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BMI estimates India’s household spending will exceed $3 trillion as disposable income rises by a compounded 14.6% annually until 2027. By then, a projected 25.8% of Indian households will reach $10,000 in annual disposable income. Exports fell 2% on a monthly basis, led by a fall in driven by non-monetary gold, while imports were 2.5% higher, driven by imports of non-industrial transport equipment. The country’s trade balance came in at $68.36 billion, less than the $80.6 billion seen in June and also lower than the $73.9 billion expected in the Reuters poll. China’s exports and imports fell less than expected in August, declining 8.8% and 7.3% year on year respectively. While electric vehicles present a long-term risk, “recent underperformance is sharp and we see opportunity,” said analyst David Lantz.
Here’s what’s happening today.Markets are looking to close a gloomy August in the red after a super strong first seven months. Bill Gross says the surge in real bond yields is bad news for stocks, and doubts forensic accounting definition the Fed will deliver 2% inflation and cut interest rates soon. Stock futures were little changed Wednesday, with Wall Street now focusing on the Federal Reserve’s future path for benchmark interest rates.
India’s consumer market is set to become the world’s third largest by 2027 as the number of middle- to high-income households rise, according to a report by BMI. A separate report from the Bureau of Labor Statistics showed that unit labor costs, a calculation of hourly compensation minus productivity, increased 2.2% in the second quarter, higher than the 1.9% estimate. The information technology sector slumped 2.1% during early morning trading, dragged down by Apple, Nvidia and Advanced Micro Devices, last down more than 3% each. “We understand this is a name that trades on momentum and think many will point to ’25, but we step to the sideline here with a PT of $65 as its clear this is taking much longer and the stock has run,” O’Malley wrote. While normalizing server spending should benefit the company in the next year, he noted that hard drive deployment encompass later stages of the artificial intelligence boon. “September’s credit deluge (and damage) likely will occur in the two weeks prior to FOMC (Sep 20) as bond investors sell/short Treasuries for new credit positions,” he added.
A series of economic data points Thursday — including fewer-than-expected jobless claims — contributed to fears that the still-strong labor market may make the Federal Reserve think twice about relaxing its tight monetary policy stance. Weekly jobless claims came in at 216,000, versus the 230,000 expected by Dow Jones, while second-quarter labor costs rose more than anticipated. Standard & Poor’s 500 is an American stock market index consisting of 500 large companies having common stock listed on the NYSE or NASDAQ and their market capitalizations. It captures approximately 80% coverage of available market capitalization. Because it includes both growth stocks and value stocks it is one of the most followed equity indices and is considered to be one of the best representations of the U.S. stock market and a trend indicator for the U.S. economy.
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The likelihood that inflation numbers are going to remain stubbornly high for a while could mean more interest rate increases, former St. Louis Federal Reserve President James Bullard said Thursday. Two ETFs focused on clean energy reached lows not seen in multiple years during Thursday’s session. Apple and Walgreens Boots Alliance were the biggest laggards in the index, falling 3.2% and 2.4%, respectively, during midday trading. The index got a boost from Intel and UnitedHealth, last up about 2% each. Health care stocks Merck, Johnson & Johnson and Amgen gained more than 1%.
All three major indexes ended in the green, led by the Nasdaq. Tesla shares jumped 10% after Morgan Stanley upgraded the stock. Japan’s central bank chief Kazuo Ueda signaled over the weekend that he could end its negative-interest rate policy. Japanese investors have invested heavily in bonds in the U.S. and elsewhere; higher domestic rates could encourage them to bring those investments home. Markets are looking to close a gloomy August in the red after a super strong first seven months.
S&P introduced its first index in 1923 and its present day form on March 4,1957. It was developed and continues to maintained by S&P Dow Jones Indices, a joint venture majority owned by McGraw Hill Financial. All three stock indexes finished Tuesday lower after 10 regional lenders received a bad review. Someone got a little… moody.All three stock indexes finished Tuesday lower after 10 regional lenders received a bad review. The three major stock averages declined in August, a month usually seen as weak. September kicks off with jobs data on day one.The three major stock averages declined in August, a month usually seen as weak.
The Chinese yuan rose after the central bank stepped up its defense of the currency.
