Wall St slips as Treasury yields rise, oil prices boost energy sector
Wall St slips as Treasury yields rise, oil prices boost energy sector By Reuters Breaking News More Sign In/Free Sign Up 0 '; Economy Published...
Midday movers: Lowe’s, Airbnb, Oracle, and more
Midday movers: Lowe’s, Airbnb, Oracle, and more By Investing.com
Breaking News
‘;
Published Sep 05, 2023 07:43AM ET
Updated Sep 05, 2023 01:28PM ET
(C) Reuters.
Investing.com — U.S. stocks were falling on Tuesday as weak Chinese services activity data increased concerns about the economic recovery of the world’s second largest economy.
Here are some of the biggest U.S. stock movers today:
Lowe’s (NYSE:LOW) stock fell 0.8% after Bernstein upgraded its stance on the home improvement retailer to ‘outperform’ from ‘market perform’, saying tailwinds are starting to add up.
Airbnb (NASDAQ:ABNB) stock rose 8% and Blackstone (NYSE:BX) stock added 3.9% with the two companies set to join the benchmark S&P 500 index.
Oracle (NYSE:ORCL) stock rose 2% after Barclays upgraded its stance on the software firm to ‘overweight’ from ‘equal weight’, citing artificial intelligence tailwinds.
Walt Disney (NYSE:DIS) stock rose 0.3% while Charter Communications (NASDAQ:CHTR) stock fell 1.6% after Disney said it hoped it would be able to reach an agreement to restore access to ABC, ESPN and other Disney-owned channels that have been blacked out on Charter’s service since Thursday.
Tesla (NASDAQ:TSLA) stock rose 4.5% with the U.S. EV manufacturer suing a Chinese firm over tech secret infringement and unfair competition disputes, Shanghai Securities Journal reported on Tuesday.
Fidelity National Financial (NYSE:FNF) stock rose 1% after a filing showed that Citigroup increased its stake in the financial services company by just over 23% during the first quarter of this year.
Brady Corporation (NYSE:BRC) stock rose 10.5% after the industrial company reported record earnings in its fiscal fourth quarter, raised its dividend and expanded its share buyback program.
Midday movers: Lowe’s, Airbnb, Oracle, and more
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Zscaler guidance tops estimates following Q4 results beat
Zscaler guidance tops estimates following Q4 results beat By Investing.com
Breaking News
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Published Sep 05, 2023 04:15PM ET
Updated Sep 05, 2023 04:51PM ET
(C) Reuters.
Investing.com — Zscaler reported Tuesday better-than-expected guidance for the current quarter and fiscal fourth-quarter results that topped Wall Street estimates as rising cybersecurity demand bolstered new business wins.
Zscaler Inc (NASDAQ:ZS) were flat after briefly than 5% in afterhours following the report. The stock has racked up gains of about 45% higher so far this year.
The company reported adjusted EPS of $0.64 on revenue of $455.0 million, topping estimates for $0.49 and $430.4M, respectively.
The beat comes as ongoing demand for cybersecurity underpinned billings.
Calculated billings grew 38% year-over-year to $719.3M.
“With cyber security as a high priority, IT executives are modernizing their legacy network security with our zero-trust architecture,” said Jay Chaudhry, Chairman and CEO of Zscaler.
Looking ahead to fiscal Q1, the company forecasts adjusted net income per share of approximately $0.48 to $0.49 on revenue of $472M to $474M, compared with estimates for $0.46 on revenue of $464.7M.
For fiscal 2024, adjusted net income per share was forecast in a range of $2.20 to $2.25 on revenue of $2.050B to $2.065B.
Zscaler guidance tops estimates following Q4 results beat
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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Stock Market Today: Dow ends lower as Treasury yields surge, but energy jumps
Stock Market Today: Dow ends lower as Treasury yields surge, but energy jumps By Investing.com
Breaking News
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Published Sep 05, 2023 04:04PM ET
(C) Reuters.
Investing.com — The Dow closed lower Tuesday, weighed down by rising Treasury yields, but a rally in energy stocks kept a lid on losses as oil prices climbed after major oil producers agreed to extend their oil production cuts.
The Dow Jones Industrial Average fell 0.6%, 195 points, Nasdaq fell 0.1%, the S&P 500 fell 0.4%.
Energy stocks ride oil prices higher
Energy stocks rose more than 1% as oil prices jumped after Saudi Arabia detailed plans to extend its production cuts until the end of 2023, while Russia said it would extend export cuts of 300,000 barrels for the day until the of the year.
The production cuts — that have supported a recent revival in oil prices — delivered by OPEC and its allies have pushed the oil market to a deficit of 2.3 million barrels per day, Goldman Sachs said in a recent note.
Occidental Petroleum Corporation (NYSE:OXY), EOG Resources Inc (NYSE:EOG), and Devon Energy Corporation (NYSE:DVN) were among the largest gainers in energy.
