic events. Investors are anticipating a Federal Reserve rate decision, a crucial jobs report, and earnings from major tech companies like Apple and Microsoft. Despite earlier losses, markets rebounded amid optimistic inflation readings, although caution remains following recent market volatility.
Source: YAHOO
Reported 3 months ago
Wharton finance professor Jeremy Siegel predicts a significant change in the stock market as the Federal Reserve is expected to initiate rate cuts, which could benefit underperforming value stocks. With the S&P 500 Value index lagging behind growth stocks this year, Siegel emphasizes that a shift towards value investing may occur once the Fed lowers interest rates, especially amid cooling inflation data that supports this move.
Source: YAHOO
Reported 3 months ago
Major video game publishers like Electronic Arts and Take-Two are likely to weather a recent strike by voice actors and motion-capture artists, thanks to in-house studios and long game development cycles. Analysts suggest that the impact on production will be minimal, as ongoing projects were initiated years ago, with little budget impact from voice work leading companies to continue development. However, the strike raises concerns about broader industry challenges and could affect future earnings if unresolved by early September.
Source: YAHOO
Reported 3 months ago
Abbott Laboratories has been ordered by a jury to pay $495 million in damages after being found liable for not disclosing that its baby formula for premature infants could increase the risk of bowel disease. The company intends to appeal the ruling.
Source: YAHOO