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☆ Morgan Stanley's Andy Saperstein diagnosed with cancer - memo
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

Andy Saperstein, Co-Head of Wealth Management at Morgan Stanley, speaks during the Reuters Global Wealth Management Summit in New York City, New York, U.S., June 13, 2016. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 21 (Reuters) - Morgan Stanley co-President Andy Saperstein has been diagnosed with cancer, he wrote in an internal memo seen by Reuters on Tuesday. In the email to staff, Saperstein said the news have been a shock. Saperstein, co-president that heads wealth and investment management, was considered to succeed CEO James Gorman earlier this year. Reporting by Niket Nishant in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Andy Saperstein, Morgan Stanley, Brendan McDermid, Saperstein, James Gorman, Niket, Devika Organizations: Wealth Management, Reuters Global Wealth Management, REUTERS, Reuters, Thomson Locations: New York City , New York, U.S, Bengaluru

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Closely watched U.S. treasury yields slipped after auction, while global oil futures gained $2 on the prospect of supply cuts. Europe's benchmark STOXX index (.STOXX) inched up 0.1%, with energy stocks (.SXEP) leading gains. The healthcare sector (.SXDP) fell after shares in Bayer (BAYGn.DE) dropped to their lowest in 14 years. The dollar index fell to 103.26, its weakest since the start of September, as investors appeared to solidify bets that the Fed could start cutting interest rates next year.

Persons: Brendan McDermid, Dow Jones, Quincy Krosby, Krosby, Ricardo Evangelista, Goldman Sachs, Moody's, Brent, Chris Prentice, Wayne Cole, Lawrence White, Lincoln, Susan Fenton, Will Dunham, Sharon Singleton, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, U.S, Bayer, Nasdaq, Microsoft, Nikkei, Trading, LPL, Tech, European Central Bank, NAB, Thomson Locations: New York City, U.S, SYDNEY, Thursday's U.S, United States, Europe, Italy, New York, Sydney, London

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. The S&P 500 information technology sub-index (.SPLRCT), up 1.6%, was the top gainer among the S&P 500's 11 major sectors, getting its biggest boost from Microsoft's shares (MSFT.O) which touched a record high and were last up 2%. Microsoft will also take on Greg Brockman, another OpenAI cofounder, as well as other researchers. The benchmark S&P 500 (.SPX) was also closing back in on its year-to-date high reached in July, just a little over 1% below the milestone. The S&P 500 posted 25 new 52-week highs and one new low; the Nasdaq Composite recorded 70 new highs and 78 new lows.

Persons: Brendan McDermid, Bristol Myers, Satya Nadella, Sam Altman, Greg Brockman, Bruce Zaro, Germany's Bayer, decliners, Sinéad Carew, Amruta, Maju Samuel, Pooja Desai, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Bristol, Dow, Nasdaq, Apple, Nvidia, Investors, Granite Wealth Management, Dow Jones, Federal, Traders, Graphics, Bristol Myers Squibb, Sunday, Boeing, Deutsche Bank, NYSE, Thomson Locations: New York City, U.S, Providence , Rhode Island, Thursday's U.S, New York

[1/3] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. The MSCI World Equity Index (.MIWD00000PUS) gained 0.38% by 10:37 a.m. EST (1537 GMT) and Europe's benchmark STOXX index (.STOXX) rose 0.08%. The tech-heavy index (.IXIC) gained 0.44% to 14,187.16, as the Dow Jones (.DJI) rose 0.25% to 35,035.33 and the S&P 500 index (.SPX) gained 0.27% to 4,526.14. The dollar index fell to 103.46, its weakest level since the start of September, as investors appeared to solidify bets that the Fed could start cutting rates next year. "Dovish minutes could trigger some downside risk for the dollar," Ricardo Evangelista, senior analyst at ActivTrades, said.

