Wall Street Today | Goldman, Bernstein strategists say stocks rally set to fade
MACRO
Mester Reiterates Fed Resolve to Curb Inflation With Rate Hikes
The Federal Reserve is committed to cooling inflation and needs to raise interest rates to a little above 4% to ease demand, Cleveland Federal Reserve Bank President Loretta Mester said. "We're committed to getting inflation down" to the 2% target, which will require more rate increases, Mester said on Thursday.
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Goldman, Bernstein Strategists Say Stocks Rally Set to Fade
"Without clear signs of a positive shift in macro momentum, temporary re-risking could actually increase risks of another leg lower in the market rather than signal the end of the bear market," $Goldman Sachs (GS.US)$ strategists led by Cecilia Mariotti wrote in a note dated Aug. 4.
U.S. Jobless Claims Rose Last Week to Near High for Year
Initial jobless claims, a proxy for layoffs, increased slightly to a seasonally adjusted 260,000 last week from a downwardly revised 254,000 the prior week, the Labor Department said Thursday.
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Mortgage Rates Drop Below 5% for First Time Since April
The average rate on a 30-year fixed-rate mortgage is 4.99% this week, down from 5.30% a week earlier, according to a survey by mortgage giant Freddie Mac published Thursday.
SECTORS
Oil Falls Below $90 for First Time Since War as Demand Slows
West Texas Intermediate fell 2.3% to $88.54 a barrel, a level last seen in the weeks leading up to Russia's invasion of Ukraine. This week's descent was touched off by government data showing Americans are driving less than they did in the summer of 2020. Fears of an economic slowdown have intensified along with the potential impacts on crude demand.
COMPANY
Tesla Shareholders Expected to Clear Path to 3-for-1 Stock Split
$Tesla (TSLA.US)$investors are expected Thursday to clear the way for the electric-vehicle maker to complete its 3-for-1 stock split in about two years. Tesla needs shareholders to sign off on issuing the new shares.
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Elon Musk Suggests Big Tesla Factory Expansion Plans
$Tesla (TSLA.US)$ Inc. Chief Executive Elon Musk said Thursday that the electric-vehicle maker, which is striving to sell 20 million vehicles annually, could ultimately build 10 or 12 factories.
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AMC Announces Special Dividend in the Form of 'Ape' Preferred Shares; Stock Falls
$AMC Entertainment (AMC.US)$'s stock fell more than 7% in extended trading on Thursday after the company announced a special dividend in the form of "Ape" preferred shares.
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DoorDash Revenue Climbs as Restaurants Raise Prices, Consumers Continue Spending
$DoorDash (DASH.US)$ Inc.'s revenue rose in the latest quarter, as consumers stuck to ordering food and household essentials despite restaurant and store reopenings. DoorDash's revenue in the three months through June grew 30% to $1.6 billion from a year earlier.
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Block Stock Drops After Earnings, As Square's Parent Company Swings to A Loss
Shares of $Block (SQ.US)$ Inc. fell 6% in after-hours trading Thursday after the payment-technology company swung to a loss in an earnings report that seemed to cause some controversy about whether the company actually beat or missed expectations on several key metrics.
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Source: Bloomberg, Dow Jones
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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洋淼淼 : Ok
RDK79 : Goldman…. can always count on bold useless statements. Can see why Cramer is always pumping them up.
kelvin88gan : ok