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Investors are awaiting Microsoft (MSFT.O), Google-owner Alphabet (GOOGL.O) and Meta Platforms (META.O) earnings this week, which will show whether their stocks justify sky-high valuations. The Nasdaq (.NDX) lost steam during the session as investors looked to non-tech stocks for bargains, lifting sectors from energy to banks. Barclays' head of U.S. equity strategy Venu Krishna said in a note to clients that investors are differentiating between tech companies. A few Big Tech names are driving all of the earnings upside, while the outlook for the "Rest of the Tech" is deteriorating, he said. Helping the Dow (.DJI) notch its longest winning streak since February 2017, Chevron (CVX.N) gained as the oil giant posted upbeat preliminary quarterly earnings over the weekend.

Persons: Barbie, Randy Frederick, Venu Krishna, You've, Carol Schleif, Toymaker Mattel, AMC's, Carolina Mandl, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva, Richard Chang Organizations: Chevron, Dow, Dow Jones, Federal Reserve, Schwab Center, Financial Research, Microsoft, Google, Nasdaq, Barclays, Big Tech, Tech, Investors, BMO Family Office, Reuters, AMC Entertainment, Thomson Locations: U.S, New York, Bengaluru

NEW YORK, July 24 (Reuters) - Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying. The 200-day moving average had been a key point of technical resistance for both benchmarks since August 2022. Strong demand and worries about supply issues boosted U.S. gasoline futures to their highest level since October 2022. Higher interest rates increase borrowing costs and can slow economic growth and reduce oil demand. Analysts at Deutsche Bank said demand for oil in China "is now surpassing expectations," which "helps to add confidence in the ability of China to make up (two-thirds) of oil demand growth this year."

Persons: Brent, Bob Yawger, isn’t, Edward Moya, Jerome Powell, Christine Lagarde, Scott Disavino, Noah Browning, Florence Tan, Emily Chow, Susan Fenton, Matthew Lewis Organizations: YORK, U.S, West Texas, WTI, Mizuho Bank, Organization of, Petroleum, Citi Research, Fed, European Central Bank, ECB, Reuters, Deutsche Bank, Thomson Locations: Brent, Russia, OPEC, Europe, U.S, China, New York, London, Singapore

☆ Dollar clings to gains with central banks in focus
▼ + stars: | 2023-07-24 | by ( Laura Matthews | ) www.reuters.com time to read: +3 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. The euro was down 0.49% at $1.1069 while sterling was last trading at $1.2823, down 0.25% on the day, kicking off a busy week for central bank meetings with investors expecting rate hikes in Europe and the United States. The Fed concludes a meeting on Wednesday, followed by the European Central Bank (ECB) a day later and the Bank of Japan (BOJ) on Friday, as well as earnings from many heavyweight companies. The BOJ is the most likely of the three central banks to throw up a market-moving surprise, traders say, with a tweak to its yield curve control policy seen as a possibility. "There's a deep sense of unease around what might come next from the Bank of Japan," said ForexLive's Button.

Persons: Dado Ruvic, Adam Button, John Velis, ForexLive's Button, bitcoin, Laura Matthews, Alun John, Tom Westbrook, David Holmes, Jacqueline Wong, Susan Fenton Organizations: REUTERS, ForexLive, European Central Bank, Bank of Japan, Investors, ECB, Fed, BNY Mellon, Reuters, Thomson Locations: York, Europe, Toronto, U.S, United States, Americas, New York

The action-packed week also includes the Fed's policy meeting, with the central bank expected to raise interest rates by 25 basis points on Wednesday. As of Friday, second-quarter earnings are expected to decline by 7.9%, according to Refinitiv data. The tech-heavy Nasdaq (.IXIC) has rallied 34% so far this year, outperforming its Wall Street peers, as rate-sensitive megacap growth companies jumped on hopes of an end to the Fed's tightening cycle and optimism over AI. Ten of the 11 major S&P 500 sectors were higher, led by a 2.1% gain in energy stocks (.SPNY). The S&P index recorded 14 new 52-week highs and one new lows, while the Nasdaq recorded 41 new highs and 67 new lows.

