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☆ Domestic airlines are getting crushed because everyone wants to escape to Europe
▼ + stars: | 2023-08-10 | by ( Hannah Towey | Taylor Rains | ) www.businessinsider.com time to read: +5 min

International travel demand is outpacing domestic demand as Americans flock to Europe in 2023. Our international wanderlust may be a worrying trend for domestic airlines — but it makes now the perfect time to buy flights for fall and winter vacations within the US. Low-cost carriers Spirit Airlines , Frontier Airlines , and JetBlue Airways had similar outlooks. Redburn analyst James Goodall said Monday that domestic airlines are likely to feel this pressure for not just months, but years, Barron's reported . Frontier AirlinesAs domestic airlines take a hit, consumers could reap the benefits with cheap fares and fall promotions designed to stimulate demand.

Persons: you've, Hopper, Sonia Bhagwan, they've, Barry Biffle, James Goodall, Barron's, Goodall, — Hopper, Bhagwan, she's, airfare Organizations: Carriers, JetBlue, Bank of America, American Airlines, Delta Air Lines, United Airlines, —, Atlantic, Southwest Airlines, Spirit Airlines, Frontier Airlines, JetBlue Airways, CNBC, Airlines, Southwest, Bloomberg, nab Locations: Europe, Greece, heatwaves, Spain, Italy, Asia, COVID, United, Delta, Texas, Mexico, Caribbean, Paris

☆ Here are Tuesday's biggest analyst calls: Apple, Home Depot, Tesla, Adobe, Walmart, Disney and more
▼ + stars: | 2023-08-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it's still bullish heading into Walmart earnings Aug. 17. Deutsche Bank reiterates Estée Lauder as buy Deutsche Bank said it sees a "difficult" quarter when Estée Lauder reports earnings next week. Citi opens a negative catalyst watch on Spirit Airlines Citi opened a negative catalyst watch on the discount airline and said it sees a "bumpy ride" to gain regulatory approval for the merger with JetBlue. Citi reiterates TJX Companies as buy Citi said it's bullish heading into earnings next week. JPMorgan downgrades Freshpet to neutral from overweight JPMorgan said it downgraded Freshpet mainly on valuation.

Persons: Tesla, We'll, Truist, DraftKings, Ralph Lauren, Morgan Stanley, it's, Fisker, Estée Lauder, Telsey, JPMorgan Organizations: BMO, Adobe, Bank of America, of America, Management, Walmart, UW, Deutsche Bank, Citi, Spirit Airlines Citi, JetBlue, Watch, JPMorgan, Boston, Networks, Disney, UBS, Apple, FX, TJX Companies, Cellular, USM, US Cellular Locations: China, Orlando

“It’s really relative to just pricing against bond yields”, said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management in Minneapolis. Eight of the eleven main S&P 500 sectors declined, with more interest rates sensitive Utilities(.SPLRCU) and Real Estate (.SPLRCR) leading losses, dropping 2.3% and 1.4% respectively. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Second-quarter earnings for companies in the S&P 500 are now expected to fall 5% from a year earlier, according to Refinitiv data. The S&P 500 posted 14 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 58 new highs and 88 new lows.

Persons: “ It’s, Tom Hainlin, …, Thomas Barkin, Brendan McDermid, Echo Wang, Shubham Batra, Bansari, Anil D'Silva, David Gregorio Our Organizations: PayPal, Qualcomm, Dow, Nasdaq, Treasury, U.S, Bank Wealth Management, Labor Department, Investors, Richmond Federal, Dow Jones, Traders, New York Stock Exchange, REUTERS, PayPal Holdings, Spirit Airlines, NYSE, Thomson Locations: Minneapolis, U.S, New York City, New York, Bengaluru

☆ Airbnb forecasts Q3 revenue above estimates on rebound in international travel
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationAug 3 (Reuters) - Airbnb (ABNB.O) forecast revenue for the current quarter above market estimates on Thursday, as the vacation rental firm is set to gain from a rebound in international travel. The San Francisco-based company forecast revenue for the third quarter between $3.3 billion and $3.4 billion, ahead of analysts' average estimate of $3.22 billion, as per Refinitiv data. Travel operators have begun to benefit from a robust rebound in international travel, aided by pandemic restrictions easing and a strong U.S. dollar that has encouraged consumers to book flights and stays overseas. Gross bookings rose 13% to $19.1 billion, in line with analysts' average estimate. Airbnb's quarterly revenue rose 18.1%, to $2.48 billion, ahead of analysts' estimate of $2.42 billion.

