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☆ Tributes pour in for Ratan Tata from industry titans and politicians
▼ + stars: | 2024-10-09 | by ( Vinay Dwivedi | ) www.cnbc.com time to read: +2 min

Tributes from industry leaders, politicians and the public at large poured in for Ratan Tata, the former chairman of India's Tata Sons, who passed away on Wednesday, aged 86. Google and Alphabet CEO Sundar Pichai recalled his meeting with Tata where they discussed Google's self-driving car project. "Mr Tata took India to the world and brought the best of the world to Bharat." He was known for his philanthropy and was chairman of Tata Trusts, among India's largest charity organizations. Tata reportedly was instrumental in about 60 acquisitions that helped the group expand globally.

Persons: Ratan Tata, India's Tata, Narendra Modi, Sundar Pichai, Pichai, Tata, Ratan Tata's, Mukesh Ambani, Mr Tata Organizations: India's, Tata, Rover, Tata Group, Reliance Group, Bharat, Cornell University, Tata Trusts, Tata Sons Locations: India, Mumbai

A woman walks past Bombay Stock Exchange (BSE) office in Mumbai, India, 18 July, 2022. Nurphoto | Nurphoto | Getty ImagesIndia stocks tumbled Tuesday in volatile trading, leading Asia markets lower as the country continued vote counting for its 2024 general election. The Nifty rose more than 20% last year, while the Sensex was up nearly 19% in 2023. Japan's Nikkei 225 fell 0.22% to close at 38,837.46, while the broader Topix ended 0.38% down at 2,787.48. Hong Kong's Hang Seng index was 0.12% higher, while the CSI 300 index added 0.75% to close at 3,615.67.

Persons: Narendra Modi Organizations: Bombay Stock Exchange, Nurphoto, Getty, BSE, BJP, Japan's Nikkei, CSI Locations: Mumbai, India, Asia, Australia

☆ CNBC's Inside India newsletter: Will AI make or break India?
▼ + stars: | 2024-05-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +9 min

But one that could foreshadow India's growth story. Can Teleperformance's stock plunge be the canary in the coal mine for what is likely to happen to India because of AI? But it's likely to be a blip for India's growth trajectory, given the macro forces at play. Besides creating jobs that are less likely to be immediately disrupted by AI, India could also be a net beneficiary of artificial intelligence. The Indian stock market indexes, Sensex and Nifty 50 , are heading for a positive week again — up by 1% and 1.2%, respectively.

Persons: Findlay Kember, Klarna, ChatGPT, K Krithivasan, Krithivasan, Narendra Modi, It's, Shilan Shah, Goldman Sachs, Vinay Dwivedi, Ashok Gulati, Nomura, League Pickleball, Karine Jean, Pierre, Jerome Powell, Raghuram Rajan, Ashish Jain, CNBC's Ayushi Jindal Organizations: AFP, Getty, India's Tata Consultancy Services, Financial Times, TCS, World Bank, International Monetary Fund, University of Oxford, Capital Economics, Investment, Nomura, Qualcomm, Powerchip Semiconductor Manufacturing, UPI, India, Commission, Agricultural, United Pickleball Association, Global Sports, PPA, League, Washington Post, White, U.S ., Federal, CNBC, Reserve Bank of India, University of Chicago Booth School of Business Locations: Swedish, Paris, India, Chennai, U.S, Europe, China, Singapore, South Korea, Canada, United States

☆ India’s farmers are up in arms again. Will it hurt Modi’s reelection campaign?
▼ + stars: | 2024-04-26 | by ( Vinay Dwivedi | ) www.cnbc.com time to read: +5 min

Narinder Nanu | AFP | Getty ImagesNEW DELHI — Farmers in India's Punjab state are raising the pitch of their ongoing protests, as the second phase of India's general elections starts Friday. Thousands of farmers continue to drum up support for their demands, foremost being a legal guarantee for minimum support prices for their produce. A Lokniti-CSDS survey earlier this month showed 59% of the respondents found the farmers' demands "genuine," while 16% deemed the protests a "conspiracy" against the government. CNBC did not immediately receive a response from India's Agriculture Ministry on queries pertaining to the farmers' demands. What India's farmers want

