US stocks closed mixed on Friday as rate-cut euphoria faded, but the Dow Jones Industrial Average (^DJI) managed to stay above the 42,000 level again to eke out another record close.
The S&P 500 (^GSPC) fell 0.2% after the benchmark index ended at an all-time high on Thursday. The tech-heavy Nasdaq Composite (^IXIC) closed down 0.4%.
Despite Friday's muted action, the major averages closed out the week with gains. Much of those increases stemmed from Thursday's market surge as investors embraced Chair Jerome Powell's message that the Federal Reserve made a big interest rate cut to support the economy, not to save it — an idea bolstered by jobless claims data.
That roaring rally sputtered on Friday amid reminders that risks to growth could still lie ahead. Wall Street is still wondering whether the Fed has fallen behind in keeping the economy on track for a "soft landing." Traders are pricing in deeper cuts this year than policymakers' "dot plot" projects, per fed funds futures.
Also, those Fed-fueled high spirits are stoking the risk of a bubble, according to a top Bank of America strategist. Michael Hartnett said stocks are pricing in levels of policy easing and earnings growth right now that push investors to go chasing gains.
With less than an hour left of trading, Intel (INTC) shares spiked after The Wall Street Journal reported semiconductor giant Qualcomm approached the chipmaker in recent days about the possibility of a takeover. Qualcomm (QCOM) stock sank nearly 3%.
FedEx posted a sharp drop in profit, missing Wall Street estimates. The delivery company — a bellwether for the economy — saw its shares slump.
Elsewhere, Nike's (NKE) stock jumped after the sportswear maker named a new CEO as its sales come under pressure.
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Ines Ferré
Dow ekes out another record close amid winning week for stocks post Fed rate cut
US stocks closed the session mixed on Friday, with the Dow Jones Industrial Average (^DJI) eking out another record to close above 42,000 again.
The S&P 500 (^GSPC) closed down 0.2%, just off its all-time closing high.
The tech-heavy Nasdaq Composite (^IXIC) slipped 0.4%.
The major averages closed out the week with gains. Much of that upward action happened during Thursday's massive rally.
On Friday afternoon Intel (INTC) shares surged after The Wall Street Journal reported semiconductor giant Qualcomm had approached the chipmaker in recent days about the possibility of a takeover. Qualcomm (QCOM) stock sank almost 3%.
Ines Ferré
Intel shares spike on report Qualcomm approached chip maker about takeover
Intel (INTC) shares jumped more than 7% on Friday afternoon after The Wall Street Journal reported that semiconductor giant Qualcomm (QCOM) approached the chipmaker in recent days about the possibility of a takeover.
Qualcomm stock sank 4% following the headline.
Ines Ferré
Former Snap design engineer on new glasses: 'Obviously bad'
One of Snap’s (SNAP) own former employees thinks its augmented reality glasses are "bad."
Sterling Crispin, an engineer who worked on designing the glasses in the past, slammed the product in a post on X, formerly known as Twitter, this week.
“I worked on these for about a year at Snap, and I have a million negative things to say about the experience and the device,” Crispin wrote of Snap’s AR Spectacles, “but I think the product speaks for itself and is obviously bad.”
The lone dissenter to the Federal Reserve's jumbo rate cut said that "a smaller first move in this process would have been a preferable action" because inflation is still not down to the central bank's 2% target.
"I see the risk that the Committee’s larger policy action could be interpreted as a premature declaration of victory on our price stability mandate," Federal Reserve Governor Michelle Bowman said in a statement released Friday.
Lennar CEO believes Fed rate cuts will boost confidence in the housing market
Lennar (LEN) CEO Stuart Miller thinks that lower rates and cooling inflation will drive confidence in the sluggish housing market after the Federal Reserve’s 50 basis point rate cut.
Miller said on the company's third quarter earnings call that “lower rates and controlled inflation will build affordability, enabling more households to access either first-time homeownership or move-up purchase.”
His comments came after Lennar on Thursday reported quarterly home orders and gross margins on home sales fell short of analysts’ expectations for its fiscal third quarter ending Aug. 31. Lennar stock tumbled 4% Friday on the news. The SPDR S&P Homebuilders ETF (XHB) fell by 1%.
The combination of high mortgage rates and home prices over the past few years has dampened buyer appetite for trying to buy a home. Mortgage rates peaked around 7% earlier this year but now are much lower. The average 30-year fixed mortgage rate dropped about a tenth of a percent to 6.09% Thursday from 6.2% the week prior, according to Freddie Mac.
Meanwhile, the Federal Reserve cut interest rates this week and signaled it would lower interest rates two more times this year.
“While strong demand enabled by incentives and mortgage rate buydowns has driven the new home market over the past twp years, we fully expect an even stronger and more broad-based demand cycle as rates move lower,” the executive added.
