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☆ 3-Stock Lunch: WYNN, PYPL & RL
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email3-Stock Lunch: WYNN, PYPL & RLEva Ados, ERShares CIO, joins 'Power Lunch' to discuss three stock plays including: Wynn Resorts, PayPal Holdings and Ralph Lauren.

Persons: WYNN, Eva Ados, Ralph Lauren Organizations: PYPL, ERShares, Wynn Resorts, PayPal Holdings

☆ Wall St Week Ahead Tax-loss selling, 'Santa rally' could sway U.S. stocks after November melt-up
▼ + stars: | 2023-12-02 | by ( David Randall | ) www.reuters.com time to read: +5 min

The key catalyst for stocks will likely continue to be the expected trajectory of the Federal Reserve's monetary policy. In September, historically the weakest month for stocks, the S&P 500 fell nearly 5%. The S&P 500 gained nearly 9% gain in November, historically a strong month for the index. Overall, December has been the second-best month for the S&P 500, with the index up an average of 1.54% for the month since 1945, according to CFRA. Many other names have languished: The equal-weighted S&P 500, whose performance is not skewed by big tech and growth stocks, is up around 6% in 2023.

Persons: Mike Segar, Santa Claus, Stocks, We've, Sam Stovall, Claus, Kraft Heinz, BofA, Sameer Samana, Dow, Michael Hartnett, David Randall, Ira Iosebashvili, Richard Chang Organizations: New York Stock Exchange, REUTERS, Federal, Research, Investors, LPL, BofA Global Research, PayPal Holdings, CVS Health, Kraft, Wells, Investment Institute, Nvidia, Dow Jones, Coinbase Global, Innovation, Thomson Locations: Manhattan, New York City , New York, U.S, Santa, New York

☆ Block shares soar as Street lauds strong 2024 forecast, buyback plans
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Block Inc logo is seen displayed in this illustration taken, April 10, 2023. If premarket gains hold, the company could add nearly $5 billion to its market value, based on the stock's last trading price of $51.85, according to Reuters calculations. It took some analysts by surprise as it alluded to an increased focus on keeping expenses under control. The company would create an "absolute cap on the number of people we have...held firm at 12,000 people" until gains in the business outpaced headcount growth, CEO Jack Dorsey said. Block's initial plan to repurchase $1 billion worth of shares also raised investor spirits, as Dorsey said the buybacks would offset some dilution from share-based compensation to employees.

Persons: Dado Ruvic, Block, Jack Dorsey, tsin Huang, Dorsey, Niket, Shinjini Organizations: REUTERS, PayPal Holdings, Thomson Locations: Bengaluru

☆ PayPal raises full-year profit forecast above Wall Street estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - PayPal Holdings (PYPL.O) raised its forecast for full-year adjusted profit above Wall Street estimates on Wednesday, as the payments giant banks on resilient consumer spending trends during the key holiday shopping season. The company said it expects adjusted profit for the full-year to be about $4.98 per share from $4.95 earlier. PayPal cut its annual forecast of adjusted operating margin expansion to 75 basis points from 100 basis points expected earlier. Total payments volume increased 13% on FX-neutral basis to $387.7 billion in the third quarter, beating Street expectations of $377.9 billion. The firm earned $1.30 per share on an adjusted basis in the third-quarter, beating Wall Street expectations of $1.23 per share.

Persons: Dado Ruvic, Jamie Miller, Manya Saini, Krishna Chandra Organizations: PayPal, REUTERS, PayPal Holdings, Wall, Adobe Analytics, Apple, FX, U.S . Commerce Department, Thomson Locations: U.S, Bengaluru

☆ Wall Street moves sideways as investors look to Fed
▼ + stars: | 2023-09-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Financial markets have currently baked in a 99% certainty that the Fed will hold the key rate at 5.25%-5.00% on Wednesday. British chipmaker Arm Holdings slid 4.5% after Bernstein initiated coverage with an "underperform" rating just days after its stellar debut. Declining issues outnumbered advancing ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.74-to-1 ratio favored decliners. The S&P 500 posted 6 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 247 new lows.

