1 Min Ago
Gold prices hit highest level since May
15 Mins Ago
Stocks open slightly higher
Here’s how the major indexes opened on Wednesday:
— Pia Singh
47 Mins Ago
U.S. GDP rises at 5.2% pace in Q3, more than expected
Gross domestic product grew at an even stronger than expected pace in the third quarter, the Commerce Department announced Wednesday.
GDP, a measure of all goods and services produced during the July-through-September period, accelerated at 5.2% annualized pace, better than the 5% Dow Jones forecast and above the initial estimate of 4.9%. This was the second of three readings on the key economic number.
The upgrade came mostly from revisions to nonresidential fixed investment and government spending, while consumer expenditures were revised lower.
56 Mins Ago
Stocks making the biggest moves before the bell: General Motors, Petco and more
These are the stocks moving the most in premarket trading:
- General Motors — Shares of the automaker jumped 9% in premarket trading after GM announced a $10 billion stock buyback plan and hiked its quarterly dividend by 33%.
- Petco — Shares of the pet retailer plummeted 17% after reporting disappointing third-quarter earnings.
- Foot Locker — Shares jumped 12% after the footwear retailer posted third-quarter earnings and sales Wednesday that beat Wall Street expectations and said it expects better same-stores sales this year than it previously did.
Read the full list of stocks moving here.
— Lisa Kailai Han
An Hour Ago
Phillips 66 jumps after activist makes $1 billion bet on energy company
An Hour Ago
Okta shares slip in early trading despite earnings beat
Shares of cybersecurity firm Okta slipped 1.5% in Wednesday’s premarket trading session. The company reported a beat on earnings and revenue for the third quarter, however, posting 44 cents per share in earnings on $584 million in revenue. Analysts polled by FactSet had called for 30 cents per share in earnings on $560.6 million in revenue.
On Tuesday, Okta said in a message that a hack on its customer support system led to all customer data being stolen, driving shares lower. The stock has plummeted 10.9% this quarter, but is still up nearly 6.3% for the year.
— Pia Singh
3 Hours Ago
GM to buy back $10 billion in stock, raises dividend
3 Hours Ago
Any Fed rate cuts will be ‘limited,’ Yardeni says
Ed Yardeni of Yardeni Research noted that, while Fed rate cuts are a possibility next year, he doesn’t see the central bank dramatically easing monetary policy.
“The big debate now seems to be when and by how much the Fed will lower interest rates,” Yardeni wrote. “The federal funds rate peaked just before eight of the past 10 recessions. It plunged during all of them. The optimists (including yours truly) aren’t expecting a recession through the end of 2024, so we expect that any rate cutting by the Fed next year will be limited, maybe to two to four cuts of 25bps each.”
— Fred Imbert
10 Hours Ago
Meituan shares plunge to 44-month low as delivery firm warns of slower Q4 growth
A delivery worker for Meituan in Shanghai, China, on Friday, May 27, 2022.
Bloomberg | Getty Images
Meituan’s Hong Kong-listed shares plunged more than 11% to 91.65 Hong Kong dollars by afternoon trading.
Shares of the Chinese delivery firm fell to their lowest level since late March 2020 as it struck a cautious tone in its third quarter earnings call, according to a transcript by FactSet.
“We think in Q4 revenue year-over-year gross profit delivery will be slightly lower than the Q3 growth rate,” Meituan management warned on the call.
The company said on Tuesday its third-quarter revenue rose 22.1% to 76.47 billion Chinese yuan ($10.81 billion) from a year earlier. Adjusted net profit came in at 5.7 billion yuan ($809 million).
10 Hours Ago
South Korea markets will offer the highest earnings growth next year, Goldman Sachs says
South Korean stocks have so far emerged as an undervalued and underloved part of Asia-Pacific equity markets but that is exactly what could make them attractive to investors next year, according to Goldman Sachs.
Goldman even argued that South Korea markets offer the highest potential earnings growth in 2024 in the Asia-Pacific region as its semiconductor sector recovers from steep profit declines. The investment firm remains overweight on South Korean stocks.
“We forecast EPS growth to rebound to 54% in 2024 and to grow 20% further in 2025,” Goldman said with regards to Korea’s Kospi benchmark index.
South Korea is Asia’s fourth largest economy but its markets are often considered undervalued by analysts, leading to what is sometimes referred to as the “Korea discount.”
— Shreyashi Sanyal
11 Hours Ago
New Zealand dollar jumps 1% as central bank holds rates, warns of more hikes
Pedestrians walk past the Reserve Bank of New Zealand headquarters in Wellington, New Zealand, on Thursday, Sept. 13, 2012.
Mark Coote | Bloomberg | Getty Images
The New Zealand dollar jumped 1% to nearly 0.62 against the U.S. dollar after the Reserve Bank of New Zealand held its official cash rate at 5.5% and warned that rates could go higher to tackle inflation.
The kiwi dollar jumped to its highest level in nearly four months after the decision. The currency is down 2.5% so far this year and is headed for its third straight yearly decline.
The central bank noted that inflation is still too high and said monetary policy will need to remain restrictive in order to control it.
14 Hours Ago
Australia’s inflation rate slows more than expected in October
Australia’s weighted inflation rate for October slowed more than expected, coming in at 4.9% compared with the 5.2% expected by economists polled by Reuters.
This was also lower than the 5.6% seen in September. The overall inflation rate stood at 4.8%, its lowest level since January 2022.
The country’s statistics bureau revealed that the most significant price rises were housing, food and non-alcoholic beverages, as well as transport.
— Lim Hui Jie
15 Hours Ago
Stock futures open little changed
Stock futures were little changed on Tuesday, with investors clinging to hope that the Federal Reserve was done raising benchmark interest rates.
Futures tied to the Dow Jones Industrial Average added 17 points, or 0.05%. S&P 500 futures climbed 0.02% while Nasdaq 100 futures hovered near the flatline.
— Brian Evans