US financial markets faced renewed pressure on Wednesday as hotter-than-expected underlying inflation reinforced expectations of further Federal Reserve rate increases. Rising energy prices added to inflation concerns, while Treasury yields and the US dollar climbed, weighing on gold and Bitcoin. Geopolitical tensions involving Iran, Saudi Arabia and shipping routes in the Middle East also pushed
US stocks closed lower on Wednesday as hotter-than-expected inflation data increased expectations of further Federal Reserve interest rate hikes, weighing on technology shares and other rate-sensitive investments. The S&P 500 fell 1.08% to 7,721.49, while the Nasdaq Composite dropped 1.85% to 26,701.48. The Dow Jones Industrial Average declined 0.09%, or 45.23 points, to 51,624.87, with
Broadcom stock has remained under pressure in the past few months, even as the artificial intelligence (AI) boom has accelerated. It has slumped from a record high of $492 to the current $354, with its market capitalization falling from $2.29 trillion to the current $1.69 trillion. Technicals suggest that the stock may drop further in
JPMorgan Chase (JPM) shares remained muted in premarket trading on Tuesday after the bank reported third-quarter earnings and revenue below analysts’ expectations, marking a rare miss for the Wall Street lender. The bank reported net income of $15.31 billion, or $5.57 per share, for the quarter. Excluding $658 million in net securities losses, earnings would
Citigroup C shares recovered in premarket trading Tuesday as the bank reported stronger-than-expected third-quarter results, with revenue beating Wall Street estimates and profit climbing 40% from a year earlier. The stock was down around 1% when the results were announced but eventually gained around 0.5% before the opening bell as the lender reported another quarter
US stocks opened lower on Tuesday as investors assessed quarterly earnings from major banks at the start of the reporting season, while renewed weakness in semiconductor stocks weighed on Nasdaq futures. The Dow Jones Industrial Average rose 317 points. The S&P 500 fell 0.06%, while the Nasdaq Composite declined 0.38%. Investors are looking for signs
BlackRock has reduced its exposure to US equities and increased its allocation to US Treasuries as rising bond yields create more attractive income opportunities. The world’s largest asset manager cut its stance on US equities to neutral from overweight and upgraded its position in Treasuries to overweight from neutral, according to its latest market commentary.
Morgan Stanley stock has slipped substantially in the past few weeks as enthusiasm about mergers and acquisitions (M&A) and IPOs cooled. MS initially jumped to $230 in July and then tumbled to a low of $182.62. Focus now shifts to its upcoming earnings, with the options market pointing to moderate volatility. Morgan Stanley is being
Shares of memory chipmakers Micron MU and SK Hynix continued to fall on Tuesday as concerns over China’s CXMT and its growing manufacturing capabilities persisted. Warnings from prominent business leaders and investors about the potential competitive threat further weighed on sentiment, even as warnings from senior industry executives about the cost of financing artificial intelligence
Apple APPL shares touched an all-time high on Tuesday and reclaimed $5 trillion market capitalization as the iPhone maker unveiled a range of new devices in its latest push to expand its presence in the smart home market. The stock hit $347.78 in early trading and was up around 1.5% at 10:20 AM EST, trading