Persons: Brendan McDermid, Dow Jones, Israel, Ricardo Evangelista, Goldman Sachs, Moody's, Brent, Chris Prentice, Wayne Cole, Lawrence White, Lincoln, Susan Fenton, Sharon Singleton, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, Nvidia, Global, U.S, Nasdaq, Microsoft, Nikkei, Hamas, Tech, Treasury, European Central Bank, NAB, Thomson Locations: New York City, U.S, SYDNEY, United States, Gaza, Europe, Italy, New York, Sydney, London

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Microsoft's shares (MSFT.O) advanced 2% before the bell after CEO Satya Nadella said Altman is set to join the company to lead a new advanced AI research team. Other megacap stocks were mixed, with Nvidia (NVDA.O) edging 0.6% higher, while Alphabet (GOOGL.O) slipped 0.8%. The benchmark S&P 500 (.SPX) is now only 2% away from its highest level this year reached in July. ET, Dow e-minis were up 18 points, or 0.05%, S&P 500 e-minis were up 3.5 points, or 0.08%, and Nasdaq 100 e-minis were up 28.25 points, or 0.18%.

Persons: Brendan McDermid, Bristol Myers, Sam Altman, Satya Nadella, Altman, Susannah Streeter, Hargreaves Lansdown, Nvidia, Germany's Bayer, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Bristol, Dow, Nasdaq, Federal Reserve, Nvidia, Fed, Traders, Dow e, Bristol Myers Squibb, Sunday, Thomson Locations: New York City, U.S

☆ Morning Bid: Thanksgiving starters of AI and oil
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike Dolan. Thanksgiving may make for a clipped U.S. markets week, but there's plenty to chew on around the world before then - and a feast of intrigue in the artificial intelligence space. His plans include shutting the central bank, ditching the peso and dollarizing the economy and slashing spending with potentially painful reforms. The risk premium between German and Italian 10-year yields tightened to 170 bps - the lowest since Sept. 21.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, That's, thrall, Javier Milei, Milei, Jeremy Hunt, Andrew Bailey ,, Francois Villeroy de, Pablo Hernandez de Cos, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Microsoft, Big Tech, Nvidia, Treasury, Federal Reserve, Bank, Bayer, Federal Reserve Bank of England, Andrew Bailey , Bank of France, Bank of Spain, Technologies, Keysight Technologies, Holdings Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, OPEC, Tokyo, Europe, Canada, Francois Villeroy de Galhau

☆ Morgan Stanley urges higher quality corporate bonds as 2024 maturities approach
▼ + stars: | 2023-11-20 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 20 (Reuters) - Investment bank Morgan Stanley (MS.N) is recommending that corporate bond investors focus on higher quality investment-grade and high-yield bonds headed into next year, as a wave of maturities poses risk to more junk-rated companies. Morgan Stanley said it suspects the Federal Reserve has neared the end of its rate-hiking cycle, with a soft landing for the economy in the cards next year. As maturities hit next year, 15-20% of this ratings class is likely to see downgrades to CCC, according to Morgan Stanley. Downgrades will not be limited to junk issuers, Morgan Stanley added. On the leveraged loan front, Morgan Stanley said it expects a return in loan issuance next year for M&A and leveraged buyouts, buoyed in part by anticipated Fed rate cuts.

Persons: Brendan McDermid, Morgan Stanley, maturities, Downgrades, Matt Tracy, Stephen Coates Organizations: Wall, REUTERS, Investment, Federal Reserve, BBB, Thomson Locations: New York, U.S

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Microsoft's shares (MSFT.O) advanced 1.4%, notching a record high after CEO Satya Nadella said Altman is set to join the company to lead a new advanced AI research team. The Fed is expected to issue minutes of its November meeting on Tuesday, which will be parsed for clues on the direction of U.S. interest rates. Advancing issues outnumbered decliners by a 1.03-to-1 ratio on the NYSE and by a 1.39-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 32 new highs and 24 new lows.

Persons: Brendan McDermid, Bristol Myers, Sam Altman, Satya Nadella, Altman, Ken Polcari, Nvidia, Germany's Bayer, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Bristol, Dow, Nasdaq, Federal Reserve, Kace Capital Advisors, Traders, Dow Jones, Bristol Myers Squibb, Sunday, United Rentals, Ashtead, Boeing, Deutsche Bank, NYSE, Thomson Locations: New York City, U.S

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. The Invesco Aerospace & Defense ETF has seen net inflows of more than $100 million so far this month, according to Lipper data, adding to the nearly $180 million it raked in October. Peers like the $5.5 billion iShares US Aerospace & Defense ETF and $1.78 billion SPDR S&P Aerospace & Defense ETF have posted net inflows of $178.4 million and $163.6 million, respectively, since October. U.S. President Joe Biden has asked Congress to provide $106 billion in supplemental funding, with $61.4 billion for Ukraine and $14.3 billion for Israel. The U.S. Congress has approved $113 billion for Ukraine in 21 months since the start of the war.

