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☆ S&P 500 futures are little changed Tuesday night after the index slips for a second day: Live updates
▼ + stars: | 2023-12-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 4, 2023. U.S. stock futures were little changed on Tuesday night after the S&P 500 and the Dow Jones Industrial Average slid for a second day. S&P 500 futures and Nasdaq 100 futures added 0.09% and 0.15%, respectively. Looking past this rally, come the new year Wolfe Research chief investment strategist Chris Senyek sees disappointment ahead for investors. In his base case scenario, Senyek sees the S&P 500 dropping 8% by the end of 2024.

Persons: MongoDB, Wolfe, Chris Senyek, Senyek, Campbell Organizations: New York Stock Exchange, Dow Jones, Dow, Nasdaq, ., Toll, Wolfe Research, Traders Locations: New York City, U.S

☆ There's now a juiced-up way to get 4 times the return of the S&P 500 — but it comes with many risks
▼ + stars: | 2023-12-05 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. And should they, given the many risks that come with such a fast-paced strategy? Bank of Montreal launched the Max SPX 500 4x leveraged ETNs, which will be the highest leveraged exchange traded product in the U.S., according to CFRA. The notes are based on the S&P 500 Total Return Index and will trade under the ticker "XXXX" beginning on Tuesday. Investors have shown a preference for the higher leveraged funds, like the popular Direxion Daily Semiconductor Bull 3x Shares (SOXL) ETF .

Persons: Max, iShares —, Aniket Ullal Organizations: New York Stock Exchange, Bank of Montreal, Nvidia, SEC, Investors, Daily Semiconductor Locations: New York City, U.S

The New York Stock Exchange (NYSE) in New York City, U.S., February 24, 2022. "Presently, the markets price in around a 125bp (basis points) cut from the Fed next year," Ipek Ozkardeskaya, senior market analyst at Swissquote Bank, said in a note. Investors will also parse data on U.S. services sector activity from S&P Global and the Institute for Supply Management on Tuesday. ET, Dow e-minis were down 115 points, or 0.32%, S&P 500 e-minis were down 20 points, or 0.44%, and Nasdaq 100 e-minis were down 103 points, or 0.65%. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Ozkardeskaya, Amruta Khandekar, Pooja Desai Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Fed, Swissquote Bank, Labor Department, P Global, Institute for Supply Management, Nvidia, Dow e, CVS, PDD Holdings, Baidu, Thomson Locations: New York City, U.S

☆ Morning Bid: Small caps pick up baton, China rating hit
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +6 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The likes of Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O) and Amazon (AMZN.O) fell back over 1%, pressured by a modest bounceback in U.S. Treasury yields. China's blue-chip stocks slumped to their lowest since February 2019 amid fears of a possible cut to China's sovereign credit rating cut after Moody's outlook reduction. By Mike Dolan, Editing by Bernadette Baum; <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>Our Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Russell, that's, Moody's, Isabel Schnabel, Michael Gibson, Christine Laggard, Mongo, Zero Fox, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Reserve, Microsoft, Apple, Nvidia, Treasury, Reserve Bank of Australia, Central Bank, Reuters, ECB, Barclays, Qatar, P Global, Federal, Division, Supervision, Financial Innovation, Descartes Systems, Health, Powell Industries, Dave, Buster's Entertainment, Reuters Graphics, Thomson Locations: New York City, U.S, Global, York, Treasuries, Europe

☆ Wall Street underscores why we're in Apple and Microsoft for the long haul
▼ + stars: | 2023-12-04 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

A new batch of Wall Street commentary on Monday highlights exactly why we're bullish on mega cap tech stocks Apple (AAPL) and Microsoft (MSFT). AAPL YTD mountain Apple (AAPL) year-to-date performance New data from UBS indicated that Apple continues to grab market share in India. That's one of many reasons why the Club continues to reiterate an "own it, don't trade it" stance on Apple stock. Microsoft also confirmed that the company has had consistent access and rights to all of OpenAI's intellectual property and technology. Microsoft stock, up over 53% year-to-date, was trading 1.49% lower Monday, at $368.09.

Persons: OpenAI, Apple, Tim Cook, We're, –, Sam Altman, Altman, Piper Sandler, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Apple, Microsoft, UBS, Analysts, CNBC, Counterpoint Research, –, Huawei, U.S, Traders, New York Stock Exchange Locations: India, U.S, China, Europe, OpenAI, New York City

☆ Morning Bid: Buoyant markets hold near year's highs
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +5 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. Fed futures markets think a first cut may come as soon as March - with a quarter-point easing by then already two-thirds priced. Two-year Treasury yields hit their lowest since June on Friday and 10-year yields their lowest in three months, although they edged higher on Monday. U.S. crude hit its lowest in two weeks and is tracking year-on-year losses of almost 10%. But that is widening into yearend as peak rate hopes encourage some rotation to smaller cap stocks.

