HomeBusinessS&P 500 falls slightly as November rally cools off: Live updates

S&P 500 falls slightly as November rally cools off: Live updates

Published on

spot_img


6 Mins Ago

Stocks open mixed on Tuesday

Here’s how the major indexes opened on Tuesday:

— Pia Singh

24 Mins Ago

Housing prices rise in line with estimate, Case-Shiller gauge shows

Housing prices continued to move higher in September despite pressures in the real estate market and expectations that shelter costs will start falling.

The S&P CoreLogic Case-Shiller index for 20 large markets in the U.S. posted a 12-month increase of 3.9%, according to data released Tuesday. That was in-line with the Dow Jones estimate and higher than the 2.1% gain in August.

On a broader level, the measure converging all nine U.S. census divisions also posted a 3.9% annual increase, compared to 2.5% in August.

—Jeff Cox

An Hour Ago

Stocks making the biggest moves premarket

Check out some of the companies making headlines in premarket trading.

  • Affirm The fintech provider of “buy now pay later” services rose 2% after an upgrade to hold at Jefferies on Tuesday. The upgrade was underpinned by “recent evidence of stabilizing cost of capital and capital markets activity, stabilizing (if not improving) credit performance, and ongoing momentum in adoption rates for BNPL.”
  • Boeing  The maker of 737 Max jetliners gained about 2% premarket after an upgrade to outperform at RBC Capital Markets. Analyst Ken Herber said the 2024 outlook for Boeing is more favorable as demand in both the company’s commercial and defense segments grows more sustainable.
  • Crocs The maker of iconic, soft footwear rose more than 2.3% on the heels of an upgrade to strong buy at Raymond James on Tuesday. Analyst Rick Patel is more confident on Crocs’ business structure heading into 2024, and thinks the stock’s price-to-earnings ratio is “highly discounted given our expectation of moderate revenue growth.”

Read the full list here.

— Brian Evans

An Hour Ago

Markets are still waiting for some major catalysts this week

Tuesday is another fairly slow morning for the market as investors await this week’s major catalysts, including earnings, inflation data and the OPEC+ meeting, according to Vital Knowledge’s Adam Crisafulli.

“The big focus for Tues will be on sell-side conference presentations and earnings after the close (CRWD, HPE, INTU, NTAP, SPLK, and WDAY are the major ones),” Crisafulli wrote in an email, adding that U.S. home prices for September, the Conference board conference survey for November and the Richmond Fed manufacturing index for November are other key items for the day. Fresh inflation data will be released Thursday.

So far, he noted that central bankers haven’t said anything out of the ordinary this week and economic data has also been minimal. The ceasefire extension in Gaza isn’t a big market mover either, according to Crisafulli, as investors no longer view the war as a major source of oil supply risk.

— Pia Singh

3 Hours Ago

Time to get defensive, Wolfe Research says

Wolfe Research strategist Rob Ginsberg thinks investors could benefit from a more defensive stance at this moment.

“Based on a few factors … we believe it might be prudent to harvest and cash in some chips following the past month’s violent rally. The overbought signal that we discussed last week is the obvious one, but as we all know, that condition can persist, so it’s important to look for signs that momentum is starting to peter out,” Ginsberg wrote.

— Fred Imbert

10 Hours Ago

Foxconn Taiwan shares climb 1% after $1.5 billion investment in India

Taiwan-listed shares of iPhone manufacturer Foxconn climbed almost 1% after the company announced a $1.5 billion investment in India.

Foxconn, which trades as Hon Hai Precision Industry in Taiwan, saw its shares stand at 102.5 New Taiwan dollars ($3.26) on Tuesday.

The investment in India is a construction project, and is aimed at fulfilling the Apple supplier’s “operational needs,” the company announced in Taiwanese security filing.

Read the full story here.

— Lim Hui Jie, Rohan Goswami

11 Hours Ago

Thai baht hits three-month high ahead of Bank of Thailand decision

The Thai baht strengthened 0.4% to 34.93 against the dollar in early trading on Tuesday.

Thailand’s currency reached as much as 34.86 against the greenback, marking its strongest level since late August.

Official data on Monday showed Thailand’s exports climbing in October at its fastest pace since June 2022.

Exports rose 8% last month on an annual basis, but was still below a Reuters poll forecast of a 9.3% year-on-year increase.

Focus will now shift to the Bank of Thailand’s policy meeting on Wednesday, where it will likely hold its key interest rate at 2.5%, according to economists polled by Reuters.

The BOT raised its key interest rate for an eighth consecutive time at its September policy meeting and said economic growth and inflationary pressures should pick up next year.

— Shreyashi Sanyal

14 Hours Ago

Hong Kong exports log first increase in 19 months in October

Hong Kong recorded its first annual increase in exports since April 2022, according to government data for October released Monday.

Exports from Hong Kong rose 1.4% last month, in positive territory after a 5.3% contraction in September. Imports also recorded an increase of 2.6% in October, against a decline of 0.4% in the prior month.

The rise in exports was led by Asian regions, including India, Vietnam, Thailand and mainland China. Singapore, the Philippines and Taiwan record decrease in exports from Hong Kong.

“The pick-up was largely attributable to an improvement in exports to mainland China which rose 5.6% yoy, the first increase since February 2022,” analysts at Commerzbank wrote in client note.

