It's within the top half of that range, and he said he's not looking to “chase this equity rally.”Īll banks are contending with much higher interest rates, which have flown higher over the past year to tighten the screws on the economy and financial markets. Scott Wren, senior global market strategist at Wells Fargo Investment Institute, sees the S&P 500 largely remaining within a range of 3,700 to 4,200 this year. That means “the scope for upside appears limited, in our view,” he said. Mark Haefele, UBS Global Wealth Management's chief investment officer, expects stocks to stay stuck in a range since they look relatively expensive and investors are worried about a possible recession. It was one of a few companies that raised hopes vital consumer spending could remain resilient despite a slowing economy. It jumped in afterhours trading after it said it earned more than expected.Ĭhipotle Mexican Grill rose 12.9% for the biggest gain in the S&P 500 after reporting stronger profit than expected. Facebook’s parent company, Meta Platforms, rose 0.9% ahead of its report. More Big Tech companies are scheduled to follow with their own reports soon. Google’s parent company, Alphabet, turned a bigger profit than expected but its stock slipped 0.2% after reporting its first back-to-back drops in advertising revenue from a year earlier since it became a publicly traded company in 2004. Hopes the Federal Reserve will back away from its barrage of interest rate hikes have helped. Tech stocks have been some of the year’s best performers so far as they’ve laid off workers and made other cost cuts to improve their profitability. It carries a huge weight on the S&P 500 as the second-largest stock in the index. Microsoft rose 7.2% after reporting stronger profit for the first three months of the year than analysts expected. While the majority of stocks fell, gains for Microsoft and other Big Tech companies prevented a sharper slide for the market. regulators blocked its takeover by Microsoft on concerns it would hurt competition in the cloud gaming market. Even without more shutdowns, the industry's struggles could cause a pullback in lending by banks that saps the economy.Īctivision Blizzard, meanwhile, tumbled 11.4% after U.K. The worry is that it and other smaller and mid-sized banks could suffer debilitating runs of deposits from customers, similar to the ones that caused last month's failures of Silicon Valley Bank and Signature Bank. That's when it gave details about how many customers bolted amid last month's turmoil in the industry. The spotlight has been harshest on First Republic Bank, which lost another 29.8% after nearly halving the day before. Wall Street was coming off its worst day in a month, hurt by concerns about the strength of U.S. The Dow Jones Industrial Average fell 0.7%, to 33,301.87, while the Nasdaq composite led the market with a gain 0.5%, to 11,854.35. “Asian equities were lower on Thursday as turmoil in the banking sector looms large,” Anderson Alves of ActivTrades said in a markets commentary. Hong Kong's Hang Seng lost 0.1% to 19,730.31, while the Shanghai Composite added 0.3% to 3,274.59. South Korea's Kospi rose nearly 0.1% to 2,486.90. Japan's benchmark Nikkei 225 declined 0.2% in morning trading to 28,349.95. banking sector and inflationary pressures weighed on investor sentiment. TOKYO – Asian shares mostly fell Thursday, echoing the drop on Wall Street, as worries about the U.S.
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