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The S&P 500 and Dow Jones Industrial Average powered to new highs on Friday and capped off a winning week as banking behemoths ushered in a promising start to the third-quarter earnings season. The broad index gained 0.6% to end at 5,815.03, while the Dow rallied 409.74 points, or nearly 1%, to finish at 42,863.86. The S&P and Nasdaq jumped 1.1% each, while the Dow toted a 1.2% gain. A strong start to the third-quarter earnings season provided a lift to stocks. That included a cooler-than-expected September producer price index reading after the consumer price index increased slightly more than expected.

Persons: —, ”, Craig Sterling, JPMorgan Chase, Wells, Kim Forrest, Forrest, Stocks, Goldman Sachs, David Russell, “ Organizations: Dow Jones Industrial, Dow, Nasdaq, JPMorgan, Bokeh Capital Partners, “, Federal, Federal Reserve

☆ Stock market today: US stocks edge up after wholesale inflation comes in cool
▼ + stars: | 2024-10-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks rose as September's wholesale price data showed cooling inflation. The producer price index was flat, and core PPI rose less than expected in September. AdvertisementUS stocks edged higher on Friday after Producer Price Index data for September came in lower than expected, signaling a continued cooling of wholesale inflation. The producer price index was flat month-over-month, below economist estimates of a 0.1% rise. Apart from earnings results, retail sales data, set to be released on October 17, is the next big data release for investors to watch.

Persons: Wells, —, Price, David Russell, Russell, Jamie Dimon Organizations: PPI, JPMorgan, BlackRock, Service, Business, Federal Reserve, Bank of America, Here's Locations: Wells Fargo, BlackRock

☆ Stock market today: Indexes hit records and notch 5-week win streak after upbeat earnings, cool inflation
▼ + stars: | 2024-10-11 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

JPMorgan and Wells Fargo reported strong earnings that eased fears of a consumer slowdown. September's producer price index was flat, calming inflation concerns amid rising yields. JPMorgan CEO Jamie Dimon praised his bank's performance in the earnings release but warned that geopolitical conditions are "treacherous and getting worse." AdvertisementApart from earnings results, retail sales data, set to be released on October 17, is the next big data release for investors to watch. Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:AdvertisementHere's what else is going on:In commodities, bonds, and crypto:

Persons: Dow Jones, Wells, —, Wells Fargo, Jamie Dimon, Dimon, David Russell Organizations: JPMorgan, Service, Dow Jones, PPI, Business, Bank of America

☆ As Costco sells platinum, experts explain how the precious metal differs from gold
▼ + stars: | 2024-10-04 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Costco sells a broad selection of gold and silver products, and now it's adding platinum to the mix. The wholesaler has already sold through multiple rounds of platinum coins and bars in the past week. AdvertisementCostco shoppers have been snapping up a broad selection of gold and silver products over the past year. Costco now offers platinum products online, including both bars and coins. Related storiesGoldCore's business is primarily in gold and silver, but Russell told BI that platinum makes up a "very small percentage" of what the company sells.

Persons: —, Gary Millerchip, Edward Sterck, Sterck, bode, Mindy Schauer, David Russell, Russell Organizations: Costco, Service, Canadian Mint, Platinum Investment Council, Media, Getty, ICE Locations: Swiss, Orange

☆ 'Winds of change' in the air on Wall Street after Powell speech
▼ + stars: | 2024-08-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

The tides are changing on Wall Street thanks to a closely watched market-moving figure: Jerome Powell. The Federal Reserve chair on Friday pointed to rate cuts on the horizon during his keynote address at the central bank's annual retreat in Jackson Hole, Wyoming. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks." The Nasdaq Composite outperformed the major indexes, rallying about 1% due to gains in popular artificial intelligence and semiconductor names. "This keeps a tailwind at the market's back into year-end, making it harder to expect a retest of this month's lows," said David Russell, global head of market strategy at TradeStation.