Persons: Narinder Nanu, Narendra Modi, Modi, Yogendra Yadav, Sanjay Kumar, Modi's, Kumar, it's, Jagjit Singh, Ayyakannu, Dallewal Organizations: AFP, Getty, DELHI — Farmers, Bharatiya Janata Party, BJP, Modi's BJP, CNBC, India's Agriculture, Tamil Nadu, Morcha Locations: Amritsar, DELHI, India's Punjab, Punjab, Khanauri, Haryana, India, New Delhi, Delhi, Tamil, Varanasi, Tamil Nadu, Varansai, Uttar Pradesh, Samyukta

☆ CNBC's Inside India newsletter: A $270 billion gamble on green?
▼ + stars: | 2024-04-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Solar panels stand at the Welspun Energy solar power plant in Neemuch, Madhya Pradesh, India. One sector in particular — electrical power transmission — will see $270 billion in financial benefits, according to Goldman Sachs. While utilities like the Power Grid Corporation of India may be perceived as unsexy, compared to growth stocks like Tesla, India plans to promote renewable energy without the taxpayer spending a single rupee. The country has added about 70 gigawatts of solar power capacity over the past decade without piling on further costs by simply maximizing the grid's usage. Currently, state governments in India levy surcharges and taxes on every unit of carbon-intensive energy transmitted through the grid.

Persons: Vivek Prakash, Elon Musk, Narendra Modi, Goldman Sachs, It's, Vinay Dwivedi, India Anna Dravida, Vinay, Modi, Mohamed Muizzu's, Jamie Dimon, Modi's Organizations: Bloomberg, Getty, U.S, Power Grid Corporation of India, Goldman, Companies, Reliance Industries, Adani Enterprises, Tamil Nadu —, Dravida Munnetra Kazhagam, India Anna Dravida Munnetra Kazhagam, CNBC, Modi's Bharatiya Janata Party, Vodafone Idea, Vodafone, West, Economic, of New, JPMorgan, CNBC Pro, we'll Locations: Neemuch, Madhya Pradesh, India, Tamil Nadu, Dravida, New Delhi, Maldives, China, Beijing, West Indies, Pakistan, U.S, of New York

☆ India's high unemployment is a 'ticking bomb,' opposition says as election battle with Modi's BJP heats up
▼ + stars: | 2024-04-23 | by ( Vinay Dwivedi | ) www.cnbc.com time to read: +4 min

India's unorganized sector, which is made up of millions of small businesses that are privately owned, make up about 93% of the country's total workforce. As many as 32% of the respondents said increasing unemployment was the key reason why they would not elect the BJP again. India's Labour Ministry did not immediately respond to CNBC's queries pertaining to the country's unemployment situation. Rajan, who was speaking about how to make India an advanced economy at the George Washington University, said: "Unemployment numbers are high, disguised unemployment is even higher. A slowdown in hiring in India's huge information technology sector is also to blame for the lack of well-paying, white-collar jobs.

Persons: Rahul Gandhi, Narendra Modi, Modi, Gandhi, —, Manmohan Singh, Arun Kumar, Lokniti, joblessness, Kumar, Raghuram Rajan, Rajan Organizations: DELHI, International Labour Organisation, Institute of Human, Goods, Services Tax, Jawahar Lal Nehru, CNBC, ILO, Bharatiya Janata Party, Indian National Congress, BJP, Modi, India's Labour Ministry, Former Reserve Bank of India, George Washington University, Labor Locations: India, Bihar, New Delhi

☆ Modi’s BJP is set to majorly boost its vote share in opposition-ruled Tamil Nadu as India goes to polls
▼ + stars: | 2024-04-19 | by ( Vinay Dwivedi | ) www.cnbc.com time to read: +6 min

More than 62.2 million voters will choose among 950 contestants in Tamil Nadu. The DMK won the Tamil Nadu state elections in 2021, defeating the incumbent AIADMK. Prominent poll strategist Prashant Kishor reportedly said he expects the BJP to get "double digit" vote share in Tamil Nadu. Though the jump in vote share in Tamil Nadu will be substantial compared with 2019, BJP might just win one or two constituencies, Kumar said. Seated opposite from him was Geetha, a Modi supporter, who said: "Modi is superman, but DMK will sweep Tamil Nadu.

