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The DJIA then hit 11,750 in January 2000, before falling to below 7,200 in October 2002 after the dot-com crash. The Dow Jones Industrial Average (DJIA) tracks thirty of America’s biggest and most established companies, acting like a quick temperature check of the U.S. economy. Futures tied to the Dow Jones Industrial Average added 45 points, or 0.1%, while S&P 500 futures and Nasdaq 100 futures each rose about 0.15%. President-elect Donald Trump pledged he would impose a 25% tariff on products coming into the think markets review U.S. from Canada and Mexico, according to a Monday post on his social media platform Truth Social. Rumble, a video platform focused on conservatives, said Monday evening that it will begin allocating a portion of its excess cash reserves to bitcoin and making purchases of up to $20 million in the cryptocurrency. “The ~$100 wipeout in Gold today is as severe in size & pace as the post U.S. election selloff on Nov 6th,” MKS Pamp’s head of metals strategy, Nicky Shiels, said.
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Stocks finished Tuesday’s session higher, bringing another all-time closing high for the Dow and S&P 500. These moves come after the announcement of Trump’s Treasury secretary pick, hedge fund executive Scott Bessent, helped bolster the belief that the postelection rally is back in full gear on Monday. However, while the small cap-focused Russell 2000 also notched a fresh high in Monday’s session, it pulled back 0.73% on Tuesday. Mexican President Claudia Sheinbaum Pardo indicated on Tuesday that any new tariffs on her country would be met with retaliatory tariffs on exports from the U.S. to Mexico. The iShares MSCI Mexico ETF (EWW), which tracks a basket of equities tied to America’s southern neighbor, shed more than 2%.
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The markets will return to their normal schedule on Thursday, Dec. 26th. Shares of CrowdStrike were down nearly 6% at around $343 in recent trading. Despite Wednesday’s losses, they’ve gained about 35% since the start of the year.
Kohl’s vows ‘aggressive action’ to reverse sliding sales following a ‘frankly disappointing’ quarter
NEW YORK (AP) — U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way. Economists expect initial jobless claims to come in at 215,000, and third-quarter GDP what is ad hoc reporting & the meaning of ad hoc analysis growth to be 2.8%, while PCE inflation data is expected to be the same as last month at 0.2% on a month-over-month basis. On the corporate front, Dell (DELL) shares sank over 12% after quarterly revenue fell short amid flagging PC demand. Peer HP’s (HPQ) stock also fell post-earnings, also down more than 11%.
Meanwhile, he raised his price target on Goldman Sachs to $608 from $569, implying less than 1% upside potential from Monday’s close. He also increased his Morgan Stanley price target by just $3 to $131. In the quarter, the company earned 20 cents per share on $3.51 billion in revenue, below the consensus estimate of 28 cents per share and $3.64 billion in revenue, according to LSEG. Meanwhile, comparable sales dropped 9.3% for the period, while analysts were expecting a decline of 5.1%. The company posted adjusted earnings of 26 cents per share on $236.8 million in revenue, topping the 23 cents per share and $232.9 million in revenue expected by analysts polled by FactSet.
Dow Jones Industrial Average (^DJI)
Gold prices lost about 3% after President-elect Trump picked Scott Bessent as his Treasury secretary, with reports of Israel and Hezbollah nearing a ceasefire deal also eroding the safe-haven metal’s appeal. Trump is set to be inaugurated as the next U.S. president on Jan. 20. Hong Kong’s Hang Seng Index traded 0.05% higher in its last hour of trade, while mainland China’s CSI 300 added 0.21% to close at 3,840.18. Following the two stocks’ big gains, “a higher bar has been set” with less attractive risk/reward profiles, according to Martinez.
Mortgage rates tick lower to 6.81%
Revenue of $9.45 billion missed the $9.63 billion consensus estimate. Shares of Kohl’s plunged more than 17% during premarket trading after the retailer’s third-quarter results missed Wall Street’s expectations. Analyst Richard Clarke initiated coverage on Royal Caribbean with an outperform rating and $290 price target, which implies 20.6% upside potential from Monday’s close.
- And they’re apparently relieved that their expectations of a big rate hike are about to become reality.
- The Fed now expects America’s unemployment rate to rise modestly to 3.7% this year (it’s 3.6% now).
- As the U.S. stock market continues to navigate a mixed landscape with major indices showing varied movements, investors are keenly observing earnings reports and economic indicators for cues on potential opportunities.
- After all, the Fed is now expected to embark on a series of much larger than usual rate hikes.
- He has already said he would impose a tariff of up to 20% on all imports, and an additional duty of at least 60% on products from China.
- The pick of Bessent sparked a sell-off in the US dollar, Treasury yields, and gold as Wall Street expects him to pursue pro-market policies that help spur economic growth and limit inflation.
Homebuilders, D.R. Horton, PulteGroup and Lennar all rose at least 5.6%. Another big retailer, Macy’s, said Monday its sales for the latest quarter were in line with its expectations, but it will delay the release of its full financial results. It found a single employee had intentionally hid up to $154 million in delivery expenses, and it needs more time to complete its investigation. The Fed began cutting its main interest rate just a couple months ago from a two-decade high, hoping to keep the job market humming after bringing inflation nearly all the way down to its 2% target. But immediately after Trump’s victory, traders had reduced bets for how many cuts the Fed may deliver next year.
“As long as the employment picture remains strong, Powell will not care about the stock market,” said Michael Vogelzang, managing director and chief investment officer with CAPTRUST, a retirement plan advisory firm. The Federal Reserve didn’t surprise anyone Wednesday, hiking interest rates by 75 basis points to try and quell inflation. Still, Powell noted that many inflationary pressures remain outside the Fed’s control, including high oil prices, supply chain constraints and Covid. Federal Reserve Chairman Jerome Powell said the central bank is mindful of the dangers of raising rates too high, too quickly – an action that some economists said could crash the US economy into a recession.
Much focus has been on how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. Target tumbled after giving a dour forecast xor neural network for the holiday shopping season. After climbing above 4.44% immediately after Trump’s election, the yield on the 10-year Treasury fell back to 4.26% Monday, down from 4.41% late Friday. That’s a notable move, and lower yields make it cheaper for all kinds of companies and households to borrow money.
But what should you look for before you decide on the right group of stocks to own? These three promising technology stocks are ones you should buy and own for the long term. Goldman Sachs economist David Mericle expects that to slow by the end of next year to 2.4%, but he said inflation would be even lower if not for expected tariff increases on imports from China and autos favored by Trump.