Retailers are next in line to report earnings.Futures contracts pared back almost all Monday gains as investors got on the defensive again. Bank of America’s Savita Subramanian said the bank expects the equal-weighted version of the S&P 500 to outperform the cap-weighted version of the index. “Why? (1) profits growth troughed in 2Q, and investors tend to become price sensitive as growth accelerates. (2) value stocks are historically inexpensive; and(3) our regime model shifted to Recovery, which favors deep value.” A rally in Tesla shares led U.S. stocks higher to start a busy week of key economic data. No major news on deck.All three major stock indexes drifted lower on Tuesday. “Nearline recovery is a ‘finger in the air’ exercise at this point and likely comes later than advertised and the stock trades at 30x our CY24 numbers,” analyst Tom O’Malley in a Thursday note to clients.
He initiated coverage of the auto repair stock at overweight. Barclays downgraded shares of Seagate Technology to equal weight from an overweight rating, citing weaker fundamentals and a longer-than-anticipated https://1investing.in/ recovery. In a CNBC interview, the the current dean of the Mitchell E. Daniels Jr. School of Business at Purdue University raised the prospect of more policy tightening as core inflation is stuck around 4%.
Billionaire investor Leon Cooperman said Thursday the stock market could be stagnant for an extended period of time, adding that he’s standing by his recession call. Traders also combed through the latest corporate earnings reports. C3.ai slid 12.2% on weak guidance, while ChargePoint plunged 10.9% after missing revenue estimates.
S&P 500 futures ticked down 0.02% while Nasdaq futures declined 0.06%. November Brent contracts, the global benchmark, closed at $90.60 a barrel Wednesday and are ahead by 5.5% in 2023. The report predicted that growth in India’s household spending per capita will outpace that of other developing Asian economies like Indonesia, the Philippines and Thailand at 7.8% year-on-year.
U.S. stocks open higher after retail sales data, with Dow climbing almost 200 points
Standard and Poor’s 500 Index is a capitalization-weighted stock market index measuring the performance of 500 large publicly traded companies in the United States. This index covers a wide range of industries, including technology, healthcare, energy, and finance. It serves as a benchmark for the overall health of the U.S. stock market, as well as a reflection of the country’s economic strength. Substantial gains in the S&P 500 are often interpreted as positive signals for the economy, while losses can be seen as indicators of potential trouble. Investors use this index as a barometer for their own portfolios and to assess the performance of individual stocks. The S&P 500 index plays a vital role in the financial world and is closely watched by analysts and policymakers.
- Futures hit a low of $3.739 per pound — a level not seen since Aug. 25.
- Smucker shares fell after the snack giant agreed to buy Twinkies owner Hostess.
- Seagate Technology shed nearly 11%, while Skyworks Solutions, Qualcomm and Qorvo edged down at least 7%.
- The firm raised its target price on shares of Micron to $85 from $75, equating to roughly 21% upside from Wednesday’s close.
- Continuing claims, which run a week behind, totaled 1.679 million, down 40,000 and below the FactSet estimate for 1.725 million.
A round of economic data Thursday morning showed a tight labor market in which costs are rising more than expected. It’s seen as a benchmark index into the current strength of the US markets. Trading the S&P can be done via futures contracts or CFD / spread betting in the UK and Europe. Futures contracts pared back almost all Monday gains as investors got on the defensive again.
S&P 500 INDEX (CME:Index and Options Market:INX)
Analyst Brian Nowak reiterated his overweight rating on Meta and maintained his $375 price target, which implies shares stand to gain about 25.4% since Wednesday’s closing price. The company confirmed to CNBC on Thursday that the wages were reduced in July. The news of wage changes was first reported by the Wall Street Journal. Combined with the recent uptick in energy prices, a strong jobs market will boost the need for the Fed to act and potentially approve more hikes, Zaccarelli said. Apple shares dropped 2.9% on a Bloomberg News report that China is looking to broaden a ban on the use of iPhones in state-owned companies and agencies.
Futures hit a low of $3.739 per pound — a level not seen since Aug. 25. “The credit calendar is the main driver of seasonal stock/bond weakness, in our view,” said Chris Harvey, head of equity strategy in a Thursday note to clients. “We believe the current footwear/slowing consumer backdrop will likely prove too challenging and clogged for CROX to avoid downward earnings revisions,” analyst Jeff Lick wrote in a note to clients.