Ines Ferré
Why big box retailers are experimenting with small-format stores
From Yahoo Finance's Edwin Roman:
Target (TGT), Ulta Beauty (ULTA), and Macy’s (M), among many others, are shifting more of their focus toward small-format stores.
Small-format stores are scaled-down versions of big box retail stores that offer consumers an efficient, convenient, and localized shopping experience. There are several reasons why retailers are pursuing smaller-format store strategies, according to R.J. Hottovy, head of analytical research at Placer.ai.
Dow turns positive as stocks waver near record highs
Dow Jones Industrial Average (^DJI) climbed into green territory on Friday afternoon, hovering near record highs.
The major averages opened slightly lower Friday morning after the S&P 500 (^GSPC) and the Dow notched all-time high record closes.
By almost 1 p.m. ET stocks had pared some of their morning losses. However, the S&P 500 and tech-heavy Nasdaq Composite (^IXIC) were still in red territory.
Ines Ferré
Apple iPhone 16 and iPhone 16 Pro review: Camera control and larger screens, Apple Intelligence not ready yet
Apple’s (AAPL) iPhone 16 and iPhone 16 Pro lineups hit the market on Sept. 20, and they bring a handful of updates that, if you’re using an older iPhone, make them worth the upgrade. There’s a new camera button, improved camera performance, bigger screens on the Pro models, and better battery life all around.
I’ve spent some time using both the iPhone 16, starting at $799, and the iPhone 16 Pro, starting at $999. If you’re coming from an outdated iPhone, you’ll appreciate the new phones’ refinements. But the biggest upgrade to Apple’s newest iPhones is the company’s Apple Intelligence platform.
Trump media company stock falls as lock-up period expires
Trump Media & Technology Group (DJT) stock dropped to new lows on Friday after the company’s six-month lock-up period expired.
As of Thursday, former President Donald Trump and other stakeholders were allowed to sell their shares of the social media company for the first time since it went public in March.
“I have absolutely no intention of selling,” Trump told reporters at a press conference last week. “I love it. I use it as a method of getting out my word.”
The stock has been volatile, often moving in tandem with any development related to the Republican presidential candidate. On Friday shares dropped as much as 5%.
Ines Ferré
Utilities outperform while the rest of market slumps
Utilities (XLU) rose 1.5% while the rest of the sectors were flat or dipped during Friday's market action.
Technology (XLK) stocks slipped 0.9% after fueling a massive market rally in the previous session.
On Friday the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) pulled back from record highs.
Utilities outperformed on Friday
Ines Ferré
Trump keeps hammering Fed over rate cut: 'It was a political move'
Republican presidential candidate Donald Trump is not letting up in his criticism of the Federal Reserve following a jumbo-sized half-percentage-point interest rate cut made less than two months before the November election.
"It really is a political move," the former president said Thursday during an interview with Newsmax.
Constellation Energy soars to all-time high on deal to sell nuclear power to Microsoft
Constellation Energy (CEG) stock soared to all-time highs on Friday after the company announced plans to restart a nuclear reactor at Three Mile Island (TMI) and sell the power to Microsoft (MSFT) for its data centers.
Wall Street had been anticipating that Constellation would ink a deal this year with one of the Big tech players as they seek more energy to run their technology infrastructures amid an artificial intelligence boom.
Constellation bought the TMI Unit 1 reactor, located in Pennsylvania, in 1999. It is situated next to Unit 2, a reactor that was shut down after experiencing a partial meltdown in 1979.
"TMI Unit 1 is a fully independent facility, and its long-term operation was not impacted by the Unit 2 accident," Constellation said in its announcement on Friday.
Before Unit 1 was shut down for economic reasons in 2019, the plant had a generating capacity of 837 megawatts, which is enough to power more than 800,000 average homes, the company said.
Constellation Energy was up as much as 15% on Friday. The stock is up more than 100% year to-date.
Ines Ferré
Nike shares jump 7% on CEO replacement
Nike (NKE) shares jumped on Friday after the sneaker and sports apparel giant announced CEO John Donahoe plans to retire. He will be replaced by Elliott Hill, the company’s former president for consumer and marketplace, effective Oct. 14.
Wall Street analysts cheered the return of Hill, who left Nike in 2020. Shares of the company rose more than 7% in early trading.
As Yahoo Finance's Brooke DiPalma reports, the leadership change comes as Nike's board — which includes founder Phil Knight, former longtime CEO Mark Parker, and Apple CEO Tim Cook — sees it fit to focus on improved product and reestablishing relationships cast aside by Donahoe, such as that with Foot Locker (FL).
Stocks retreat from record highs as Fed rate-cut rally fades
Stocks fell slightly in early trading Friday, backing away from record highs on the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI).
The tech-heavy Nasdaq Composite (^IXIC) also slipped after a monster rally in the prior session on the heels of a jumbo rate cut from the Federal Reserve.
The market euphoria fizzled on Friday after delivery giant FedEx (FDX), a bellwether for the US economy, reported disappointing quarterly results on Thursday evening.
