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Companies Indivior PLC FollowJune 2 (Reuters) - Indivior Plc (INDV.L) said on Friday it agreed to pay $102.5 million to settle a lawsuit by dozens of U.S. states accusing it of illegally suppressing generic competition for its opioid addiction treatment Suboxone. Suboxone was approved for U.S. sale in 2002, and Indivior had the exclusive right to sell the treatment in tablet form until 2009. States said Indivior switched to an oral film version of Suboxone from a tablet version to extend its monopoly, just as generic manufacturers were poised to sell their own lower-cost tablets. Generic tablets obtained federal approval in 2013. Indivior expects to pay the $102.5 million in cash this month.
Persons: drugmaker, Indivior, Suboxone, Josh Kaul, Mariam Sunny, Jonathan Stempel, Maju Samuel, Matthew Lewis Organizations: Indivior, D.C, U.S, U.S . Centers for Disease Control, Thomson Locations: Chesterfield , Virginia, U.S, Washington, Indivior's, Philadelphia, Suboxone, Wisconsin, United States, Bengaluru, New York
"While it appears to be a hot number on the actual number of people employed, the wage rate is not increasing as fast," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. The data brought relief to investors who mostly expect the Fed to pause hiking rates at its policy meeting on June 13-14. But some pointed to the much hotter-than-expected jobs data as a sign the Fed still has not yet tamed inflation. All 11 S&P 500 sectors advanced, with the materials index (.SPLRCM) leading, up 3.4%, and the consumer discretionary sector (.SPLRCD), housing Amazon, close behind, rising 2.2%. The S&P 500 posted 15 new 52-week highs and two new lows; the Nasdaq Composite recorded 74 new highs and 40 new lows.
Persons: Kim Forrest, Phil Orlando, Nobody’s, Michael Landsberg, Herbert Lash, Shreyashi Sanyal, Shristi, Shashwat Chauhan, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Nvidia, Reserve, Labor Department, Bokeh Capital Partners, Fed, Federal Reserve, Federated Hermes, Reuters Graphics Reuters, Dow Jones, Nasdaq, Dow, Verizon Communications Inc, T Inc, Mobile US Inc, Inc, U.S, Verizon, Mobile, Nvidia Corp, Landsberg Bennett, Wealth Management, NYSE, Thomson Locations: Washington, Pittsburgh, New York, Punta Gorda , Florida, Bengaluru
June 2 (Reuters) - U.S. stock indexes opened higher on Friday after data showed a moderation in wage growth in May boosted bets that the Federal Reserve will skip raising interest rates this month, while investors cheered the country averting a debt default. The Dow Jones Industrial Average (.DJI) rose 126.01 points, or 0.38%, at the open to 33,187.58. The S&P 500 (.SPX) opened higher by 19.99 points, or 0.47%, at 4,241.01, while the Nasdaq Composite (.IXIC) gained 89.50 points, or 0.68%, to 13,190.48 at the opening bell. Reporting by Shristi Achar A in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Shristi Achar, Maju Samuel Organizations: Federal Reserve, Dow Jones, Nasdaq, Thomson Locations: Bengaluru
SNAPSHOT Futures extend gains after May jobs data
  + stars: | 2023-06-02 | by ( ) www.reuters.com   time to read: +1 min
June 2 (Reuters) - U.S. stock index futures extended gains on Friday after data showed a slight cooling in average hourly wages and a small rise in unemployment in May, reinforcing bets that the Federal Reserve will skip raising interest rates again in June. Fed funds futures trading still showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. ET, Dow e-minis were up 203 points, or 0.61%, S&P 500 e-minis were up 23.25 points, or 0.55%, and Nasdaq 100 e-minis were up 54 points, or 0.37%. Moments before the data, Dow e-minis were up 138 points, or 0.42%, S&P 500 e-minis were up 17.5 points, or 0.41%, and Nasdaq 100 e-minis were up 65.25 points, or 0.45%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Shreyashi Sanyal, Maju Samuel Organizations: Federal Reserve, Labor, Dow e, Nasdaq, Thomson Locations: Bengaluru
The Senate passed a bill late on Thursday to lift the government's $31.4 trillion debt ceiling, avoiding a catastrophic, first-ever default. The Labor Department's closely watched employment report, due 0830 ET, is expected to still show a tight labor market. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. ET, Dow e-minis were up 185 points, or 0.56%, S&P 500 e-minis were up 21.25 points, or 0.5%, and Nasdaq 100 e-minis were up 63 points, or 0.44%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Nivedita Bhattacharjee and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: FEDWATCH, Russ Mould, AJ Bell, Germany's, Shreyashi Sanyal, Nivedita Bhattacharjee, Maju Samuel Organizations: Nike, Broadcom, Dow, Nasdaq, Federal, Fed, Labor, FEDWATCH Reuters, Dow e, Microsoft Corp, Apple Inc, Tesla Inc, Athletica, Dow Jones, Nike Inc, Germany's Adidas, Puma, Broadcom Inc, Nvidia Corp, Nvidia, Thomson Locations: Washington, United States, Europe, Bengaluru
That's exactly what the Fed would like to see," said Art Hogan, chief market strategist at B Riley Wealth in New York. The data brought relief to investors who now expect the Fed to skip an interest rate hike this month for the first time since starting its aggressive policy tightening more than a year ago. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. The S&P 500 communication services index (.SPLRCL), housing telecoms, fell 0.5% while the S&P 500 consumer discretionary sector (.SPLRCD), housing Amazon, soared 1.6%. The S&P 500 industrials sector (.SPLRCI) rose 1.4%, while Dow heavyweight Caterpillar (CAT.N) gained 3.7%.
