Good MorningEquity markets pulled back for another day on Wednesday as fear of the FOMC comes back into play. Comments from Fed Chief Jerome Powell that multiple interest rate hikes were coming caught the market off guard. The comments are identical to the FOMC's policy stance at the last meeting, but the market wasn't buying it for some reason. In the eyes of average investors, the FOMC is close to ending the hiking cycle, which is what matters. The risk in that outlook is that rates are high, inflation is still high, and the economy is on a trajectory that could result in disaster.
Thursday could see the market sell-off accelerate. The catalyst could be the index of leading indicators, which is expected to fall again. This will be the 14th consecutive decline in the index and could be a large one. The trend in the data is more telling and has been making successively larger negative peaks suggesting growing weakness in the economy.
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Few industries were as hard hit as retail during last year’s market selloff. Rising prices and interest rates caused shoppers to curtail spending. From supermarkets to clothing stores, retailers rang up mostly disappointing financial results. The S&P Retail Select Index dropped 33%.
G... Read the Full Story |
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Enterprise workflow collaboration and automation software maker Smartsheet Inc. (NASDAQ: SMAR) shares plummeted over (20%) due to its fiscal first quarter 2024 earnings report. While results were strong, the mixed forward guidance spooked investors as they frantically rushed out of the proverbial ... Read the Full Story |
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Whenever a stock can rev up to outperform the broader market, even in a single session, that can be a signal of institutional support that can lead to bigger gains.
On June 21, O’Reilly Automotive Inc. (NASDAQ: ORLY) advanced 2.23% in volume which was 15% heavier than average. O&rsquo... Read the Full Story |
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PepsiCo Inc. (NYSE: PEP) stock spiked to a new all-time high at $196.88 on its Q1 2023 earnings release before topping out and selling off on profit taking to $179.33. Shares are starting to rebound again, suggesting another leg up may be forming. Pepsi products are commonly found in grocery store... Read the Full Story |
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Agilent Technologies Inc. (NYSE: A) stock is underperforming the market, trading down 19% year-to-date. Agilent is a leading global provider of laboratory technologies and equipment.
It counts some of the most well-known biotechnology, healthcare, diagnostic and applied materials companies in the... Read the Full Story |
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Markets | | | With inflation in the United States still too high, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell said in prepared testimony to be delivered to a House committee Read the Full Story |
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Markets | | | Shoppers were treated to deep discounts, new products and payment plans as online merchants sought to revive their sluggish appetite for spending during China’s first major online shopping festival after the end of zero-COVID policies Read the Full Story |
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Markets | | | Days after the bipartisan deal on the debt limit became law, House Republicans proposed a slew of tax cuts, leading to charges of hypocrisy by Democrats in a squabble that shows clashing visions for the U.S. economy Read the Full Story |
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Markets | | | From the ashes of World War II, three institutions were created as linchpins of a new global order. Now, in an unusual move, the top official in one — the secretary-general of the United Nations — is pressing for major changes in the other two.Antonio Guterres says the International Monetary Fund ha... Read the Full Story |
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Markets | | | The head of the International Monetary Fund on Friday praised the European Central Bank's decision to raise interest rates for the eighth time in a row and its pledge to keep going as long as needed to bring down high inflation.Managing Director Kristalina Georgieva said the IMF welcomed both the EC... Read the Full Story |
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Thursday's Early Bird Stock Of The Day Red Robin Gourmet Burgers, Inc., together with its subsidiaries, develops, operates, and franchises casual-dining restaurants, in North America and one Canadian province. Its restaurants primarily offer burgers and pizza, appetizers, salads, soups, other entrees, desserts, wings, milkshakes, alcoholic and non-alcoholic specialty drinks, cocktails, wine, and beers. The company was founded in 1969 and is based in Englewood, Colorado. | | View Today's Stock Pick |
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