US stocks were almost unchanged on Thursday, pausing after setting new record highs in the previous session. Investors showed optimism regarding chipmaker Arm’s outlook and looked for fresh momentum in the latest batch of corporate results. The S&P 500 (^GSPC) hovered around the flatline, nearly reaching 5,000 for the first time ever. The Dow Jones Industrial Average (^DJI) was down 0.2%, while the tech-heavy Nasdaq (^IXIC) rose 0.3%. Stocks have been rallying as strong economic data and positive earnings have boosted confidence on Wall Street, helping the S&P 500 approach the key psychological level. However, some investors are questioning the sustainability of gains, given the small group of megacaps driving them. Shares in Arm (ARM) soared more than 50% after a strong sales outlook, raising hopes that AI and tech will continue to bolster the market. The chipmaker provided a surprisingly upbeat forecast based on its expansion into new areas. Disney (DIS) shares also gained more than 11% as investors welcomed its earnings beat and deals with Taylor Swift and Fortnite maker Epic Games. Additionally, traders have reduced their bets on a March interest rate cut due to the cautious tone from central bank officials. Richmond Fed president Tom Barkin is set to add his comments on Thursday, while the weekly jobless claims report due later could also influence policy expectations following December’s strong jobs report. Elsewhere, concerns about deflation in China resurfaced as data showed consumer prices in the world’s second-biggest economy fell by the most since 2009. Danish shipping giant Maersk’s (AMKBY) warning about a freight slowdown rattled investors, with its shares slumping 15% after the company announced it will suspend share buybacks.Live3 updates
Thu, February 8, 2024 at 8:00 AM PSTNYCB stock wavers amid lender’s efforts to shore up confidenceNew York Community Bank (NYCB) stock was volatile on Thursday morning as investors accessed the lender’s latest efforts to shore up confidence.As Yahoo Finance’s David Hollerith points out, on Wednesday the bank shared a financial update, announced the appointment of a new executive chairman, Alessandro “Sandro” DiNello, and held a call with analysts intended to shore up confidence.”We have seen virtually no deposit outflow from our branches,” DiNello told analysts Wednesday. The former bank examiner said “building confidence” with Wall Street about NYCB’s deposits and liquidity would be the bank’s No. 1 priority going forward.The stock fell as much as 7% at Thursday’s open. Shares are down about 56% since late January when the lender cut its dividend and posted a surprise loss. Read more here.
Thu, February 8, 2024 at 7:15 AM PSTOil gains 2% on Middle East tensions, lower US production forecastCrude futures opened higher on Thursday after the US killed a militant commander in Iraq and Israel rejected a Hamas ceasefire proposal.West Texas intermediate (CL=F) gained about 2%, trading above $75 per barrel, while Brent futures (BZ=F) also rose by about the same amount to hover above $80 per barrel.“The geopolitical Red Sea risk is returning to crude,” said Dennis Kissler, senior vice president at BOK Financial.Houthi rebels in support of Palestinians have been targeting attacks on vessels, prompting major cargo companies to avoid the Red Sea region that connects to the Suez canal, a critical pathway between Asia and Europe.Recent data from the Energy Information Administration (EIA) showed draws in both distillates and gasoline inventories. The sharp decline signals higher demand, helping maintain upside pressure on crude prices.The EIA also reduced its domestic output forecast for 2024, predicting it would not reach the record levels of December 2023 until February 2025.
Thu, February 8, 2024 at 6:34 AM PSTStocks little changed as S&P nears 5,000 landmarkStocks opened near the flatline on Thursday after hitting a fresh record high in the prior session.The S&P 500 (^GSPC) slipped almost 0.1%, after the major benchmark closed just a few points shy of the 5,000 level for the first time ever. The Dow Jones Industrial Average (^DJI) opened slightly higher, while the tech-heavy Nasdaq (^IXIC) hugged the flatline. Disney (DIS) stock rose as much as % after the company reported narrower-than-expected losses in its entertainment division. The entertainment company also announced its new over-the-top (OTT) ESPN streaming service will launch in fall 2025.