“I don’t expect we see a new high in the market for a long time,” Cooperman said on CNBC’s “Squawk Box.” “We’ve had a very bad policy mix, and part of the strength this year has been very simulative fiscal policy and restrictive monetary policy.” Omega Family Office chairman and CEO Leon Cooperman told CNBC’s “Squawk Box” that he has been buying energy stocks even though he is cautious on the broader market. According to analyst Brian Nowak, the global average revenue per user for Reels is only at about 28% the rate of other average META engagement. The firm’s base case implies that Reels revenue grows at about 108% year-over-year in 2024, adding $13 billion in ad revenue as Reels reaches $25 billion of revenue in 2024. Retail giant Walmart has lowered the starting pay for new employees who prepare online orders and stock shelves, a potential sign that the labor market is cooling.
Apple shares fell more than 2% after Bloomberg News reported China is planning to extend a ban on iPhone use to state-owned corporations. A day earlier, The Wall Street Journal reported the China was moving to prohibit iPhone usage in government agencies. A slew of popular technology and semiconductor stocks dropped during Thursday’s session, pressuring the S&P 500’s information technology sector and the Nasdaq Composite. Copper prices reached their lowest levels in nearly two weeks, as investors around the world fretted over the impact of higher Fed rates on the global economy.
September RBOB gasoline futures (the RBOB stands for reformulated blendstock for oxygenate blending) rose 0.80% Wednesday to $2.6014 a gallon, up 5.8% for the year-to-date. October West Texas Intermediate (WTI) crude oil contracts touched an intraday $88.08 per barrel Wednesday, the highest price since Nov. 15, 2022, when crude traded at $88.68 a barrel. McDonald’s shares advanced about 1% in premarket trading after Wells Fargo upgraded the stock to overweight and said the fast-food chain was “firing on all cylinders.” Initial jobless claims totaled a seasonally adjusted 216,000 for the week ended Sept. 2, a drop of 13,000 from the previous period and below the Dow Jones estimate for 230,000, the Labor Department reported. Continuing claims, which run a week behind, totaled 1.679 million, down 40,000 and below the FactSet estimate for 1.725 million.
“I think the price of oil will probably stay in the 80-to-90 zone, not go much higher. But at 80-to-90, these companies are coining money,” Cooperman said. In addition, if there is another leg down for its HeyDude brand, which saw weak demand last quarter, there could be another wave of selling, he noted. B. Riley downgraded shares of Crocs to neutral from buy on Thursday, citing excess footwear inventory and declining sales for the sector after Labor Day. Tesla was seemingly the first of the so-called “Magnificent 7” stocks to roll over. While 93% of traders pricing in a rate pause at September’s Federal Open Market Committee meeting, future hikes aren’t off the table. Expectations for an additional increase in November have risen to roughly 43%, according to the CME Fed Watch tool.
The Nasdaq Composite fell for a fourth session Thursday as concerns resurfaced over the Federal Reserve’s interest rate policy path, and whether policymakers will enact another hike this year. Of those that have reported Q2 figures, a hefty 80% have topped Wall Street’s earnings expectations.Of those that have reported Q2 figures, a hefty 80% have topped Wall Street’s earnings expectations. Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes. Data may be intentionally delayed pursuant to supplier requirements. The “Rich Dad Poor Dad” markets guru has sounded the alarm for months of a coming US market crash, urging his followers to buy up real estate. Futures tied to the Dow Jones Industrial Average fell 9 points, or 0.03%.
The firm raised its target price on shares of Micron to $85 from $75, equating to roughly 21% upside from Wednesday’s close. Even with its 0.1% decline during Thursday’s session, energy is the only S&P 500 sector on pace to finish the week in positive territory. Smucker shares fell after the snack giant agreed to buy Twinkies owner Hostess.
Technology and semiconductor stocks lagged, with Nvidia and Advanced Micro Devices falling 1.7% and 2.5% each. Seagate Technology shed nearly 11%, while Skyworks Solutions, Qualcomm and Qorvo edged down at least 7%. “People were hoping the Fed would be on hold for the rest of the year, but it’s possible that we got one or two more rate hikes to come,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “All things being equal, that’s a little bit of a negative for the stock market, which was expecting the Fed to potentially be done for the year.” Get smarter about markets with our free morning and evening newsletters, delivered every weekday.