Wall Street stocks opened lower as traders grappled with concerns over China's struggling economy and climbing Treasury yields, with the S&P 500 and Dow Jones slightly down and the Nasdaq Composite slipping, while the focus remains on the Federal Reserve and seasonal market forces.
Nvidia's stock price surge and high valuation indicate a "Big Market Delusion" and a potential bubble that could have broader implications for the market, warns Rob Arnott of Research Affiliates.
U.S. stock futures rise as Wall Street attempts to build momentum following positive sessions for Nasdaq Composite and S&P 500.
The S&P 500 is nearing a new bull market, potentially leading to stock market growth, and investors should consider stocks like Amazon and Mastercard based on the holdings of Wall Street billionaires and their solid growth prospects.
Stock futures are slightly higher as the S&P 500 comes off a winning week, with 3M, Jabil, XPeng, Alibaba, Nvidia, and more stocks moving the most today.
Market makers in the crypto sector are facing challenges as costs increase and investors shy away from the market following a $2 trillion crash, leading to efforts to mitigate risks and a decline in profitability, with providers diversifying their activities across exchanges and storing digital assets away from trading venues. The market-making sector is experiencing a drop in profitability due to the use of intermediaries and collateral, and the industry has recognized the need for higher costs and increased risk management.+
Ark Invest CEO Cathie Wood, known for her successful picks in innovative stocks, has been outperforming the market in the first half of the year with her flagship Ark Innovation ETF, despite not heavily investing in the popular tech giants known as the "Magnificent Seven." Wood has recently added shares of Intellia Therapeutics and Pacific Biosciences to her portfolio, both of which are involved in cutting-edge biotech research.
Chinese electric vehicle company Xpeng has agreed to acquire Didi Global's smart-car development arm in a $744 million deal, which will eliminate a potential competitor and provide Xpeng with a tech-savvy partner for a new venture.
Genesis Global Trading (GGT), a U.S.-focused spot crypto trading business, will close its over-the-counter trading platform on September 18 due to voluntary business reasons.
U.S. markets closed mixed on Tuesday as the Nasdaq saw slight gains thanks to tech stocks while financials dragged on other indexes after major U.S. banks were hit with another downgrade from a credit rating agency. Meanwhile, China took steps to stabilize its currency amid weakening economic conditions and deteriorating credit conditions.
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Most Asian stocks rose on Monday, led by Chinese shares, as China implemented measures to support its stock markets and investors looked ahead to key economic indicators from China and the US.
UK-based chip designer Arm is aiming for a market value of over $50bn in its upcoming IPO, as it seeks to raise nearly $5bn in the US listing, with tech giants Apple, Google, and Nvidia already committed as investors, despite lobbying from the UK government to list in London.
Saudi Arabia and Russia have announced that they will extend voluntary oil cuts until the end of the year, despite a rally in the oil market and expectations of tight supply, contributing to a rise in oil prices and posing a fresh blow to US President Joe Biden.
China Evergrande Group's stock plunges 87%, resulting in a $2.4 billion market loss and testing creditors in its debt workout plan.
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Ashtead Group reports an increase in pretax profit and rental revenue, driven by strong North American markets and expects to meet internal expectations despite softening market conditions in the UK.
The CEO of Hedgeye Risk Management, Keith McCullough, advises investors to be agnostic and open-minded in order to find opportunities in the upcoming stagflation environment, leading him to invest in health care, gold, Japan, India, Brazil, and energy stocks. He criticizes the Federal Reserve for underestimating future inflation and warns that the market may crash due to tightening policies during a slowdown period. McCullough believes that the Fed will make a hawkish announcement at the upcoming Jackson Hole meeting, further impacting the stock and credit markets. He advises investors to own assets that are not favored by the "Mother of All Bubbles" crowd, such as gold, Japanese equities, and Indian equities, and to consider stagflation plays like energy and uranium. Additionally, he suggests avoiding decelerating sectors like U.S. consumer, retailers, industrials, and financials, while favoring the health care sector.
China's economic slump is worsening due to the prolonged property crisis, with missed payments on investment products by a major trust company and a fall in home prices adding to concerns.
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World markets experienced relief as this month's bond squeeze eased and investors turned their attention to the Federal Reserve conference in Jackson Hole and the potential for a resurgence in the artificial intelligence market.
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Logan Square Farmers Market goes on after organizers, city officials reach street closures agreement
The Logan Square Farmers Market in Chicago has reached an agreement with the city to close streets every Sunday until the end of October to accommodate the large crowds, providing a safer and more enjoyable experience for attendees and vendors.