Persons: Hogan, they're, FEDWATCH, Shreyashi Sanyal, Shristi, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Dow, Nasdaq, Federal Reserve, Labor, Riley, FEDWATCH Reuters Graphics Reuters, Dow Jones, Amazon.com Inc, Telecom, Verizon Communications, Mobile US Inc, Dish Network Corp, Caterpillar, NYSE, Thomson Locations: New York, United States, China, Bengaluru
June 2 (Reuters) - A.J. Brown, Twitter's head of brand safety and ad quality, has decided to leave the company, the Wall Street Journal reported on Friday, citing people familiar with the matter. Reporting by Tiyashi Datta in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Brown, Tiyashi Datta, Maju Samuel Organizations: Wall Street, Thomson Locations: Bengaluru
Twitter's head of brand safety and ad quality to leave
  + stars: | 2023-06-02 | by ( Sheila Dang | ) www.reuters.com   time to read: +1 min
June 2 (Reuters) - Twitter's head of brand safety and ad quality, A.J. Brown, has decided to leave the company, according to a source familiar with the matter on Friday, the second safety leader to depart in a matter of days. The latest departure adds to a growing challenge for new Twitter CEO Linda Yaccarino, even before she steps into the role. Musk's hiring of Yaccarino, former ad chief at Comcast's NBCUniversal, signaled that ad sales remained a priority for Twitter even as it works to grow subscription revenue. Twitter and Brown did not immediately respond to Reuters' requests for comment.
Persons: Brown, Linda Yaccarino, Ella Irwin, Elon Musk, Comcast's NBCUniversal, Tiyashi Datta, Sheila Dang, Maju Samuel, Marguerita Choy Organizations: Reuters, Wall Street, Tesla, Twitter, Thomson Locations: Bengaluru, Dallas
Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.
Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru
The bill to suspend the $31.4 trillion debt ceiling headed to the Senate, which must enact the measure before a Monday deadline, when the government is expected to run out of money to pay its bills. With signs of progress in the debt ceiling saga, focus will now shift to the Labor Department's closely watched jobs report for May, due on Friday, that will help determine whether the Federal Reserve will stick with its aggressive interest rate-hiking cycle. The odds favoring a pause in rate hikes at the Fed's June 13-14 policy meeting were around 71% after the day's datasets. FEDWATCH"We're at the potential beginning of a soft landing," said David Russell, vice president of Market Intelligence at TradeStation. "When you look at the debt ceiling apparently being resolved, we could be in a situation where we wake up from the nightmare of inflation and the risk of a default to the soft landing."
Persons: Goldman Sachs, Chuck Schumer, Philip Jefferson, David Russell, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Federal Reserve, ADP, Senate, Democratic, Labor, Federal, Fed, Market Intelligence, Dow Jones, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, Macy's Inc, Dollar General Corp, NYSE, Thomson Locations: Bengaluru
"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru
The Labor Department reported that U.S. job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation. Futures traders raised to 70% the probability of a 25 basis points hike at the Fed's June 13-14 policy meeting. FEDWATCHFed Governor and vice chair nominee Philip Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. The Labor Department's closely watched May unemployment report, due on Friday, could decide whether a rate hike occurs. Intel was the biggest gainer on the S&P 500 as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast.