Persons: Jerome Powell, Chris Rupkey, Russell, Powell, David Russell Organizations: Federal, Nasdaq Locations: Jackson Hole , Wyoming, Covid

☆ Don't get too excited about this latest inflation report
▼ + stars: | 2024-08-13 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Stocks had a strong showing Tuesday after the latest U.S. wholesale inflation report came out. In other words, just because PPI rose less than expected, it doesn't mean investors should expect a tame CPI report on Wednesday. "Financial markets seem to react too much every month to PPI," said Stanley, the bank's chief economist. " The S & P 500 closed Tuesday's session nearly 2% higher, while the Nasdaq Composite climbed 2.4%. The major averages are now well above the lows seen in Aug. 5, when the Dow and S & P 500 suffered their biggest one-day pullbacks since 2022.

Persons: Stocks, Stephen Stanley, Stanley, Dow, David Russell, We're Organizations: ISI, PPI, Santander U.S, CPI, Federal Reserve, Nasdaq, Dow Jones Industrial

☆ Dow dives more than 800 points after July jobs report misses expectations
▼ + stars: | 2024-08-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

New York CNN —Stocks slid Friday as a disappointing jobs report added to fears that the US economy is weakening. Stocks have also whipsawed in recent days as investors also digested the Federal Reserve’s July policy meetings and Big Tech earnings reports. Big Tech earningsInvestors have also parsed a mixed bag of Big Tech earnings this week. Shares of Apple, which reported in-line earnings but missed sales expectations Thursday evening, are up 2.1%. Investors have in recent weeks moved out of the Magnificent Seven tech stocks that powered the market to repeated record highs this year.

Persons: Stocks, Dow, That’s, ”, David Russell, Jerome Powell, ” Powell Organizations: New, New York CNN, Nasdaq, of Labor Statistics, Institute for Supply Management, Big Tech, Federal Reserve, Microsoft, Apple, Amazon, Meta, Intel Locations: New York, tamping

☆ 'Clear path to a soft landing': Here's what Wall Street sees for Fed rate cuts after May inflation came in cool
▼ + stars: | 2024-06-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Investors cheered a soft May inflation report, which could pave the way for Fed easing this year. Rate cuts in September are "overwhelmingly likely," one economist said. AdvertisementSome Wall Street analysts predict the Fed's first cut could come as soon as July, though most see a rate cut in September as the most likely scenario. "But rate cuts starting by September should now be cemented as overwhelmingly likely." Investors are waiting for Fed Chair Jerome Powell to speak later Wednesday afternoon, which should give markets more guidance on the path of rate cuts.

Persons: —, Skyler Weinand, Regan Capital, Preston Caldwell, Morningstar's, Ryan Severino, BGO, Jerome Powell, Weinand, David Russell Organizations: Service, of Labor Statistics, Federal Reserve, Fed

☆ Stock market today: US stocks extend losses ahead of new inflation data
▼ + stars: | 2024-05-30 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

Shares of Salesforce dragged the Dow lower after it posted its first revenue miss in nearly 20 years. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS stocks continued a painful slide lower on Thursday as traders turned their attention to upcoming inflation data that could set the tone for the market as it heads into the summer months. ET, both indexes became stuck on several websites, though individual stock prices continued to update normally. Shares of Salesforce dragged the Dow as the stock dropped 20% after it reported its first revenue miss in almost 20 years.

Persons: Stocks, Salesforce, —, Dow, David Russell Organizations: Service, Dow Jones, Dow, Treasury, Global, Barclays, Here's

☆ There’s a surprising bit of good news lurking in the stock market
▼ + stars: | 2024-05-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders fear that elevated rates will uphold painfully high borrowing costs for consumers, squeeze corporate profit and weigh down the market. The labor market has stayed strong, consumers have continued spending and stocks have notched repeated record highs. The April jobs report was a welcome sign that the labor market is cooling without cratering. The labor market added just 175,000 positions last month, marking its lowest tally since October 2023 and a sharp cooldown from the upwardly revised 315,000 jobs added in March. First-time applications for unemployment benefits climbed last week to 231,000, the highest level since last August, in another sign that the labor market is cooling.

