2 minutes ago
McCarthy vows US will not default on debt payments
House Speaker Kevin McCarthy expressed optimism on Wednesday that even though talks on the debt ceiling face obstacles, he does not expect a default.
“I think at the end of the day we don’t have a loan default,” he said on CNBC’s “Squawk Box.” “I think we finally got the president to agree to negotiate.”
The remarks come a day after President Joe Biden met with top congressional leaders in an effort to resolve the debt impasse. McCarthy said the talks resulted in a “structure” to find a solution, while noting that the deadline remains “tight” as Republicans seek spending cuts and Democrats want a clean bill that is bound by conditions. are not.
McCarthy said, “There comes a moment in time when you hit a wall.” “You cannot continue on this trajectory if you want to remain the strongest nation in the world.”
—Jeff Cox
3 minutes ago
April housing starts match expectations
April housing starts came in at 1.4 million, in line with expectations. That’s in line with the 1.4 million expected by analysts polled by Dow Jones.
-Sarah Min
36 minutes ago
Wolfe Research Says Pay Attention to Market Internals
A look under the hood at the stock remains a bear case, according to Wolfe Research.
Rob Ginsberg wrote Tuesday, “While the equal-weight S&P and Russell 2000 closed right on key support, Transportation hasn’t been as lucky, as downside momentum has intensified … not quite as well as equities or economic bulls.” want to see.”
-Sarah Min
an hour ago
JP Morgan says to expect more tight trading next week
Traders at JP Morgan expect the market to remain in a tight trading range as lawmakers try to reach a deal on the US debt ceiling.
“While McCarthy said a deal is possible by the end of this week, the timeline could be as late as next week before Memorial Day,” traders at JP Morgan wrote. “With this in mind, equities are likely to trade in a tight range until an outcome is seen with the biggest downside risk coming if we enter Memorial Day weekend without resolution.” An early June date is given.”
“When considering actionable trades, many clients continue to see megacap tech as the best sector to go long, followed by defensives. Many conversations have indicated a desire to remain neutral on X-Date, he added. The markets are likely to swing in that direction on seeing an outcome,” he said.
– Michael Bloom, Fred Imbert
2 hours ago
Target shares slide after weak revenue growth
Target traded more than 2% lower in the premarket after the retailer reported total revenue of $25.32 billion for the first quarter, representing a year-over-year increase of just 1%. To ensure that the revenue figure, along with the company’s earnings per share, exceeded analysts’ expectations.
– Melissa Repko, Fred Imbert
5 hours ago
European markets opened with a decline on Wednesday
European markets opened lower on Wednesday as investors focused on debt ceiling talks in states.
The pan-European Stoxx 600 index was down 0.2% at the start of the session, with most sectors and major markets trading in negative territory. Financial services posted the biggest losses, down 1.3%, followed by autos, which dropped 0.9%. Health care marginally bucked the trend with an increase of 0.1%.
-Hannah Ward-Glanton
8 hours ago
Chinese yuan crosses 7-digit mark as economic data is missed
The offshore Chinese yuan weakened against the greenback to 7.0061, breaching the 7 mark for the first time since 2023 on Wednesday morning.
The onshore yuan also weakened 0.18% to 6.9913 against the US dollar as investors further digested Chinese economic data that missed estimates on Tuesday.
House prices in China fell 0.2% year-on-year, compared with a 0.8% drop in the previous month, according to Reuters calculations.
11 hours ago
Singapore’s non-oil domestic exports record surprising monthly increase in total trade in April
Singapore’s non-oil domestic exports rose 2.7% from the previous month in April, a surprise jump compared to the 3% contraction economists polled by Reuters had expected.
However on a year-on-year basis, non-oil domestic exports fell 9.8%, more than economists’ expectation of 9.4%.
This was mainly due to a decline in exports to China, Taiwan and Malaysia, although exports to the US, EU and South Korea increased.
Singapore’s total trade fell to SG$100.3 billion in April, an 18.8% year-on-year decline and an 8.6% decrease in March.
Compared to April 2022, total exports declined by 18.1% and total imports decreased by 19.5%.
– Lim Hui Ji
11 hours ago
Quad meeting in Sydney canceled due to shortening of Biden’s tour
13 hours ago
Western Alliance shares rose in after-hours trading
Western Alliance shares jumped nearly 7% in extended trading after the bank said its deposit growth for the current quarter exceeded $2 billion as of May 12.
The new data was in an investor update filed with the Securities and Exchange Commission on Tuesday.
This is an increase from the $1.8 billion in deposit growth for the quarter through May 9.
Shares of Western Alliance have rallied recently, up 17% in the past week — and have posted a 15% gain since the start of the week. However, the stock is still down about 47% for the year.
,Darla Mercado, Ethan Craft
13 hours ago
Keysight grows on higher-than-expected earnings
Tech stocks KeySight advanced more than 7% after the bell on the back of a strong quarterly earnings report and guidance for the current quarter.
In its fiscal second quarter, the company reported $2.12 in earnings per share without items and $1.39 billion in revenue. By comparison, analysts polled by FactSet expected $1.96 per share and revenue slightly lower at $1.38 billion.
For the current quarter, the company expected between $2 and $2.06 in earnings per share for the current quarter, while analysts estimated $1.96. Keysight guided revenue for the quarter to fall between $1.37 billion and $1.39 billion, a range that includes the Wall Street consensus estimate of $1.38 billion.
— Alex Harring
14 hours ago
Dow closes below 50-day moving average for first time since March 30
The Dow ended the trading session on Tuesday below a key range.
The 30-stock index closed 336.46 points, or 1.01%, at 33,012.14. It closed below its 50-day moving average level of 33,143.18, but it slipped below that range on a day-to-day basis.
The 50-day moving average is a short-term technical indicator of where an asset or an index is trading. A close below that level could indicate a potential move to the downside.
,Darla Mercado, Gina Francola
14 hours ago
After giving weak expectations for the current quarter, the behavior in the after-market trading is subdued.
Medical software stock Doximity slumped more than 8% in extended trading after issuing weak guidance for the current quarter.
The company expects between $106.5 million and $107.5 million in revenue and between $39 million and $40 million in adjusted EBITDA for the first fiscal quarter. Both of those estimates fell short of consensus expectations, with analysts forecasting revenue of $11.8 million and adjusted EBITDA at $45.4 million, polled by FactSet.
This overturned the results of the fourth financial quarter. The company reported 20 cents in earnings per share excluding items, up from the 17 cents expected by analysts. Revenue also beat expectations at $111 million, compared to forecasts of $110.1 million. Adjusted EBITDA came in at $48.9 million, ahead of the $45.7 consensus estimate.
For the full fiscal year, the company expects between $500 million and $506 million in revenue, a range that includes the Wall Street estimate of $501.8 million. The company expects adjusted EBITDA for the coming year between $216 million and $222 million, while analysts estimated $215.7 million.
— Alex Harring
14 hours ago
Stock futures are little changed
Stock futures were up marginally shortly after 6 p.m. ET.
Futures linked to the Dow, S&P 500 and Nasdaq 100 were up about 0.1%.
— Alex Harring
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