Market Rebounds but Stays Range Bound, Hungry For Rate Changes
Good morning, traders. Happy Thursday. The market is trying to hold on, but indexes are bouncing off all-time highs set last month. Yesterday, FOMC meeting minutes made it clear a growing number of Fed members want to see a change in interest rates, and it feels like the market is holding its breath.
My name is Kevin Travers; here are stories moving on the U.S. stock market today.
TD Bank, $The Toronto-Dominion Bank (TD.US)$ fell 3% after the firm reported a Q3 diluted loss per share of $0.14, compared with income of $1.53 a year earlier. It reported net loss of $181 million, compared with an income of $2,881 million.
Intel $Intel (INTC.US)$ was contributing to the fall in the Dow, falling 3%. The stock is down about 40% from its place a month ago after earnings disappointed and the firm announced layoffs.
Peloton Interactive, $Peloton Interactive (PTON.US)$ stock jumped 24% Thursday after the company reported a narrowing loss of 8 cents a share, beating the consensus of 16 cents loss and lower than the 68 cents loss reported a year ago. It was the highest gainer on the Russell 2000.
Snowflake $Snowflake (SNOW.US)$ shares continued to decrease and fall 12% Thursday after the company announced Q2 results that exceeded expectations after the market close on Wednesday but provided lukewarm future guidance that didn't convince investors in a competitive environment.
BJ's Wholesale Club $BJ's Wholesale Club Holdings (BJ.US)$ fell 7% after the firm reported better Q2 results, but CEO Felice said that the company's long-term investments could send its full year earnings toward the lower end of the projected range.
Within industries tracked by moomoo, Semiconductor equipment was lower following Intels drop.
$Crude Oil Futures(JAN5) (CLmain.US)$ climbed from two-week lows again.
$Bitcoin (BTC.CC)$ hovered near $60k, Gold pulled back from its high. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market climbed back into near all-time highs Thursday, with the S&P 500 trading flat but 1% away from records. 3900 equities advanced while 6300 fell.
Just past 10:17 am ET the $S&P 500 Index (.SPX.US)$ traded flat, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.23%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.02%.
Thursday, U.S. Initial Jobless claims showed that about 232k Americans were newly unemployed, around the forecast and the year average of 220k. Existing home sales came in at 3.95M for July, right around last month's 3.9M. S&P PMI came in slightly higher at 55.2 on Thursday.
Wednesday, FOMC meeting minutes from July showed most top Federal Reserve officials believed they should cut interest rates in September if inflation continued to slow and the labor market got any weaker.
"The majority overserved that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the minutes of the Fed's July 30-31 meeting said. "Several" Fed officials even said they would have supported a rate cut at the July meeting.
Investors are digesting comments made during the Democratic National Committee. Wednesday night, Tim Walz accepted his VP nomination. So far, the Harris campaign has made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate 7% to 28%. President Barack Obama and Joe Biden made an appearance this week.
Investors are also awaiting Powell's speech in macroeconomics at Jackson Hole, Wy, this Friday at 10 am ET; catch it live on moomoo with our broadcast and commentary.
Interested in Options? To see these stocks and more on the options page, click here. Want to learn more about options, check out moomoo education with this link. Click here to join our exclusive options chat with personal callouts from our resident expert, Invest with Sarge.
Yesterday Users talked shop on Jackson Hole and Nvidia, expecting 25-50 bps rate cuts and impressive results.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Moo moo News and Community Manager, NJ Office.
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White_Shadow :
webguybob : Come on rate cuts!!!
Clement Lemons : okk
Emanuel Seclen : corporate tax will ruin our American business and have them leave our country. 25k first time home buyers will increase the prices of homes and lower supply to build. rate cuts won't give us a soft landing, it's a tight squeeze
Stock_Drift : $Faraday Future Intelligent Electric Inc. (FFIE.US)$ eating it up today!! Great swing trade from last week.
103539497 : hi
104166257 : hi
LittleSoldier Emanuel Seclen : Yes that’s pretty much the facts of it, but be careful voicing the Truth, cause the hater’s come out in mobs to call you all sorts of nasty names and labels. As they tell you it’s all Trumps fault!! Satan is so pissed cause the Dems keep giving Trump all the credit!!
john song : k
Emanuel Seclen LittleSoldier : amen, The way of Jesus is what frightens ((satanist)) who control our money. Prepare yourself in faith
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