![]() ![]() The company posted a Q3 profit loss of 9% compared to the year-ago period as revenue from investment banking and trading fell, as reported by Yahoo Finance’s David Hollerith. Morgan Stanley ( MS): The big bank saw shares fall 7% on Wednesday after reporting a significant drop in profits. Shares have also lagged the broader market over the past three months Cost-cutting initiatives will likely pressure margins in the quarter as Wall Street analysts expect the company to post adjusted net income of $2.56 billion - a nearly 30% drop compared to the year-ago period. Tesla ( TSLA): Shares dropped 4% ahead of the EV maker's highly-anticipated quarterly results. Here are some of the stocks leading Yahoo Finance’s trending tickers page in afternoon trading on Wednesday: The euro climbed to $1.0578 from $1.0568.ĪP Business Writer Stan Choe contributed.Tesla, Morgan Stanley, UAL: Stocks trending in afternoon trading In currency dealings, the dollar rose to 149.37 Japanese yen from 149.31 yen late Thursday. The question is how the trend goes in the final three months of the year.Īltogether, the reports didn't give anything to change investors' minds about the Fed staying tough on interest rates, something that Wall Street calls a “hawkish” stance on policy. That was below economists’ expectations, but economic growth looks like it’s remained solid through the third quarter at least. economy grew at a 2.1% annual rate during the summer, following some revisions to earlier estimates. It's the latest signal of a solid job market, one that has helped prevent a recession but may also be feeding upward pressure into inflation.Ī separate report said the U.S. ![]() One said fewer workers applied for unemployment benefits last week than economists expected. Yields squiggled following the latest batch of reports on the economy. government shutdown as soon as this weekend, though financial markets have held up rather well during past shutdowns. Most immediate is the threat of another U.S. Many other challenges are also looming over the economy and Wall Street besides the threat of higher interest rates for longer. The two-year Treasury yield, which moves more on expectations for Fed action, slipped to 5.06% from 5.14%. It later fell back to 4.57%, down from 4.61% late Wednesday. The yield on the 10-year Treasury climbed above 4.67% in the morning, near its highest level since 2007. The threat of higher rates for longer has pushed Treasury yields up sharply in the bond market. Lower rates can goose financial markets, while high rates slow the economy by design and hurt prices for stocks and other investments. It’s a sharp departure from prior years for investors, who counted on the Fed to cut rates quickly and sharply whenever things looked dicey. The Federal Reserve has pulled its main interest rate to the highest level since 2001 in hopes of extinguishing high inflation, and it indicated last week it may cut rates by less next year than earlier expected. Stocks are still on track for their worst month of the year as Wall Street grapples with a new normal where interest rates may stay high for a while. Its forecast for upcoming profitability fell short of some analysts’ estimates. On the losing end, Micron Technology slumped 4.4% despite reporting better results for the latest quarter than analysts expected. On Wall Street, Peloton Interactive jumped 5.4% after the online exercise bike and fitness company announced a five-year partnership with athletic wear maker Lululemon Athletica. Treasury yields also relaxed Thursday, giving stocks a breather, particularly Big Tech companies.Ī 2.1% climb for Meta Platforms and 1.5% gain for Nvidia were two of the strongest forces lifting the S&P 500. It declined nearly $2 on Thursday.īrent crude oil, the international standard, picked up 15 cents to $93.25 per barrel. benchmark crude was up 19 cents at $91.90 per barrel. The Dow Jones Industrial Average added 0.3% to 33,666.34, and the Nasdaq composite gained 0.8%, to 13,201.28.Ī drop in oil prices took some heat off the stock market, a day after crude reached its highest price of the year. Markets were closed in Hong Kong, Shanghai and Seoul.Ĭhina Evergrande, the world’s most heavily indebted real estate developer, said in a notice to the Hong Kong Stock Exchange that its shares would remain suspended until further notice after they plunged nearly 20% on Wednesday and were suspended from trading as of Thursday.Įvergrande is at the center of a property market crisis that is dragging on China’s economic growth. ![]()
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