Persons: Brendan McDermid, Joe Biden, it's, Brad Conger, Callaghan, Conger, FEDWATCH, Philip Jefferson, Patrick Harker, Tim Ghriskey, we've, Nvidia Corp's, Herbert Lash, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Senate, Co, Labor Department, Philadelphia Fed, Inverness, Labor, Dow Jones, Nasdaq, Technology, Federal Deposit Insurance Corporation, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, Intel, Thomson Locations: New York City, U.S, Conshohocken , Pennsylvania, New York, Bengaluru
[1/2] Fearless Girl is seen outside the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. The S&P 500 was set to end the month flat, while the Dow shed 3.8%. The S&P 500 financial sector index (.SPSY) fell 1.7%, while banks (.SPXBK) dropped 2.7%. Advance Auto Parts Inc (AAP.N) plunged 33.9%, falling the most on the S&P 500, after the auto parts retailer cut its full-year forecasts. Declining issues outnumbered advancers for a 2.21-to-1 ratio on the NYSE and for a 2.02-to-1 ratio on the Nasdaq.
Persons: Brendan McDermid, Joe Saluzzi, Phil Blancato, Nvidia Corp's, advancers, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Senate, Themis, Labor, Survey, Traders, Asset Management, Dow Jones, Technology, Federal Deposit Insurance Corporation, Advance, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru
Companies Advance Auto Parts Inc FollowMay 31 (Reuters) - Advance Auto Parts Inc (AAP.N) lowered its full-year profit outlook on Wednesday on the back of elevated costs, sending the auto parts retailer's shares down 24% before the opening bell. The Delaware-based supplier now expects to report net sales between $11.2 billion and $11.3 billion for 2023, down from its prior guidance of $11.4 billion to $11.6 billion. Despite pricing actions, the company added that supply headwinds and unfavorable product mix pulled down its first-quarter earnings. The company posted net income of $0.72 per share, down from $2.26 reported last year. The Delaware-based supplier reported net sales of $3.42 billion for the quarter ended April 23, up 1.3% from the prior year.
Persons: Tom Greco, Raechel Thankam, Maju Samuel Organizations: Parts Inc, Thomson Locations: Delaware, The Delaware, Bengaluru
The S&P 500 (.SPX) index closed flat but remained near its highest level since August 2022, just above 4,200 points. The S&P 500 and the Nasdaq were still set for monthly gains in May. Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." Only four of the S&P 500's 11 sectors were higher, while declining stocks outweighed advancing shares on both the S&P 500 and Nasdaq.
Persons: Joe Biden, Kevin McCarthy, McCarthy, Sam Stovall, Anthony Saglimbene, Thomas Hayes, FEDWATCH, Elon Musk, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: Dow Jones, Nasdaq, Republican, Republicans, Nvidia Corp, Reuters Graphics Reuters, Digital, Federal, Semiconductor, Nvidia, Great, Capital, Labor, Thomson Locations: New York, Troy , Michigan, Philadelphia, China's, Beijing, Bengaluru
ET (1900 GMT), to discuss the debt ceiling bill. "The market is cautiously pricing in that the deal has been done," said Thomas Hayes, chairman at Great Hill Capital LLC. Nvidia Corp (NVDA.O) jumped 4.8% in premarket trading after it said on Monday it was building Israel's most powerful AI supercomputer to meet soaring customer demand for AI applications. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. May consumer confidence data is due shortly after markets open, while the Labor Department's closely watched nonfarm payrolls data for May is due on Friday.
U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy on Sunday signed off on an agreement to temporarily suspend the debt ceiling and cap some federal spending. ET (1900 GMT), to discuss the debt ceiling bill. Reflecting investor optimism, the cost of insuring exposure to a U.S. debt default fell further on Tuesday, while yields on longer-dated U.S. Treasuries fell. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. ET, Dow e-minis were up 60 points, or 0.18%, S&P 500 e-minis were up 22.75 points, or 0.54%, and Nasdaq 100 e-minis were up 157.25 points, or 1.1%.
Wall St slips on debt ceiling uncertainty
  + stars: | 2023-05-20 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. For the week, the Dow gained 0.38%, the S&P 500 climbed 1.65% and the Nasdaq advanced 3.04%. The S&P 500 and Nasdaq notched their biggest weekly percentage gains since the final week of March. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 79 new highs and 87 new lows.
