Stocks
New York (AFP) - The Nasdaq climbed to a fresh record Tuesday following a choppy session after a smattering of mixed earnings and muted Federal Reserve commentary. "There really isn't much economic news to speak of," said Cresset Capital's Jack Ablin, who pointed to Wednesday's earnings report from Nvidia as one of the highlights of the week. Shares of Nvidia rose 0.6 percent. Fed governor Christopher Waller welcomed last week's consumer price index report that showed moderating inflation, while adding that "several" months of additional data were needed before interest rates should be cut. Th...
AFP
New York (AFP) - Shares in GameStop, the company at the center of the "meme stock" craze that throttled Wall Street in early 2021, soared Monday in a move that recalled the earlier speculative frenzy. Shares were up more than 63 percent at $28.52 near 1730 GMT. AMC Entertainment, another "meme stock" from that period, jumped nearly 50 percent. The move, which analysts said was not based on business fundamentals, led to losses of some $1 billion from short-sellers who bet on a share price drop, CNBC reported. GameStop's surge followed the sudden reappearance on social media of "Roaring Kitty," ...
AFP
London (AFP) - Wall Street stocks pushed higher on Friday despite strong data and higher oil prices raising concerns that the US Federal Reserve may not cut interest rates as much as previously expected. US hiring rose much more than expected last month, according to government data published Friday, keeping up the pressure on the Fed as it weighs when to start cutting interest rates. The world's largest economy added 303,000 jobs in March, up from a revised 270,000 new jobs created a month earlier, the Department of Labor announced. That was considerably higher than market forecasts of arou...
AFP
New York (AFP) - Gold prices and bitcoin hit all-time highs Tuesday before paring some gains, while a sell-off in some tech stocks led to a slump in many stock markets around the world. On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended the day down 1.7 percent, pulled down by firms including Apple and Tesla. Despite the gloomy trading day in New York, US stock indices are still up sharply on the year. Kurt Spieler, chief investment officer at FNBO, told AFP he thinks US markets can still climb slightly higher in the short term, ...
AFP
New York (AFP) - A larger-than-expected rise in US wholesale prices Friday rekindled worries over the timing of interest rate cuts and brought a halt to Wall Street's recent rebound. Markets shuddered after data released on Tuesday showed US consumer price inflation slowed less than expected in January, dealing a blow to hopes of an early interest rate cut by the US Federal Reserve. After staging a small rebound, US equities slipped once more to finish the trading day firmly in the red. The Dow Jones Industrial Average ended 0.4 percent lower, while the broad-based S&P 500 Index lost 0.5 perc...
AFP
New York (AFP) - Global stock markets diverged Wednesday, with Wall Street pushing higher on the back of strong earnings, while European indexes slipped on a mixed bag of corporate results and signs the US Federal Reserve is likely to tight on interest rate cuts in the coming months. In New York, the broad-based S&P 500 rose to close just short of the 5,000-point mark after a string of fresh record highs. The Dow and the Nasdaq also finished higher. US optimism was fueled by the most recent corporate earnings, with automaker Ford beating estimates in results released late Tuesday, while Chip...
AFP
New York (AFP) - Global stocks were mixed Thursday on the penultimate trading day of 2023, while oil prices fell on easing worries about shipping disruptions in the Red Sea. The Dow eked out a fresh record, while the S&P 500 fell a bit short of an all-time high despite finishing the day modestly higher. "The last two months have been truly spectacular," said Steve Sosnick of Interactive Brokers. "No institutional investor can afford to be under-invested." US equities have trended higher since late October as the market has embraced moderating inflation and a strong labor market in the belief t...
AFP
New York (AFP) - US oil prices finished below $70 a barrel for the first time since July on Wednesday on a mixed day for global equities, as traders pondered hopes for interest rate cuts from the European Central Bank and the US Federal Reserve. West Texas Intermediate oil for delivery in January fell 4.1 percent to finish at $69.38 a barrel. The drop came as markets eyed signs of weakening demand amid skepticism that the OPEC + coalition's efforts will meaningfully restrain supply. Analysts have begun to consider the possibility that Saudi Arabia could abruptly decide to open the spigots, re...
AFP
New York (AFP) - Charlie Munger, the longtime friend and business partner of famed US investor Warren Buffett, died on Tuesday at the age of 99, his employer has confirmed. Berkshire Hathaway, where Munger served for decades as vice chairman under Buffett, announced it was "advised by members of Charlie Munger's family that he peacefully died this morning at a California hospital." "Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation," Warren Buffett said in a statement. Like Buffett, Munger was born and brought up in Omah...
AFP
New York (AFP) - Shares of Pioneer Natural Resources surged more than 10 percent Friday following reports the shale producer is nearing a megadeal to be acquired by ExxonMobil. The potential transaction, which would bolster ExxonMobil's holdings in the Permian Basin in Texas and New Mexico, could be announced "in the coming days" and be worth $60 billion, reported the Wall Street Journal, citing people familiar with the matter. The newspaper also said it was "still possible" there would be no deal. Pioneer's output of 707,000 barrels per day of oil equivalent amount to just over a quarter of E...
AFP
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