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Spotify — The music platform rose more than 2% after Wells Fargo named Spotify a top stock pick . Analyst Steven Cahall is particularly bullish on the company's rising margins, strong product mix and evolving record label relationships. Boeing — Shares of the planemaker slipped roughly 2% after Boeing launched a stock offering that could raise roughly $19 billion. McDonald's shares dropped more than 7.5% last week, marking its worst weekly performance since 2020. ON Semiconductor — Shares gained more than 3% after the semiconductor product maker posted adjusted earnings per share of 99 cents and revenue of $1.76 billion for the third quarter.
Persons: Wells, Steven Cahall, Kamala Harris, Donald Trump, FactSet, Canaccord Genuity, Nio, CrowdStrike, Sarah Min, Alex Harring, Lisa Kailai Han, Sean Conlon, Michelle Fox Organizations: Spotify, Boeing —, Boeing, Occidental Petroleum, Exxon, BP —, Citi, Exxon Mobil, BP, Taiwan Semiconductor Manufacturing, Huawei, Reuters, The, Delta Air Lines Locations: U.S, China, The U.S, Macquarie
U.S. equity futures jumped as investors looked for a batch of megacap technology earnings to keep driving the Nasdaq Composite to new heights this week. Weekend airstrikes by Israel against Iran did not target oil or nuclear facilities as was feared and oil futures were lower in early trading. S&P 500 futures gained 0.4% and Nasdaq 100 futures increased by 0.5%. Both the Dow and S&P snapped a six-week winning streak, but the Nasdaq eked out its seventh positive week in a row. "One thing we expect to see play out is these megacap tech names continuing to reinforce commitment to AI in tech spending broadly," Yung-Yu Ma chief investment officer at BMO Wealth Management, told CNBC.
Persons: Yung, Yu Ma Organizations: Nasdaq, Dow Jones, Dow, Presidential, Microsoft, Meta, Apple, BMO Wealth Management, CNBC Locations: Israel, Iran
Oil edges up, but on track for biggest weekly loss in over a month
  + stars: | 2024-10-18 | by ( ) www.cnbc.com   time to read: +2 min
Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand. Both contracts settled higher on Thursday for the first time in five sessions after data from the Energy Information Administration showed that U.S. crude oil, gasoline and distillate inventories fell last week. "Speculative positioning across the ICE Brent complex strengthened from historically low levels, on heightened geopolitical risk of a potential Israeli strike on Iran's oil infrastructure," Citi analysts said in a note. Citi expects global oil demand to slow to 900,000 bpd in 2025 from 1 million bpd this year on an economic slowdown and as more electric vehicles hit the road. The "potential impact of China's emerging economic stimulus plans on oil demand is uncertain, and more robust support may only result in a limited boost," it added.
Persons: Brent, WTI Organizations: Brent, West Texas, Energy, Administration, of, Petroleum, International Energy Agency, ICE, Citi Locations: San Joaquin Valley, McKittrick , California, OPEC, Israel, Iran
See more mortgage rates on Zillow Real Estate on ZillowWhat Are Today's Refinance Rates? Current 30-Year Mortgage RatesAverage 30-year mortgage rates are around 6.15%, according to Zillow data. In September, 30-year refinance rates averaged 5.89%, while 15-year refinance rates were around 5.19%. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Now that the Fed has cut rates, mortgage rates may not drop much in October.
Persons: you'll, Freddie Mac, it's, they've Organizations: Traders, Zillow, Fed Locations: Chevron
Dow Jones Industrial Average futures sat near flat Thursday night after the blue-chip average finished the preceding session at a record closing level. S&P 500 futures and Nasdaq 100 futures were rose 0.1% and 0.2%, respectively. Those moves come after a rally in Travelers propelled the Dow to finish Thursday at an all-time closing high. The broad S&P 500 inched lower despite notching a fresh intraday high during the session, while the technology-heavy Nasdaq Composite concluded modestly higher. That would mark the longest weekly winning streaks in 2024 for both the Dow and S&P 500.
