DIRS.INFO The most relevant business & tech news

☆ Credit card delinquencies surpass pre-pandemic levels
▼ + stars: | 2024-01-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

New York CNN —More Americans are buckling under the weight of mounting credit card debt. The Philadelphia Fed analyzed consumer credit card and mortgage data that large banks provide to the Federal Reserve on a quarterly basis. As such, a greater share of people are revolving all or part of their credit card balance. This nearly three-year stretch of high inflation and strong consumer spending has helped to send consumer debt — especially credit card balances — ballooning. It’s typically practical matters — that surprise medical bill, unexpected home or car repair, and day-to-day expenses — that get people into credit card debt, Rossman said.

Persons: New York CNN —, Gene Huang, Anna Veksler, “, Ted Rossman, Bankrate, Rossman, “ That’s, it’s, ” Organizations: New, New York CNN, Federal Reserve Bank of Philadelphia, Philadelphia Fed, Federal Reserve, Philly Fed, CNN Business Locations: New York

Consumer discretionary (.SPLRCD) and materials (.SPLRCM) led the gains across major S&P 500 sectors, while utilities (.SPLRCU) and energy stocks (.SPNY) lagged behind. Third-quarter earnings for S&P 500 companies are estimated to grow 2.2% year-on-year, LSEG data showed on Friday. Investors also await economic data including retail sales for September and the Philly Fed Business Index for October later this week. Lululemon Athletica (LULU.O) added 9.6% as the sportswear apparel maker is set to join the S&P 500 index this week, replacing Activision Blizzard . The S&P index recorded nine new 52-week highs and six new lows, while the Nasdaq recorded 29 new highs and 148 new lows.

Persons: Brendan McDermid, Charles Schwab, Dow, Ross Mayfield, Baird, Goldman Sachs, Morgan Stanley, Johnson, Jerome Powell's, Patrick Harker, Lululemon, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Moderna, Dow, Nasdaq, Microsoft, Bank of America, Johnson, Tesla, Netflix, Investors, Philly, Dow Jones, Federal, Fed, Philadelphia Fed, Apple, Activision Blizzard, NYSE, Thomson Locations: New York City, U.S, Israel, Gaza, New York State, China, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The S&P 500 and the Nasdaq dropped on Friday as deteriorating consumer sentiment data and the Middle East conflict kept investors away from riskier bets and overshadowed some upbeat earnings from big U.S. banks. Third-quarter earnings for the S&P 500 companies are estimated to grow 2.2% on an annual basis, LSEG data showed. Of the 32 S&P 500 companies that have reported results, 87.5% have surpassed expectations compared with the long-term average of 66.5%. Rival Moderna (MRNA.O) dipped 5.1%Lululemon Athletica (LULU.O) added 5.8% as the sportswear apparel maker is set to join the S&P 500 index this week, replacing Activision Blizzard (ATVI.O).

Persons: Brendan McDermid, Antony Blinken, Pissouros, Goldman Sachs, Morgan Stanley, Johnson, Charles Schwab, Patrick Harker, Jerome Powell, Harker, Austan Goolsbee, Ankika Biswas, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Reuters, Pfizer, Dow, Nasdaq, Treasury, XM, Bank of America, Johnson, Tesla, Netflix, Philly, New York, Philadelphia Fed, Federal, Chicago Fed, Dow e, Nvidia, Activision Blizzard, Thomson Locations: New York City, U.S, China, Israel, Gaza, United States, Bengaluru

☆ Morning Bid: Markets strap in for PMI data dump
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +3 min

A round of purchasing managers index (PMI) data from across the globe continues with Europe on Monday, following Chinese PMI data over the weekend that pointed to mixed levels of services and manufacturing activity last month. Markets have been feeling the pain after stocks, bonds and non-dollar currencies around the world mostly fell in the previous month, as investors adjusted to the idea that U.S. interest rates will stay elevated for longer. Meanwhile, the euro zone has been grappling with recession jitters amid a slew of other indicators, putting a damper on last week's good news that inflation in the area fell to its lowest in two years. Monday's final manufacturing PMI data from the EU will be closely watched after the preliminary report last month painted a mixed picture of the region's economic health; the index showed a rise in September from August's 33-month low, yet still lingered below the mark separating expansion from contraction. Meanwhile, oil prices are up again on Monday, reversing some of Friday's losses.