Persons: Barbie, Chris Zaccarelli, Toymaker Mattel, AMC's, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Anil D'Silva Organizations: Chevron, Dow, Nasdaq, Federal Reserve, Microsoft, Google, Reuters, Independent, Alliance, Dow Jones, AMC Entertainment, NYSE, Thomson Locations: Bengaluru

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. July's reading showed the sixth straight month of growth but was restrained by softening conditions in the service sector. The euro slid after PMI data showed euro zone business activity shrank much more than expected in July. The pound also dropped after British business activity data, but its move was less dramatic. There is plenty more for investors to watch this week - the Federal Reserve concludes a meeting on Wednesday, followed by the European Central Bank (ECB) a day later and the Bank of Japan on Friday, as well as earnings from many heavyweight companies.

Persons: Dado Ruvic, Joe Manimbo, bitcoin, Laura Matthews, Tom Westbrook, David Holmes, Jacqueline Wong, Susan Fenton Organizations: REUTERS, P Global, Washington D.C, ECB, PMI, Reserve, European Central Bank, Bank of Japan, Investors, Fed, Reuters, Thomson Locations: York, LONDON, U.S, Europe, Washington, United States, New York

☆ U.S. business activity growth slows as services soften
▼ + stars: | 2023-07-24 | by ( Safiyah Riddle | ) www.reuters.com time to read: +3 min

July's reading showed the sixth straight month of growth but was restrained by softening conditions in the service sector. “The overall rate of output growth, measured across manufacturing and services, is consistent with GDP expanding at an annualized quarterly rate of approximately 1.5% at the start of the third quarter. The slowdown may be viewed positively at the Fed, which is keen to see activity cool to lower inflation. The services activity index fell to 52.4 from 54.4 in June and was weaker than the reading of 54 expected among economists in a Reuters poll. The survey's manufacturing output index, meanwhile, experienced growth for the first time in two months, rising to 50.2 from a contracting rate of 46.9 in June.

Persons: Chris Williamson, Williamson, Safiyah Riddle, Andrea Ricci Organizations: P Global, P Global Market Intelligence, headcount, Thomson Locations: U.S

Mortgage rates fell slightly last week, with 30-year mortgage rates dropping to 6.78%, according to Freddie Mac. According to its latest forecast, the Mortgage Bankers Association expects 30-year mortgage rates to fall to 5.9% by the end of this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, Fannie Mae, they'll Organizations: Mortgage, Association, Zillow, Federal Reserve, Fed, Sky, ARM Locations: Chevron

☆ Here are Thursday's biggest analyst calls: Tesla, Netflix, Chevron, Alphabet, Apple, Nvidia, IBM and more
▼ + stars: | 2023-07-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Tesla as equal weight Morgan Stanley said it's standing by its equal-weight rating on Tesla after its earnings report Wednesday. Morgan Stanley upgrades Anheuser-Busch InBev to overweight from equal weight Morgan Stanley said the beer giant's valuation is attractive right now. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said the company is a top pick heading into earnings next week. Bank of America reiterates Alphabet as buy Bank of America said it's bullish on the stock heading into earnings next week. Bank of America reiterates IBM as buy Bank of America said it's standing by its buy rating on the artificial intelligence beneficiary after its earnings report Wednesday. "

Persons: it's, Morgan Stanley, Tesla, Bud, Wolfe, NVDA, Estée Lauder, Skyworks, McDonald's, Wells, Wells Fargo, it's bullish, Goldman Sachs, ServiceNow Organizations: Credit Suisse, Apple, Suisse, Vision, Tesla, Anheuser, Busch InBev, RBC, Nvidia, Barclays, UBS, Chevron, Bank of America, Netflix, Deutsche Bank downgrades Avis Budget, Deutsche Bank, Avis Budget, Walmart, " Bank of America, IBM, Citi Locations: underperform, China

Mortgage rates spiked dramatically last week, with 30-year mortgage rates nearing 7%. Slowing inflation in June allowed mortgage rates to fall somewhat, and they may trend down further once the Federal Reserve stops hiking rates. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae, they'll Organizations: Federal Reserve, Zillow, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

July 18 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Data on Monday showed that the world's second largest economy grew at a frail pace in the second quarter while China's Evergrande Group (3333.HK), the world's most indebted property developer, said it lost an eye-watering $81 billion over 2021 and 2022. The shadow over local markets cast by China's second quarter GDP data on Monday is unlikely to lift completely by Tuesday, and the pressure on policymakers in Beijing to deliver more stimulus to shore up activity will surely increase. Chinese GDP grew 0.8% in April-June from the previous quarter, beating the consensus forecast of 0.5%. JPMorgan, Morgan Stanley and Citigroup trimmed China's growth forecast for 2023 to as low as 5%, with Morgan Stanley also trimming its 2024 GDP forecast by 40 basis point to 4.5%.

