Good MorningEquity markets retreated on Tuesday as fear of the Fed gripped the market. The S&P 500 fell more than 1.25% at the session's low and continues to show resistance at the 4,150 level. The odds the FOMC will hike by another 25 basis points is high; the risk for the market is in the policy statement. The FOMC may back off from further interest rate hikes, given the state of inflation and the risk to the banking sector, but it will not roll over and go to sleep. Inflation remains high; the FOMC needs to be sure the market understands it is ready to hike rates again should the data warrant it.
The NFP report will be another market-moving event later this week. The report is expected to show a slowdown in hiring and an uptick in unemployment which was foreshadowed by the JOLTs report on Tuesday. The JOLTs report shows that the number of open job positions has fallen to the lowest level in 2 years as employers cut back on expansion plans. This is the first real sign of economic slowing the market has taken to heart, and it is 1 that could result in recession. Featured: Former Bank Insider Risks Everything To Blow Whistle On Disturbing New Government Program
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The pressure will be on when Apple reports its latest quarterly results after the bell on May 4th. Better-than-expected earnings at fellow trillion-dollar market club members Alphabet and Microsoft have led equities back to their 2023 peak — and set the stage for Apple to send the market to ... Read the Full Story |
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Markets | | | Asian stock markets were mixed Thursday after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it wasn't sure what may come next.Shanghai and Hong Kong advanced while Seoul and Sydney declined. Japanese markets were closed for a holiday.Wall Street's benchmark S... Read the Full Story |
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Markets | | | First Republic Bank has become the second large regional bank with assets over $200 billion to fail in just a few weeks. Like Silicon Valley Bank, which was seized by the government on March 10, First Republic catered to a wealthy clientele, which helped it grow deposits rapidly but may have also co... Read the Full Story |
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Tech | | | Regulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks su... Read the Full Story |
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NXP Semiconductors NV (NASDAQ: NXPI) confirms details seen in reports from Texas Instruments Inc. (NASDAQ: TXN) and On Semiconductor Corp. (NASDAQ: ON). The news from NXP is better than Texas Instruments, and includes outperformance and an increase in guidance supported by company diversification.... Read the Full Story |
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Packaged foods manufacturer B&G Foods Inc. (NYSE: BGS) may not sound familiar, but you've likely experienced some of its brands. Its popular brands include Cream of Wheat, Green Giant, Ortega, Crisco and Grandma's, which are just a fraction of the 50-plus brands the company owns. Its products ... Read the Full Story |
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Markets | | | Lordstown Motors warned that it is in danger of failing as the electronics company Foxconn wavers on a $170 million investment in the commercial electric vehicle startup.The Ohio company said in a regulatory filing on Monday that it had received notice from Foxconn on April 21 that it was in breach ... Read the Full Story |
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When you’re on a freeway crowded with 18-wheelers, you’re probably just thinking of how to pass them and make better time on the road, not who makes the cabs hauling Americans’ stuff from one place to another.
It’s not a household name like automakers are, but truck ... Read the Full Story |
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Markets | | | Pfizer beat first-quarter forecasts as revenue took an expected dip, but the drugmaker predicted a sales rally later this year. The pharmaceutical giant said Tuesday that total revenue dropped 29% in quarter, as sales tumbled for its market-leading COVID-19 vaccine, Comirnaty. The vaccine brought in... Read the Full Story |
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Logitech International SA (NASDAQ: LOGI) shares traded higher in Tuesday's session, by as much as 3.5%, amid the company reporting its first quarter 2023 earnings results on Monday after the market closed. Results showed concerning contractions across Logitech financials.
In the press release ite... Read the Full Story |
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Wednesday's Early Bird Stock Of The Day First Interstate BancSystem, Inc. operates as the bank holding company for First Interstate Bank that provides range of banking products and services in the United States. It offers various traditional depository products, including checking, savings, and time deposits; and repurchase agreements primarily for commercial and municipal depositors. The company also offers real estate loans comprising commercial real estate, construction, residential, agricultural, and other real estate loans; consumer loans comprising direct personal loans, credit card loans and lines of credit, and indirect loans; variable and fixed rate commercial loans for small and medium-sized manufacturing, wholesale, retail, and service businesses for working capital needs and business expansions; and agricultural loans. In addition, it provides a range of trust, employee benefit, investment management, insurance, agency, and custodial services to individuals, businesses, and nonprofit organizations. Further, the company offers marketing, credit review, loan servicing, credit cards issuance and servicing, mortgage loan sales and servicing, indirect consumer loan purchasing and processing, loan collection services, other operational, and specialized staff support services, as well as online and mobile banking services. The company serves individuals, businesses, municipalities, and other entities in various industries, including agriculture, construction, education, governmental services, healthcare, hospitality, housing, professional services, real estate development, retail, technology, tourism, and wholesale trade. First Interstate BancSystem, Inc. was incorporated in 1971 and is headquartered in Billings, Montana. | | View Today's Stock Pick |
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