Storms a Comin' Again, but FOMC Said Economy Looks Fine | Wall Street Today
If you were not looking at Chinese stocks, the market climbed Wednesday. The market climbed to all-time closing highs for the S&P 500 and Dow Jones Industrial Average.
It was not all rosy following a sudden drop in Chinese stocks after no new stimulus was announced Tuesday morning. A second massive hurricane was hurtling toward the American South, due to hit Tampa Bay, Florida, Thursday morning.
Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ traded +71 basis points and hit a record intraday trading high. The $Dow Jones Industrial Average (.DJI.US)$ climbed 1.03%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 60 basis points.
MACRO
Atlanta Fed President Raphael Bostic was upbeat speaking about the economy overall Tuesday night, but he said Tuesday that he is monitoring high storms in his district that could harm economic activity.
"Just in my district, in the last two weeks, we've had...these massive weather events, first Hurricane Helene, now we've got Milton that's bearing down on Florida," Bostic said.
This week, investors are awaiting CPI inflation numbers on Thursday. In macro, the market is waiting for the afternoon release of the FOMC meeting minutes after the rate cut decision.
CPI numbers will arrive Thursday, forecasted to be at 2.3% growth year over year in consumer prices, a three-year record low. Last month, consumer prices grew by just 2.5% year over year, the lowest rate since 2021.
SECTORS
The $CSI 1000 Index (000852.SH)$ fell 7%, after a 23% climb since the government annouced stimulus. The $CSI 300 (LIST20861.HK)$ fell the most in one session since 2020. Midday trading for Chinese stocks, the Chinese Ministry of Finance that it would hold a news conference this upcoming Saturday.
$Crude Oil Futures(DEC4) (CLmain.US)$ fell again, while the Wall Street Journal ran a story that the U.S. was 'frustrated' that Israel would not share its plans on Iran retaliation.
$Bitcoin (BTC.CC)$ fell to $60k. Gold and silver both fell. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both climbed.
MOOVERS
$Norwegian Cruise (NCLH.US)$ was climbing after a Citi bank analyst upgraded to Buy, and a high earnings growth prediction was released late Tuesday. It was up 10% Wednesday, the highest gainer on the S&P 500.
$Alphabet-C (GOOG.US)$ shares fell slightly, down 2% Wednesday after news that the U.S. Department of Justice is considering whether to demand a breakup of Google after the search giant was ruled an illegal monopoly. It could be the biggest antitrust action in decades.
$Arcadium Lithium (ALTM.US)$ climbed 30%, the highest on the Russell 2000, a deal from copper and aluminum miner Rio Tinto to buy out the firm for $6.7 B, or $5.85/share.
Shares of semiconductor-based connectivity solutions company $Astera Labs (ALAB.US)$ are up more than 15% Wednesday after the company introduced new fabric switches for AI infrastructure. The stock may also be getting a lift from positive analyst coverage.
$Helen Of Troy (HELE.US)$ reiterated its full-year outlook on Wednesday and climbed 17% as the consumer products company's fiscal second-quarter results came in ahead of Wall Street estimates.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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Adrianlim90 : good
103677010 : noted
Laine Ford : I like the stock but no comment
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