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We’ve had quite a bit of focus in the last few weeks as Evergrande re-enters the news and there are fears more broadly about the economy’s property sector. Brent futures, the international benchmark, settled of 0.6% at $84.58 a barrel. They fell more than 8% this week, logging their worst week since March. The spread over Treasurys on the Ice BofA U.S. high yield bond index jumped 0.34 percentage point this week, reflecting concern in riskier bond markets.
December copper contracts — the benchmark base, or industrial, metal — fell to their weakest since last May. The firm upgraded its price target for Nvidia to $750 on Tuesday. Boosted by the artificial intelligence run, Nvidia has rallied over 200% how to write an effective rfp request for proposal since January. According to the analyst, the firm’s broader IT hardware and communications equipment coverage area’s outperformed the S&P 500 by 300 basis points in the third quarter and the PHLX Semiconductor Sector Index by 500 basis points.
Stocks traded inversely to bond yields throughout the day, moving lower each time as rates spiked. The latest catalyst for the rate boost was the release Tuesday of the August job openings survey, which signaled a tight labor market. Meanwhile, economists polled by Dow Jones had anticipated 8.8 million jobs. A strong labor market is allowing the Fed to tighten policy without fear it is going too far. The consumer price index released Thursday increased 0.4% on the month and 3.7% from a year ago, according to a Bureau of Labor Statistics report. The core inflation number, excluding food and energy prices, came out in line with economists’ expectations at an increase of 0.3% on the month and 4.1% on a 12-month basis.
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Many economists there think it will end the year at more than 180%. You might recall the ABC did this story earlier this month about Argentina, where the inflation rate at the time was running at more than 100 per cent. Managing director and chief investment officer of Swiss Asia Capital, Juerg Kiener, made this prediction earlier this year. Stocks’ gains were fairly broad-based, with 10 of the S&P 500’s sectors in the green Friday. Government bonds have sold off rapidly in recent months, sending the yield on the benchmark 10-year bond around a percentage point higher since the beginning of July.
- Circuit breakers installed after the October 1987 stock market crash make a 20% decline in the S&P 500 “almost impossible,” Ned Davis Research said.
- The NYSTRS is one of the largest pension funds in the U.S. “Climate change we’ve identified as one of those big, big risks.”
- The inclusion of a company in the Dow Jones Industrial Average does not depend on defined criteria.
- Here is a piece by our business reporter Nassim Khadem to get you started this morning.
- President Xi Jinping has shifted China’s goal from economic growth to military power.
Meanwhile, the latest data out of the US shows inflation is sticking around, which is leading investors to worry that regulators there will start raising rates again soon. Here in Australia, there is now a small chance of a rate hike on Melbourne Cup day, economists say. Stocks and bond prices had initially dropped after a surprisingly strong report this morning showed employers added 336,000 jobs in September. But a closer look showed the gains may have been distorted by seasonal adjustments and that wage growth was modest.
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The fall in technology stocks also contributed to a 1.6% decline in the S&P 500, with the information technology sector last down 2.2%. As Tuesday’s trading session comes to a close, the Dow is poised to post its sixth worst session of 2023. Fear spread on trading floors as the session continued, with the Cboe Volatility Index jumping to its highest level since May. maxitrade information about the broker – broker overview “The threat to equities is more along the interest rate side. We really need to get through this bond sell-off, and find some type of equilibrium in the bond market, before we think stocks will be able to find a bottom,” he said. A still-hot jobs market could push the Federal Reserve to continue with its interest rate hikes in its ongoing bid to tame inflation.
Phallus and the boar: Türkiye digs yield clues to human history
First Solar shares jumped more than 3% before the bell after Barclays upgraded the solar stock to an overweight rating. Major stock indexes opened slightly higher on Thursday, after the latest consumer price index came out higher than expected. Medical device stocks like Dexcom and Insulet are hitting fresh lows as investors bet the success of Ozempic and other GLP-1 medications will make consumers healthier and less in need beaxy review of kidney dialysis, bariatric surgery, insulin pumps, and more. “It’s going to be tough for the market to move ahead and mostly because of higher interest rates,” he told CNBC’s “Squawk on the Street” on Thursday, due in part to heightened uncertainty fueled by geopolitical risks and climate concerns. Truist upgraded shares of Exxon Mobil to a buy from hold amid a plan buy the oil company to buy Pioneer Natural Resources.