Persons: Brendan McDermid, Bernstein, Jerome, Powell, Peter Tuz, Janet Yellen, Sam Stovall, Stovall, Piper, Stephen Culp, Ankika Biswas, Shristi, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Holdings, Dow, Nasdaq, U.S, U.S . Federal, Chase Investment, Markets, CFRA Research, Dow Jones, Energy, Tesla Inc, Corp, Arm Holdings, Paypal Holdings, NYSE, Thomson Locations: New York City, U.S, U.S ., Charlottesville , Virginia, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. Energy (.SPNY) was the top S&P 500 sector gainer, up 1.1%, as crude prices firmed near the $95-per-barrel mark on tight supply. Chipmaker Micron Technology (MU.O) rose 1.3%, following Friday's rout, after Deutsche Bank upgraded its stock rating to "buy" from "hold". Declining issues outnumbered advancers by a 1.02-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq. The S&P index recorded five new 52-week highs and 11 new lows, while the Nasdaq recorded 24 new highs and 172 new lows.

Persons: Brendan McDermid, Bernstein, Piper Sandler, Paul Nolte, Goldman Sachs, Janus Henderson, Wells, MoffettNathanson, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Holdings, Micron, L3Harris, Dow, Nasdaq, Energy, VF, Microsoft, U.S, Treasury, Murphy, Sylvest Wealth Management, Traders, Morgan Asset Management, Janus Henderson Investors, Arm Holdings, Dow Jones, Chipmaker Micron Technology, Deutsche Bank, L3Harris Technologies, PayPal Holdings, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ Wall Street downgrades this fintech name. Here's why Cramer agrees with the call
▼ + stars: | 2023-09-18 | by ( Morgan Chittum | ) www.cnbc.com time to read: +1 min

If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. CNBC's Jim Cramer agrees with the call, adding that investors should ditch these newer fintech names like PayPal altogether. "Stay away from every single one of them," Jim said, adding older financials like Mastercard and Visa are doing "incredibly well." PayPal has faced immense competition from Apple's (AAPL) popular digital payment product, Apple Pay, as well. Shares of PayPal have dropped nearly 11.5% year-to-date, while Mastercard and Visa have surged 19% and 17% since the start of 2023, respectively.

Persons: MoffettNathanson, Alex Chriss, Jim Cramer's, CNBC's Jim Cramer, Jim Organizations: PayPal Holdings, PayPal, Mastercard, Visa, Apple, CNBC, Nvidia

The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsCompanies PayPal Holdings Inc FollowLONDON, Aug 16 (Reuters) - Payments giant PayPal (PYPL.O) will stop allowing UK customers to buy cryptocurrencies through its platform from October as it works to comply with new rules on crypto promotions. Britain's financial regulator is due to bring in tougher rules to limit how crypto is advertised to British consumers, including requiring crypto firms to carry warnings about the risk and scrapping "refer a friend" bonuses. PayPal first launched crypto buying and selling in the UK in 2021. Regulators around the world are increasingly seeking to regulate crypto assets, after the collapse of several crypto firms including FTX last year left amateur investors with large losses.

Persons: Fabrizio Bensch, FTX, bitcoin, PayPal's, Elizabeth Howcroft, Bernadette Baum Organizations: PayPal, REUTERS, PayPal Holdings, Reuters, Regulators, Thomson Locations: Berlin, Germany

The rally in the chipmaker's stock pushed the information technology index (.SPLRCT) 1.85% higher, making it the strongest of 11 S&P 500 sector indexes. The S&P 500 climbed 0.58% to end the session at 4,489.72 points. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted 8 new highs and 11 new lows; the Nasdaq recorded 50 new highs and 192 new lows.