Persons: Dow, They'll, Raphael Bostic, Neel Kashkari, Liz Young Thomas Organizations: Dow Jones Industrial, Nasdaq, Netflix, Travelers, Dow, Atlanta Federal Reserve, Minneapolis Fed, American Express, Procter, Gamble
Gold prices inched higher on Wednesday, as U.S. Treasury yields eased, while market participants waited for more U.S. economic data to determine the number of interest rate cuts the Federal Reserve is likely to deliver in the near term. Spot gold rose 0.3% to $2,667.97 per ounce by 0217 GMT, $17 shy of a record high hit last month. The 10-year Treasury yields slipped for a third straight session, making zero-yield bullion more appealing. "The game changer in gold prices is the U.S. monetary policy easing as it sets the stage for investment demand," said ANZ commodity strategist Soni Kumari. Delegates to the London Bullion Market Association's annual gathering predicted gold prices would rise to $2,941 over the next 12 months and silver prices would jump to $45 per ounce.
Persons: Soni Kumari, Mary Daly, Raphael Bostic, Benjamin Netanyahu, Emmanuel Macron Organizations: SA, Treasury, Federal Reserve, ANZ, San Francisco Federal Reserve Bank, Atlanta Fed, London Locations: Budapest, Hungary, U.S, rearming
The financial services company posted third-quarter results that surpassed expectations, with earnings of $3.69 per share on $4.45 billion of revenue. Alcoa posted third-quarter adjusted earnings of 57 cents per share, topping analysts' estimate for 28 cents a share, per LSEG. Kinder Morgan reported adjusted earnings per share of 25 cents and revenue of $3.70 billion. Management also announced it expects to fall below budget on adjusted earnings before interest, taxes, depreciation and amortization and adjusted earnings per share by 2% and 4%, respectively. PPG Industries posted adjusted earnings of $2.13 per share on $4.58 billion in revenue.
Persons: LSEG, Lucid, Kinder Morgan —, Kinder Morgan, Equifax, , Darla Mercado Organizations: Discover, CSX, Alcoa —, Alcoa, Revenue, Third Investment Company, Public Investment Fund, Management, PPG, Green, Dynamics, Steel Dynamics
US stocks wavered on Wednesday as traders looked to recover from a sell-off in the chip sector. Morgan Stanley beat estimates on strong investment banking activity. AdvertisementUS stocks wavered on Wednesday as traders looked to recover from a sell-off in the chip sector and waited for another round of corporate earnings reports. The Nasdaq was down slightly as chip stocks struggled to recover from Tuesday's sell-off. Chip stocks stumbled in the previous session after ASML cut its sales guidance for 2025.
Persons: Morgan Stanley, , Wall Organizations: Service, Dow Jones, Nasdaq, AMD, Nvidia
China's luxury market could face its worst quarter in four years, amid aggressive stimulus measures. AdvertisementLuxury brand investors are bracing to see if China's aggressive stimulus measures could be enough to pull its faltering luxury market out of the woods. While Beijing's recent moves to inject liquidity and lower interest rates have sparked some hope in pulling Chinese shoppers out of their spending slump, experts are skeptical of an immediate revival of China's luxury market. Related storiesWhile China's poor economic growth had deterred luxury spending for some, others continued their luxury shopping sprees — outside China. AdvertisementAlthough the outlook for China's luxury market remains bleak in the short run, Jefferies analysts are expecting a recovery as soon as 2025, Reuters reported.
Persons: bellwether, , Markus Hansen, LVMH, Patrice Nordey, Trajectry, Nordey, Marc Jacobs, Hermès Organizations: Service, Burberry, Reuters, CNBC, Jefferies Locations: China, Asia, Japan, Paris, Shanghai, LVMH
The vast majority of analysts surveyed by FactSet hold a strong buy or buy rating on the stock. Despite its recent slowdown, analysts surveyed by FactSet have a consensus buy rating on the dominant e-commerce platform. Bullish voices on the stock include Goldman Sachs analyst Eric Sheridan, who recently reiterated a buy rating and $230 price target. JPMorgan's Anmuth is similarly positive on Amazon ahead of earnings, rating the stock overweight and saying it remains the favorite in the bank's firm's internet sector coverage. The consensus FactSet rating on Meta is buy, with an average price target of $604, suggesting just 2.3% potential upside.