Persons: “, ”, Jeff Buchbinder, Jerome Powell, ” Powell, April’s, David Russell, Matt Egan, Wally Adeyemo, Read, Diksha Madhok, Narendra Modi, Modi, Mukesh Ambani, Gautam Adani, Ambani, Ji, ” Modi, Rahul Gandhi Organizations: CNN Business, Bell, New York CNN, Federal, Traders, CNN, Fed, LPL, ” Treasury, Treasury, Reliance Industries, Adani, Indian National Congress Locations: New York, Thursday’s, ’, India

☆ Stock market today: US stocks end the week higher after solid earnings and Goldilocks jobs report
▼ + stars: | 2024-05-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Solid earnings results and a weaker-than-expected April jobs report helped push stock prices higher. "The case for rate cuts got a little stronger today. AdvertisementUS stocks surged on Friday after a solid Apple earnings report and a weaker-than-expected April jobs report, which increased the chances of an interest rate cut from the Federal Reserve later this year. The case for rate cuts got a little stronger today. AdvertisementAlso helping boost stocks Friday was Apple, which surged about 7% after it reported a better-than-feared second-quarter earnings report.

Persons: TradeStation's David Russell, —, David Russell Organizations: Nasdaq, Service, Federal Reserve, Business, Apple

☆ S&P 500 futures rise slightly in overnight trading, Nvidia shares jump: Live updates
▼ + stars: | 2024-02-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

S&P 500 futures edged up in overnight trading Wednesday, boosted by a jump in Nvidia shares as the chip giant posted record revenue and issued upbeat guidance. S&P 500 futures rose 0.5% and Nasdaq 100 futures gained 1%. Nvidia shares popped more than 8% in after-hours trading after the chip company said total revenue rose a whopping 265% from a year ago, driven by its booming artificial intelligence business. AI enthusiasm has powered the jaw-dropping rally in Nvidia, along with other Big Tech names, over the past year. "Investors should know that the path of disinflation will likely be choppy, creating volatility in the rates market," said Jeffrey Roach, chief economist at LPL Financial.

Persons: David Russell, Jeffrey Roach Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Nvidia, Big Tech, Bears, Federal, LPL, Moderna, Builders, Live, Booking Holdings, Intuit Locations: U.S

Notably, the report suggested that inflation was not as powerful a force as it had been a few months back. These numbers point to a strong spring, especially with the Fed getting more dovish. “Both changes would support the economy and extend growth, but also likely weaken the US dollar,” Khurana says. Businesses are entering 2024 in a positive mood, according to Dun & Bradstreet’s quarterly Global Business Optimism index released on Tuesday. The National Association of Homebuilders’ sentiment index improved in January to its highest level since September.

Persons: “, ”, David Russell, Chip, ” Brij, Khurana Organizations: Federal Reserve, “, Fed, Wellington Management, National Association of Locations: York, Dun

☆ Investing veterans break down their outlook for the year ahead as markets return to pre-2008 conditions
▼ + stars: | 2023-11-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Goldman Sachs said the S&P 500 can climb 8% in 2024 as pre-2008 conditions return. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The major indexes are up in 2023, with the S&P 500 notching a healthy gain of more than 17% year-to-date. Gene Goldman, chief investment officer at Cetera Investment Management, said he expects about a 10% gain for the S&P 500 in 2024. Meanwhile, Jeff Buchbinder, chief equity strategist for LPL Financial, expects "high single-digit returns" in 2024.

Persons: Goldman Sachs, —, David Russell, Russell, boomers, Millennials, Steve Wyett, Wyett, Mark Hackett, Hackett, Gene Goldman, Brian Price, Jeff Buchbinder, Goldman Organizations: Service, Federal, Fed, BOK Financial, Nationwide, Business, Cetera Investment Management, LPL Financial

☆ CNBC Daily Open: Consumers in U.S. and China are powering their economies
▼ + stars: | 2023-10-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The bureau also said retail sales spiked 5.5% and industrial production grew 4.5% in September, compared with a year earlier. U.S. markets wavered Tuesday as investors digested September's U.S. retail sales report and third-quarter earnings from banks. Retail sales in China also jumped more than expected in September, buoying the country's third-quarter GDP growth. Indeed, the specter of high inflation and, correspondingly, higher-for-longer interest rates, haunted the retail report, at least for the U.S.