Persons: Tesla, Morgan Stanley, Jay Hatfield, Brendan McDermid, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: Nvidia, China AMC, Nasdaq, Dow, Chipmaker Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Walmart, New York Stock Exchange, REUTERS, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: China, New York, New York City, U.S, Delaware, Maui, Lahaina, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Nvidia's (NVDA.O) gain pushed the information technology index (.SPLRCT) higher, making it the strongest of 11 S&P 500 sector indexes. Other megacap growth stocks including Alphabet (GOOGL.O), and Amazon.com (AMZN.O) also posted gains, as did chipmaker Micron Technology (MU.O). According to preliminary data, the S&P 500 (.SPX) gained 26.28 points, or 0.59%, to end at 4,490.33 points, while the Nasdaq Composite (.IXIC) gained 143.81 points, or 1.05%, to 13,788.66. The Nasdaq and S&P 500 fell last week after hotter-than-expected U.S. producer prices data fanned concerns that the Federal Reserve could keep U.S. interest rates higher for longer.

Persons: Brendan McDermid, Tesla, Morgan Stanley, Jay Hatfield, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, China AMC, Nasdaq, Nvidia, Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Federal Reserve, Walmart, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: New York City, U.S, China, New York, Delaware, Maui, Lahaina, Bengaluru

U.S.-listed shares of Chinese companies also fell, with Alibaba , Baidu Inc and Nio Inc down between 2% and 6%. Economic data expected includes retail sales for July as well as industrial production and jobless claims numbers to gauge the direction for U.S. interest rates. Investors are basically staying on the sidelines until we get the economic news of the week," said Peter Cardillo, chief market economist at Spartan Capital Securities. AMC Entertainment common shares (AMC.N) fell 39.2% after a Delaware judge approved the theater chain's revised stockholder settlement on Friday. The S&P index recorded three new 52-week highs and six new lows, while the Nasdaq recorded 27 new highs and 93 new lows.

Persons: Brendan McDermid, Tesla, We've, Peter Cardillo, Alex Chriss, advancers, Amruta Khandekar, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, China AMC, Dow, Nasdaq, Tesla, Alibaba, Baidu Inc, Nio Inc, Walmart, Federal Reserve, U.S, Treasury, Investors, Spartan Capital Securities, Traders, Dow Jones, PayPal Holdings, Intuit, AMC Entertainment, U.S . Steel, NYSE, Thomson Locations: New York City, U.S, China, Delaware, Cleveland, Bengaluru

[1/2] FILE PHOTO: The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. "We believe (Chriss's) experience sounds highly relevant to PayPal as it reemphasizes focus on small merchants and launches PayPal Complete Payments," William Blair analysts wrote in a note. PayPal Complete Payments is a payments processing solution for small and medium-sized businesses. According to Wolfe Research, his biggest accomplishment was the company's $12-billion acquisition and integration of Mailchimp in 2021. Outgoing CEO Schulman will remain on the board of the company until its next annual meeting of stockholders in May, PayPal said.

Persons: Thomas White, Alex Chriss, Dan Schulman, William Blair, Wolfe, Darrin Peller, Chriss, Schulman, Niket, Pooja Desai Organizations: PayPal, REUTERS, PayPal Holdings, Intuit, eBay, Intuit's, Wolfe Research, Reuters, Thomson Locations: San Jose , California, Bengaluru

“It’s really relative to just pricing against bond yields”, said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis. Eight of the eleven main S&P 500 sectors declined, with more interest rates sensitive Utilities(.SPLRCU) and Real Estate (.SPLRCR) leading losses, dropping 2.3% and 1.4% respectively. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Second-quarter earnings for companies in the S&P 500 are now expected to fall 5% from a year earlier, according to Refinitiv data. The S&P 500 posted 14 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 58 new highs and 88 new lows.

Persons: “ It’s, Tom Hainlin, …, Thomas Barkin, Brendan McDermid, Echo Wang, Shubham Batra, Bansari, Anil D'Silva, David Gregorio Our Organizations: PayPal, Qualcomm, Dow, Nasdaq, Treasury, U.S, Bank Wealth Management, Labor Department, Investors, Richmond Federal, Dow Jones, Traders, New York Stock Exchange, REUTERS, PayPal Holdings, Spirit Airlines, NYSE, Thomson Locations: Minneapolis, U.S, New York City, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Earnings are also in focus, with Apple (AAPL.O) and Amazon.com (AMZN.O) due to report quarterly results after market close. Declining issues outnumbered advancers for a 2.08-to-1 ratio on the NYSE and a 1.28-to-1 ratio on the Nasdaq. The S&P index recorded nine new 52-week highs and four new lows, while the Nasdaq recorded 37 new highs and 63 new lows. Reporting by Shubham Batra and Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Quincy Krosby, Thomas Barkin, advancers, Shubham Batra, Bansari, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Moderna, PayPal, Qualcomm, Dow, Nasdaq, LPL, Richmond Federal, Dow Jones, Apple, PayPal Holdings, Spirit Airlines, NYSE, Thomson Locations: New York City, U.S, Richmond, Bengaluru

