Good MorningEquity markets resumed selling on Thursday, reversing the post-FOMC rally, confirming that the CPI data was a sell-the-news event triggering market rotation. The S&P 500 fell nearly 2% at the session's low, confirming resistance at a lower level, setting the market up for a deeper fall. The bad news is that selling may persist through September and into the Q3 earnings reporting season; the good news is that the market is setting up for a broader rally than we've seen recently, and it could last for years.
The hardest hit are the big tech stocks like NVIDIA and Microsoft, which have led the market for the last two years. Even the impressive results from Facebook's parent company, Meta Platforms, could not maintain the stock's upward trend. The way the market looks on the charts, the next round of selling could be vigorous and take the S&P 500 down by another 4% by the end of August. Featured: BITCOIN (Awesomely, LLC) 
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Markets | | | Japan's benchmark Nikkei 225 index sank 5.8% on Friday in what some reports said were the worst single-day loss since Black Monday of 1987. The drop of more than 2,000 points to its close at 35,909.70 left the index near where it was in January, erasing huge gains that had taken the Nikkei index pas... Read the Full Story >> |
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Markets | | | Using an Olympics reference, Chevron Corporation (NYSE: CVX) failed to stick the landing when it reported second-quarter earnings before the market opened on August 2. The company delivered a mixed report, with revenue coming in slightly higher than expected but earnings coming in lighter due to l... Read the Full Story >> |
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Markets | | | A surprising rise in the U.S. unemployment rate last month has rattled financial markets and set off new worries about the threat of a recession — but it could also prove to be a false alarm. Friday's jobs report, which also showed hiring slowed last month, coincides with other signs the economy is ... Read the Full Story >> |
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Markets | | | An AI-inflated bubble is bursting in the market, and Amazon (NASDAQ: AMZN) is not immune, but don’t take this as an end to the rally. A bubble is bursting, but this is not the last vestige of an old and tired market we’re discussing. Instead, it is the frothy front edge of a wave tha... Read the Full Story >> |
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Markets | | | Shares fell Friday in Asia, with Japan's Nikkei 225 index slumping nearly 4.7% before regaining some ground. The declines followed a retreat in U.S. stocks after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before undercutting the economy's growth. Th... Read the Full Story >> |
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Markets | | | The struggling drugstore chain Walgreens will get about $1.1 billion for selling another slice of its stake in drug distributor Cencora.Walgreens said after markets closed Thursday that it will use the proceeds mostly to pay down debt and for general corporate purposes. The deal reduces Walgreens' s... Read the Full Story >> |
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Markets | | | Exxon Mobil recorded one of its largest second-quarter profits in a decade on surging quarterly production from oil and gas fields in Guyana and the Permian basin in the U.S., as well its $60 billion acquisition of Pioneer Natural Resources. The Texas oil and gas giant earned $9.24 billion, or $2.14... Read the Full Story >> |
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Markets | | | Shell (NYSE: SHEL), the world’s fifth-largest oil and gas company, reported Q2 2024 financial results on Aug. 1, 2024. The company has delivered returns above its sector in 2024, with a total return of 13%. The Energy Select Sector SPDR Fund (NYSEARCA: XLE) has returned 10%. An improved und... Read the Full Story >> |
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Markets | | | DraftKings (NASDAQ:DKNG) is in the consumer discretionary sector and is the 17th largest U.S. company in the Hotel, Restaurants, and Leisure industry, with a market capitalization of $17 billion. It is underperforming its sector so far in 2024, with a total return of 0.7%. The Consumer Discretiona... Read the Full Story >> |
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