The US housing market is experiencing high mortgage rates and low supply, causing home prices to remain high despite rising interest rates.
U.S. stocks slipped as worrying data out of China and a spike in oil prices following the extension of Saudi Arabian production cuts weighed on the market. The Dow Jones Industrial Average fell 0.6%, while the S&P 500 lost 0.4% and the Nasdaq dipped 0.1%.
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China's economic slowdown is causing alarm worldwide, with countries experiencing a slump in trade, falling commodity prices, and a decrease in Chinese demand for goods and services, while global investors are pulling billions of dollars from China's stock markets and cutting their targets for Chinese equities.
The S&P 500 index is unlikely to reach a record high by the end of 2023 due to factors such as earnings per share and financial conditions, according to Stifel's chief equity strategist.
The Indian rupee weakened as it slipped to the 83 level against the US dollar due to broad weakness in Asian currencies, concerns about China's economic growth, and likely dollar outflows.
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New home sales in the US increased by 4.4% in July, outperforming expectations and highlighting the continued demand for new construction due to a shortage of existing affordable homes. Despite rising mortgage rates, buyers are turning to new homes, causing a decline in sales in the resale market. However, as mortgage rates continue to rise, builder sentiment may be negatively impacted and prices may need to be adjusted to attract buyers.
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Oil prices rose in early Asian trade after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, leading to concerns about a supply shortage and higher oil prices worldwide.
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Shares of Bajaj Finance Ltd. rose 0.35% to 7,234.20 Indian rupees, closing 765.70 rupees short of its 52-week high, in a favorable trading session for the stock market.
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Stock futures fell on Wednesday, with the S&P 500 and Dow Jones Industrial Average futures down 0.2% and 39 points respectively, following losses in the previous session, while Nasdaq-100 futures dropped 0.33%.
Global stock markets and Wall Street futures rose as traders awaited signals on interest rate plans from the Federal Reserve's conference, with hopes that interest rate hikes may be finished; however, concerns over inflation still persist.
Saudi Arabia was the top global export destination for Dubai Chamber of Commerce members in the first half of 2023, with exports valued at $9.53 billion, according to official data. Qatar also saw significant year-over-year growth of 39.3 percent in the same period. Southern Africa and Central Asia were highlighted as the fastest-growing regions for exports by members.
Stock futures are slightly higher as investors look ahead to economic data and the monthly jobs report, while tech companies Instacart, Klaviyo, and Arm file for IPOs, China Evergrande Group's shares plunge, and meme stock Bed Bath & Beyond continues to trade despite its bankruptcy filing.
The European Union has designated six tech giants, including Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft, as "gatekeepers" and will apply new rules to regulate their market power and operations in core platform services.
U.S. stock futures decline as investors assess Federal Reserve monetary policy and digest extended supply cuts by major oil producers, while China's Tencent prepares to unveil a new AI chatbot.
Chinese property giant Country Garden has made overdue bond-coupon payments, but protests by frustrated investors continue as real estate companies default and the costs of maintaining stability become harder to meet, highlighting the challenges Beijing faces in dealing with the country's debt-ridden property sector.
Job growth in the US is slowing, with 187,000 jobs added in August, but this is still in line with the average over the past few years; the unemployment rate increased to 3.8% due to more people entering the labor force; the trend of workers quitting their jobs at a high rate has ended; job openings are approaching pre-pandemic levels; wage growth is slowing but still outpaces the cost of living; and jobseekers need to be proactive and competitive in their search.
US job growth was weaker than previously projected, with a downward revision of 306,000 positions in March 2023, resulting in an average monthly job gain of nearly 312,000 over the past year, according to data from the Bureau of Labor Statistics.
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Stocks on Wall Street are expected to decline as concerns about inflation raise doubts about the Federal Reserve's decision to cut interest rates, while worries about crumbling demand and falling German industrial orders add to the uncertainty.
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Goldman Sachs has reduced the probability of a US recession to 15% over the next 12 months, citing positive inflation and job market trends, while also expressing optimism about GDP growth.
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The Bank of Canada is expected to maintain interest rates at a 22-year high of 5% despite a contraction in the economy, as inflation remains above the bank's target.
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Asian currencies against the dollar had minor fluctuations, with the Japanese yen, Singapore dollar, and Taiwanese dollar showing slight gains, while the Chinese yuan experienced a slight decline; overall, there were small changes compared to the end of 2022.