☆ PayPal stock drops as weak margins fan growth fears
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Shares of PayPal Holdings (PYPL.O) fell more than 8% in premarket trading on Thursday as weak second-quarter margins at the digital payments firm overshadowed a strong forecast. The company said higher provisions at its credit portfolio hit margins and that it had tightened underwriting standards on loans. The San Jose, California-based company reported second-quarter adjusted operating margins of 21.4% after markets closed on Wednesday. Profit margins at PayPal have come under scrutiny in recent months. While its low-margin businesses like Braintree have shown strong growth, higher-margin business like the PayPal-branded checkout platform have shown slower growth.

Persons: Dado Ruvic, Edward Jones, Logan Purk, Dan Schulman, Schulman, J.P, Morgan, Tien, tsin Huang, Niket, Nivedita Organizations: PayPal, REUTERS, PayPal Holdings, Thomson Locations: San Jose , California, Braintree, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Fitch's action hit the appetite for risky assets on Wednesday, dragging Wall Street sharply lower as investors took the opportunity to book profits on five months of gains. Earnings are also in focus as Apple and Amazon.com (AMZN.O) are due to report quarterly results after market close. Qualcomm (QCOM.O) tumbled 8.4% in trading before the bell as the San Diego, California-based company's fourth-quarter sales forecast fell below market expectations. Meanwhile, Moderna(MRNA.O) gained 3.3% as the company raised its annual forecast for COVID-19 vaccine sales to up to $8 billion.

Persons: Brendan McDermid, Karen Reichgott Fishman, Goldman Sachs, Thomas Barkin, Peers, Shubham Batra, Bansari, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Moderna, PayPal, Qualcomm, Dow, Nasdaq, Apple, Microsoft, Richmond Federal, Dow e, Peers Nvidia, Intel, PayPal Holdings, Thomson Locations: New York City, U.S, San Diego , California, Bengaluru

☆ PayPal stock drops after weak second-quarter margins
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Shares of PayPal Holdings (PYPL.O) fell nearly 9% in premarket trading on Thursday after the digital payments firm reported weak margins for the second quarter that overshadowed a strong outlook. The company reported an adjusted operating margin of 21.4% for the three months ended June 30, below estimates of 22%, according to Refinitiv IBES data. In May, PayPal cut its adjusted margin forecast for the full year, which worried analysts and investors. The company forecast adjusted profit per share for the current quarter to be in a range of $1.22 and $1.24, above analysts' estimates of $1.22.

Persons: Dado Ruvic, Edward Jones, Logan Purk, Niket, Nivedita Organizations: PayPal, REUTERS, PayPal Holdings, Thomson Locations: Bengaluru

"When we think about the back half, in Q3, we'll still see some pressure on transaction margin performance. PayPal's adjusted operating margin for the quarter came in at 21.4%, missing its forecast of 22%. PayPal's total payment volume surged 11% in the second quarter to $376.5 billion, benefiting from resilient consumer spending trends. PayPal forecast adjusted profit per share for the current quarter to be in a range of $1.22 and $1.24, above analysts' estimates of $1.22. PayPal posted revenue of $7.3 billion in the second quarter, compared with $6.8 billion last year.

