2 hours ago
S&P's energy sector ends at new record since 2014
The energy sector's surge – currently up nearly 16% in 2024 – comes as oil futures prices hit their highest since October last year, rising amid geopolitical tensions and OPEC+ policies. ing.
The energy sector rose 2.84% in the second quarter, making it the leader within the S&P 500 as major averages struggled to maintain the momentum of the first quarter.
–Darla Mercado, Gina Francola
2 hours ago
Gold, Japanese and US stocks have all reached 'escape velocity', says one strategist
Prices for gold, Japanese stocks, and U.S. stocks have all reached “escape velocity,” according to TIS Group's Larry Jederow and his Institutional Strategist newsletter.
With gold prices (at least nominally) at all-time highs, there is “no overhead resistance left,” Jederow wrote on Wednesday. ”[C]Central banks around the world have become large buyers of gold…Central banks’ interest in holding debt alternatives to sovereign debt is already there and will continue to grow, with the goal of “getting off the ground” with gold. It will be. $2,440 to $2,490 per ounce, or $3,000 over the long term, he wrote.
Similarly, Japan's Nikkei 225 index “has broken past all-time highs, and applying measured movement analysis to the chart suggests a long-term target of around 71,000 yen,” the strategist wrote. ”[I]”Depending on time and prices, this market could develop significantly,” he said, partly because Japanese stocks are undervalued by so many domestic and foreign investors.
See chart…
Nikkei 225 index of Japanese stocks over the past 12 months.
Finally, the S&P 500 index has also “reached escape velocity,” wrote Jederoh, who earlier in his career was chief investment strategist at UBS in Zurich. “This is also a large cap, highly liquid market, at new all-time highs, no overhead resistance, profit growth, GDP growth, and what central banks can do about rising interest rates. Although limited, “the incentive to lower rates is large. As in Japan, foreign investors do not hold enough SPX,” he wrote. At the same time, he said, “American companies have global franchises, are technology leaders, next-generation technology is fluid, and they are well-known.”
— Scott Schnipper
3 hours ago
Stock prices move significantly after hours
Let's check out the companies that are becoming a hot topic for after-hours trading.
Levi Strauss & Co — Shares rose 8% after the company posted better earnings and revenue in the first quarter. The apparel company reported adjusted earnings of 26 cents per share on revenue of $1.56 billion. Analysts surveyed by LSEG had expected earnings of 21 cents per share on revenue of $1.55 billion. Levi's also raised its full-year profit forecast.
BlackBerry — Cybersecurity stocks rose 7.8% after the company reported better-than-expected quarterly results. According to StreetAccount, BlackBerry reported a loss of 3 cents per share, compared to his consensus estimate of a loss of 4 cents per share. Sales were $173 million, exceeding expectations of $150.5 million.
Simulations Plus — The small-cap stock rose more than 7% after the release of its second-quarter results. The company, which develops software for drug discovery, exceeded quarterly forecasts for both sales and final profit. Management also reaffirmed its full-year outlook, which is better than expected.
— Ha-Kyung Kim
3 hours ago
Stock futures open flat
U.S. stock futures were trading near a flat line Wednesday night.
Dow Jones Industrial Average futures rose just 4 points, or 0.01%.
Futures tracking the S&P 500 and Nasdaq 100 rose 0.04% and 0.05%, respectively.
— Ha-Kyung Kim
