Stocks jumped out of the gate Wednesday and never looked back as optimism built ahead of this evening’s earnings report from major chipmaker and artificial intelligence (AI) giant Nvidia (NVDA). Before this major event, market participants took in another batch of mixed retail earnings and some disappointing economic data. Retailers continued to dominate earnings… Continue reading Stock Market Today: Stocks Soar Ahead of Nvidia Earnings
Toll Brothers Beats Q3 Estimates As New Home Sales Rise
Toll Brothers (TOL) reported better than expected third-quarter results amid strong demand for new homes and continued low supply of existing homes for sale. The performance reflected “a market for new homes that continues to benefit from historically low levels of resale inventory, favorable long-term demographic trends and the persistent underproduction of homes for well… Continue reading Toll Brothers Beats Q3 Estimates As New Home Sales Rise
Foot Locker Blames Weak Quarter on ‘Consumer Softness’ As Stock Plunges
Foot Locker (FL) met second-quarter earnings expectations but fell well short of sales estimates as the company reduced its full-year outlook amid “ongoing consumer softness.” The footwear and apparel retailer’s stock plunged on the news by more than 25% at the open of Wednesday’s trading session. For the second quarter ended July 29, Foot Locker… Continue reading Foot Locker Blames Weak Quarter on ‘Consumer Softness’ As Stock Plunges
Americans are applying for mortgages at the lowest rate in 28 years
US mortgage applications for home purchases fell to their lowest mark in 28 years, Mortgage Bankers Association data showed. Refinancing also declined to a level 35% lower than the same week last year. Mortgage rates climbed to 7.31% in the week ending August 18, the highest in 23 years. Loading Something is loading. Thanks for… Continue reading Americans are applying for mortgages at the lowest rate in 28 years
Here’s what Wall Street expects from Jerome Powell at Jackson Hole
Fed chief Jerome Powell is scheduled to speak Friday at Jackson Hole, Wyoming. Markets will be hanging on his every word, and Wall Street expects him to focus on inflation and interest rates. Inflation has cooled from a year ago, the job market remains tight, and economists have lowered their near-term recession odds. Loading Something… Continue reading Here’s what Wall Street expects from Jerome Powell at Jackson Hole
Nike stock rout deepens in longest run of declines since 1980
Nike shares are on their longest losing streak since the company went public in 1980. The stock has seen nine straight days losses amid concerns about a demand slowdown in China. Nike has shed more than 20% in market capitalization so far in 2023. Loading Something is loading. Thanks for signing up! Access your favorite… Continue reading Nike stock rout deepens in longest run of declines since 1980
Big-money investors are increasingly bullish on these 8 AI beneficiaries, according to a Goldman Sachs analysis of over 744 hedge funds with a combined $2.4 trillion in equities
Hedge funds’ top holdings have performed much better this year than in 2022 or 2021. Well-timed investments in large-cap tech companies and cyclical stocks lifted returns. Here are eight artificial intelligence beneficiaries that hedge funds are gravitating toward. Hedge funds took advantage of the robust market rally in the first half of 2023 by buying… Continue reading Big-money investors are increasingly bullish on these 8 AI beneficiaries, according to a Goldman Sachs analysis of over 744 hedge funds with a combined $2.4 trillion in equities
Cathie Wood’s flagship Ark fund is ‘dead money’ as it’s actually down 18% from 5 years ago, markets guru Larry McDonald says
Cathie Wood’s flagship Ark fund is “dead money”, said Larry McDonald, citing its poor longer-term performance. Despite its gains in 2023, the Ark Innovation ETF is still down by about 18% from five years ago, the markets guru pointed out. “They said to get long sexy innovation, what they didn’t say is you are actually… Continue reading Cathie Wood’s flagship Ark fund is ‘dead money’ as it’s actually down 18% from 5 years ago, markets guru Larry McDonald says
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