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In August, the firm upgraded Arista Networks to a buy from neutral rating, viewing the networking equipment stock as an early Ai play. The firm anticipated “further rotation into the group as Y/Y bookings decline decelerates and P/E valuation discount of ~900bps closes with semis.” The dramatic move in interest rates over the past two weeks does not appear to be sustainable, according to Ned Davis Research.
Nasdaq-100 Index has rallied for 14 straight weeks on first day of trading
The yield on the U.S. 10-year benchmark Treasury jumped this morning, after the August Job Openings & Labor Turnover Survey revealed an unexpected surge in employment vacancies. Shares of Western Alliance, which was one of the regional bank stocks hit hard earlier this year, sank more than 6%. Gold continued its steep sell-off on Tuesday, notching its longest losing streak since August 2022 as concerns about higher-for-longer interest rates weighed on the market. “Longer term, we see more meaningful capacity coming online in 2H24, as well as continued outsized growth as NVDA looks to pull in the ramp of its next generation GPU, the B100, into 4Q24,” wrote analyst John Vinh.
Home Depot and American Express were the next two biggest losers, with both stocks down around 2.5%. Sphere popped more than 11% in Monday’s session as investors reacted to music group U2 opening the company’s new Las Vegas performance venue over the weekend. But while the footage from the new venue dazzled viewers, Wall Street isn’t so sure about the stock.
The blue-chip average is down around 470 points, or 1.4%, on Tuesday. The Dow last performed worse on March 22, when the index slid 530 points, or 1.6%. Recession fears are also being sparked by the devastating crisis in the Middle East.
“At this point the ‘green Monday/first day of week’ streak is not only extremely rare, but just bizarre,” Krinsky wrote. “Interestingly over the course of this streak from late June, the [Nasdaq-100] is down modestly, so the strong starts to the week aren’t leading to any followthrough.” Barclays downgraded SolarEdge to equal weight, warning that the company and its peer Enphase could be hampered by price cuts and market share losses. West Texas Intermediate crude dropped to $87.76 Tuesday morning. This was its lowest level since Sept. 12, when WTI traded as low as $87.22.
The data follows a stronger-than-expected producer price index reading for September. “It is now the first week of October, and data has been stronger,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “This morning’s JOLTS is the biggest, baddest confirmation so far this week, and it’s pushing yields to fresh long-term highs. Pretty simple stuff, actually, even if unpleasant and unfortunate for fans of low rates.”
And then on Thursday, we have jobs data coming out from the ABS, which will give us an indication of how the economy and workers are tracking broadly. Commonwealth’s Gareth Aird was the latest to weigh into this debate this week, with the economist saying a rate hike is “live” for either November or December, albeit still at a low chance. The latest inflation rate data just came out for the South American country.
The chance that the Federal Reserve will raise its benchmark overnight lending rate another quarter point — to 5.50%-5.75% — by the end of this year climbed to 35.7% from 26.3% yesterday, according to the CME FedWatch tool. The move follows the release of September’s consumer price index, which matched economists’ estimates when stripping out food and energy costs. Oil prices bounced back on Thursday, with futures for U.S. benchmark West Texas Intermediate crude rising 1.6% to trade just below the $85 per barrel mark. The move erased some of Wednesday’s declines, the price of oil still remains below Monday’s high and levels from late September, when WTI traded above $90 per barrel. Although shares of Walgreens have jumped more than 10% since Monday, the sector has been pulled lower by Hormel Foods and Lamb Weston, which are down 10.8% and 8.3%, respectively.
Bank of America double upgraded shares of HP to buy from underperform on Tuesday, citing an attractive valuation and strong fundamentals. “We continue to see attractive risk-reward on communication equipment stocks following our June launch,” wrote Atif Malik in a Monday note. Both the Dow and S&P 500 were headed for their biggest one-day losses since March. The Nasdaq was on track for its worst session going back to Aug. 2.