Persons: Dado Ruvic, Airbnb, Gross, Priyamvada, Pooja Desai Organizations: REUTERS, Asia Pacific, Marriott, Hilton Worldwide Holdings, Spirit Airlines, Thomson Locations: San Francisco, United States, North America, Paris, France, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Earnings are also in focus, with Apple (AAPL.O) and Amazon.com (AMZN.O) due to report quarterly results after market close. Declining issues outnumbered advancers for a 2.08-to-1 ratio on the NYSE and a 1.28-to-1 ratio on the Nasdaq. The S&P index recorded nine new 52-week highs and four new lows, while the Nasdaq recorded 37 new highs and 63 new lows. Reporting by Shubham Batra and Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Quincy Krosby, Thomas Barkin, advancers, Shubham Batra, Bansari, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Moderna, PayPal, Qualcomm, Dow, Nasdaq, LPL, Richmond Federal, Dow Jones, Apple, PayPal Holdings, Spirit Airlines, NYSE, Thomson Locations: New York City, U.S, Richmond, Bengaluru

☆ Spirit Airlines warns of revenue hit as engine problem grounds more jets
▼ + stars: | 2023-08-03 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

A logo of low cost carrier Spirit Airlines is pictured on an Airbus plane in Colomiers near Toulouse, France, November 6, 2018. Pratt & Whitney's new engine issue adds to headache for carriers that are already grappling with shortages of pilots, air traffic controllers and new planes, making it harder to add more flights. Spirit Airlines, which is the largest operator of GTF-powered NEO aircraft in the United States, previously cut 2023 capacity estimates due to unscheduled engine removals. Spirit, however, said RTX has promised to compensate the airlines affected by the new engine issue. Christie said Spirit has as many as 13 engines out of initial 200 identified by Pratt & Whitney for accelerated inspection.

Persons: Regis, Pratt, Ted Christie, Christie, RTX, Rajesh Kumar Singh, Mark Porter, Jonathan Oatis, Conor Humphries Organizations: Spirit Airlines, Airbus, REUTERS, Pratt & Whitney, Thomson Locations: Colomiers, Toulouse, France, United States, Florida

☆ Gloomy Spirit, Expedia reports drag travel stocks lower on demand slowdown fears
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

A Spirit Airlines jet taxis from Newark Liberty International Airport in Newark, New Jersey, U.S. December 6, 2019. REUTERS/Chris Helgren/File PhotoAug 3 (Reuters) - U.S. travel stocks fell in early trading on Thursday following downbeat quarterly reports from Spirit Airlines (SAVE.N) and Expedia (EXPE.O) that amplified concerns domestic demand may be easing after a strong rebound from pandemic lows. Spirit, which mainly operates on domestic routes, also forecast weaker-than-expected revenue for the third quarter, with Citi analysts citing the effect from travel demand shifting to international from domestic. Adding to the gloom, online travel firm Expedia Inc (EXPE.O) reported smaller-than-expected bookings for the second quarter, even as it said travel demand remained "strong." "We believe this is further evidence of softening in U.S. travel demand trends while international growth continues to outperform," Wedbush analyst Scott Devitt said in a note.

Persons: Chris Helgren, Gross, Scott Devitt, airfares, Priyamvada, Kannaki, Pratyush Thakur, Sriraj Organizations: Spirit Airlines, Newark Liberty International Airport, REUTERS, Citi, Southwest Airlines, Alaska Air, Delta Air Lines, United Airlines, American Airlines, Expedia Inc, Thomson Locations: Newark , New Jersey, U.S, Southwest, Bengaluru

☆ These are the airlines most likely to bump people from flights
▼ + stars: | 2023-08-03 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Frontier Airlines was the most likely of the 15 largest US carriers to bump people from flights in early 2023. A further 3,395 were voluntarily denied boarding and 2,442 were involuntarily denied boarding. The data covers domestic US flights and international flights that departed from the US, and doesn't include passengers who were involuntarily denied boarding for other reasons. These are how the 15 carriers rank in terms of the proportion of passengers involuntarily bumped, per ATCR data:Frontier Airlines Envoy Air Spirit Airlines PSA Airlines American Airlines Skywest Airlines Republic Airways Southwest Airlines Alaska Airlines Jetblue Airways United Airlines Hawaiian Airlines, Endeavor Air, Allegiant Air, Delta Air LinesFrontier says on its website that in the event of an overbooked flight, passengers who volunteer to give up their seats get "alternative travel accommodations" as well as a Frontier voucher. "It is our goal to find enough volunteers so that no customers are denied boarding involuntarily," the airlines says.