Persons: Brigid Riley, Luis de Guindos, Michael Barr, John Williams, Patrick Harker, Loretta Mester, Muralikumar Organizations: PMI, August's, Federal, Reuters, ECB, NY, Philly Fed, Cleveland Fed, Thomson Locations: Europe, Germany, France, Italy, Spain, Switzerland, Sweden, Cleveland

☆ Morning Bid: Fed steals focus, stocks sell off
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 5, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Kevin BucklandThe dominating theme in global financial markets is once again central bank policy, and equity investors in particular are worried. Even ultra-resilient Japanese stocks seem to have finally succumbed, with the Nikkei threatening to snap an eight-day winning streak. Traders have preferred to trust the data over protestations from ECB officials that the tightening cycle may not be over ahead of next week's policy meeting. German industrial production figures are due today, with the euro bloc's giant threatening to slip back into recession.

Persons: Kevin Buckland, haven't, It's, Xi Jinping, Vladimir Putin, Jacqueline Wong Organizations: REUTERS, Staff, Nikkei, Traders, Federal, Philly Fed, Philadelphia Fed, Thomson Locations: Frankfurt, Germany, China, Australia, India

☆ US stocks tumble as Nvidia-led rally fizzles ahead of Powell's Jackson Hole speech
▼ + stars: | 2023-08-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US stocks tumbled Thursday after an early Nvidia-led rally lost momentum and turned negative. Nvidia stock soared to an all-time high after the company beat earnings views and raised its guidance. Investors will be watching for Jerome Powell's speech Friday at Jackson Hole, Wyoming. The chipmaker's stock soared as high as 6.7% to a new all-time record of $502.66, before paring nearly all of its gains. Investors will be watching for more signals from Fed Chairman Jerome Powell during his speech in Jackson Hole, Wyoming on Friday.

Persons: Jerome Powell's, paring, Susan Collins, Patrick Harker, we've, Jerome Powell, Tom Lee, Jackson Organizations: Nvidia, Service, Boston, Philly Fed, Dow Jones Locations: , Wyoming, Wall, Silicon, Jackson Hole , Wyoming

☆ Morning Bid: ECB day to follow a hawkish Fed
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

A day after the Federal Reserve took markets by surprise with a hawkish message, it's the European Central Bank's turn in the hot seat. While the Fed was widely expected to, and did, keep rates unchanged, the U.S. central bank left the door open to more increases ahead. And so to the ECB, which is all but certain to raise borrowing costs to their highest level in 22 years on Thursday. Even after the more hawkish message from the Fed on Wednesday, market pricing for the rate trajectory has not changed too much. Money markets price in roughly one more 25 basis point rate increase from the Fed, while the ECB may struggle to sound hawkish while inflation in the bloc is coming down.

Persons: BNY Mellon, It's, Dhara Ranasinghe, Jane Merriman Organizations: Federal Reserve, BNY, ECB, Fed, ING, Thomson, Reuters Locations: U.S, Dhara, United States, Europe

☆ Putin’s war on Ukraine is only costing a tiny sliver of Russia’s GDP
▼ + stars: | 2023-06-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Direct war spending, according to the report, is estimated to be about 3% of Russia's GDP, or about $67 billion a year. The US put about 50% of its GDP toward war near the same time. That makes it hard to justify spending a lofty percentage of GDP on what is not a war, in their view. All this isn't to say Russia's economy hasn't been hamstrung. Are you surprised by the relatively low fiscal cost of Russia's war?

Persons: Phil Rosen, Patrick Harker, Vladimir Putin, Mikhail Metzel, Vladimir Putin's, hasn't, that's, Mark Wilson, Goldman Sachs, it's, Realtor.com, Read, Jonathan Miller, Max Adams, Nathan Rennolds Organizations: Federal Reserve, Philly Fed, Economist, Technology, American Locations: Manhattan, Washington, Ukraine, Russia, Moscow, Soviet Union, India, Saudi Arabia, New York, London

☆ Jim Cramer says the Fed needs to slow down before making a rash decision
▼ + stars: | 2023-05-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer told investors on Wednesday that the Federal Reserve needs to calm down before it makes a rash decision about rate hikes that could make the market even worse. With two weeks to go before its next meeting, Cramer stressed the need for prudence, not recklessness, in times of market confusion. "There are plenty of Fed heads who believe they need to keep raising interest rates, rather than take their time to assess the situation," Cramer said. Maybe the Fed needs to tighten more, but would it kill them to wait another month or two?" Cramer stressed that many industry giants are sending out warning signs that the central bank should not ignore, especially brick-and-mortar retailers, which are seeing "discouraging earnings and almost uniformly tepid forecasts."