Persons: Carlo Allegri, Mike Dolan, Jerome Powell, Powell, Goldman Sachs, Jan, Fitch, Bitcoin, Christine Lagarde, Joann, Kirsten Donovan Organizations: New York Stock, REUTERS, Federal Reserve, Spelman College, Fed, Tech, HK, Central Bank, Treasury, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Europe, Gaza, China, Hong Kong, WuXi, Evergrande, RGC Resources

The New York Stock Exchange (NYSE) in New York City, U.S., February 24, 2022. Pressuring equities on Monday were higher U.S. Treasury yields, which made returns on stocks less attractive. However, some analysts have cautioned that markets have been too quick to price in lower interest rates. The S&P index recorded eight new 52-week highs and no new lows, while the Nasdaq recorded 46 new highs and 17 new lows. Reporting by Amruta Khandekar and Shristi Achar A; Editing by Anil D'Silva and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Jerome Powell, It's, Sam Stovall, Stovall, Santa Claus, advancers, Amruta Khandekar, Anil D'Silva, Pooja Desai Organizations: New York Stock Exchange, REUTERS, Companies Alaska Air, Hawaiian Holdings, Dow, Nasdaq, Federal Reserve, Treasury, Nvidia, Apple, Traders, Research, Alaska Air Group, Dow Jones, Marathon, NYSE, Thomson Locations: New York City, U.S, New York, Santa, Israel, Red

New networks by Dish (DISH.O) and Japan's Rakuten (4755.T) use Open RAN. "All of the new equipment that we are going to be putting out will be Open RAN capable," Chris Sambar, president of AT&T Network, told Reuters. Winning the Open RAN deal will make Ericsson the largest supplier to AT&T as it slowly takes over Nokia's share, the company said. AT&T will still have contracts which other Open RAN vendors outside this deal. AT&T expects fully integrated Open RAN sites operating in coordination with Ericsson and Fujitsu (6702.T), starting in 2024.

Persons: Brendan McDermid, Japan's Rakuten, Chris Sambar, Sambar, You've, Supantha Mukherjee, Matthew Lewis Organizations: New York Stock Exchange, REUTERS, Rights, Ericsson, Nokia, Huawei, Telefonica, Vodafone, RAN, AT, T Network, Reuters, Samsung, Verizon, U.S ., Fujitsu, Thomson Locations: New York, U.S, ORAN, United States, Stockholm

[1/2] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023. The Pentagon said it was aware of reports regarding attacks on an American warship and commercial vessels in the Red Sea on Sunday, while Yemen's Houthi group claimed drone and missile attacks on two Israeli vessels in the area. Such worries flared after Hamas’ Oct. 7 attack into southern Israel but subsided in recent weeks. Quincy Krosby, chief global strategist at LPL Financial, said a widening conflict could push some investors to take profits on the recent rally in stocks. Signs of an intensifying Middle East conflict could also boost oil prices, which have slumped in recent weeks.

Persons: Brendan McDermid, Yemen's, Quincy Krosby, ”, “, Phil Orlando, Federated Hermes, Santa Claus, Orlando, I'm, Krystal Hu, Ira Iosebashvili, Chizu Organizations: New York Stock Exchange, REUTERS, Hamas, Pentagon, Reuters, LPL, U.S ., Federated, West Texas, Thomson Locations: New York City, U.S, American, Israel, United States, Iraq, Iran, Santa

☆ Signs of a sector rotation — plus 2 more themes to watch in the stock market
▼ + stars: | 2023-12-02 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Historically, November is the best month of the year for the stock market, and December is third, according to the Stock Trader's Almanac. Under the surface this week, we also saw signs of a possible market rotation in the works. Rotation watch : We must look to next week's trading for confirmation that we're in the grips of a rotation or simply a head fake. Signs of the former were on display this week as the two of the biggest sector winners of the year, communication services and technology , trailed the market. Jobs, jobs, jobs : The most important release of the week comes Friday in the form of the November nonfarm payrolls report.