Persons: Dado Ruvic, we'll, Gabrielle Rabinovitch, Dan Schulman, Kevin Kennedy, Schulman, Sri Hari, Manya, Maju Samuel Organizations: PayPal, REUTERS, PayPal Holdings, Apple, Reuters, Banking, Sri, Manya Saini, Thomson Locations: Bengaluru

☆ PayPal forecasts quarterly revenue above estimates as consumers shrug inflation worries
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 2 (Reuters) - Payments firm PayPal Holdings (PYPL.O) forecast third-quarter revenue above estimates on Wednesday, expecting consumers to remain resilient in the face of a tough economy. PayPal expects third-quarter revenue at about $7.4 billion, above analysts' average estimate of $7.32 billion, according to Refinitiv data. The optimistic revenue forecast echoed results of card giants Mastercard (MA.N) and Visa (V.N), which posted a boost in quarterly profits on the back of strong consumer spending. PayPal's revenue jumped to $7.3 billion in the second quarter ended June 30, compared with $6.8 billion a year earlier. In May, PayPal cut its forecast for annual adjusted operating margin, a move that eclipsed its profit forecast raise.

Persons: Dado Ruvic, Sri Hari, Manya, Maju Samuel Organizations: PayPal, REUTERS, PayPal Holdings, Mastercard, Visa, Apple, Sri, Manya Saini, Thomson Locations: Bengaluru

☆ July jobs report and more Big Tech earnings are in the week ahead after markets notch historic run for Dow
▼ + stars: | 2023-07-28 | by ( Sarah Min | ) www.cnbc.com time to read: +9 min

More Big Tech earnings and the jobs report are in the week ahead as investors wrap up a strong week that included a historic run for the Dow Jones Industrial Average . Jobs report out Friday Investors will digest the latest data from the July jobs report due out next Friday. "I don't expect any huge surprise from this jobs report next week," said Liz Young, head of investment strategy at SoFi. Earnings will continue to pour in next week, with key results from Big Tech companies Apple and Amazon on Thursday. Still, cooling inflation, strong jobs market and a resilient economy could spell a happy path for Wall Street.

Persons: Dow, Queen Victoria, Kim Forrest, Jerome Powell, Forrest, Nonfarm, Dow Jones, Liz Young, Bokeh's Forrest, they're, She'd, we've, SoFi's Young, Young, she'd, Stanley Black, Decker, The Kraft Heinz Organizations: Big Tech, Dow Jones, Dow, Cotton Oil, Bokeh Capital Partners, Meta, Federal Reserve, Pew Research, Apple, Semiconductor, Bank of Japan, Chicago PMI SA, Dallas Fed, Arista Networks, Western, Systems, PMI Manufacturing SA, ISM Manufacturing SA, Merck, Co, Caterpillar, Marriott International, Altria, Cruise Line Holdings, Pfizer, Marathon Petroleum, Molson Coors Beverage, SolarEdge Technologies, Devices, Caesars Entertainment, Electronic Arts, Starbucks, ADP Employment Survey SA, CVS Health, Fidelity National Information Services, Generac Holdings, Humana, The Kraft, Brands, MetLife, Marathon Oil, Occidental Petroleum, PayPal Holdings, Qualcomm, Etsy, Costco Wholesale, MGM Resorts, SA, PMI, Factory, PMI SA, News Corp, Constellation Energy, Moderna, Warner Bros, Discovery, Hasbro, ConocoPhillips, Kellogg, Booking Holdings, Expedia, Motorola Solutions, Monster Beverage, Manufacturing Payrolls SA, Nonfarm Payrolls SA, Dominion Energy Locations: United Kingdom, U.S

☆ Wall Street ends lower, pausing rally as Powell testimony looms
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. Including Tuesday's loss, the benchmark S&P 500 has advanced 14.3% so far this year. Of the 11 major sectors of the S&P 500 all but consumer discretionary stocks (.SPLRCD) ended in negative territory. The S&P 500 posted 14 new 52-week highs and no new lows; the Nasdaq Composite recorded 68 new highs and 87 new lows. Volume on U.S. exchanges was 11.15 billion shares, compared with the 11.36 billion average for the full session over the last 20 trading days.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Rivian, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Fedex, Dow, Nasdaq, Federal, Exxon Mobil Corp, Dakota Wealth, U.S . House Financial, Dow Jones, Energy, Rivian Automotive Inc, Tesla Inc, PayPal Holdings, KKR & Co, Nike, Alibaba Group, Adobe Inc, Dice Therapeutics, Fedex Corp, NYSE, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