Persons: Narendra Modi, Abhishek Chinnappa, Bharatiya Janata Party —, India Anna Dravida, Narendra Modi's, Jayalalithaa, Karunanidhi, Modi, Narayanan Thirupathy, Thirupathy, Prashant Kishor, Kishor, Sanjay Kumar, Kumar, Sarvanan, Nagar, Geetha, DMK's Sarvanan Organizations: Getty, Getty Images, India's, Nationwide, Indian National Congress, Bharatiya Janata Party, Dravida Munnetra Kazhagam, DMK, India Anna Dravida Munnetra Kazhagam, AIADMK, BJP, CNBC, Narendra Modi's BJP, Tamil, Political, NDTV, Wednesday, Developmental Inclusive Alliance, India Locations: INDIA, Mysuru, India, Getty Images CHENNAI, Tamil Nadu, Dravida, Tamil, BJP, Telangana, New Delhi

People walk by a CVS pharmacy store in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies CVS Health Corp FollowNov 1 (Reuters) - CVS Health Corp (CVS.N) beat Wall Street estimates for quarterly profit on Wednesday as strength in its drugstores and pharmacy benefit management business offset higher-than-expected medical costs at its insurance unit. CVS' medical benefit ratio, or the percentage of claims paid compared to premiums collected, was 85.7% in the third quarter, compared with analysts' estimates of 85.1%. CVS' pharmacy and consumer wellness segment recorded 6% revenue growth to $28.87 billion, boosted by higher drug prices and prescription volume. The company reported an adjusted profit of $2.21 per share, beating estimates of $2.13 per share, according to LSEG data.

Persons: Andrew Kelly, Julie Utterback, Mariam Sunny, Leroy Leo, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: REUTERS, CVS Health, CVS Health Corp, CVS, Morningstar, PBMs, Revenue, Walgreens, Thomson Locations: Manhattan , New York City , New York, U.S, United States, Bengaluru

☆ Canadian Solar to invest $800 million to build cell manufacturing plant
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Miniatures of solar panel and electric pole are seen in front of Canadian Solar logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsCompanies Canadian Solar Inc FollowOct 30 (Reuters) - Canadian Solar (CSIQ.O) said on Monday it would invest $800 million to build a solar photovoltaic (PV) cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana. The company said the plant would produce cells with an annual output of 5 gigawatts (GW), equivalent to about 20,000 high-power modules per day. The Guelph, Ontario-based company said cells produced at Jeffersonville facility would be used at its 5 GW module assembly plant in Mesquite, Texas, the company's first manufacturing facility in the U.S., announced in June. Shares in the company, which is exiected to start production at the Jeffersonville facility by the end of 2025, were up 1.56% at $19.51 in premarket trading.

Persons: Dado Ruvic, Tanay, Vinay Dwivedi Organizations: Canadian, REUTERS, Rights, Commerce, Thomson Locations: Jeffersonville , Indiana, Guelph, Ontario, Jeffersonville, Mesquite , Texas, U.S, Bengaluru

☆ Labcorp beats quarterly profit estimates on strength in routine testing segment
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The logo for Labcorp, Laboratory Corporation of America, a life sciences company is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 22, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 26 (Reuters) - Laboratory Corporation of America (LH.N) topped Wall Street expectations for quarterly adjusted profit on Thursday, as strength in its routine diagnostics business more than offset weak COVID test sales. Peer Danaher (DHR.N) also beat profit expectations earlier this week on the back of strong demand for its diagnostic tests for respiratory diseases. Labcorp reported adjusted profit of $3.38 per share, beating analysts' average estimate of $3.33 per share. The life sciences company also tightened its annual profit per share outlook to between $13.25 and $13.75, from $13 to $14 forecast earlier.