Persons: Roundhill, , selloff, Goldman Sachs, Kash Rangan, Nvidia's Blackwell, Brad Zelnick, Amit Daryanani, Daryanani, Apple's wearables, qtr, Tim Cook's, you'd, Morgan Stanley, Jensen, Blackwell, Biden, Tesla, enthusiam, Elon, Wells, Colin Langan, Department's, Doug Anmuth, Bank of America's Justin Post, Eric Sheridan, Sheridan, Goldman, Anmuth, Baird, Roth MKM, JPMorgan's Anmuth, Goldman's Sheridan, Meta's, — CNBC's Michael Bloom Organizations: Apple, Microsoft, Nvidia, Tesla, CNBC, Windows, Investment, Deutsche Bank, Justice Department, Blackwell, Bloomberg, Ford, General Motors, EV, Google, FactSet, Bank of America's, ISI, Walmart, Costco, eBay, Meta, Ray, Labs, Facebook, Temu, Goldman Locations: China, FactSet, ., Downside, U.S, Wells Fargo, American, Meta's Asia, Pacific
Dollar at over two-month high, yen near 150 per dollar
  + stars: | 2024-10-15 | by ( ) www.cnbc.com   time to read: +3 min
The U.S. dollar was perched at an over two-month high against major currencies on Tuesday, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term, while the yen inched closer to the key 150 per dollar level. The U.S. dollar was perched at an over two-month high against major currencies on Tuesday, spurred by wagers the Federal Reserve will proceed with modest rate cuts in the near term, while the yen inched closer to the key 150 per dollar level. The U.S. central bank kicked off its easing cycle with an aggressive 50 basis points at its last policy meeting in September. The dollar got a lift after Fed Governor Christopher Waller on Monday called for "more caution" on interest rate cuts ahead, citing recent economic data. That has cast doubts over when Japan's central bank will next tighten policy.
Persons: Christopher Waller, Waller, Chris Weston, Kazuo Ueda, Shigeru Ishiba, Tony Sycamore Organizations: U.S, Reserve, European Central Bank, Fed, Traders, Boeing, Bank of Japan, New Zealand, Caixin Global, Treasury, IG, China National, Congress Locations: U.S, Japan, China
Mortgage rates for October 13, 2024, are flat around 6.20%, according to Zillow data. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-Year Mortgage Rates TodayAverage 30-year mortgage rates are hovering near 6.20% today, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates remain in the mid 5% range, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.
Persons: they've, you'll, Freddie Mac, it's, They'll Organizations: Zillow, Fed Locations: Chevron
Warren Buffett's Berkshire Hathaway has reduced its stake in Bank of America to below 10% amid a selling spree that started in mid-July. The move brings his holdings down to 775 million shares, or a stake of about 9.987%. Since the holding is now under the key 10% threshold, Berkshire is no longer required to report its related transactions in a timely manner. The next 13F filing in mid-November will only reveal Berkshire's equity holdings as of the end of September. Bank of America CEO Brian Moynihan previously said the market is absorbing the stock, aided by the bank's own repurchasing.
Persons: Warren Buffett, Warren Buffett's Berkshire Hathaway, Buffett, Omaha's, Brian Moynihan, Goldman Sachs, Wells, It's, digitalization, fintech Organizations: Berkshire, Bank of America, U.S . Securities, Exchange Commission, SEC, JPMorgan, U.S . Bancorp Locations: Omaha , Nebraska, Bank, Berkshire, Wells Fargo, U.S
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 11, 2024 in New York City. Stock futures were little changed on Thursday evening, as investors looked ahead to a wholesale inflation reading and quarterly results from major banks. Futures tied to the S&P 500 inched higher by 0.08%, while Nasdaq 100 futures hovered just below the flatline. September's consumer price index rose 0.2% on a monthly basis and 2.4% from a year earlier. The S&P 500 is up 0.5% week to date, while the Dow is toting a 0.2% gain.
Persons: Dow Jones, Preston Caldwell, Wells Organizations: New York Stock Exchange, Stock, Futures, Nasdaq, Dow Jones, Dow, Federal Reserve, Morningstar, JPMorgan Chase Locations: New York City
Traders work on the floor of the New York Stock Exchange during morning trading in New York City. U.S. stock futures were little changed Wednesday night as investors looked ahead to the release of September's consumer price index report. Futures tied to the Dow Jones Industrial Average traded near the flatline. Fed funds futures trading data suggests a roughly 70% likelihood of a quarter-point cut, according to CME Group's FedWatch tool. Economists polled by Dow Jones see core CPI, which excludes food and energy prices, rising by 0.2%.