Persons: Jamie McGeever, China's, Morgan Stanley, Janet Yellen, Josie Kao Organizations: HK, Nasdaq, JPMorgan, Citigroup, Treasury, Reserve Bank of Australia, Thomson, Reuters Locations: China, Asia, Japan, U.S, Beijing, Real, India

☆ Instant View: China's Q2 GDP growth slows to 0.8% q/q, raises stimulus expectations
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +11 min

"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.

Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China

Average 30-year mortgage rates have increased significantly this month, and are around 26 basis points higher compared to June's average rates. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022. This is a dramatic slowdown compared to recent months, and a sign that mortgage rates will likely start falling soon.

Persons: Lawrence Yun, Freddie Mac, it's Organizations: of Labor Statistics, National Association of Realtors, Zillow Locations: Chevron

After increasing consistently over the past couple of weeks, mortgage rates have finally receded somewhat. Average 30-year mortgage rates are now nearly 20 basis points lower than they were a week ago. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae, they'll Organizations: Federal, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

Spot gold held its ground at $1,926.19 per ounce by 0231 GMT. The dollar (.DXY) was near a two-month low on prospects of lower rates, while benchmark U.S. yields hovered near Monday's lows at 4.0018%. A weaker dollar makes gold cheaper for holders of foreign currencies. "As we've become accustomed to inflation decelerating, an upside surprise would spark the most volatile reaction and weigh on gold. Gold bulls need inflation to behave to justify a bullish breakout," Simpson added.

Persons: Matt Simpson, we've, Simpson, Seher, Sherry Jacob, Phillips Organizations: Index, U.S, Investors, U.S . CPI, Consumer, Thomson Locations: Wednesday's U.S, China, Bengaluru

☆ JPMorgan's top equity guru says buy more government bonds, avoid stocks as a recession looms at the turn of the year
▼ + stars: | 2023-07-11 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Investors should buy more government bonds to brace for the likelihood of a recession hitting later this year, JPMorgan's top equity strategist says. Investors are increasingly deserting defensive positions as more market participants expect a soft landing scenario for the economy. But JPMorgan's Marko Kolanovic said investors are mistaken and continues to see a year-end recession as his base case outlook. "This benign and complacent pricing of recession risk, along with increasing signs that a credit cycle is emerging, makes us turn more negative on corporate bonds and more positive on government bonds," Kolanovic wrote to clients Monday. "We therefore trim our allocation to credit by shifting two percentage points away from corporate bonds and into government bonds in our model portfolio," Kolanovic wrote.

Persons: JPMorgan's Marko Kolanovic, Kolanovic Organizations: Nasdaq Locations: 4Q23

But tempting as it is to buy into that - leading indicators have been flashing red for months, as yet to no avail - we are probably not at that stage just yet. "Most analysts have no choice but to have their initial bias gravitate to the mean or median range of these leading indicators," he said. Reuters ImageReuters ImageLONG AND VARIABLE LAGSOne of the most reliable recession indicators is the spread between three-month and 10-year U.S. bond yields. Reuters ImageReuters ImageAgain, if the economy isn't in recession by the end of the year, this time it really is different. The signals sent by leading indicators recently have been pretty clear - it just remains to be seen whether they will be accurate.