Persons: CNBC's Jim Cramer, Cramer, —, I'm, Patrick Harker Organizations: Federal Reserve, American Airlines, Philly Fed, Costco, Meta

☆ Morning Bid: Get ready for the debt ceiling rally
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin BucklandEuropean shares look poised to rally after a wave of optimism that a U.S. debt ceiling deal could be reached as soon as the weekend, which lifted stocks on Wall Street and in Asia. Analysts highlighted how both parties agreed to new, smaller teams to continue negotiations, which they took as a sign that discussions have moved to a more advanced stage. Cash available at the U.S. Treasury general account, used to pay for all official U.S. obligations, is draining fast as extraordinary measures are exhausted, pending a debt ceiling deal to raise the limit. The Nasdaq is on the cusp of a 13-month peak, and the Dax is hovering near its highest since January of last year. Reporting by Kevin Buckland; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Debt ceiling drama aside, world economy looks shaky
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in U.S. and global markets from Naomi RovnickRisk appetite has perked up on global markets thanks to optimism that U.S. Democrats and Republicans are nearing a deal to raise the debt ceiling and avoid an economically catastrophic default. But while a debt ceiling reprieve could boost markets in coming days, the backdrop of a lacklustre global economy is unchanged, with its twin engines, China and the United States, sputtering. Citi's China economic surprise index is at its lowest since January (.CESICNY), a further sign that the growth outlook has weakened. The S&P 500 is trading at a rich 18 times forecast earnings, buoyed by the tech mega-stocks that dominate the index. Developments that could affect markets on Thursday:* Economic events: U.S. initial jobless claims, U.S. existing home sales, Philly Fed business index.

☆ US labor market cooling; leading indicator flashes recession
▼ + stars: | 2023-04-20 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Though measured, the loss of labor market momentum added to slumping retail sales and manufacturing activity in heightening the risks of a recession as soon as the second half of the year. Jobless claimsNevertheless, the labor market is fraying around the edges. It also said contacts reported the labor market becoming less tight, noting "a small number of firms reported mass layoffs," which were "centered at a subset of the largest companies." Philly FedDespite cracks in the labor market, economists did not expect widespread job losses. The claims data covered the period during which the government surveyed business establishments for the nonfarm payrolls portion of April's employment report.

☆ US stocks fall as weakening data suggests recession coming for the economy
▼ + stars: | 2023-04-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks fell on Thursday after a slew of economic data suggested a recession is coming. Disappointing earnings from Tesla and AT&T led to a 11% sell-off for both stocks. AT&T also reported earnings that fell flat with investors, sending the stock down as much as 11%. And the Philadelphia Fed Factory index reported another contraction in April, representing the eighth consecutive month of declines in manufacturing activity. A recession is all but certain, so the more important question is if markets will hit new lows as the economy contracts.

☆ Brace for a 'crash landing' as the US economy barrels toward recession, top economist David Rosenberg warns
▼ + stars: | 2023-03-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

David Rosenberg has warned the US economy is headed for a "crash landing" or major downturn. Rosenberg told Insider in February that the S&P 500 could plunge 25% from its current level. "Philly Fed at a level that is 8 for 8 on the recession call and with no head fakes," Rosenberg said. He was commenting on the fact that stocks didn't rally, despite mounting expectations that the Fed won't hike interest rates this month. Moreover, they can put pressure on banks' bond holdings, as bond prices move inversely to interest rates.

☆ Morning Bid: What landing?
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Wayne Cole. Forget soft landing, equities seem to be betting on no landing for the U.S. economy: a sublime state where steady growth and low unemployment can co-exist with slowing inflation and higher interest rates. That at least would explain the resilience of stocks to blockbuster U.S. retail data and the rise of 10-year Treasury yields to seven-week highs. After an initial dip, Wall Street rallied into the close and futures have since nudged higher, lifting Asian markets in the process. That's a marked divergence from the Blue Chip consensus which has been tipping a sharp contraction for the quarter.

☆ Morning Bid: Turbulence
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

Traders took Wednesday's weak U.S. production, retail sales and producer price data badly, selling risk assets and buying safer ones. Bond markets shrugged off hawkish rhetoric from non-voting Fed officials Bullard and Mester to rally. Fed voters Lael Brainard and John Williams might get more of markets' attention at events later in the day. Elsewhere, the dust is settling quickly on the Bank of Japan's decision not to bend to speculators' attack on its yield curve control policy. The yen has bounced back to where it was before the meeting and the Nikkei (.N225) slipped, though calm in Japan's bond market might suggest short sellers are having a breather before re-loading for meetings in March and April.

☆ Philly Fed president says it's appropriate to hike rates a few more times in 2023
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhilly Fed president says it's appropriate to hike rates a few more times in 2023CNBC's Steve Liesman joins 'Closing Bell' with news from Philadelphia Fed President Patrick Harker, who thinks it's appropriate to hike rates a few more times this year.

