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S&P 500 slips but is still headed for a weekly gain: Live updates

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12 Mins Ago

Intel on pace for worst day since October 2021

Intel shares declined nearly 12% on Friday and headed their its worst one-day slump since October 2021, when the chipmaker declined about 11.7%.

The move in shares came after the company’s fiscal first-quarter outlook fell short of Wall Street’s expectations. Intel said it anticipated earnings per share of 13 cents on $12.2 billion to $13.2 billion in sales for the period. That’s below the EPS forecast of 33 cents on $14.15 billion in revenue expected by analysts polled by LSEG.

Intel’s stock is down more than 9% since the start of the week and on pace for its worst weekly performance since September.

See Chart…

Intel heads for worst daily performance in more than two years

17 Mins Ago

Stocks making the biggest moves midday

Check out the companies making notable moves in midday trading:

  • Capital One Financial — Shares rose 4%, reaching a new 52-week high. On Thursday, Capital One posted fourth-quarter revenue of $9.51 billion, while analysts polled by LSEG called for $9.46 billion.
  • Intel – The chipmaking stock shed 11% after issuing first-quarter guidance that fell short of Wall Street’s expectations. On Thursday, Intel topped fourth-quarter results on the top and bottom lines but said it expects earnings per share of 13 cents on $12.2 billion to $13.2 billion in sales. LSEG expectations had called for EPS of 33 cents on $14.15 billion in revenue.
  • Booz Allen Hamilton — Shares soared 12% after the company reported an earnings and revenue beat for its fiscal third quarter, per FactSet. Booz Allen Hamilton also raised its full-year earnings and revenue guidance, and raised its quarterly dividend by 8.5%. CEO Horacio Rozanksi said strong demand and growing headcount are fueling continued momentum.

The full list can be found here.

— Hakyung Kim

35 Mins Ago

Northrop Grumman’s Thursday selloff has created an attractive entry point, Morgan Stanley says

Northrop Grumman‘s Thursday selloff has created an attractive entry point for investors, according to Morgan Stanley.

The bank reiterated its overweight rating on the stock and named the firm as a top defense pick in a Friday morning note.

Shares of Northrop Grumman slid 6.3% on Thursday after the company reported that it took a $1.17 billion after-tax charge related to its next-generation B-21 bomber contract with the U.S. Air Force.

“We are moving NOC to our Top Defense Pick in part to foot-stomp what we see as an attractive entry point presented by yesterday’s selloff,” wrote Morgan Stanley analyst Kristine Liwag. “While NOC trades at a premium to peers, we see it as the defense ballast to own in uncertain times given its multi-year growth story, a credible margin expansion roadmap, and earnings visibility.”

The analyst noted that she now sees the company’s B-21 program as “significantly de-risked post-charge,” adding that the profitability no longer seems to be a “runaway problem.”

Liwag’s price target of $579 implies that shares of Northrop Grumman could rally 33% from their Thursday close.

— Lisa Kailai Han

58 Mins Ago

Oil on pace for best week since October on U.S. growth, China stimulus

Oil prices are on pace for the best week in months as U.S. economic growth and stimulus in China bolster hopes for more robust demand this year.

The West Texas Intermediate contract for March was last down 93 cents, or 1.2%, to trade at $76.43 a barrel. The Brent contract for March was last trading at $81.64 a barrel, down 79 cents or 0.96%.

But the benchmarks are both up about about 4% for the week, which puts them on pace for their best week since Oct. 13.

The U.S. reported robust economic growth for the fourth quarter at 3.3%, while China is lowering bank reserve requirements to boost growth.

— Spencer Kimball

An Hour Ago

Luxury stocks rise after LVMH reports better-than-expected sales

U.S.-traded shares of luxury groups rose Friday after LVMH‘s 2023 sales and revenue topped analysts’ estimates.

LVMH, which owns Louis Vuitton, Moët & Chandon and Hennessy, as well as brands including Givenchy, Bulgari and Sephora, on Thursday night reported sales amounting to 86.15 billion euros ($93.34 billion) for 2023, exceeding consensus forecasts and equating to 13% organic growth from the previous year. Organic revenue was up 10% in the fourth quarter.

