11 minutes ago
After a winning week, stocks start falling
38 minutes ago
Be prepared to buy on weakness, says Canaccord Genuity
Canaccord Genuity says investors should jump into stocks once the current market bull run finally subsides, as the pullback won't last long.
Analyst Tony Dwyer said in a note to clients on Monday that the stock market is in “one of the longest overbought periods in history,” but that doesn't mean stocks have to fall. Stated.
“Typically, extreme situations like this are followed by short- to medium-term market volatility rather than dramatic declines, reinforcing our view to buy when bearish times come. “We continue to believe that there is potential for increased volatility in the coming weeks. The coming months should be used to increase the broader market against SPX,” the note said.
— Jesse Pound
1 hour ago
Watch stocks move before the bell
Here are some of the stocks that made notable moves in Monday's premarket trading.
- Boeing — The aircraft maker rose 2.1% after announcing a major shake-up of its management team. The changes come amid increased scrutiny and a reputational crisis for the company.
- CLEVELAND-CLIFFS — The steelmaker rose 1.7% after announcing it had won Department of Energy funding negotiations for two projects.
- Foot Locker — The shoe retailer surged 2.9% thanks to its Evercore ISI upgrade, outperforming Inline.
See the complete list here.
— Alex Harring
1 hour ago
Boeing rises after management change announcement
Boeing rose more than 2% in premarket trading after the plane maker announced Chief Executive Officer Dave Calhoun would step down.
Mr. Calhoun will leave his role at the end of 2024 as part of a major shake-up of the struggling airline's leadership. Larry Kellner, chairman of the board, has resigned and will retire from the board at the company's annual meeting in May. Stan Deal, president and CEO of Boeing Commercial Airplanes, has resigned effective immediately.
The move comes amid intense scrutiny and a reputational crisis after a panel exploded on a Boeing plane mid-flight. Boeing stock fell more than 27% in 2024.
— Alex Harring
1 hour ago
Raymond James says market expansion is a myth.
Investors are calling for market expansion this year, but Raymond James says all the evidence so far shows this is a myth.
“As shown in this week's chart, this drumbeat of 'spreading' does not match the data. The S&P 500 continues to outperform the equal-weighted Russell 1000 (almost every week this year). “This is a classic example of a 'narrow' market,” the bank wrote.
Meanwhile, strategist Tavis McCourt pointed out that Nvidia will still be making more than 10 “AI derivatives” plays every week into 2024.
“Again, no dramatic expansion has occurred,” he wrote.
— Lisa Kailai Han
3 hours ago
EU launches investigation into Meta, Apple and Alphabet
The European Union announced on Monday that it had opened an investigation into the Apple, Alphabet and Meta platforms under a new digital markets law.
“Today, the European Commission launched a non-compliance investigation under the Digital Markets Act (DMA) regarding Alphabet’s rules regarding Google Play operations and self-prioritization in Google Search, as well as its App Store operations and Safari selection screen. Apple's rules and Meta's 'pay or consent model',” the European Commission said in a statement.
The stock prices of the three companies fell slightly in the previous session.
— Fred Imbert
9 hours ago
Malaysian inflation accelerates for first time since August 2022
Malaysia's headline inflation rate rose for the first time since August 2022 to 1.8% from 1.5% in January.
Economists polled by Reuters had expected the inflation rate to be 1.4%.
On a month-on-month basis, Malaysia's inflation rate was 0.5%, up from 0.2% in January.
— Lim Huijie
10 hours ago
Meituan stock price soars to near four-month high on increased sales
Meituan food delivery company in Beijing, China, Tuesday, August 22, 2023. The expected sales surge for Meituan, which has outperformed its peers, could be a catalyst as services spending proves to be a rare bright spot. Investors' pessimism is deepening.Source: Bloomberg
Bloomberg | Bloomberg | Getty Images
Hong Kong-listed shares of Chinese food delivery company Meituan soared 9.6% to HK$96.80, the highest since late November.
The company reported fourth-quarter sales of 73.7 billion yuan ($10.31 billion), an increase of 22.6% year-on-year.
The company's annual sales were 276.7 billion yuan ($38.44 billion), an increase of 26% from the previous year.
“We will continue to increase investment in China's consumer market and technology research and development,” the company said.
— Shreyashi Sanyal
13 hours ago
Japan's foreign exchange official says weak yen “does not reflect fundamentals”
According to Reuters, Japan's leading currency diplomat, Masato Kanda, said that the current depreciation of the yen does not reflect fundamentals.
The yen has fallen steadily over the past two weeks even as the Bank of Japan moved to raise interest rates and scrapped its yield curve control policy. The yen has surpassed the psychological level of 150 yen against the dollar and is currently trading at 151.28 yen.
According to a Reuters report, Karita told reporters that the depreciation of the yen based on speculative movements is having a negative impact on the economy.
However, Kanda said that he has not considered a specific level of exchange.
15 hours ago
Stock futures trading remains largely unchanged
Stock futures opened slightly mixed Sunday evening.
The futures market, which tracks the Dow Jones Industrial Average, fell 33 points (about 0.1%). S&P futures fell less than 0.1%, while Nasdaq 100 futures remained essentially flat.
Last week, all three major indexes closed at new highs.
— Peer Singh