Persons: Brendan McDermid, Danaher, Labcorp, Mariam Sunny, Vinay Dwivedi Organizations: Laboratory Corporation of America, New York Stock Exchange, REUTERS, Quest Diagnostics, Thomson Locations: New York City, U.S, Bengaluru

☆ T-Mobile lifts free cash flow forecast as profit, subscriber additions beat estimates
▼ + stars: | 2023-10-25 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

T-Mobile now expects adjusted free cash flow for the year to be between $13.4 billion and $13.6 billion, compared with its prior forecast of $13.2 billion to $13.6 billion. T-Mobile added 850,000 postpaid phone customers in the third quarter, the highest among peers, beating FactSet estimates of 773,400 additions. It raised its full-year forecast for wireless subscriber net additions to between 5.7 million and 5.9 million, up from its earlier forecast of 5.6 million to 5.9 million. The telecom industry has been seeing a gradual moderation in postpaid phone net additions after hitting record levels in 2021 and 2022. Industry-wide postpaid phone net additions are expected to moderate in 2023 to 8.5 million from a near-record 9.3 million in 2022, according to analysts at Goldman Sachs.

Persons: Leonhard Foeger, Jamie Lumley, Goldman Sachs, Samrhitha, Vinay Dwivedi Organizations: Mobile, REUTERS, Verizon, Rivals Verizon, Thomson Locations: Mobile Austria, Vienna, Austria, Bengaluru

☆ Verizon raises free cash flow forecast as subscriber additions top estimates
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

The company now expects annual free cash flow (FCF) to be higher than $18 billion, at least a $1 billion increase from its prior forecast. Its third-quarter FCF of $6.7 billion beat estimates by more than $1.3 billion, according to Visible Alpha. Shares of the New York-based telecom company, which has benefited from price increases and customers migrating to higher-tiered unlimited plans, rose more than 4% in premarket trading. Rival AT&T (T.N) raised its annual FCF forecast last week and trounced Wall Street estimates for subscriber additions. Verizon's revenue fell 2.6% to $33.3 billion in the three months to September, but was in-line with analysts' average estimate of $33.25 billion, according to LSEG data.

Persons: Brendan McDermid, Samrhitha, Vinay Dwivedi Organizations: Verizon, REUTERS, U.S, Alpha, Wall, Mobile, Thomson Locations: New York City, U.S, York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023. General Electric (GE.N) jumped 6.4% in premarket trading after the aircraft engine manufacturer raised its full-year profit forecast. General Motors (GM.N) added 1.5% after beating third-quarter profit estimates, while 3M (MMM.N) gained 4.1% after raising its full-year adjusted profit forecast. Of the 86 companies in the S&P 500 that have reported earnings so far, 78% have topped analysts' expectations, LSEG data showed. The turmoil in the Middle East is also focus as Israel intensified its assault on Hamas in Gaza.

Persons: Brendan McDermid, Bitcoin, Shubham Batra, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, General Electric, General Motors, 3M, Societe Generale, Apple, Microsoft, Reserve, Nvidia, Commerce Department, Dow e, Reuters, Arm Holdings, Intel, Marathon, Thomson Locations: New York City, U.S, Israel, Gaza, Coinbase, Bengaluru

☆ Dow forecasts lower-than-expected net sales in Q4 on low prices, weak demand
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsOct 24 (Reuters) - Dow Inc (DOW.N) forecast average net sales for the current quarter below analyst estimates on Tuesday, as the chemical maker continues to navigate weak demand and low prices for its products in key markets. Dow reported a sequential decline of 7% in prices of their products in Europe, the Middle East, Africa and India, primarily due to lower feedstock and energy rates. However, the company added it expects to see benefits from rising oil prices in the next few quarters. Prices of Dow products such as polyethylene, poly vinyl chloride and other base metals increase on the back of rising crude oil.