Persons: Goldman Sachs, David Russell of TradeStation, That'd, It's, Russell, Chris Zaccarelli Organizations: CNBC, Bank of America, Bank of, National Bureau of Statistics, Consumers, U.S, Treasury, Nasdaq, Dow Jones, Independent, Alliance Locations: China, Asia, Pacific, Shanghai

☆ CNBC Daily Open: Bonds are driving stocks even amid big bank earnings
▼ + stars: | 2023-10-18 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets in holding patternU.S. stocks struggled to make any meaningful moves Tuesday as Treasury yields rose — the 2-year yield hit a 17-year high. A breakdown of the bank's revenue performance: Bond trading revenue fell 6%, equities trading revenue rose 8% and investment banking revenue inched up 1%. Profit popped 10% from a year ago to $7.8 billion and revenue rose 2.9% to $25.32 billion. High bond yields, interest rates and the Israel-Hamas war remain risks to financial markets, he said.

Persons: Dow Jones, David Russell, Goldman Goldman Sachs, weren't, Goldman, isn't Organizations: CNBC, Commerce Department, Goldman, Bank of America Bank of America, Wall Locations: Germany, U.S, Israel

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Consumer discretionary (.SPLRCD) led declines in the major S&P 500 sectors, falling 2.2%, while beaten-down utilities (.SPLRCU) dropped 1.8%. Declining issues outnumbered advancers by a 4.74-to-1 ratio on the NYSE and by a 3.17-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 48 new lows, while the Nasdaq recorded 11 new highs and 225 new lows. Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Eli Lilly, we're, David Russell, Raphael Bostic, Keybanc, McCormick, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Apple, Microsoft, Artificial Intelligence, Treasury, Boeing, Reuters, United Airlines, Labor Department, Investor, ADP, Atlanta Fed, Fed, Dow Jones, HP, BofA Global Research, Biopharma, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ US inflation outlook brightens as underlying price pressures subside
▼ + stars: | 2023-09-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, edged up 0.1% last month. Economists polled by Reuters had forecast the core PCE price index would climb 0.2%. In the 12 months through August, the so-called core PCE price index increased 3.9%. It was the first time since June 2021 that the annual core PCE price index was below 4.0%. In the 12 months through August, the PCE price index advanced 3.5% after gaining 3.4% in July.

Persons: Conrad DeQuadros, Bing Guan, David Russell, Scott Anderson, Lucia Mutikani, Paul Simao Organizations: Federal Reserve, Commerce Department, Brean, Reuters, University of Michigan, Consumers, REUTERS, Treasury, Financial, BMO Capital Markets, Retailers, Thomson Locations: WASHINGTON, U.S, New York, SoHo, New York City, San Francisco

Excluding volatile food and energy components, the core PCE price index rose 0.1% in August month-on-month, compared with estimates of 0.2% advance. Consumer discretionary led gains among the major S&P 500 sectors, rising 0.9%. But the sector is set to emerge as the only major S&P 500 sector to notch monthly gains. The S&P 500 and the Nasdaq are poised for their worst monthly showing of the year amid uncertainty around interest rates. The S&P index recorded one new 52-week high and five new lows, while the Nasdaq recorded 25 new highs and 109 new lows.

Persons: Brendan McDermid, ”, David Russell, “ It’s Organizations: Reuters, Nasdaq, New York Stock Exchange, REUTERS, Commerce Department, Apple, Microsoft, Nvidia, University of Michigan Consumer, Energy, Dow Jones, Dow, Democratic, Traders, JPMorgan Hedged Equity, Nike, Dick’s, Goods, NYSE Locations: New York City, U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. The ADP National Employment report showed private payrolls increased by 177,000 jobs in August, compared with estimates of 195,000, signaling a softening labor market. "The most recent data really shows that the economy is not overheating and it keeps this sort of Goldilocks hopes alive. Ten of the 11 major S&P 500 sectors rose, with information technology (.SPLRCT) and energy (.SPNY) leading gains, up 0.8% and 0.7%, respectively. Advancing issues outnumbered decliners by a 2.19-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, David Russell, Dow Jones, Brown, Forman, BFb.N, Jack Daniels, Shristi Achar, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Visa, Mastercard, Dow, Nasdaq, HP Inc, Traders, Treasury, Apple, Netflix, Investors, Labor, Dow Jones, Vaalco Energy, NYSE, Thomson Locations: New York City, U.S, Gabon, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. While inflation has come down from its peak, Powell said, it still remains high and policymakers would "proceed carefully" in deciding further interest rate moves. "But he also threatened to drop the hammer again if the economy and job market run too hot. The S&P index recorded two new 52-week highs and seven new lows, while the Nasdaq recorded 12 new highs and 149 new low. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Nordstrom, Jerome Powell's, Powell, David Russell, advancers, Amruta Khandekar, Shinjini Organizations: New York Stock Exchange, REUTERS, Marvell Technology, Dow, Nasdaq, Jackson, Treasury, Fed, Dow Jones, NYSE, Thomson Locations: New York City, U.S, Maui