Persons: Brendan McDermid, Peers, Ashish Shah, Joe Biden, Michael Ashley Schulman, Bansari Mayur, Shweta Agarwal Organizations: Wall, REUTERS, Invesco Aerospace & Defense ETF, US Aerospace & Defense, P Aerospace & Defense ETF, Goldman Sachs Asset Management, Israel, U.S, Congress, Running, Thomson Locations: New York, U.S, Europe, Ukraine, Israel, Gaza, Bengaluru

☆ Morgan Stanley appoints Jed Finn as head of wealth management - memo
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid//File Photo Acquire Licensing RightsNov 20 (Reuters) - Morgan Stanley (MS.N) has named Jed Finn as the head of its wealth management unit, according to an internal memo seen by Reuters on Monday. Finn, currently the chief operating officer of the division, joined the investment bank in 2011 and has held several leadership roles in the business, the memo said. The appointment, effective Jan. 1, comes weeks after the bank named Ted Pick as its new chief executive officer. The bank also appointed insiders Jacques Chappuis and Ben Huneke as co-heads of investment management, the memo said.

Persons: Morgan Stanley, Brendan McDermid, Jed Finn, Finn, Ted Pick, Andy Saperstein, Dan Simkowitz, Jacques Chappuis, Ben Huneke, Niket, Tatiana Bautzer, Shounak Dasgupta, Sonia Cheema Organizations: New York Stock Exchange, REUTERS, Reuters, Financial Times, Thomson Locations: New York City, U.S, Bengaluru, New York

☆ Live Nation issued subpoena regarding ticketing, fees by US Senate panel
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

The logo and trading information for Live Nation Entertainment is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Nov 20 (Reuters) - Live Nation (LYV.N) and its subsidiary Ticketmaster is being sent a subpoena for documents regarding ticket pricing, fees and secondary sales, a U.S. Senate panel said on Monday. "Live Nation has egregiously stonewalled my Subcommittee’s inquiry into its abusive consumer practices — making the subpoena necessary," Senator Richard Blumenthal, Democratic chair of the U.S. Senate Permanent Subcommittee on Investigations, said in a statement. In a cover letter that accompanied the subpoena, Blumenthal said Live Nation had failed to fully comply with document requests sent in March. A Live Nation spokesperson said the company had provided "extensive information" to the subcommittee and met with staff several times.

Persons: Brendan McDermid, Taylor, Richard Blumenthal, Blumenthal, we’ve, Diane Bartz, Lisa Shumaker, David Gregorio Our Organizations: Live, New York Stock Exchange, REUTERS, Rights, Ticketmaster, U.S, Senate, hardball, Democratic, U.S . Senate, Investigations, Thomson Locations: New York, U.S

The S&P 500 (.SPX), the Nasdaq (.IXIC) and the Dow (.DJI) registered their third straight week of gains. For the week, the S&P 500 added 2.2% while the Nasdaq composite rose 2.4% and the Dow climbed 1.9%. Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsEnergy, finishing up 2.1%, was the biggest percentage gainer among the 11 major S&P 500 sectors as oil prices settled up more than 4%. The S&P 500 posted 18 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 55 new highs and 97 new lows.