Persons: Dow, Dow Jones, Stephanie Roth Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Federal, Wolfe Research, Delta Air Lines Locations: New York City . U.S
The holiday shopping season continues to start earlier in the year, thanks largely to Amazon. Amazon's 48-hour deals event is underway, along with competing sales by the major retailers. The holiday shopping season is underway earlier than ever, thanks largely to Amazon moving up its Prime Day deals event. Target kicked off the sequence early on Sunday with its Circle Week, while Walmart's Deals event gets underway online on Tuesday and in stores on Wednesday. What better way for retailers to tap into those trends than to invent a holiday that celebrates deals and kicks off a whole season of festivities?
Persons: Organizations: Target, Costco, Service
See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-Year Mortgage Rates TodayAverage 30-year mortgage rates are hovering near 6% today, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates remain in the low 5% range, according to Zillow data. Average Refinance Mortgage Rates TodayRefinance rates have inched up after dropping in September. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.
Persons: they're, they've, you'll, Freddie Mac, it's, They'll Organizations: of Labor Statistics, Federal, Zillow, Fed Locations: U.S, Chevron
“There’s no endgame — it’s starting to feel like a forever war,” said Frank Lowenstein, special envoy for Israeli-Palestinian negotiations under President Barack Obama. Storm-battered Florida declares another emergency as Hurricane Milton approachesTropical Storm Milton rapidly intensified into a Category 1 hurricane Sunday with its path aimed at Florida, less than two weeks after Hurricane Helene made landfall in the state. Ron DeSantis said in a briefing that Milton is expected to make landfall in Hillsborough or Pinellas county Wednesday evening. Since 1850, only two storms that originated in the Gulf’s Bay of Campeche have struck Florida. Politics in briefPresidential promotions: With just weeks before the election, Trump has taken to promoting items and businesses that aren’t connected to his campaign, from a new cryptocurrency platform to NFT trading cards.
Persons: Israel’s, , , Frank Lowenstein, Barack Obama, it’s, Yoram Schweitzer, Tropical Storm Milton, Helene, Ron DeSantis, Milton, Trump, Donald Trump, Corey Comperatore, Elon Musk, MAGA, Adam Schiff, Joe Biden’s, ” Schiff, Kristen Welker, Harris, Notre, Amy Coney Barrett, Melania Trump, Lejeune Leo Case, Jessie Hoerman Leo Case, Lejeune, , Justine Goode, Instagram, Sam Darnold, Kirby Lee Organizations: Milton, Tropical Storm, Gov, Trump, Service, NBC News, Press, Capitol, Notre Dame, Catholic, Supreme, Sunday, Fox News, Lejeune, Pacific, Marine Corps, NBC, Football, Minnesota Vikings, New York Jets, Tottenham Hotspur Locations: Israel, Gaza, Lebanon, Iran, Florida, Tropical, Hillsborough, Pinellas, Gulf’s, Campeche, Gulf of Mexico, Butler , Pennsylvania, , Iwo Jima, North Carolina
Stock futures were flat on Sunday evening as Wall Street looks to keep the momentum from Friday's rally. S&P 500 futures added less than 0.1%. Nasdaq 100 futures were also up less than 0.1%, while Dow Jones Industrial Average futures ticked up 26 points, or less than 0.1%. The S&P 500 added 0.22% for the week, while the Nasdaq Composite inched up 0.10% and the Dow added 0.09%. "Two old adages on Wall Street: don't fight the trend and don't fight the Federal Reserve.
Persons: Keith Lerner, Lerner, JPMorgan Chase Organizations: Nasdaq, Dow Jones Industrial, Dow, Federal, Federal Reserve, Delta Air Lines, JPMorgan Locations: U.S
The S&P 500 rose 0.9% to 5,751.07, while the Nasdaq Composite jumped 1.22% to 18,137.85. Stocks rallied after data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000 from economists polled by Dow Jones. Financials were the top sector in the S&P 500 during the session, surging 1.6% and closing at a record. The S&P 500 finished up 0.22% on the week, while the Dow inched higher by 0.09%. Energy stocks have jumped this week as oil rallied, with the S&P 500 sector up 7%.