Persons: Lucas Jackson, Dow, Howard Ungerleider, Jeffrey Tate, Sriraj Kalluvila, Vinay Dwivedi, Krishna Chandra Organizations: Dow, New York Stock, REUTERS, Dow Inc, Saikeerthi, Thomson Locations: New York, U.S, China, Europe, East, Africa, India, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023. Aerospace major RTX (RTX.N) jumped 6.1% after it reported better-than-expected quarterly earnings. Of the 118 S&P 500 (.SPX) companies that have reported earnings so far, 81.4% have topped analysts' expectations, LSEG data showed. Ten of the 11 major S&P 500 sectors were trading higher, with energy (.SPNY) the sole outlier, down 1.0%, on weaker crude prices. HCA Healthcare (HCA.N) fell 4.9% after the hospital operator missed Wall Street estimates for quarterly profit as its physician-staffing joint venture missed internal growth targets.

Persons: Brendan McDermid, Hugh Anderson, what's, you've, Bitcoin, Shubham Batra, Shashwat Chauhan, Sruthi Shankar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Big Tech, Verizon, Dow, Nasdaq, U.S, General, Aerospace, HighTower Advisors, P, Microsoft, Reserve, Dow Jones, Marathon, HCA Healthcare, NYSE, Thomson Locations: New York City, U.S, Israel, Gaza, Bengaluru

☆ Payments firm Fiserv lifts profit forecast as Q3 earnings double on spending boost
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: 1 min

Oct 24 (Reuters) - Fiserv (FI.N) raised its annual profit forecast on Tuesday after the payment services firm's third-quarter earnings nearly doubled on strong consumer spending. The company said it expects adjusted earnings of $7.47 to $7.52 per share in 2023, higher than the $7.40 to $7.50 range it forecast earlier. Analysts expect a profit of $7.44 per share, according to LSEG IBES data. Fiserv reported a net profit of $952 million for the three months ended Sept. 30, nearly doubling from a year earlier. Reporting by Niket Nishant in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Fiserv, Niket, Vinay Dwivedi Organizations: Thomson Locations: Bengaluru

☆ Wall St ends sharply lower, posts weekly losses; Mideast fears increase
▼ + stars: | 2023-10-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

All of the S&P 500 index's 11 sectors ended lower in broad-based selling, with technology (.SPLRCT) and financials (.SPYS) among the biggest drags. The S&P 500 financial index (.SPSY) was down 1.6% while the KBW regional banking index (.KRX) fell 3.5%. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsFor the week, the Dow was down 1.6%, the S&P 500 fell 2.4% and the Nasdaq slid 3.2%. The third-quarter U.S. earnings season is well under way, with 86 companies in the S&P 500 having reported. The S&P 500 posted no new 52-week highs and 38 new lows; the Nasdaq Composite recorded nine new highs and 420 new lows.

Persons: Alan Lancz, Alan B, Lancz, Jerome Powell, Brendan McDermid, Dow, advancers, Caroline Valetkavitch, Shubham Batra, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi, Richard Chang Organizations: Treasury, Dow, Nasdaq, Lancz, Associates Inc, Regions, Federal, Dow Jones, Wall, REUTERS, American Express, NYSE, Thomson Locations: Israel, Gaza, Toledo , Ohio, U.S, New York, Bengaluru

☆ Wall St ends sharply lower with tech, financials; Mideast fears increase
▼ + stars: | 2023-10-20 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. All of the S&P 500 index's 11 sectors fell in broad-based selling. The KBW regional banking index (.KRX) was down sharply, while shares of Regions Financial (RF.N) slid to their lowest since March 2020. The benchmark 10-year Treasury yield fell on Friday, a day after crossing 5% for the first time since July 2007 in the wake of comments by Federal Reserve Chair Jerome Powell. The third-quarter U.S. earnings season is well under way, with 86 companies in the S&P 500 having reported.