Persons: Michael Barr, Mary Daly, Susan Collins, Robert Phipps, Per Stirling's Phipps, Dow, Jack McIntyre, Brendan McDermid, Russell, Rick Wilmer, Sinéad Carew, Shristi, Maju Samuel, Pooja Desai, David Gregorio Our Organizations: Dow, Nasdaq, Federal, San Francisco Fed, Boston Fed, Applied Materials, U.S . Justice, Stirling, Dow Jones, Brandywine Global, Traders, New York Stock Exchange, REUTERS, Rights Energy, Technology, Microsoft, Ross Stores, Old Navy, ChargePoint Holdings, NYSE, Thomson Locations: U.S, China, Austin Texas, Philadelphia, New York City, New York, Bengaluru

☆ Wall St Week Ahead After breathtaking surge, US stocks' path may rest on economic soft landing
▼ + stars: | 2023-11-17 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Are U.S. stocks poised to continue their dramatic run, or is a pause ahead? The index is now up nearly 18% for the year and less than 2% away from its year-high, reached in July. Analysts at Ned Davis Research, which has been recommending an overweight to stocks, this week said investors should further shift into equities and away from bonds. One source of worry has been a renewed climb in stocks' valuations.

Persons: Brendan McDermid, ”, Yung, Yu Ma, Ned Davis, Ed Clissold, ” Robert Pavlik, Pavlik, Seasonality, LSEG Datastream, Jason Pride, Keith Lerner, Lewis Krauskopf, Ira Iosebashvili, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Federal, BMO Wealth Management, National Association of Active Investment, Reuters Graphics, Treasury, Ned, Ned Davis Research, “, CPI, Dakota Wealth, Nvidia, Advisory Services, Thomson Locations: New York City, U.S

☆ Wall St Week Ahead - After breathtaking surge, U.S. stocks' path may rest on economic soft landing
▼ + stars: | 2023-11-17 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Nov 17 (Reuters) - Are U.S. stocks poised to continue their dramatic run, or is a pause ahead? The index is now up 17% for the year and about 6% from its record closing high from January 2022. Analysts at Ned Davis Research, which has been recommending an overweight to stocks, this week said investors should further shift into equities and away from bonds. One source of worry has been a renewed climb in stocks' valuations.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2023. The S&P 500 and the Nasdaq rose for the third straight session on Thursday as Treasury yields fell after higher-than-expected weekly jobless claims underscored market expectations that interest rates have peaked. The communication services index (.SPLRCL) led declines among the 11 major S&P 500 sectors, while energy shares (.SPNY) rose 1.1% as oil prices gained. Advancing issues outnumbered decliners by a 2.72-to-1 ratio on the NYSE and by a 1.88-to-1 ratio on the Nasdaq. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Michael Barr, Mary Daly, Daly, Thomas Hayes, Russell, Rick Wilmer, Shristi Achar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Nasdaq, Federal Reserve, Treasury, Microsoft, Materials, San Francisco Fed, Great, Capital, Dow, Dow Jones, Old Navy, ChargePoint Holdings, NYSE, Thomson Locations: New York City, U.S, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2023. The yield on the 10-year Treasury note dropped further to a two-month low on Friday and was last at 4.4082%. Most megacap stocks edged higher in premarket trading, with Amazon.com (AMZN.O) and Nvidia (NVDA.O) up 0.5% and 0.3% respectively. On the economic data front, markets will monitor the housing starts data for October, scheduled for release at 8:30 a.m. ET, Dow e-minis were up 93 points, or 0.27%, S&P 500 e-minis were up 10.75 points, or 0.24%, and Nasdaq 100 e-minis were up 6.5 points, or 0.04%.

Persons: Brendan McDermid, Russell, Mohit Kumar, Austan Goolsbee, Rick Wilmer, Shristi Achar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Nvidia, Materials, Jefferies, Chicago Fed, Dow e, Old Navy, ChargePoint Holdings, Thomson Locations: New York City, U.S, Europe, Bengaluru

☆ CNBC Daily Open: Investors realize they've been too optimistic
▼ + stars: | 2023-11-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

In this article 7201.T-JPVOW3-DEMETAGOOGL.FKRX300BABABABAWMTAMZN Follow your favorite stocks CREATE FREE ACCOUNTTraders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2023. Brendan Mcdermid | ReutersThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. To that end, Mester doesn't see rate cuts on the horizon. Perhaps investors shouldn't be so sure about impending rate cuts too.