Rodgers didn't mince words, calling it a "giveaway" and saving some scorn for the officiating too. Six days after firing their coach, the Jets don't have much wiggle room anymore. That doesn't mean Monday was without hope.
Company announcement no. 62 In company announcement no. 10 2024, Spar Nord announced a share buyback programme of up to DKK 500 million. The share buyback was initiated on 12 February 2024. The purpose of the share buyback is to reduce the bank’s share capital by the shares acquired under the programme, and the programme is executed pursuant to Regulation (EU) No 596/2014 of 16 April 2014 (“Market Abuse Regulation”). In last week the following transactions were made under the share buyback progr
PRESS RELEASE | October 15th, 2024 N° 03- 2024 SCOR Investment Partners, the asset management subsidiary of leading reinsurer, SCOR Group, announces the launch of SCOR Real Estate Loans V, the fifth vintage in its successful series of senior value-add debt funds. Since 2013, SCOR Investment Partners has held a unique position in the value-add market by financing real estate projects focused on renovations, restructurings, repositioning, or development of assets. SCOR Real Estate Loans V is strat
Zoo experts are investigating after nine monkeys died in two days in Hong Kong's oldest zoo. Eight of the animals were found dead on Sunday and another died on Monday after displaying unusual behaviour at Hong Kong Zoological and Botanical Gardens. Parts of the zoo have been sealed off and disinfected and experts have been called in to conduct necropsies and toxicological tests, Hong Kong leader John Lee said.
Trump supporters held a boat parade and hurricane fundraiser in Jupiter, Florida, on Sunday, October 13.Video filmed by Paul Dabill shows flag-flying boats crowding Jupiter Inlet for the flotilla on Sunday.The event was organized by Carlos Gavidia, who has previously hosted so-called “Trumptilla” events.On Sunday, images and video surfaced of people wearing MAGA hats and shirts with swastikas on a boat flying Nazi flags alongside Trump flags in nearby North Palm Beach, where boats flying pro-Trump flags had also gathered. A video circulated online showed another boat blasting the swastika-bearing vessel with water as the two crafts passed under North Palm Beach’s Parker Bridge.Some online commentators alleged the Nazi-flag-waving boaters were members of the Goyim Defense League, a neo-Nazi group based in Florida, while some Trump supporters alleged they were “antifa imposters” looking to disrupt the event. Storyful has not independently verified their identities. Credit: Paul Dabill via Storyful
Banknote printer De La Rue is to sell its authentication division in a deal worth £300 million. Completion of the sale will allow De La Rue to repay its existing revolving credit facility in full ahead of its maturity on 1 July. In addition, De La Rue will be able to focus on its currency business.
LONDON, October 15, 2024--Slate Asset Management ("Slate" or the "Firm"), a global alternative investment platform targeting real assets, today announced that it has expanded its European essential real estate strategy into a new market with the acquisition of a portfolio of 12 grocery properties in Portugal (the "Portfolio") valued at approximately €150 million from seller LCN Capital Partners ("LCN"). This acquisition marks Slate’s first investment in Portugal and further increases the Firm’s
The 12-month inflation rate was the same as the flash estimate reported by INE two weeks ago and the average expectation by analysts polled by Reuters. Core inflation, which strips out volatile fresh food and energy prices, was 2.4% in the 12 months through September, down from 2.7% a month earlier, INE said. The final reading was in line with the flash estimate released by INE two weeks ago.
N'DJAMENA (Reuters) - Father-of-seven Dah Toubada Kadapia stood on a stack of homemade sandbags in his backyard in Chad's capital N'Djamena, surrounded by floodwaters that locals say have risen higher than past years, causing more damage than ever. Over the last few months, heavy rains have floodedevery one of Chad's 23 provinces, burst a dam in northern Nigeria, damaged ancient buildings in Niger's desert town of Agadez, and killed more than 1,460 people in the countries on the fringes of the Sahara, according to U.N. aid agency OCHA. On one hand they were annual rains flagged up in advance with forecasts of particularly heavy downpours, raising the question, said Kadapia, why officials were not better prepared.
Max is to launch in seven markets across Asia on November 19. The Warner Bros. Discovery streamer will go live in Indonesia, Malaysia, Philippines, Singapore and Thailand, as well as Taiwan and Hong Kong, as it continues to rollout around the world. Several plans will be available, details of which will follow in coming weeks …
Annual ThreatLabz Report Highlights Mobile, IoT, and OT Cybersecurity Trends, Risks, and Prescriptive Zero Trust Defense Strategies Top Malware Families in Google Play Store Annual Zscaler ThreatLabz Report Highlights Mobile, IoT, and OT Cybersecurity Trends. Key Findings: Mobile remains a top threat vector, with 111% growth in spyware and 29% growth in banking malwareTechnology, education, and manufacturing sectors continue to be most susceptible to attacksThe United States remains the top targ
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