Tuesday is a big earnings day, with results from Bank of America and Morgan Stanley. Investors will also be watching for clues regarding the possibility of rate cuts in remarks that Federal Reserve Chair Jerome Powell is expected to make. Bond yields were little higher on Tuesday, and equities fluctuated …
Read More »BofA’s Q1 earnings dismal despite expected growing interest income
As the latest major lender to suffer the pinch of higher for longer interest rates, Bank of America reported an 18% decline in first-quarter profit. With the exception of a one-time charge, the results exceeded expectations, mostly due to the bank’s Wall Street and wealth-management units demonstrating good performance. The …
Read More »UK Wage Growth Eases as Bank of England Contemplates Rate Cuts
British core wage growth decelerated once again, marking its slowest increase since the three months leading up to September 2022, yet it maintained strength relative to historical norms, as per official data likely to receive a cautious nod from the Bank of England. Official figures from the Office for National …
Read More »Asian stocks tumble on US rate jitters, China GDP helps soothe losses
Asian stocks experienced significant declines on Tuesday, mirroring the sell-off on Wall Street amid ongoing concerns about geopolitical tensions in the Middle East and the prospect of prolonged higher interest rates in the United States. Despite the general downturn, Chinese equities fared relatively better following the release of GDP data …
Read More »Dow Jones declines on geopolitical tensions, higher T-yields
Concerns about Middle Eastern geopolitical tensions have been coupled with high yields, which have caused further decline in the Dow Jones Index. In the early afternoon, the index is trading little higher after losing its early gains. The market’s appetite for risk has increased following to Goldman Sachs’ better-than-expected quarterly …
Read More »US Retail Sales rise in March
The US Census Bureau revealed on Monday that Retail Sales in the US experienced a 0.7% increase in March, reaching $709.6 billion. This figure follows a revised 0.9% rise (originally reported as 0.6%) in January and surpassed market forecasts of 0.3%. Excluding automobile sales, Retail Sales surged by 1.1% during …
Read More »Nikkei index declines on the back of the Iranian attack and the selling on Wall Street
Japan’s Nikkei blue-chip index fell on Monday as investors rushed to sell stocks after escalating violence in the Middle East and a sell-off on Wall Street at the end of the week. Shares of the Japanese semiconductor sector followed their American counterparts in decline after a media report stated that …
Read More »Stock Indexes Retreat After Banking Earnings
Earnings season began on Wall Street with a puzzle. Despite the fact that major banks like JPMorgan Chase and Wells Fargo had higher-than-expected profits, the market as a whole and their equities both fell on Friday. Investors appear uneasy due to JPMorgan’s cautious outlook for the remainder of the year …
Read More »Delta Reports Robust Earnings in Tough Quarter for US Airlines
With adjusted earnings of $380 million in the first quarter, up 75% over the prior year, Delta Airlines posted better than expected earnings. Even though average passenger revenue decreased by 2%, the company’s $12.6 billion in revenue was a record. In the second quarter, Delta expected record revenue, but it …
Read More »US Stocks Close Flat Ahead of CPI Data
At the end of a turbulent North American session on Monday, US equities remained mostly steady as a solar eclipse provided some diversion ahead of the key CPI inflation data and the start of the first-quarter earnings season. The Nasdaq opened a new tab and finished marginally up, while the …
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