Persons: Jerome Powell, LEI, Eric Basmajian, Milton Friedman's, payrolls, Jamie McGeever, Jan Harvey Organizations: Federal, Reuters, EPB Research, National Bureau of Economic Research, Thomson Locations: ORLANDO, Florida, Ukraine

Average 30-year mortgage rates are now around 14 basis points higher than they were a week ago. Throughout the past couple of years, the economy became overheated, pushing up consumer prices and causing mortgage rates to spike. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae's, Fannie Mae, they'll Organizations: Consumer, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Silicon Valley Bank Gets Back to Lending, Albeit at Slower Pace
▼ + stars: | 2023-07-05 | by ( Yuliya Chernova | ) www.wsj.com time to read: 1 min

Silicon Valley Bank, which was recently acquired by First Citizens BancShares, has resumed lending to the startup and venture market, though less aggressively than in the past. SVB’s slowdown in lending is contributing to a sharply decelerating venture-debt market, which means there are fewer sources of financing at the very time more startups are struggling.

Organizations: Valley Bank, First Citizens

Average 15-year fixed mortgage rates are up even more, nearly 20 basis points higher than they were this time last week. But as job growth slows, mortgage rates should recede somewhat. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

Average 30-year mortgage rates ended June at 6.71%, just eight basis points below their June 1 level, according to Freddie Mac. 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 Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.71%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06%, up three basis points from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.

Persons: Freddie Mac, it's, you'll Organizations: Zillow, Federal Reserve Locations: Chevron

Though the past few years have been rough for homebuyers, relief in the form of lower mortgage rates should be coming soon. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06% right now, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022.

Persons: Freddie Mac, it's Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

☆ Americans are growing optimistic about inflation
▼ + stars: | 2023-06-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —With inflation continuing to slow, US consumers are taking notice — and they’re feeling more optimistic. That was due to inflation’s steady retreat in recent months and consumers feeling more cheery about the economy’s future. Consumers’ economic outlook for the year ahead jumped 28% over last month. More action from the Fed is centered on core inflation remaining stubbornly high and not decelerating as fast as the headline number. The optimism reflected in the survey means US consumers have faith that inflation will eventually slow to a sustainable level, which the Fed defines as 2% inflation.

Persons: ”, Joanne Hsu, Brian Moynihan, Joe Biden’s, Jerome Powell, Powell Organizations: DC CNN, University of Michigan, Consumers, Commerce Department, Federal, Bank of America, CNN, European Central Bank, Market Committee, Fed Locations: Washington, April’s, ”

Mortgage rates inched up just a bit this week. According to Freddie Mac, the average 30-year mortgage rate increased four basis points to 6.71%, while the average 15-year mortgage rate increased three basis points to 6.06%. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae, they'll Organizations: Census Bureau, Department of Housing, Urban, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Fed Chair Powell: Not ruling out back-to-back rate hikes
▼ + stars: | 2023-06-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell doubled down Wednesday on the hawkish view that the central bank isn’t done tamping down inflation, and could even implement consecutive rate hikes at its upcoming monetary policy meetings. An often-cited paper by former Fed chair Ben Bernanke argued that the labor market has had a minor, but persistent, impact on inflation that can only be remedied by the economy slowing further. That makes a case for more rate hikes. The labor market has held remarkably steady in recent months, routinely bucking expectations. Employers added a robust 339,000 jobs in May, while the unemployment rate ticked up to a still-low 3.7% that month.

Persons: Jerome Powell, ” Powell, haven’t, Powell, Ben Bernanke Organizations: DC CNN — Federal, European Central Bank Locations: Washington, Sintra , Portugal

☆ Google cuts jobs at Waze as it continues to merge mapping products
▼ + stars: | 2023-06-27 | by ( Jennifer Elias | ) www.cnbc.com time to read: +2 min

Google is cutting jobs at its Waze mapping service as it merges the unit with its own map products. "We have decided to transition Waze's ads monetization to be managed by the Global Business Organization (GBO), similar to Google Maps," Phillips wrote. "Unfortunately, this will result in a reduction of Waze Ads monetization-focused roles in sales, marketing, operations and analytics." The company hopes to "create a more scalable and optimized Waze Ads product," Phillips wrote, adding that it will "wind down the current Waze Ads product while we focus on building new Waze Ads powered by Google Ads." The Waze unit has more than 500 employees, according to internal documentation viewed by CNBC.

Persons: Chris Phillips, Phillips, Google didn't, it's, Neha Parikh, Waze, didn't Organizations: Google, Geo, CNBC, Global Business Organization

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