Organizations: Frontier Airlines, Endeavor, Frontier, Travel, Department of Transportation's, of Aviation Consumer Protection, June's, Consumer, Airlines, Envoy Air, Delta Air Lines, Endeavor Air, Hawaiian Airlines, Frontier Airlines Envoy Air Spirit Airlines PSA Airlines American Airlines Skywest Airlines Republic Airways Southwest Airlines Alaska Airlines Jetblue Airways United Airlines Hawaiian Airlines, Allegiant Locations: Delta

☆ Lightning Round: ChargePoint, IonQ, Cleveland-Cliffs and Coursera
▼ + stars: | 2023-07-31 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: ChargePoint, IonQ, Cleveland-Cliffs and Coursera'Mad Money' host Jim Cramer weighs in on stocks including: Spirit Airlines, Chargepoint, Ionq Inc, Biohaven and Barrick Gold.

Persons: Jim Cramer Organizations: Spirit Airlines, Ionq Inc, Biohaven, Barrick Gold Locations: IonQ, Cleveland

☆ Cramer's Lightning Round: Pass on Spirit Airlines
▼ + stars: | 2023-07-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Stock Chart Icon Stock chart icon Spirit Airlines' year-to-date stock performance. Stock Chart Icon Stock chart icon Chargepoint's year-to-date stock performance. Stock Chart Icon Stock chart icon IONQ's year-to-date stock performance. Stock Chart Icon Stock chart icon Cleveland-Cliffs' year-to-date stock performance. Stock Chart Icon Stock chart icon Coursera's year-to-date stock performance.

Persons: Mark Bristow's, It's, you've, I've, Nucor, I'm Organizations: Airlines, Spirit Airlines, Barrick, Marvell, Cliffs Locations: Cleveland

☆ Spirit was named the second-worst airline in the US. Here's how I managed surprise fees on a flight from New York to Miami as a veteran low-cost traveler.
▼ + stars: | 2023-07-30 | by ( Taylor Rains | ) www.businessinsider.com time to read: +2 min

Spirit Airlines is commonly named one of the worst airlines, coming in second-worst in a new ranking. Here's how I managed add-on fees from New York to Miami to make my Spirit flight more enjoyable. Low-cost giant Spirit Airlines is infamous for its bare-bones yellow planes and costly add-on fees. In November, I flew on Spirit from New York to Miami to once again experience the full no-frills experience. Here's how it went, and how I managed the add-on fees.

Organizations: Airlines, Spirit Airlines Locations: New York, Miami, Florida

[1/2] An American Airlines aircraft flies past JetBlue and United Express aircraft as it lands at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua Roberts/File PhotoBOSTON/WASHINGTON, July 26 (Reuters) - A federal judge on Wednesday rejected the Justice Department's bid to restrict JetBlue Airways (JBLU.O) and American Airlines (AAL.O) from entering into any partnerships with other carriers akin to their now-scrapped Northeast Alliance. JetBlue and American Airlines are winding down their arrangement announced in 2020, in which they joined forces for flights in and out of New York City and Boston. While the Northeast Alliance is set to be fully wound down by January, the Justice Department has been pushing for further restrictions on the two airlines. Daniel Wall, a lawyer for American Airlines, called the appointment of monitor highly unusual and said restrictions on deals with other airlines was a step too far.

Persons: Joshua Roberts, Department's, Judge Leo Sorokin, William Jones, Sorokin, Jones, Daniel Wall, Nate Raymond, David Shepardson, Richard Chang, Diane Craft Organizations: American Airlines, JetBlue, United Express, Reagan National Airport, REUTERS, BOSTON, JetBlue Airways, Alliance, Massachusetts, Justice Department, Spirit Airlines, Department, Northeast Alliance, Airlines, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York City, Boston ., Boston, Washington

BOSTON, July 26 (Reuters) - The U.S. Department of Justice on Wednesday urged a judge to restrict JetBlue Airways (JBLU.O) and American Airlines (AAL.O) from entering into any partnerships with other carriers akin to their now-scrapped Northeast Alliance, which the judge deemed anticompetitive. JetBlue and American Airlines are winding down their arrangement announced in 2020, in which they joined forces for flights in and out of New York City and Boston. JetBlue subsequently decided to terminate the alliance, while preparing to defend a planned $3.8 billion purchase of Spirit Airlines (SAVE.N) in court in a separate Justice Department antitrust case seeking to block that deal. While the Northeast Alliance is set to be fully wound down by January, the Justice Department has been pushing for further restrictions on the companies. Daniel Wall, a lawyer for American Airlines, called the appointment of monitor highly unusual and said restrictions on deals with other airlines was a step too far.