Shares of LVMH jumped 7% on Friday. Other luxury stocks were also boosted by the luxury giant’s results, with U.S.-traded shares of Hermes, Richemont and Burberry rising more than 4% each.

An Hour Ago

These are the Nasdaq’s biggest weekly winners

2 Hours Ago

Only 3 S&P 500 sectors on track to end the week in the negative

After notching a record close for five trading days in a row, the S&P 500 is on track to end the week up more than 1%.

The index’s gains have largely been led by the energy and communication services sectors, respectively up 4.6% and 4.1% on the week.

Just three of 11 total sectors are on pace to close the week in the negative, including health care, real estate and consumer discretionary stocks. These sectors are respectively down 0.3%, 0.6% and 1.8%.

The biggest loser this week in the consumer discretionary sector has been Tesla. Shares have fallen nearly 14% this week since the electric vehicle maker reported weak fourth-quarter revenue and warned of slowing growth in 2024. In response, several firms have taken a more cautious view on the stock.

— Lisa Kailai Han

2 Hours Ago

Pending home sales accelerated much more than expected in December

Pending home sales unexpectedly shot higher in December as lower mortgage rates helped lure buyers back into the market.

The National Association of Realtors on Friday reported that its index measuring sales not yet completed lurched ahead by 8.3% for the month, well ahead of the Dow Jones estimate for a 2% increase. On an annual basis, the index rose 1.3% after being down 5.2% in November.

“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said NAR chief economist Lawrence Yun. The 30-year mortgage rate stood at 6.69% as of Thursday, down from a 7.79% peak in late October, according to Freddie Mac.

—Jeff Cox

2 Hours Ago

How this earnings season is going so far

Nearly one out of every four companies in the S&P 500 have reported earnings thus far in the season. Many are surpassing Wall Street expectations.

About 24.7% of stocks in the S&P 500 have posted their quarterly financials, according to FactSet data from Friday shortly after the opening bell. Of those that have already reported, nearly 72% have beat consensus forecasts of analysts, data from the market analytics platform shows.

— Alex Harring

3 Hours Ago

Stocks open lower

The three major indexes were lower as the final trading day of the week commenced.

The Dow and S&P 500 slipped about 0.1% each shortly after 9:30 a.m. ET. The Nasdaq Composite shed around 0.2%.

Despite the slides, the three indexes remain on track to finish the week higher.

— Alex Harring

3 Hours Ago

Crypto climbs to end the week, ether set to post its worst week since August

Cryptocurrencies were up to finish the week as investors took some comfort in the idea that outflows from the Grayscale Bitcoin ETF (GBTC) could be starting to taper off.

Bitcoin climbed more than 3% to $40,989.80 according to Coin Metrics. At one point Friday morning it rose to as much as $41,658. It’s still down more than 1.5% for the week, however.

Ether was up by about 1% Friday, trading at $2,239.06. It’s on pace, however, to post a nearly 10% decline for the week and its worst week since Aug. 18.

Outsized ether moves tend to follow big bitcoin moves. After finishing 2023 up 90%, compared to bitcoin’s 157% gain, ether outperformed bitcoin in a bit of a catchup trade after the launch of ETFs earlier this month. This week as bitcoin dipped below $39,000 for the first time in seven weeks, ether suffered a much deeper cut.

— Tanaya Macheel

4 Hours Ago

Fed’s preferred inflation gauge rises 0.2% in December

The core price consumptions expenditures index, the Federal Reserve’s preferred inflation metric, rose 0.2% in December month over month, matching a Dow Jones estimate. Year over year, core PCE was up 2.9%, slightly less than the 3% forecast.

— Fred Imbert

4 Hours Ago

Intel, American Express among Friday’s biggest movers

These are the stocks making the biggest moves before the bell:

Read the full list of stocks on the move here.

— Samantha Subin

4 Hours Ago

Norfolk Southern retreats on worse-than-expected earnings

Norfolk Southern slipped more than 1% before the bell after the rail transporter’s earnings came in below Wall Street expectations.