“Given Hong Kong’s role in re-exports of Chinese products, particularly in electronics, the improvement in trade performance suggests a better near-term outlook for mainland China’s exports.”

— Shreyashi Sanyal

14 Hours Ago

Market rally should broaden in 2024, equity strategist says

The stock market rally should expand in 2024 as more sectors show strong earnings trends, according to Scott Chronert, U.S. equity strategist at Citi.

“The big call for ’24 is going to one of broadening or not away from this mega-cap growth leadership towards other areas of the market,” he said on CNBC’s “Closing Bell: Overtime.” “We’re of the view increasingly that that broadening is being setup by what should be a more consistent pattern of sector earnings trends up and to the right, in a positive direction.”

He noted the firm expects the S&P 500 to hit 5,000 points by mid 2024. That’s nearly 10% higher than Monday’s closing level at 4,550.43.

— Alex Harring

14 Hours Ago

Zoom, Peloton appear undervalued after selloff, NYU’s Aswath Damodaran says

It’s time to revisit smaller technology stocks such as Zoom Video Communications and Peloton in 2024, according to Aswath Damodaran, professor of finance at NYU Stern School of Business.

Both names appear undervalued after their selloff this year, and could start to rebound, the finance professor said. Zoom Video Communications is off by more than 3% in 2023, while Peloton shares plunged 31%, as higher interest rates dented the prospects of growth stocks.

“You look at stocks, Zoom and Peloton and those stocks, are way below where they were two years ago,” Damodaran told CNBC’s “Closing Bell” on Monday.

“Now, two years ago, of course, they were all overvalued, but I wouldn’t be surprised if you saw — especially if the market stays healthy and the economy doesn’t go into recession — some of those small tech stocks that have been left on the wayside try to make up some ground this coming year.”

— Sarah Min

15 Hours Ago

Renaissance Macro’s Jeff deGraaf sees the S&P 500 rising to 4800 in 2024

The S&P 500 could touch the 4,800 level next year as investors digest a changing macroeconomic environment underpinned by the 2024 election, according to Renaissance Macro Research chairman and head of technical research Jeff deGraaf.

“I think at this stage you want to play it for the next eight weeks or so, and then we’ll see at the beginning of the year, seasonal election years do tend to be flat the first half,” deGraaf told CNBC’s “Closing Bell” on Monday. “I could easily see us up around 4800 on the upside for the S&P and maybe go sideways for an extended period of time as we kind of digest the potential for the election in 2024.”

— Brian Evans

15 Hours Ago

Zscaler retreats as investors parse earnings report

Zscaler slid nearly 7% in after-hour trading as billings guidance took focus from an otherwise strong report.

The cybersecurity cloud stock beat forecasts of analysts polled by LSEG on both lines and issued a strong full-year outlook for earnings and revenue. But the company kept its expectations for billings unmoved for the year, pushing investors to reduce exposure to the stock.

Despite the slide, it has been a banner year for shares. The stock has soared 71.5% this year, while the First Trust NASDAQ Cybersecurity ETF (CIBR) has added just over 26.2%.

See Chart…

Zscaler shares

CrowdStrike, a competitor, also fell more than 1% in extended trading.

Both stocks hit highs not seen in at least a year during Monday’s session.

— Alex Harring, Robert Hum, Ethan Kraft

15 Hours Ago

Stock futures are little changed

Stock futures saw muted moves shortly after 6 p.m. ET.

Dow futures rose around 0.1%, while S&P 500 and Nasdaq 100 futures were both near flat.

— Alex Harring



Source link

Latest articles

IU wins #1 on ‘Inkigayo’ + Performances from MAMAMOO’s Moonbyul, LE SSERAFIM, TRI.BE and more!

SBS's 'Inkigayo' aired its latest episode with energetic and fun performances from your...

NCT’s Doyoung’s chivalrous gesture towards actress Moon Ga Young steals the spotlight at Milan Fashion Week – Times of India

NCT's Doyoung stole hearts and headlines alike after a moment of chivalry at...

Love Is Blind viewers left “uncomfortable” by Amy and Johnny’s birth control fiasco – Dexerto

Meera Jacka  ❘   Published: 2024-02-25T05:29:53  ❘   Updated: 2024-02-25T05:30:06 Love Is Blind’s Amy...

Official Scorecards | UFC Mexico City

Official Judges Scorecards  UFCUFC Fight Night: Moreno vs Royval 2 Main Card Results |...

More like this

IU wins #1 on ‘Inkigayo’ + Performances from MAMAMOO’s Moonbyul, LE SSERAFIM, TRI.BE and more!

SBS's 'Inkigayo' aired its latest episode with energetic and fun performances from your...

NCT’s Doyoung’s chivalrous gesture towards actress Moon Ga Young steals the spotlight at Milan Fashion Week – Times of India

NCT's Doyoung stole hearts and headlines alike after a moment of chivalry at...

Love Is Blind viewers left “uncomfortable” by Amy and Johnny’s birth control fiasco – Dexerto

Meera Jacka  ❘   Published: 2024-02-25T05:29:53  ❘   Updated: 2024-02-25T05:30:06 Love Is Blind’s Amy...