Persons: Leo Sorokin, William Jones, Sorokin, Jones, Daniel Wall, Wall, Department's, Nate Raymond, Richard Chang Organizations: BOSTON, U.S . Department of Justice, Wednesday, JetBlue Airways, American Airlines, Alliance, JetBlue, Boston . U.S, District, Justice Department, Spirit Airlines, Department, Northeast Alliance, Thomson Locations: New York City, Boston ., Boston

☆ Delays and Cancellations: Know Your Rights
▼ + stars: | 2023-07-26 | by ( Christine Chung | More About Christine Chung | ) www.nytimes.com time to read: +1 min

It can help to know what airlines your carrier partners with, in case you need to be rebooked on another airline. This information isn’t always readily available online; experts suggest calling an airline’s customer service for more guidance. Go deeper than the dashboardThe Transportation Department’s airline cancellation and delay dashboard is a helpful resource that spells out what 10 of the larger domestic airlines offer passengers. Customer-service plans for specific airlines (located on their websites, and with links from the D.O.T. If a room is not available at the airline’s hotel, and you must find another accommodation, United will reimburse you for “reasonable hotel costs.” There’s nothing on the United customer-service site indicating that food receipts or taxi receipts will be reimbursed.

Organizations: Frontier Airlines, Southwest Airlines, Spirit Airlines, United Airlines, United

☆ More potential travel disruption as hundreds of Airbus jets to be inspected after Pratt & Whitney engine recall
▼ + stars: | 2023-07-26 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

1,200 Pratt & Whitney engines on Airbus A320neo jets will need to be removed for inspection. JetBlue, Spirit Airlines, and Wizz Air are among the airlines to be impacted. The company said a "rare condition" contaminated the powder metal used to make "certain engine parts" and it could cause cracks to form on critical engine parts, per The Wall Street Journal. Those Pratt & Whitney engines are used on about 40% of the twin-engine Airbus A320neo jets, per the Journal. An Airbus spokesperson said the company is working with its customers and Pratt & Whitney to minimize the disruption and implement the required inspection plans.

Persons: Greg Hayes, Pratt, Chris Calio, Calio, France24 Organizations: Pratt & Whitney, Airbus, JetBlue, Spirit Airlines, Wizz, Aerospace, RTX, Street, Reuters, Whitney, Pratt, Wizz Air, Boeing, Paris Air

[1/2] Model of a Pratt & Whitney GTF engine is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2023. Hawaiian Airlines warned it might have to adjust its capacity, but said it was too early to assess the impact. Spirit Airlines previously cut 2023 capacity estimates due to a lack of working GTF engines. A spokesperson said the New York-based carrier was working with Pratt to assess the impact of the latest problem. In a regulatory filing, the company previously warned it was "vulnerable to significant problems" associated with Pratt & Whitney's GTF engines.

Persons: Pratt & Whitney, Benoit Tessier, Pratt, Addison Schonland, RTX, Schonland, Peter Ingram, Scott Haralson, Whitney's, Wizz, Rajesh Kumar Singh, Tim Hepher, Valerie Insinna, Ben Klayman, Jamie Freed Organizations: Pratt &, International Paris Air, Le, REUTERS, Airline, Pratt & Whitney, Pratt, Airbus, Carriers, Spirit Airlines, JetBlue Airways, Hawaiian Airlines, Wizz, JetBlue, Thomson Locations: Le Bourget, Paris, France, PARIS, Pratt, Florida, New York, New York City, Chicago, Washington

Microscopic contaminants were found in a metal used in the engine's high-pressure turbine discs - part of the engine core. In an interview, Chief Executive Greg Hayes acknowledged the airlines' frustration over a spate of problems with the Geared Turbofan (GTF) engines over the last seven years. While the latest GTF issue could be the last straw for some, we suspect that the negative (share price) response is overdone". Low-cost Indian carrier Go First, which plunged into financial crisis this year, blamed "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos. Announcing quarterly earnings on Tuesday, RTX increased its 2023 sales expectation from $72 billion to $73 billion to $73 billion to $74 billion.

