Good MorningEquity markets rebounded on Wednesday, bolstered by the FOMC policy decision. The FOMC held rates steady as expected and made little to no change in the statement. The most glaring change is the outlook on economic growth, which was upgraded. The committee says the economy expanded rapidly, ultimately bad news for stocks. With economic activity still robust and potentially accelerating, the odds that inflation will recede to 2% soon are dwindling. In this scenario, the FOMC may not hike rates again this cycle, but the first interest rate cut is a long way off.
The S&P 500 gained over 1% on Wednesday, extending the rebound to 3 days. The caveat is that this move is a relief rally within a downtrend and below critical resistance. If the market can not extend the rally on Thursday, there is a chance the sell-off will resume. In this scenario, it doesn't matter what the Fed does now, only the impact on earnings and the outlook for S&P 500 earnings growth.
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The Dow Jones Industrial Average of blue chip stocks is trading higher for the week, but is still in correction territory, having posted losses in each of the past three months.
However, it’s a smart idea to keep your watch list current during market downturns. Stocks that hold up better th... Read the Full Story |
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After a few quarters of lackluster growth in the United States economy, the past quarter's GDP figures rose to beat economist expectations and even bring about expansion on real terms (that is, adjusting for inflation). A 4.9% growth rate successfully shrugged off interest rate hikes from the FED,... Read the Full Story |
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First Solar (NASDAQ: FSLR) shares are down significantly from the peak set earlier this year, but the odds are high that the peak will be retested and surpassed in 2024. The company has established itself as a blue-chip leader in the solar electrification industry, and now shares are trading at a ... Read the Full Story |
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From Our Partners | | Congress is deep into “Crypto Week” — with new bills that could finally bring clarity to digital assets.
Crypto analyst Juan Villaverde says Bitcoin will likely keep climbing… but smaller coins could deliver far bigger gains. He’s revealing the altcoins he believes are best positioned for this new regulatory era. | | See Juan’s top altcoin picks for the new crypto bull cycle |
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Social media platform Snap Inc. (NYSE: SNAP) had a mixed bag of results for its third quarter of 2023, but it's apparent that North America has become a mature market while Europe and the rest of the world (ROW) are the real growth engines. Integrating artificial intelligence (AI) technology into ... Read the Full Story |
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Stocks | | | The Federal Reserve kept its key short-term interest rate unchanged for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead Read the Full Story |
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Markets | | | DoorDash powered past sales and earnings expectations in the third quarter, saying a growing mix of stores and faster service is drawing customers in the U.S. and abroad.The San Francisco delivery company said Wednesday its total orders grew 24% to 543 million in the July-September period compared t... Read the Full Story |
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Markets | | | Customers fell for Starbucks' fall menu in the fiscal fourth quarter, with Pumpkin Spice Lattes and apple croissants helping the company achieve record revenue.But the company said Thursday that growth could moderate in the coming year as it faces economic uncertainty around the world.Revenue for th... Read the Full Story |
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Markets | | | Airbnb said Wednesday it earned $4.37 billion in the third quarter as it booked a large tax benefit and posted higher-than-expected revenue during the summer travel season.However, the rental giant's forecast of fourth-quarter revenue fell short of Wall Street expectations.Its shares fell more than ... Read the Full Story |
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Markets | | | Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the U.S. job market remains strong even as the U.S. Federal Reserve attempts to cool the economy. Layoffs fell to 1.5 million from 1.7 million in August, more evidence that workers enjoy an unusual ... Read the Full Story |
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Advanced Micro Devices (NASDAQ: AMD) share price pulled back following the Q3 release, setting the market up for a solid rebound. The price action in this market is oversold after retracing from its 2023 peak and showing signs of support at critical price levels. Because support coincides with an ... Read the Full Story |
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Thursday's Early Bird Stock Of The Day ASLAN Pharmaceuticals Limited, a clinical-stage immunology focused biopharmaceutical company, engages in developing various treatments to transform the lives of patients. The company's clinical portfolio comprises eblasakimab (ASLAN004), a monoclonal antibody that targets the IL-13 receptor a1 subunit which is under Phase 2 developed for the treatment of atopic dermatitis and other immunology indications; and farudodstat (ASLAN003), an orally active, potent inhibitor of human dihydroorotate dehydrogenase currently under Phase 2 clinical trials for the treatment of autoimmune diseases. It has research collaboration agreement with Zenyaku Kogyo Co., Ltd. for the development and commercialization of eblasakimab in atopic dermatitis and all other indications in Japan. The company was founded in 2010 and is headquartered in Singapore. | | View Today's Stock Pick |
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