Persons: Jerome Powell, That's, Locker, it's, Hock Tan, We'll, Joann, JOAN, JM Smucker, OLLI, Campbell Soup, Brown, Forman, LULU, Smith, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Wall, Dow, Nasdaq, Federal, Broadcom, Marvell Technology, Cisco Systems, VMWare, Club, PMI, Labor, Signet Jewelers, SIG, Brands, Toll, Thor Industries, Natural Foods, GameStop, Vail Resorts, MTN, Smith & Wesson, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Asana, ASAN, New York City

☆ 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

Yields on the U.S. benchmark 10-year Treasury , which move inversely to prices, saw their steepest decline in more than a decade. The Fed chair reiterated that the fight against inflation was far from finished and said the central bank was ready to further tighten monetary policy if necessary. Investors see a strong chance of the central bank delivering a rate cut as early as March 2024, LSEG data show. In late 2022, for example, many expected a recession would hit this year, forcing the Fed to loosen monetary policy. The economy proved resilient while monetary policy stayed tight.

Persons: Jerome Powell, Brendan McDermid, Powell, Paul Nolte, Christopher Waller, “ Powell, that’s, ”, Ed Al, James St . Aubin, David Randall, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Daniel Wallis Organizations: New York Stock Exchange, REUTERS, Federal, Fed, Treasury, Murphy, Sylvest Wealth Management, Columbia Threadneedle Investments, Sierra Investment Management, Thomson Locations: New York City, U.S

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Market participants now await policy comments from Powell at two separate discussions scheduled for 11 a.m. After recent conflicting remarks from other policymakers, investors are concerned that Powell could push back against the rate cut narrative. Other officials, including Fed Governors Lisa Cook and Chicago Fed President Austan Goolsbee are also scheduled to speak during the day. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Powell, Jerome Powell's, Dow Jones, underscoring, Sophie Lund, Yates, Hargreaves Lansdown, Lisa Cook, Austan Goolsbee, Alibaba, Morgan Stanley, danuglipron, Paula Oyibo, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Chicago Fed, P Global, ISM, Dow e, Pfizer, Marvell Technology, Automation, Thomson Locations: New York City, U.S, Bengaluru

All eyes are now on the personal consumption expenditure (PCE) index- the Fed's preferred inflation gauge- for October, due at 8:30 a.m. ET, which is expected to show inflation eased in the previous month. The PCE index is expected to rise 0.1% on a monthly basis in October, moderating from a 0.4% increase in September. Data cloud company Snowflake (SNOW.N) added 8.2% after it forecast fourth-quarter product revenue above Street estimates on artificial intelligence driven demand. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Russ Mould, AJ Bell, Jefferies, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Wall, Federal Reserve, Dow e, Ford Motor, Inc, Thomson Locations: New York City, U.S, Chicago, Bengaluru

While the Dow rose to 35,725.11 points, crossing its intraday high of 35,679.13 points hit in August, all three main indexes were on course for their strongest November since 2020. The S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) were also poised for their biggest monthly percentage gain since July 2022, on signs of cooling price pressures. The personal consumption expenditure (PCE) index - the Fed's preferred inflation gauge - showed inflation remained unchanged in October on a monthly basis, against economists' projections of a 0.1% increase. Core inflation, which excludes volatile food and energy prices, rose 0.2% on a monthly basis, in line with estimates. But most megacap stocks edged lower, with Tesla (TSLA.O) down 1.4% and leading declines, keeping the S&P 500 (.SPX) and Nasdaq (.SPX) under pressure.

Persons: Caitlin Ochs, Salesforce, Dow Jones, Dow, Anthony Saglimbene, Mary Daly, John Williams, Jefferies, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, Reserve, U.S, Treasury, Fed, San Francisco Fed, Bank of New York, Dow Jones, Inc, NYSE, Thomson Locations: New York City, U.S, Troy , Michigan, Bengaluru

☆ Morning Bid: November bids adieu with inflation data, OPEC
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. With signs of turn emerging in Federal Reserve policy guidance and October PCE inflation readings set to encourage that later in the day, rate cut fever was in full flow across the Atlantic too. Headline annual inflation in the bloc fell as low as 2.4% - within arm's length of the ECB's 2% target. Later on Thursday, U.S. PCE inflation for the prior month is pencilled to fall 3.0% from 3.4% - with a core also ebbing to 3.5%. "Monetary policy is in a good place," Cleveland Fed President Loretta Mester said on Wednesday, echoing comments from previously hawkish Fed governor Christopher Waller the previous day.