Treasury yields climb to pressure utilities
U.S. Treasury yields climbed even as Fed officials signaled that the central bank could skip a rate hike at its Sept. 19-20 meeting later this month.
In a sign that of support for a skip in September, Federal Reserve Governor Christopher Waller said in an interview with CNBC on Tuesday that there “is nothing that is saying we [the Fed]need to do anything imminent anytime soon.”
The growing odds of a September pause come amid optimism of the U.S. avoiding a recession, or achieving a soft landing, following recent data showed that the pace of inflation remains steady and the economy continues remain resilient.
Utilities, a bond-proxy that is less attractive in a rising rate environment, was down more 1%, paced by declines in Atmos Energy Corporation (NYSE:ATO), Public Service Enterprise Group Inc (NYSE:PEG), and Eversource Energy (NYSE:ES).
Airbnb, Blackstone set for S&P 500 debut; shares jump
Airbnb (NASDAQ:ABNB) and Blackstone Group (NYSE:BX) were in rally mode as both stocks are set to be included in the S&P 500 on Sept. 18.
Entry into the S&P 500 usually spurs a jump in demand from passive funds that track the benchmark.
ARM Set for biggest IPO this year
UK-based chip designer ARM holdings is targeting valuation of more than $52 billion in an initial public offering in the U.S. later this year that is expected to biggest IPO in the U.S. this year.
ARM, which is owned by SoftBank (OTC:SFTBY) and counts Nvidia, Intel and Apple among its backers, is expected to sell a 10% stake at a price of between of $47 to $51, the company said in a regulatory filing on Tuesday.
Stock Market Today: Dow ends lower as Treasury yields surge, but energy jumps
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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
U.S. stocks are lower to start the week as oil prices surge
U.S. stocks are lower to start the week as oil prices surge By Investing.com
Breaking News
‘;
Published Sep 04, 2023 06:54PM ET
Updated Sep 05, 2023 12:21PM ET
(C) Reuters
Investing.com — U.S. stocks were mixed to start the holiday-shortened week as investors look to the Federal Reserve’s policy meeting at the end of September and oil prices surged.
At 12:19 ET (16:13 GMT), the Dow Jones Industrial Average was down 59 points or 0.2%, while the S&P 500 was down 0.2% and the NASDAQ Composite was down less than 0.1%.
Wall Street’s main equity indices recorded healthy gains last week, with the blue-chip Dow Jones Industrial Average adding 1.4% and the tech-heavy Nasdaq Composite gaining 3.3%, their best weekly performances since July, while the broad-based S&P 500 rose 2.5%, its best week since June.
Global data points to economic weakness
However, the investor sentiment has become more fragile as U.S. investors returned from their long weekend to further evidence of a slowdown in the global economy.
Chinese services sector activity grew at a slower-than-expected pace in August, with the Caixin services purchasing managers’ index offering up its weakest showing in eight months.
The news out of Europe was similarly bleak, with data showing that the decline in eurozone business activity accelerated faster than initially thought last month as the bloc’s dominant services industry fell into contraction.
HCOB’s final Composite Purchasing Managers’ Index, compiled by S&P Global and seen as a good barometer of overall economic health, dropped to its lowest level since November 2020.
Goldman cuts probability of U.S. recession
Factory orders for July fell 2.1%, beating expectations for a fall of 2.5% on the month, but the U.S. economy is still seen as the beacon of global hope.
Goldman Sachs has turned more confident that the U.S. economy will avoid a massive contraction in the near term, lowering earlier Tuesday the probability that the country would fall into a recession in the next 12 months to 15% from 20%, citing positive inflation data and last week’s labor market report.
The investment bank highlighted Fed Chair Jerome Powell’s current “careful” approach to future rate decisions, arguing it is a signal that a September hike is “off the table.”
Investors will get the chance to hear from several Fed speakers during the coming week, starting off on Wednesday with Dallas Fed President Lorie Logan.
Disney spat with Charter in spotlight
In corporate news, the entertainment sector is likely to be in focus, after Walt Disney (NYSE:DIS) urged customers of Charter Communications (NASDAQ:CHTR)’ Spectrum cable service to consider switching to a live television option from Hulu as the media companies remain at odds over a new distribution deal. Disney shares rose 0.2%.
In a blog post on Monday, Disney said it hoped it would be able to reach an agreement to restore access to ABC, ESPN and other Disney-owned channels that have been blacked out on Charter’s service since Thursday.
Crude falls on weak Chinese economic data
Oil prices rose as leading OPEC+ members Saudi Arabia and Russia agree to extensions of their output cuts this week, leading to a further tightening of the market. WTI was up 2.2% to $87.40 a barrel while Brent was up 1.9% to $90.69 a barrel.
(Peter Nurse and Oliver Gray contributed to this item.)
U.S. stocks are lower to start the week as oil prices surge
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(C) 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
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