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Stocks making the biggest moves premarket: Goldman Sachs, Bank of America, Walgreens and more

admin — Tue, 15 Oct 2024 12:23:03 +0000

The post Stocks making the biggest moves premarket: Goldman Sachs, Bank of America, Walgreens and more first appeared on Thomson 158 Reuters.

S&P 500 hits record to start the week, traders look to key earnings: Live updates

admin — Mon, 14 Oct 2024 14:02:41 +0000

Traders work on the floor at the New York Stock Exchange.

Brendan McDermid | Reuters

The S&P 500 rose to a fresh record Monday as investors waited to assess whether the next batch of key corporate earnings could power the market to more records.

The broad market index climbed 0.7%, while the Nasdaq Composite advanced 1.1%. The Dow Jones Industrial Average lagged, shedding 18 points, or less than 0.1%. The 30-stock Dow was pressured by a 3% decline in Caterpillar following a downgrade from Morgan Stanley.

Bank of America, Goldman Sachs and Johnson & Johnson report their latest results on Tuesday, while Morgan Stanley and United Airlines are set to release results Wednesday. Walgreens Boots Alliance, Netflix and Procter & Gamble are also scheduled to post earnings this week.

Those reports will come after JPMorgan Chase and Wells Fargo kicked off the third-quarter earnings season on a high note. The early signs of a recovery in banking profits helped push the broader market to all-time highs at the end of last week. The S&P 500 closed above 5,800 for the first time on Friday, while the blue-chip Dow also reached an all-time high.

So far, 30 S&P 500 companies have posted results, beating the earnings consensus by about 5% on average, according to Bank of America. That’s better than the 3% beat at this time last quarter. Still, Bernstein believes that this quarter’s year-over-year earnings per share growth rate will still come in “much lower” than last quarter’s.

Despite the market climbing to new heights, investors remain anxious against a backdrop of a closely-contested presidential election in three weeks, suddenly rising Treasury yields, uncertainty about the pace of Federal Reserve policy easing and escalating geopolitical risks in the Middle East.

Still, “the Big 4 macro tailwinds (stimulus, resilient growth, disinflation, and healthy corporate performance) are all still in place and they’re powerful enough to overcome rich valuations and geopolitical risks, keeping the SPX on an upward trajectory,” Adam Crisafulli, founder of Vital Knowledge, said in a note Sunday.

The S&P 500 has gained nearly 22% this year, excluding reinvested dividends. The bull market recently turned two years old, and the benchmark has rallied nearly 63% in total since hitting a closing low in October 2022. Treasury yields have risen lately too, with the benchmark 10-year note yield, used to calculate everything from mortgages to auto loans, topping 4.1% last week.

On the data front, September retail sales and Sept. industrial production figures are out Thursday, followed by Sept. housing starts and building permits Friday.

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Cramer’s week ahead: Major banks, Taiwan Semi and Netflix report as earnings season gets into full swing

admin — Fri, 11 Oct 2024 22:42:51 +0000

As earnings season takes off, CNBC’s Jim Cramer on Friday advised investors about what to follow next week on Wall Street. He pinpointed reports from several major banks, along with Netflix and Taiwan Semiconductor.

“We’re at the beginning of one of the year’s four reporting periods,” he said. “They’re jumbled. They’re open to a lot of interpretation. They’re fast. So listen to the calls, ponder a moment, and only then should you pull the trigger.”

But on Monday, Cramer said he won’t be focused on earnings. Instead, investors will be digesting China’s new stimulus package, which is set to be released this weekend. He expressed optimism about the Chinese economy if the government can invest billions in real estate and the stock market.

Tuesday brings reports from major players in the financial sector: Charles Schwab, Goldman Sachs, Bank of America and Citigroup. Wall Street hasn’t favored Schwab as of late, but Cramer wondered if that could change after this report. He’s said he’s confident in the success of Goldman Sachs and noted that analysts have been positive on Citigroup. Bank of America could see a boost now that Warren Buffett is no longer required to frequently report his sales of the stock, Cramer added.

Johnson & Johnson, Walgreens and UnitedHealth Group also report earnings on Tuesday, with Cramer noting that the latter regularly beats expectations. Johnson & Johnson this week saw a new development in its ongoing talc lawsuits that could aid resolution efforts. Cramer suggested the company might be closer to putting its litigation troubles to bed so investors can start to focus on earnings. He also predicted Walgreens’ quarter will disappoint.

On Wednesday, Morgan Stanley and Abbott Laboratories will report. Morgan Stanley shares have climbed since the company brought on a new CEO at the beginning of the year, Cramer said, suggesting investors “hold on for the ride.” Although the future of Abbott Laboratories’ lawsuits remains up in the air, Cramer said recent comments from the Food and Drug Administration, the Centers for Disease Control and Protection and the National Institutes of Health — which suggest that the contentious baby formula doesn’t seem to harm infants — could turn the tide in the company’s favor.

Taiwan Semiconductor reports on Thursday, and Cramer said the stock has been strong because it manufactures highly-valued chips from Nvidia. He was optimistic about Netflix’s report that day because of its new ad tier and the highly-anticipated release of Squid Game 2, which could draw in subscribers.

On Friday, Procter & Gamble will report, and Cramer said he’s worried about the company’s business in China. SLB and American Express also report earnings on Friday, and Cramer noted the former company’s stock hasn’t “been able to catch fire” even as oil prices have risen in recent weeks. He also said the credit card outfit is one of his favorites and he’d be a buyer if the stock dips before the report.

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Investors to decide if the one-week rotation into small caps can last all summer

admin — Wed, 17 Jul 2024 18:28:54 +0000

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