The company earned $2.83 per share excluding items on a revenue of $3.07 billion in the fourth quarter. But analysts polled by LSEG had higher expectations, projecting EPS at $2.87 per share and revenue at $3.08 billion.

Shares are slightly above flat on the year.

— Alex Harring

5 Hours Ago

JPMorgan Chase shuffles top leaders

Multiple executives eyed as potential successors to JPMorgan Chase CEO Jamie Dimon had new or expanded jobs, the bank said Thursday.

Jennifer Piepszak and Marianne Lake are two bank leaders shifting their scopes. It’s unclear if there is now a frontrunner for the chief executive role or if Dimon is intending to leave in the near term.

— Hugh Son

5 Hours Ago

Stocks on pace to notch weekly gains

With just one session left in the trading week, the three major indexes are poised to finish higher.

The Dow has added 0.5%, while the broad S&P 500 has climbed 1.1%. Despite relatively muted gains on Thursday, technology-heavy Nasdaq Composite has outperformed this week with a jump of 1.3%.

Both the S&P 500 and Nasdaq have advanced for the past six sessions. The S&P 500 has closed at a fresh high for the last five trading days, the longest streak of its kind since November 2021.

— Alex Harring

5 Hours Ago

American Express rises despite weaker-than-expected earnings

Shares of American Express popped more than 2% in the premarket even after the card issuer reported weaker-than-expected fourth-quarter results.

The company earned $2.62 per share on revenue of $15.8 billion. Analysts polled by LSEG expected a profit of $2.64 per share on revenue of $16 billion.

That said, the company issued full-year earnings guidance of $12.65 per share to $13.15 per share, beating a StreetAccount consensus estimate of $12.38 per share.

14 Hours Ago

China property stocks rally for second day, hit near four-week highs

China property investment slid nearly 8% in the first half of the year, official data showed Monday, pointing to a deepening decline in investment for a sector that accounts for about a quarter of the world’s second-largest economy.

Future Publishing | Future Publishing | Getty Images

China’s property stocks extended gains on Friday, with the CSI 300 real estate sector hitting a near four-week high.

The index was last up 2.5% in morning trading, after rising nearly 6% on Thursday. It has gained nearly 12% in the last four sessions.

China’s real estate stocks jumped in the previous session after the People’s Bank of China along with the Ministry of Finance announced measures that would help boost the liquidity available to property developers.

The new measures will be valid until the end of 2024.

Shares of Hong Kong-listed Country Garden rose 1.4%, Logan Group gained 1.6% and CK Asset Holdings added 1.5%. Hong Kong’s Hang Seng Mainland Properties index rose 0.3% after climbing 4.3% in the last session.

— Shreyashi Sanyal

16 Hours Ago

Bank of Japan in no hurry to change monetary policy stance, meeting minutes show

Japan’s central bank will not terminate its negative interest rate and yield curve control policy based on “specific numerical values” including negotiations around wage increases.

According to minutes of the BOJ’s December meeting, several board members said exiting from the NIRP and YCC will be “decided at each future meeting based on various data and information obtained at each point in time.”

At the meeting, some members also expressed the view that the bank was currently not in a situation where it would “fall behind the curve” if it did not rush to raise policy interest rates.

The members added even if the BOJ made a decision once the labor-management wage negotiations conclude in spring 2024, “it would not be too late.”

— Lim Hui Jie

17 Hours Ago

Tokyo inflation softens for third straight month; core inflation lower than expected

The inflation rate in Japan’s capital city of Tokyo fell to 1.6% in January, down from 2.4% in December.

Tokyo’s inflation rate is widely considered to be a leading indicator of nationwide inflation trends in Japan.

Tokyo’s core inflation rate, which strips out prices of fresh food, also came in at 1.6%, lower than the 1.9% expected by economists polled by Reuters and also lower then December’s 2.1%.

The so called “core-core” inflation rate, which strips out fresh food and energy prices and is watched by the Bank of Japan, fell to 2.2% in January from 2.7%.

— Lim Hui Jie

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