Persons: VOW3, FKRX300 BABA BABA, Brendan Mcdermid, Doug McMillon, Jonathan Krinsky, Krinsky, Loretta Mester, isn't, Mester, Lisa Cook Organizations: New York Stock Exchange, Reuters, CNBC, Walmart, Nasdaq, Dow Jones, Federal Reserve, Cleveland Federal Locations: New York City, U.S, San Francisco

☆ US equity funds draw heavy inflows on expectations for Fed pause
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

LSEG data shows that U.S. equity funds attracted about $9.33 billion in net inflows during the week, marking the largest weekly net purchase since Sept. 13. Reuters Graphics Reuters GraphicsLarge-cap U.S. funds led the charge, securing $8.54 billion in net inflows, the highest in two months. Small- and multi-cap funds also saw substantial inflows, garnering $1.23 billion and $1.01 billion, respectively. High-yield funds, riding on improved risk sentiment, garnered $4.5 billion, following a robust $6.3 billion net purchase in the prior week. Conversely, U.S. short/intermediate government and treasury funds, along with general domestic taxable fixed income funds, saw withdrawals of $1.13 billion and $897 million, respectively.

Persons: Brendan McDermid, Gaurav Dogra, Patturaja, Susan Fenton Organizations: New York Stock Exchange, REUTERS, Federal, Reuters Graphics Reuters, Technology, Reuters Graphics Reuters Graphics, Thomson Locations: New York City, U.S, Bengaluru

☆ CNBC Daily Open: Investors got the note they were too optimistic
▼ + stars: | 2023-11-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

In this article AAPLAMZNTSLABXWMTBABA.FKRX300 Follow your favorite stocks CREATE FREE ACCOUNTTraders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 16, 2023. Brendan Mcdermid | ReutersThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. To that end, Mester doesn't see rate cuts on the horizon. Perhaps investors shouldn't be so sure about impending rate cuts too.

Persons: Brendan Mcdermid, Doug McMillon, Jonathan Krinsky, Krinsky, Loretta Mester, isn't, Mester, Lisa Cook Organizations: BABA, New York Stock Exchange, Reuters, CNBC, Walmart, Nasdaq, Dow Jones, Federal Reserve, Cleveland Federal Locations: New York City, U.S, San Francisco

☆ Gap's closet cleanup begins to pay off
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid Acquire Licensing RightsTORONTO, Nov 17 (Reuters Breakingviews) - Gap’s (GPS.N) new CEO is embarking on a closet cleanup. Shares in the U.S. apparel company leapt over 30% on Friday morning, a day after it unveiled third-quarter results. That reaction looks overdone, considering how overall net sales of $3.8 billion are still down 7% compared to last year, and earnings fell year-on-year. Same-store sales at sub-brand Old Navy for the quarter were up 1% year-on-year, the first quarterly increase in over two years. The company might even use that tailwind to revive its scrapped plans to separate Old Navy into a stand-alone company.

Persons: Brendan McDermid, That’s, Richard Dickson, Barbie, Sharon Lam, John Foley, Aditya Sriwatsav Organizations: REUTERS, Rights TORONTO, Reuters, Navy, Mattel, Banana Republic, X, Walmart, Thomson Locations: midtown Manhattan, New York, U.S, China

☆ Bath & Body Works trims sales forecast as demand slows into holiday season
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Products are displayed in L Brands Inc., Bath & Body Works retail store in Manhattan, New York, U.S., May 13, 2016. REUTERS/Brendan McDermid Acquire Licensing RightsNov 16 (Reuters) - Bath & Body Works (BBWI.N) lowered its annual sales forecast on Thursday on signs of slowing demand ahead of the crucial holiday season, as customers cut back spending on non-essential items like the specialty retailer's candles and soaps. The retailer expects its 2023 net sales to fall by 2.5% to 4%, compared with its previous forecast for a decline of 1.5% to 3.5%. Bath & Body Works earned 48 cents per share excluding one-time items in the third quarter ended Oct. 28, topping analysts' average estimate of 35 cents per share. The Ohio-based company's net sales fell 2.6% to $1.56 billion in the quarter, in line with analysts' estimates.