Persons: Brendan McDermid, Alan Lancz, Alan B, Jerome Powell, Lancz, Caroline Valetkavitch, Shubham Batra, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi, Richard Chang Organizations: Wall, REUTERS, Treasury, Major U.S, Regions, Lancz, Associates Inc, Federal, Nasdaq, Dow Jones, Thomson Locations: New York, U.S, Major, Israel, Toledo , Ohio, Gaza, Bengaluru

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. "Obviously with yields moving higher, you expect the equity market to pull back a little bit. Better-than-expected economic data, inflation not coming down as anticipated and weak demand at auctions contributed to higher yields," said Victoria Fernandez, chief market strategist at Crossmark Global Investments. Eight of the 11 S&P 500 sub-sectors were in the red, with consumer discretionary (.SPLRCD), energy (.SPNY) and information technology (.SPLRCT) leading declines amongst the major S&P 500 sectors. Third-quarter earnings for the S&P 500 companies are expected to increase 1.1% year-on-year, compared with a 1.6% rise estimated on Thursday, as per LSEG data.

Persons: Brendan McDermid, Jerome Powell, Powell, Victoria Fernandez, Raphael Bostic, Patrick Harker, CME's, Shubham Batra, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: Wall, REUTERS, Dow, Nasdaq, Treasury, Federal, Christian, Economic, of New, Crossmark Global Investments, Atlanta Fed, CNBC, Philadelphia Fed, Traders, Regions, American, Dow Jones, Coinbase Global, Marathon, NYSE, Thomson Locations: New York, U.S, Israel, Gaza, of New York, Bengaluru

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Comments from Philadelphia Fed President Patrick Harker and Cleveland Fed President Loretta Mester will also be on investor radar during the day as Fed officials will be entering a media blackout starting Saturday ahead of their meeting on Nov 1. The 10-year Treasury yield , which briefly crossed 5% on Thursday for the first time since July 2007, were last at 4.9392%. ET, Dow e-minis were down 78 points, or 0.23%, S&P 500 e-minis were down 13 points, or 0.3%, and Nasdaq 100 e-minis were down 61 points, or 0.41%. Shares of solar firms Enphase Energy (ENPH.O) and First Solar (FSLR.O) were also down 15.6% and 5.2%, respectively.

Persons: Brendan McDermid, Jerome Powell, Powell, Jay Powell, Michael Hewson, Lorie Logan, Patrick Harker, Loretta Mester, CME's, Shubham Batra, Shashwat Chauhan, Arun Koyyur, Vinay Dwivedi Organizations: Wall, REUTERS, Dow, Nasdaq, Treasury, Federal, Economic, of New, CMC, Fed Bank of Dallas, Market, BofA, Research, U.S, Philadelphia Fed, Cleveland Fed, Traders, American Express, Investors, Dow e, Enphase Energy, Thomson Locations: New York, U.S, of New York, East, Israel, Gaza, Bengaluru

☆ Wall St drops as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +4 min

Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The rate-sensitive real estate sector (.SPLRCR) dropped 2.4% and was the day's worst-performing S&P 500 sector. [1/2]Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The labor market is showing strength even though the central bank has raised its benchmark overnight interest rate by 525 basis points since March 2022. The S&P 500 posted 2 new 52-week highs and 37 new lows; the Nasdaq Composite recorded 15 new highs and 370 new lows.

Persons: Tesla, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Brendan McDermid, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: Netflix, Dow, Nasdaq, Treasury, Wealthspire Advisors, Economic, Dow Jones, New York Stock Exchange, REUTERS, Data, U.S . Labor Department, Netflix Inc, American Airlines, United Airlines, NYSE, Thomson Locations: Westport , Connecticut, New York, U.S, New York City, United States, Britain, France, Bengaluru

☆ Wall St ends down as Treasury yields surge, Powell speaks
▼ + stars: | 2023-10-19 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Treasury yields rose further and the benchmark 10-year note yield was at a 16-year high of almost 5%. The Dow Jones Industrial Average (.DJI) fell 254.24 points, or 0.76%, to 33,410.84. Data this week has pointed to strong consumer demand and a tight labor market. A U.S. Labor Department report on Thursday showed the number of Americans filing new claims for unemployment benefits fell to a nine-month low last week.