Wall St retreats on debt ceiling jitters
  + stars: | 2023-05-19 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Stocks had rallied over the past two sessions on growing confidence a deal to raise the $31.4 trillion debt limit could be reached in coming days, with the benchmark S&P 500 (.SPX) climbing more than 2%. The S&P 500 and Nasdaq were poised for their biggest weekly percentage gains since the final week of March. The warning weighed on Dow component Nike Inc (NKE.N), which lost 4.11%, while Under Armour Inc (UAA.N) fell 4.53%. The S&P 500 posted 28 new 52-week highs and three new lows; the Nasdaq Composite recorded 72 new highs and 69 new lows.
Deere & Co (DE.N) rose 4.4% after the heavy machinery company raised its annual net income forecast buoyed by robust farm incomes. The benchmark S&P 500 index (.SPX) and the Nasdaq (.IXIC) were set for their best weekly performance since late March amid positive debt ceiling talks, less-than-feared earnings and economic data. The S&P 500 banks index (.SPXBK) is on course to end the week 5.4% higher, snapping a three-week losing streak. Over 90% of S&P 500 companies have reported, of which around 77% beat earnings expectations, according to Refinitiv data. The S&P index recorded 27 new 52-week highs and one new low, while the Nasdaq recorded 58 new highs and 28 new lows.
S&P 500 futures hit a 15-week high in early trading, while Nasdaq e-minis breached levels not seen in nine months. The positive momentum carried through for much of the week as investors tracked progress in talks between top U.S. lawmakers for an agreement on increasing the $31.4 trillion debt ceiling. ET, Dow e-minis were up 101 points, or 0.3%, S&P 500 e-minis were up 12.25 points, or 0.29%, and Nasdaq 100 e-minis were up 6 points, or 0.04%. The benchmark S&P 500 index (.SPX) and the Nasdaq (.IXIC) were set for their best weekly performance since late March amid positive debt ceiling talks, less-than-feared earnings and economic data. The S&P 500 banks index (.SPXBK) is on course to end the week 5.3% higher, snapping a three-week losing streak.
Futures edge higher on hopes of debt deal
  + stars: | 2023-05-19 | by ( ) www.reuters.com   time to read: +2 min
SummarySummary Companies Futures up: Dow 0.10%, S&P 0.13%, Nasdaq 0.14%May 19 (Reuters) - U.S. stock index futures edged higher on Friday on optimism that a deal to avoid a catastrophic U.S. debt default could be reached over the weekend. ET, Dow e-minis were up 32 points, or 0.1%, S&P 500 e-minis were up 5.5 points, or 0.13%, and Nasdaq 100 e-minis were up 20 points, or 0.14%. S&P 500 futures hit a 15-week high in early trading, while Nasdaq e-minis breached levels not seen in nine months. The benchmark S&P 500 index (.SPX) and the Nasdaq (.IXIC) were set for their best weekly performance since late March amid positive debt ceiling talks, less-than-feared earnings and economic data. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Growing debt ceiling deal hopes send stocks higher
  + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Advancing issues outnumbered decliners on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and seven new lows; the Nasdaq Composite recorded 88 new highs and 83 new lows.
Debt ceiling optimism helps lift S&P 500, Nasdaq
  + stars: | 2023-05-18 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
The benchmark S&P 500 index (.SPX) rebounded from early declines on news that top U.S. congressional Republican Kevin McCarthy said a deal to raise or suspend the debt ceiling could potentially be reached in time to hold a House vote next week. On Wednesday, President Joe Biden and McCarthy reiterated their aim to strike a deal soon to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. The debt ceiling has drawn attention away from uncertainty about the Federal Reserve's stance on interest rates. Declining issues outnumbered advancers on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.17-to-1 ratio favored decliners. The S&P 500 posted 23 new 52-week highs and seven new lows; the Nasdaq Composite recorded 77 new highs and 74 new lows.
President Joe Biden and McCarthy reiterated their aim to strike a deal soon on Wednesday to raise the $31.4 trillion federal debt ceiling and agreed to talk as soon as Sunday. Growth stocks led gains, with Nvidia Corp (NVDA.O), Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) rising between 1% and 4.4%. Bath & Body Works Inc (BBWI.N) gained 9.6% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 1.07-to-1 ratio on the NYSE and for a 1.04-to-1 ratio on the Nasdaq. The S&P index recorded 22 new 52-week highs and four new lows, while the Nasdaq recorded 68 new highs and 50 new lows.
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