Equity tried to advance on Thursday after a stronger-than-expected retail sales report. Retail sales accelerated to 0.4% monthly and 1.7% compared to last year, revealing the resiliency of American consumers. In this environment, demand is strong and likely to keep inflation elevated, diminishing the outlook for FOMC interest rate cuts, but there is a silver lining. The silver lining is that the U.S. consumer-led economy drives earnings growth for the S&P 500 in 2024 and continues to outpace estimates. With this dynamic in place, the market could rally well into 2025.
Tech stocks like NVIDIA underpinned movement in the S&P 500 on Thursday. Shares of NVIDIA rose more than 3% at the sessionâs high to set a new all-time high. The risk is that market action in the semiconductor stock was tepid at the new highs, creating a small, spinning top candle showing indecision. Without a significant catalyst to drive it, shares of NVIDIA could revert to lower prices within the 2024 trading range and cap gains for the broader market until its earnings are released in November.
U.S. stocks closed their latest winning week with more records on Friday.The S&P 500 rose 0.4% to squeak past the all-time high it had set early this week. The Dow Jones Industrial Average added 36 points, or 0.1%, to its own record set the day before, and the Nasdaq composite gained 0.6%. NetflâŚ
Oil prices are on the lower end of the curve in todayâs cycle. Still, plenty of tailwinds are set up to potentially bring a new rally for the commodity. Demand has been lackluster lately, and supply isnât moving the way markets want it to move in order to bring a new rally or oil. But âŚ
Itâs a trend that has surprised many: Why, despite being squeezed by high prices, have Americans kept spending at retail stores and restaurants at a robust pace?One key reason is a relatively simple one: Wealthier consumers, boosted by strong gains in income, home equity and stock market wealth, havâŚ
In July of 2024, a defective software update by cybersecurity firm CrowdStrike Holdings Inc. (NASDAQ: CRWD) led to global technology outages across multiple industries. In response, CrowdStrike shares plummeted, losing nearly 44% of their value in about two weeks before reaching a low point in eâŚ
Cisco (NASDAQ: CSCO), formerly known as Cisco Systems, is a computer networking firm that competes with Ciena Corp. (NYSE: CIEN), Juniper Networks Inc. (NYSE: JNPR), and other legacy computer tech companies that have most recently worked to adapt to the demands of the AI boom. Cisco builds and âŚ
Welcome to the financial rollercoaster of 2024, where inflation is persistent, stock markets are overinflated and volatile, global conflicts are intensifying, and the national debt is reaching new heights.
These challenges arenât distant headlines; theyâre impacting your everyday finances.
Chinaâs economy expanded at an annual rate of 4.6% in the July-September quarter, the government said Friday, in the latest evidence that recent efforts to rev up growth have yet to take hold. The worldâs second largest economy slowed from 4.7% annual growth in the previous quarter and falling shortâŚ
Mid-October brought a flurry of earnings results from major semiconductor firms like Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) and ASML Holding N.V. (NASDAQ: ASML), plus reports from several big banks, Netflix Inc. (NASDAQ: NFLX), American Express Co. (NYSE: AXP), and many others. This quâŚ
CVS Health CEO Karen Lynch has stepped down with company shares sinking 19% this year and the health care giant struggling on several fronts. Company shares tumbled again Friday after CVS Health also warned of disappointing third-quarter earnings and said investors should not rely on guidance for thâŚ
Struggling New York Community Bancorp said Friday that it is cutting 700 jobs at its Flagstar subsidiary as it tries to return to profitability after being rescued by investors earlier this year.The bank said the cuts amount to 8% of its head count. Itâs also selling its mortgage-servicing business âŚ
Discover the top businesses Americans dream of starting, from jazz bars in Louisiana to eco-lodges in Hawaii. This survey reveals the top ventures for 2024 by state, highlighting local culture and sustainable practices.
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