Persons: Whitney, Pratt, Greg Hayes, Safran, RTX, Robert Stallard, Wizz, Hayes, Pratyush Thakur, Valerie Insinna, Mike Stone, Susan Mathew, Rajesh Singh, Tim Hepher, Shounak Dasgupta, Sharon Singleton, Nick Zieminski Organizations: Pratt, Airbus, U.S, RTX Corp, Raytheon Technologies, CFM International, GE, Reuters, Research, Spirit Airlines Inc, JetBlue Airways, Wizz, Thomson Locations: Paris, Bengaluru, Washington, Chicago

☆ Airlines shares hit turbulence on Alaska's dour forecast, RTX engine problem
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] An Alaska Airlines Boeing 737-900ER airplane prepares to land at Vancouver's international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms/File PhotoJuly 25 (Reuters) - U.S. airlines stocks tumbled on Tuesday as investors were spooked by downbeat forecasts from Alaska Air Group (ALK.N) and a warning on jet engines by aerospace giant RTX (RTX.N). Alaska's shares plunged 11.2% in morning trade, dragging United Airlines (UAL.O), American Airlines (AAL.O), Southwest Airlines (LUV.N) and Delta Air (DAL.N) down between 2.5% and 5%. Jetblue's shares fell about 5%, while those of ultra-low-cost carrier Spirit Airlines declined about 3%. Paris-listed shares of Airbus (AIR.PA) fell 2%.

Persons: Ben Nelms, Stephen Trent, Whitney, Art Hogan, You've, Shivansh, Johann M Cherian, Tim Hepher Organizations: Alaska Airlines Boeing, REUTERS, Alaska Air Group, Investors, Citi, United Airlines, American Airlines, Southwest Airlines, Delta Air, Raytheon, Pratt, Airbus, Riley Wealth, Spirit Airlines, Jetblue Airways, Thomson Locations: Richmond , British Columbia, Canada, Alaska, Boston, Paris, Bengaluru

☆ The Meme ETF is tearing it up again. Some stocks inside it have further to go, according to Wall Street
▼ + stars: | 2023-07-24 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The so-called meme stock trade is gaining steam once again, and several of the most popular stocks among social media traders have serious upside, according to Wall Street analysts. A quick way to check the pulse of social media-driven traders is the Roundhilll Meme Stock ETF (MEME) . The meme stock with the most upside, according to Wall Street analyst targets compiled by FactSet, is battery manufacturer Enovix . Airlines may not be obvious meme stocks, but Delta Air Lines and Spirit Airlines are both holdings in the fund. To be sure, Wall Street analysts are bullish on fewer than half of the holdings in the MEME ETF.

Persons: Enovix, Dave Portnoy Organizations: Wall Street, GameStop, AMC Entertainment, Wall, Penn Entertainment, Penn, Barstool Sports, YouTube, Airlines, Delta Air Lines, Spirit Airlines, Consumer

The U.S. Justice Department and Federal Trade Commission (FTC) have mounted an unprecedented number of legal challenges to mergers since Biden came to office in 2021. The Justice Department lost a merger in the insurance industry but won an effort to stop a book publisher merger. Deal advisers said companies had already braced for a tough antitrust regime under Biden and some had been emboldened by the regulators' recent court losses. "The (regulators' guidelines) do provide more transparency but that transparency also reveals some concerns that they are quite hostile to consolidation. The new antitrust guidelines also reflect the White House's focus on labor issues.

Persons: Gonzalo Fuentes, Joe Biden's, Biden, Department's, Kenneth Schwartz, Flom, Fiona Schaeffer, Milbank, Elizabeth Warren, Warren, Diane Bartz, Richard Chang, Chizu Nomiyama, Daniel Wallis Organizations: Viva Technology, Porte de, REUTERS, U.S . Justice Department, Federal Trade Commission, Microsoft, Activision Blizzard Inc, FTC, Meta, Justice Department, JetBlue Airways, Spirit Airlines Inc, Amazon.com, Amazon, Flom LLP, Global, LSEG, Intelligence, Democrat, Congress, Thomson Locations: Porte, Paris, France, WASHINGTON, Skadden, Slate

☆ American, JetBlue to end sales of each others' tickets next week after judge orders breakup
▼ + stars: | 2023-07-14 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

The judge ordered the airlines to end their more than two-year partnership, which allowed them to share passengers and revenue, and to coordinate schedules in the northeastern U.S. American and JetBlue will stop selling seats on each other's flights next Friday, two months after a federal judge ruled that the airlines' partnership in the Northeast violated antitrust laws . American, however, said it still plans to appeal the ruling on the Northeast Alliance. "We will continue to work with the JetBlue team to ensure customers who have existing codeshare bookings can travel seamlessly without disruption to their travel plans." Thursday is also the last day that customers can use American AAdvantage frequent flyer miles to book flights on JetBlue.