☆ Missing jobs mystery puts Fed on back foot
▼ + stars: | 2022-12-22 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

A study published by the Philadelphia Federal Reserve last week said 10,500 new jobs were added in the second quarter of 2022. Yet the national statistics bureau had previously reported a total over the same period of more than 1 million. Those seemingly missing jobs put the Federal Reserve, which uses the job market as a signal in its fight against inflation, on the back foot. The BLS jobs report includes job counts from both a household survey and a survey of businesses’ payrolls. The federal government releases monthly jobs data, but revises its numbers once a year as part of a process known as benchmarking, which factors in more comprehensive data only released quarterly.

☆ Morning Bid: Hanging tough
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +4 min

As the world's major central banks turned the interest rate screw this week and insisted on more tightening ahead, their economies showed more signs of buckling under the pressure. And while markets lurched lower on the potentially toxic combination of a higher peak for interest rates into a looming recession, there are reasonable questions over whether the central banks will act as tough as they are talking. U.S. manufacturing declined 0.6% last month and reports from the New York and Philadelphia Federal Reserve's showed business conditions in their regions remaining depressed in December. Even though after Wall St stocks plunged 2-3% on Thursday, futures remained deep in the red ahead of Friday's open. Led by the jump in euro zone sovereign borrowing rates after the ECB rethink, bond yields were higher across the board.

All the signs - hawkish rhetoric from the Fed and ECB, the selloff on Wall Street and dismal Chinese economic data - point to Asian markets ending a bruising week firmly on the ropes. MSCI's Asia ex-Japan index fell nearly 2% on Thursday - before the broad-based European policy tightening - its biggest fall since Nov. 3. The death toll could soar, and hopes of a quick and widespread economic reopening may have to be tempered. That said, traders may be reluctant to cave to the hawkish noises coming from the Fed - and now the ECB - quite just yet. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ U.S. retail sales fall after hefty gains; labor market still tight
▼ + stars: | 2022-12-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Economists also noted that goods prices tumbled in November, which could have weighed on retail sales last month. Retail sales fell 0.6% last month, the biggest drop since December 2021, after an unrevised 1.3% jump in October. Online retail sales decreased 0.9%, which was at odds with reports of strong Black Friday sales. Sales at food services and drinking places, the only services category in the retail sales report, increased 0.9%. Data for October was revised lower to show these so-called core retail sales increasing 0.5% instead of 0.7% as previously reported.

☆ Philly Fed manufacturing survey shows inflation pressures at 27-month low
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Manufacturing activity in the U.S. mid-Atlantic region contracted for a fourth straight month in December, but factory operators reported a brighter outlook and said inflation pressures were easing notably, a survey released Thursday showed. The Philadelphia Federal Reserve's monthly manufacturing activity index climbed to negative 13.8 from negative 19.4 in November. New orders tumbled to the lowest since the early days of the coronavirus pandemic in April 2020 and firms said employment shrank. Moreover, manufacturers reported a positive outlook for the first time since May. The outlook for new orders, shipments and factory employment all improved.

☆ Stock futures are flat on Tuesday night
▼ + stars: | 2022-12-06 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Stock futures were little changed Tuesday night. Futures tied to the Dow Jones Industrial Average were up 36 points, or 0.1% while S&P 500 futures and Nasdaq 100 futures were each up 0.1%. The S&P 500 and Nasdaq Composite lost 1.4% and 2%, respectively. The moves came as investors lost hope that the Federal Reserve will be able to engineer a soft landing. On Wednesday, the Mortgage Bankers Association will release its weekly report of mortgage loan applications.

☆ Morning Bid: COVID blues
▼ + stars: | 2022-11-22 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman Daga:A nationwide spike in COVID-19 cases in China is again the main talking point for weary global markets on Tuesday as Beijing shut parks and museums and more cities resumed mass testing. Last week finance minister Jeremy Hunt announced tax hikes and spending cuts to fix the country's balance sheet and its economic policy reputation after former prime minister Liz Truss's controversial "mini-budget". Brent crude futures steadied at $87.85 a barrel after plunging by more than $5 a barrel to 10-month lows. Still, Brent crude is up 13% so far this year, marking one of the strongest performances in any asset class. Concerns about Genesis follow the collapse of FTX, one of the world's biggest crypto exchanges, which has shattered investor confidence.

☆ How the crypto fallout could affect you
▼ + stars: | 2022-11-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN Business —The crypto industry is still reeling from last week’s shocking death spiral of digital currency exchange FTX. While these funds say they had limited exposure to FTX, their inclusion points to a growing but alarming trend that could affect you even if you’re not a buyer of crypto yourself. What’s happening: Pension funds are increasingly investing in alternative assets in search of bigger returns. In the United States, public pension funds are facing serious challenges that threaten the retirement plans of millions of state and local government employees. It’s not just a trend that’s happening in the United States.

Search resuls for: "Philly Fed"

25 mentions found