Persons: Brendan McDermid, Mike Dolan, policymaker Fabio Panetta, Loretta Mester, Christopher Waller, John Williams, Christine Lagarde, Megan Greene, Kroger, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Treasury, Federal, European Central Bank, Bank of Italy, policymaker, U.S ., ECB, Cleveland Fed, Wall, OPEC, Dallas Fed, PMI, York Federal, Bank of England, Academy Sports, Rock Biotech, Titan, Reuters, Thomson Locations: New York City, U.S, China, Canada, Vienna, Automotive, Duluth, BOS, Jan

☆ Appetite for stocks drives VIX options as investors guard portfolios
▼ + stars: | 2023-11-30 | by ( Laura Matthews | ) www.reuters.com time to read: +4 min

VIX options contracts averaged nearly 760,000 daily, surpassing the record set in 2017, according to Cboe Global Markets (CBOE.Z), data as of Nov. 27. Such investors are "looking at trading VIX options as a way to potentially monetize their thinking", he said. Reuters GraphicsThe rise in VIX options trading is a change from 2022 when investors were reducing equities exposure and hoarding cash, according to CBOE data. With the VIX averaging 17 this year, VIX options' trading volume as a share of overall options volume is at 1.76%, the highest since 2020 - a much more volatile year when the VIX averaged 29, according to a Reuters analysis based on Trade Alert data. Timing profit-taking on VIX options in an environment where jumps in the volatility index are fleeting can be difficult, said Roni Israelov, chief investment officer at NDVR.

Persons: Carlo Allegri, Mandy Xu, That's, Joe Ferrara, JJ Kinahan, Seth Hickle, Roni Israelov, Laura Matthews, Saqib Iqbal Ahmed, Megan Davies, Chizu Organizations: New York Stock, REUTERS, . Federal, Cboe Global, Gateway Investment Advisers, Reuters, Trade, Thomson Locations: Manhattan, New York City , New York, U.S, Indiana, New York

☆ Occidental Petroleum in talks to buy Permian producer CrownRock - WSJ
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - Occidental Petroleum (OXY.N) is in talks to buy CrownRock in a deal that could value the company well above $10 billion including debt, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Occidental did not immediately respond to a Reuters' request for comment on Wednesday, while CrownRock could not be immediately reached. CrownRock owns approximately 86,000 net acres in the northern part of the Midland basin, which is part of the Permian in Texas. Reporting by Shivani Tanna in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Timothy Dunn, CrownRock, Shivani Tanna, Sherry Jacob, Phillips Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Wall Street, Reuters, Occidental, CrownRock, Thomson Locations: New York, U.S, Texas, Midland, Bengaluru

☆ JPMorgan strategists see 'challenging' backdrop for US stocks in 2024
▼ + stars: | 2023-11-29 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2023. The bank projected a 2024 price target for the benchmark S&P 500 (.SPX) of 4,200, or about 8% below current levels. Absent rapid easing of monetary policy by the Federal Reserve, "we expect a more challenging macro backdrop for stocks next year," J.P. Morgan's Dubravko Lakos-Bujas and his team said in an outlook report on Wednesday. "In contrast to this robust outlook, we expect lower sequential revenue growth, no margin expansion, and lower buyback executions," the strategists wrote. Those risks include two major wars and 40 countries holding national elections including the U.S., which the strategists expect will drive equity volatility to be generally higher in 2024 than in 2023.

Persons: Brendan McDermid, Morgan, Dubravko, J.P, Lewis Krauskopf, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Thomson Locations: New York City, U.S

☆ KKR to buy remaining stake in insurer Global Atlantic for $2.7 billion
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - KKR & Co (KKR.N) said on Wednesday it would buy a remaining 37% stake in Global Atlantic Financial Group that it does not already own for $2.7 billion in an all-cash deal. Private equity firm KKR has served as the manager of Global Atlantic's investment portfolio since 2021 and said in July 2020 that it would buy the annuities and life insurance provider. Global Atlantic's assets under management have grown to $158 billion from $72 billion in 2020, the companies said. Under the terms of the deal, KKR will pay Global Atlantic's minority shareholders an amount in cash equal to Global Atlantic's book value, with certain adjustments. Global Atlantic serves policyholders through its retirement and life insurance products.