Persons: Dave Fintzen Organizations: Justice Department, District of Columbia, Delta, JetBlue, Northeast Alliance, NEA, Spirit Airlines, Northeast Alliance . Locations: U.S, New York City, Boston

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained solid despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. All 11 S&P 500 sectors ended down. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch. Second-quarter corporate reports will arrive in coming weeks with S&P 500 earnings expected to fall 5.7% from a year-ago, according to Refinitiv data.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Dow, Nasdaq, Reserve, Commonwealth Financial Network, Dow Jones, Microsoft, Apple, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, NYSE, Thomson Locations: U.S, New York, Bengaluru

Private payrolls surged far more than expected in June, data showed, suggesting the labor market remained on solid ground despite growing risks of a recession. “We don’t see any softening in the labor market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. Treasury yields jumped following the labor market data. The benchmark 10-year yield burst above 4% while the two-year Treasury yield, which typically moves in step with interest rate expectations, hit a 16-year high. U.S. interest rate futures saw an increased probability of another rate hike by the Federal Reserve in November, according to CME's FedWatch.

Persons: payrolls, ”, Brad McMillan, CME's, Lorie Logan, Lip, judge's, Lewis Krauskopf, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi, Shinjini Ganguli, David Gregorio Our Organizations: Energy, Exxon, Reserve, Commonwealth Financial Network, Nasdaq, Dow Jones, Treasury, Federal Reserve, Fed, Dallas, Exxon Mobil Corp, Wealth Management, JetBlue Airways, American Airlines, Spirit Airlines, Thomson Locations: U.S, New York, Bengaluru

Most tech and growth megacaps, whose valuations come under pressure when borrowing costs rise, fell in early premarket trading, with Alphabet (GOOGL.O) and Tesla (TSLA.O) down 0.7% each. Meta Platforms (META.O) rose 1.8% after attracting millions of users within hours of launching Threads on Wednesday. After a dismal 2022, big growth and technology stocks have seen outsized gains in 2023, with the Nasdaq Composite (.IXIC) clocking its best first-half in 40 years. ET, Dow e-minis were down 139 points, or 0.4%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 69.25 points, or 0.45%. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen's, judge's, Bansari Mayur Kamdar, Johann M, Vinay Dwivedi Organizations: Exxon, Dow, Nasdaq, Wall, Meta, Twitter, Victoria, Interactive Investor, Investors, Institute for Supply, Dow e, Qualcomm, Intel, Treasury, Exxon Mobil, JetBlue Airways, American Airlines, Spirit Airlines, Coty, Thomson Locations: Beijing, Washington, China, U.S, Bengaluru

☆ Stocks making the biggest moves midday: JetBlue, Affirm, Genius Sports, Sweetgreen and more
▼ + stars: | 2023-07-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

A JetBlue Airways Corp. plane departs at Reagan National Airport (DCA) in Arlington, Virginia, U.S., on Monday, April 6, 2020. Check out the companies making the biggest moves midday:JetBlue Airways — Shares of JetBlue Airways shed 7.18%. Sweetgreen — The salad chain jumped 15.49% following an upgrade to buy from neutral by Bank of America. Bank of America — The bank stock dropped 2.75%. Bank of America announced after the bell Wednesday it was increasing its quarterly dividend to 24 cents per share from 22 cents.

Persons: Piper Sandler, Sweetgreen, Dr Pepper —, Morgan Stanley, Genius, —, Samantha Subin, Alex Harring, Jesse Pound Organizations: JetBlue Airways Corp, Reagan National Airport, JetBlue Airways —, JetBlue Airways, American Airlines, JetBlue, Spirit Airlines, Bank of America, Ford, National Football League, Moderna, pharma, U.S Locations: Arlington , Virginia, U.S, China

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