☆ S&P 500 ends lower, pausing rally with Powell testimony in view
▼ + stars: | 2023-06-20 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Federal Reserve Chairman Jerome Powell's congressional testimony Wednesday looms as a potential market mover. All three major U.S. equity indexes ended the session in the red but off session lows, with oil super-majors Exxon Mobil Corp weighing on the S&P 500 and the Dow. The broad sell-off comes on the heels of the Nasdaq's longest weekly winning streak since March 2019, and the S&P 500's longest since November 2021. As of Friday's close, the benchmark S&P 500 had advanced 20% in the last twelve months, and over 14% so far this year. According to preliminary data, the S&P 500 (.SPX) lost 20.79 points, or 0.47%, to end at 4,388.80 points, while the Nasdaq Composite (.IXIC) lost 22.28 points, or 0.16%, to 13,667.29.

Persons: Jerome, Robert Pavlik, Pavlik, We've, Morgan Stanley, Daniel Zhang, Eli Lilly, Stephen Culp, Shristi Achar, Shubham Batra, Johann M, Aurora Ellis Organizations: Federal, Exxon Mobil Corp, Dow, Dakota Wealth, U.S . House Financial, Nasdaq, Dow Jones, Rivian Automotive Inc, Tesla Inc, Rivian, PayPal Holdings, KKR & Co, Nike, Alibaba, Adobe Inc, Dice Therapeutics, Fedex Corp, Thomson Locations: Fairfield , Connecticut, China, Europe, Bengaluru

Eight of the 11 S&P 500 sub-sectors were in the red, with the energy index (.SPNY) leading declines. U.S. markets ended lower on Friday as comments from Fed officials curtailed optimism that the central bank was nearing the end of its aggressive interest rate hikes. Traders now see a 72% chance of Fed hiking its key benchmark rates by 25 basis points in July, according to CMEGroup's Fedwatch Tool. Declining issues outnumbered advancers for a 2.43-to-1 ratio on the NYSE and a 1.82-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 40 new lows.

Persons: Eli Lilly, Tesla, Rivian, homebuilding, Sam Stovall, CMEGroup's, Michael Barr, Jerome Powell's, Morgan Stanley, Daniel Zhang, advancers, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi, Shounak Organizations: Therapeutics, Nike, Dow, Nasdaq, U.S . Federal Reserve, CFRA Research, Tesla Inc, Reuters, EV, U.S . House Financial, PayPal Holdings, KKR & Co, Alibaba, PDD Holdings, Dow Jones, Adobe Inc, Dice Therapeutics, NYSE, Thomson Locations: U.S, Europe, China, Bengaluru

☆ CFPB warns about storing funds in payment apps like PayPal, Venmo
▼ + stars: | 2023-06-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

Some consumers are using services like PayPal, Venmo, Cash App and Apple Pay for direct deposit of paychecks, or simply storing lots of cash in them. Payment apps, however, are not federally insured on the institution level. PayPal Holdings (PYPL), which owns both PayPal and Venmo, did not reply to a request for comment Friday. “Tens of millions of American consumers and small businesses rely on payment apps to better spend, manage, and send their money. The agency also noted the payment apps make money by investing funds their customers store on the apps, similar to how banks invest their customers deposits.

Persons: Rohit Chopra, ” Organizations: New, New York CNN, PayPal, Financial, Bureau, Valley Bank, Signature Bank, Bank, PayPal Holdings, Financial Technology Association Locations: New York

☆ Australia to regulate buy-now-pay-later sector
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 22 (Reuters) - The Australian government said on Monday it would introduce laws that will consider buy-now-pay-later (BNPL) services as a credit product in a bid to protect consumers in a largely unregulated industry. "Best way to do that is to legislate, to regulate as a credit product, so that we can manage some of the risks." But concerns about repayment have been rising as Australia battles high inflation, which now sits at near 30-year highs. Australia, home to about a dozen listed BNPL providers, has about 7 million active accounts that resulted in A$16 billion ($10.9 billion) of transactions in 2021-22, up 37%, data showed. ($1 = 1.4743 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

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