Persons: Stocks, payrolls, Dow Jones, , Michelle Cluver, Tesla, Financials, Wells Fargo, Russell Organizations: Nasdaq, Dow Jones, Global, Netflix, JPMorgan Chase, Dow, Israel . Energy Locations: U.S, East, Iran, Israel
This trend bucked the overall unemployment rate, which inched lower to 4.1% in September, down just 0.1 percentage point from August. In September, Black men saw their jobless rate fall to 5.1% from 5.9% in the month prior. The jobless rate similarly fell for Hispanic men to 4.1% from 4.8% last month. The unemployment rate for men in Black and Hispanic racial groups declined in September while staying little-changed for other racial groups, according to data released Friday by the Department of Labor. "Black unemployment typically holds about two times higher than White unemployment, among the first to be laid off.
Persons: Sarah Foster, Foster, Organizations: Amerant Bank, Department of Labor Locations: Florida, Sunrise , Florida, Black
Indexes edged lower Thursday as investors assessed jobless claims and geopolitical tensions. On Friday, investors will get a fresh labor market update from the September nonfarm payrolls report. AdvertisementUS stocks inched lower on Thursday, fueled by an uptick in jobless claims ahead of a key jobs report and continued tensions in the Middle East. Analysts say the report will likely have a big influence on both markets and the Fed in the coming weeks. Advertisement"We think a soft employment report is likely to generate a larger market response vs a strong labor report," Bank of America analysts said in a Wednesday report.
Persons: , Israel Organizations: Service, Labor Department, Israel, Federal, Bank of America, Trump, RBC Locations: Iran
The Tokyo Tower, left, and commercial and residential buildings in Minato district of Tokyo, Japan, on Saturday, Oct. 1, 2022. Photographer: Akio Kon/Bloomberg via Getty ImagesSINGAPORE — Asia-Pacific markets traded mixed on Friday following losses on Wall Street, with concerns over Middle East tensions keeping investors on edge in the run up to September's U.S. payrolls report. Hong Kong's Hang Seng index futures were at 22,091, lower than the HSI's last close of 22,113.51. Markets in mainland China will reopen on Oct. 8. Chinese stocks had been on a tear after authorities announced a slew of support measures last week.
Persons: Akio Kon, Australia's Organizations: Bloomberg, Getty Images, Nikkei Locations: Tokyo, Minato district, Japan, Getty Images SINGAPORE, Asia, Pacific, China
Japan's Nikkei 225 jumps 2.5% as yen weakens
  + stars: | 2024-10-03 | by ( Anniek Bao | In | ) www.cnbc.com   time to read: +1 min
Pedestrians cross a road in front of the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020. Japan stocks led Asian markets higher Thursday, after Wall Street inched higher amid rising tensions in the Middle East. Japan's Nikkei 225 opened 2.57% higher while the broad-based Topix added 2%. Australia's seasonally adjusted Judo Bank Composite PMI data came in at 49.6 in September, lower from the 51.7 in August, falling past the 50 neutral mark. Other data on tap include Japan's PMI data for September and August retail sales from Hong Kong.
Persons: Shigeru Ishiba, Ishiba, Kazuo Ueda Organizations: Tokyo Stock Exchange, Japan Exchange Group Inc, Nikkei, U.S, Bank of Japan, PMI, Australian Bureau, Statistics, Economists Locations: Tokyo, Japan, Asia, Hong Kong
It also raised its price target to $210 from $187, suggesting shares could rise more than 17% from Tuesday's close. He maintained his $2,400 price target, which implies 16.2% upside potential from Tuesday's close. Bank of America's Lorraine Hutchinson reiterated her buy rating while trimming her price target to $100 from $104. Deutsche Bank analyst Krisztina Katai also maintained her buy rating and inched down her price target by $3 to $92. He also lowered his price target on shares to $40 from $42, implying upside of just 5.2% over the next 12 months.
Persons: Baird, Davidson, Raymond James, Pavel Molchanov, Molchanov, — Hakyung Kim, FANG, Betty Jiang, Jiang, Diamondback, John Pancari, Pancari, Marcelo Santos, Santos, LatAm, Santo, Elliott Hill, Bank of America's Lorraine Hutchinson, Hutchinson, Krisztina Katai, Katai, Matthew Boss, Boss, Baird downgrades Harley, Craig Kennison, Harley, Kennison, Fred Imbert Organizations: CNBC, GE, General Electric, Barclays, Diamondback, Diamondback Energy, Endeavor, Endeavor Energy Resources, Management, T, T Bank, Federal Reserve, ISI, EA, JPMorgan downgrades, JPMorgan, MercadoLibre, Nike, Bank of, Deutsche Bank, Harley Locations: Tuesday's, Bank of America's, Hill
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