Persons: Brendan McDermid, Jerome Powell, Elon Musk, Oliver Pursche, Jay Powell, Powell, Caroline Valetkevitch, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Netflix, Tesla, Treasury, Wealthspire Advisors, Economic, Nasdaq, Dow Jones, U.S . Labor Department, Thomson Locations: New York City, U.S, Westport , Connecticut, New York, United States, Britain, France, Bengaluru

Powell, however, added the economy's strength and continued tight labor markets could warrant further Federal Reserve interest rate increases. Third-quarter earnings for S&P 500 companies are now estimated to grow at 1.6% compared with expectations of a 2.2% increase last week, LSEG data showed. Yields on the 2-year note, which best reflects short-term interest rate expectations, fell , while that on the 10-year note edged higher to 4.9215%, near the 5% level last seen in 2007. Communications services (.SPLRCL) and information technology (.SPLRCT) led gains amongst the major S&P 500 sectors. On the earnings front, Blackstone (BX.N) slipped 6.0% as the world's largest private equity firm's third-quarter distributable earnings fell more than expected due to a decline in asset sales in its real estate business.

Persons: Brendan McDermid, Jerome Powell, Powell's, CME's, Powell, Chris Zaccarelli, Russell Hackmann, Austan Goolsbee, Atlanta's Raphael Bostic, Philadelphia's Patrick Harker, Shubham Batra, Shashwat Chauhan, Dhanya Ann Thoppil, Saumyadeb Chakrabarty, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Netflix, Dow, Nasdaq, Economic, of New, Traders, Independent, Alliance ., Hackmann Wealth Partners, Investors, Chicago Fed, Dow Jones, Communications, Blackstone, Lam Research, NYSE, Thomson Locations: New York City, U.S, of New York, United States, Britain, France, Bengaluru

☆ Wall St falls more than 1%; yields rise, investors assess earnings
▼ + stars: | 2023-10-18 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The S&P 500 passenger airlines index (.SPLRCALI) dropped 5.6%. Shares ended the day down 6.8%. Tesla ended the regular session down 4.8% and Netflix ended the session down 2.7%. The S&P 500 posted 12 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 25 new highs and 252 new lows.

Persons: Brendan McDermid, Netlix, homebuilding, Rick Meckler, Joe Biden, Morgan Stanley's, Tesla, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi, Nick Zieminski, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Airlines, Dow, Nasdaq, Federal Reserve, Cherry Lane Investments, Procter, Gamble, United Airlines Holdings, Dow Jones, U.S, Tesla, Netflix, NYSE, Thomson Locations: New York City, U.S, New Vernon , New Jersey, Israel, Gaza, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Demand for safe-haven assets sent gold prices to a more than two-month high, up over 1%, while the U.S. dollar also strengthened. Stronger crude prices pushed energy stocks (.SPNY) 1% higher, while industrials (.SPLRCI) and materials (.SPLRCM) led the decline in major S&P 500 sectors. Declining issues outnumbered advancers by a 3.90-to-1 ratio on the NYSE and by a 2.69-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and 14 new lows, while the Nasdaq recorded 20 new highs and 149 new lows.

Persons: Brendan McDermid, Morgan Stanley, Joe Biden, Biden, Treasuries aren't, Brian Jacobsen, homebuilding, Chris Giamo, Morgan Stanley's, New York's John Williams, Christopher Waller, Michelle Bowman, Jerome Powell's, Patrick Harker, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Tuesday United Airlines, Dow, Nasdaq, U.S ., Annex Wealth Management, Federal Reserve, TD Bank, Abbott Laboratories, Consumer, Procter, Gamble, Tesla, Netflix, . Philadelphia Fed, Wall Street Journal, Dow Jones, Nvidia, Biden, China . United Airlines Holdings, NYSE, Thomson Locations: New York City, U.S, Israel, Gaza, New, China, Bengaluru

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