Persons: Brendan McDermid, Gina Boswell, Juby Babu, Milla Nissi Organizations: Brands Inc, Body Works, REUTERS, Body, Thomson Locations: Manhattan , New York, U.S, The Ohio, Bengaluru

Target's bright outlook lifted shares of other retailers including Macy's (M.N), which rose 7.5%, and Kohl's (KSS.N), which closed up almost 9%. The S&P 500 consumer staples index (.SPLRCS), which includes Target, was the top sector gainer, adding 0.7%. "Those two data points reaffirmed the message from Tuesday that the Fed seems to be navigating the soft landing quite well," said Ronald Temple, chief market strategist at Lazard. Among individual stocks, retailer TJX's (TJX.N) shares fell 3.3% after it forecast current-quarter profit below Wall Street expectations, signaling spiraling costs weighing on margins. The S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 106 new highs and 89 new lows.

Persons: ValueAct, Stocks, Ronald Temple, Wall, Temple, Brendan McDermid, Walt Disney, Russell, Joe Biden, Xi Jinping, Biden, Warren Buffett's Berkshire Hathaway, decliners, Sinéad Carew, Sruthi Shankar, Amruta, Shinjini Ganguli, Maju Samuel, Pooja Desai, Richard Chang Organizations: Dow, Nasdaq, Federal, Target, Reuters, Lazard, Dow Jones, New York Stock Exchange, REUTERS, Walt, ValueAct Capital, Money, U.S . House, Senate, Republican, TJX's, Sirius XM, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru

The sign for a Gap store is seen on 5th avenue in midtown Manhattan in New York June 16, 2015. The company expects fourth-quarter net sales to be flat to slightly negative, compared with analysts' expectations for a 0.33% rise, according to LSEG data. Banana Republic and Athleta's sales fell 11% and 18% in the third quarter, while Old Navy, Gap's biggest brand, recorded a 1% decline. Its net sales of $3.78 billion - mainly aided by its Old Navy brand - beat Wall Street expectations of $3.60 billion. Gap reiterated that fiscal 2023 net sales would decline in the mid-single-digit range.

Persons: Brendan McDermid, Richard Dickson, Deborah Weinswig, Weinswig, Zachary Warring, Katrina O’Connell, Ananya Mariam Rajesh, Kate Masters, Devika Syamnath, Matthew Lewis Organizations: REUTERS, Old Navy, Walmart, Banana, Gap's, Republic, Navy, Banana Republic, Thomson Locations: Manhattan, New York, Bengaluru

☆ Systematic hedge funds pummeled in post-U.S. CPI stocks rally - Goldman Sachs
▼ + stars: | 2023-11-16 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Stockpicking hedge funds that actively chose bets managed to gain 0.6% on Tuesday and are now poised for their best month since January this year, said Goldman Sachs. These hedge funds posted a positive 2.7% performance for the month to November 14 and up were up 5.8% for the year so far, the Goldman note added. Quantitative multi-strategy hedge funds have been the best performing strategies so far this year, with an 11.05% positive performance to end-October, said BNP Paribas. Hedge funds which trade on market volatility bear the lowest average of a 2.46% gain for the year to the end of October, said the French bank.

Persons: Brendan McDermid, Goldman Sachs, Goldman, Nell Mackenzie, Dhara Ranasinghe Organizations: New York Stock Exchange, REUTERS, Global, Reuters, Nasdaq, BNP, Thomson Locations: New York City, U.S

☆ Retail traders cash out as market rallies on bets of end to rate hikes
▼ + stars: | 2023-11-16 | by ( Medha Singh | ) 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., June 29, 2023. Retail traders, who used to band together on online platforms to chase highly shorted shares during the days of easy money, have been seeing a reversal of fortunes as rising rates diminish their holdings in high-risk, high-return assets. "Seasonality suggests that retail investors are unlikely to support any year-end rally, except for big-tech," Vanda's Mantle said. Despite their overall slow buying, there were spurts of activity where retail traders chased sharp rallies in some small cap names - a typical trading strategy. "If we don't get any follow through it would be hard to say we've got retail traders back in the game," said Paul Nolte, senior wealth advisor and market strategist at Murphy & Sylvest Wealth Management.

Persons: Brendan McDermid, Vanda, Morgan, Lucas Mantle, Vanda's Mantle, Paul Nolte, Medha Singh, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Vanda Research, Retail, P Global Market Intelligence, Murphy, Sylvest Wealth, Thomson Locations: New York City, U.S, Bengaluru

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