☆ Strong US retail sales underscore economy's resilience
▼ + stars: | 2023-08-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

SummaryCompanies Retail sales increase 0.7% in July; June sales revised upCore retail sales jump 1.0%; June sales revised downImport prices rebound 0.4%; down 4.4% year-on-yearWASHINGTON, Aug 15 (Reuters) - U.S. retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay. Retail sales jumped 0.7% last month. Sales at food services and drinking places, the only services category in the retail sales report, shot up 1.4% after rising 0.8% in June. Excluding automobiles, gasoline, building materials and food services, retail sales surged 1.0% in July. Data for June was revised lower to show these so-called core retail sales increasing 0.5% instead of the previously reported 0.6%.

Persons: Goldman Sachs, Andrew Hunter, David Russell, Matthew Martin, Ben Ayers, Lucia Mutikani, Paul Simao Organizations: Commerce Department, Capital Economics, Retail, Reuters, Consumers, Market Intelligence, Wall, Treasury, Labor Department, Oxford Economics, delinquencies, New York Fed, Nationwide, Thomson Locations: WASHINGTON, U.S, New York, Columbus , Ohio

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as costs of services increased. The drop in megacap growth and technology stocks, which have led outsized gains this year, has put the tech-heavy Nasdaq (.IXIC) and the S&P 500 (.SPX) on track to end lower for a second straight week. Declining issues outnumbered advancers by a 1.10-to-1 ratio on the NYSE and a 1.49-to-1 ratio on the Nasdaq. The S&P index recorded four new 52-week highs and three new lows, while the Nasdaq recorded 34 new highs and 131 new lows.

Persons: Brendan McDermid, Refinitiv, David Russell, Russell, Rupert Murdoch, Bansari Mayur Kamdar, Johann M, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal Reserve, Nvidia, Microsoft, Benchmark, Dow Jones, University of Michigan, News Corp, NYSE, Thomson Locations: New York City, U.S, China, JD.com, Bengaluru

The yield on the 10-year benchmark note dipped on Friday after the jobs data, but still remained above 4%, partly boosting some megacap stocks. "At this point in some ways the jobs data doesn't do much to the Fed. Giving solid boost to the S&P 500 index, Amazon.com shares (AMZN.O) surged 10.9% after the company issued an upbeat third-quarter outlook. Of the 422 companies in the S&P 500 that have reported quarterly earnings as of Friday, 79.1% have beat analysts' estimates, according to Refinitiv data. Amgen (AMGN.O) gained 6.2% after it reported a higher quarterly profit on strong sales of its cholesterol, osteoporosis and other drugs.

Persons: Brendan McDermid, David Russell, Stocks, Carl Icahn, DraftKings, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Labor Department, Data, Reuters, Fed, Treasury, Microsoft, Dow Jones, Icahn Enterprises, Hindenburg, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ US retail sales miss expectations; underlying sales strong
▼ + stars: | 2023-07-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Retail sales increased 0.2% last month, the Commerce Department said on Tuesday. Economists polled by Reuters had forecast retail sales gaining 0.5%. Retail sales are mostly goods and are not adjusted for inflation. Clothing store sales increased 0.6% in June, while online sales surged 1.9%. Excluding automobiles, gasoline, building materials and food services, retail sales increased 0.6% in June.

Persons: David Russell, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Commerce Department, Reuters, Market Intelligence, Consumers, Reuters Graphics, Federal Reserve, Thomson Locations: WASHINGTON, U.S

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