Persons: Brendan McDermid, Joe Bae, Scott Nuttall, Goldman Sachs, Noor Zainab Hussain, Devika Organizations: KKR, New York Stock Exchange, REUTERS, Co, Global Atlantic Financial Group, Global, Global Atlantic, Thomson Locations: New York, U.S, Bengaluru, Chibuike

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Wall Street indexes ended marginally higher on Tuesday after Fed Governor Christopher Waller, deemed a hawk, hinted at lower interest rates in the months ahead if inflation continued to ease. Other similar positive comments sent Treasury yields tumbling, with the yield on the benchmark 10-year note last at an over two-month low of 4.2840%. Fed Governor Michelle Bowman on Tuesday alluded to the possibility of another rate hike. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Christopher Waller, Governor Bowman, Charalampos Pissouros, Michelle Bowman, Thomas Barkin, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, General Motors, Dow, Nasdaq, Treasury, Federal Reserve, XM, Nvidia, Richmond Fed, Dow e, CrowdStrike Holdings, Thomson Locations: New York City, U.S, Bengaluru

☆ Dow futures rise as benchmark nears new 2023 high: Live updates
▼ + stars: | 2023-11-29 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on November 15, 2023 in New York City. U.S. stock futures opened higher on Wednesday night as all three major stock indexes prepared to wrap a winning November. S&P 500 and Nasdaq 100 futures climbed 0.07% and 0.10%, respectively. The tech-heavy Nasdaq Composite slipped 0.16% during the day, but is also roughly 0.7% away from its 2023 closing high. The S&P 500 is up 8.5% in November, while the Nasdaq has advanced nearly 11%.

Persons: Salesforce, Nutanix, Dow, Jay Woods, We've Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Dow, Freedom Capital Markets, CNBC, Fed, Kroger, Federal Reserve Locations: New York City . U.S, Snowflake, Nutanix

☆ Snowflake sees product revenue above estimates on AI-driven demand
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - Snowflake (SNOW.N) forecast quarterly product revenue above estimates on Wednesday, as increasing adoption of artificial intelligence boosted demand for its data cloud offerings. Snowflake expects product revenue for the fourth quarter to be in the range of $716 million to $721 million, which is above analysts' average estimate of $700.3 million, according to data from LSEG. For the third quarter, the company's revenue rose 32% to $734.2 million, above estimates of $713.1 million. Product revenue, which is derived from the consumption of compute, storage, and data transfer resources, was above estimates at $698.5 million for the quarter ended Oct. 31. The company also raised its product revenue forecast for 2024 to $2.65 billion from $2.60 billion.

Persons: Brendan McDermid, Frank Slootman, Arsheeya, Maju Samuel Organizations: Snowflake Inc, New York Stock Exchange, REUTERS, LSEG, Gartner, Thomson Locations: New York, U.S, Bozeman , Montana, Bengaluru

☆ GameStop shares climb on strong volume
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

The videogame retailer's shares were last at $15.12, the third most actively traded stock on the New York Stock Exchange at 5:50 a.m. On Tuesday, GameStop shares had their biggest one-day percentage gain in eight months on no clear news catalyst. AMC Entertainment (AMC.N), another favorite among retail traders, rose nearly 4% to $6.95. "The market optimism now vacuum retail traders in – and it's the ultimate signal that the (market) rally is overstretched," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. GameStop shares have slumped 27% in 2023 up to Tuesday's close, while AMC had wiped out 80% of its value.

Persons: Andrew Kelly, GameStop, Ipek Ozkardeskaya, Medha Singh, Krishna Chandra Organizations: GameStop Corp, New York Stock Exchange, REUTERS, GameStop, AMC Entertainment, AMC, Swissquote Bank, Thomson Locations: Manhattan , New York City, U.S, –, Bengaluru

☆ Market vulnerabilities and a possible U.S. recession: Strategists give their cautious predictions for 2024
▼ + stars: | 2023-11-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The market is now largely pricing a peak at the current Fed funds target range of 5.25-5.5%, with interest rate cuts to come next year. watch now"At the outer edges of the economy there is obvious stress that is likely to spread in 2024 with rates at these levels. So it's easy to see how bad levered investments could have been made that would be vulnerable to this higher rate regime." Recession risk 'delayed rather than diminished' In a roundtable event on Tuesday, JPMorgan Asset Management strategists echoed this note of caution, claiming that the risk of a U.S. recession was "delayed rather than diminished" as the impact of higher rates feeds through into the economy. "I think the the key conclusion here is that interest rates do still bite, it's just taking longer this time around," she said.

Persons: Victor J, Jim Reid, David Folkerts, Landau, Reid, Folkerts, GSAM, Karen Ward, it's Organizations: New York Stock Exchange, Blue, Bloomberg, Getty, Monetary, Federal Reserve, Deutsche Bank, Global Economics, Research, Silicon Valley Bank, Goldman Sachs Asset Management, European Central Bank, Fed, ECB, JPMorgan, Management Locations: New York, Washington, U.S, Canada, Brazil, Chile, Hungary, Mexico, Peru, Poland

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