TSLA
Tesla
-- 431.660 RGTI
Rigetti Computing
-- 17.0800 NVDA
NVIDIA
-- 137.010 PLTR
Palantir
-- 79.080 AMD
Advanced Micro Devices
-- 125.190 Wall Street Today | JPMorgan fuels rally in banks and the US stock market
MACRO
Fed Rate-Hike Pause in September May ‘Make Sense,’ Bostic Says
Federal Reserve Bank of Atlanta President Raphael Bostic said policy makers could potentially pause interest-rate increases in September after hiking by a half point at each of their next two meetings.
Insiders Put Recession Angst Aside to Binge on Their Own Stocks
Investors bailing on stocks because they're afraid of a recession may want to consider the buying spree that is happening among people in charge of American businesses.
More than 1,100 corporate executives and officers have snapped up shares of their own firms in May, poised to exceed the number of sellers for the first month since March 2020 marked the pandemic trough two years ago, according to data compiled by the Washington Service.
Stocks Can Recover on $250 Billion Rebalance Flow, JPMorgan Says
The world's biggest money managers look poised to revive wilting stocks with $250 billion of investments that could spark buying by quant-momentum traders -- adding 10% to equity values by the end of June.
SECTORS
JPMorgan Fuels Rally in Banks and the US Stock Market
$JPMorgan (JPM.US)$ jumped by the most in 18 months on Monday after chief executive officer Jamie Dimon gave the country's largest bank, and the US stock market, a boost with upbeat comments about the state of the economy.
Shares of the JPMorgan rose 6.2%, the most since November 2020, making it the fifth best performing stock in the S&P 500 and among the biggest contributors to the 1.9% rally in the benchmark. $Bank of America (BAC.US)$ and $Citigroup (C.US)$ , which all gained at least 5% each, also helping fuel the market's climb.
Russia's Seaborne Crude Oil Exports Keep Coming
Russia's seaborne crude exports are flowing unabated, despite European Union regulations that prohibit dealings with the country's state energy companies.
Overall crude shipments edged lower in the seven days to May 20, but showed little clear impact from the EU restrictions that came into effect on May 15. A total of 32 tankers loaded about 24 million barrels from Russian export terminals, according to vessel-tracking data and port agent reports.
COMPANIES
Zoom Stock Walks Back Initial Surge Following Earnings Beat, Improved Profit Forecast
$Zoom Communications (ZM.US)$ shares rose in the extended session Monday, walking back a big initial jump when the videoconferencing company topped Wall Street's earnings expectations and said it expects to be more profitable this year than it had initially expected.
Zoom expects adjusted earnings of $3.70 to $3.77 a share for the year, up from previous $3.45 to $3.51 forecast.
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Snap Issues Profit Warning on Economic Conditions Including Inflation
$Snap Inc (SNAP.US)$ issued a profit warning Monday and said it planned to slow hiring and spending, adding to adjustments social-media companies are making to adapt to disruptions in the digital ad market.
Snap stock fell more than 30% in after-hours trading following the disclosure to below $16 per share. Shares of $Meta Platforms (FB.US)$ fell more than 7% after the closing bell and $Pinterest (PINS.US)$ stock retreated more than 10%.
Starbucks to Exit Russia After Pausing Business There in March
$Starbucks (SBUX.US)$ will exit Russia completely, marking the latest corporate withdrawal from the country after its invasion of Ukraine.
In March, Starbucks said its licensed partner had agreed to immediately suspend operations at all 130 of its stores in Russia.
Source: Bloomberg, WSJ, MarketWatch
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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