Investors’ focus has turned away from the banking sector; concerns over a larger meltdown have faded with no new signs of distress since the sale of Silicon Valley Bank. In the spotlight today is Lululemon Athletica (LULU), up 16% in pre-market trading after the company beat revenue and earnings and raised its full-year guidance late yesterday. Meanwhile, Micron Technology (MU) is up 2.5% after posting a 53% revenue decline that was still better than expected. The company noted an improvement in customer inventories, with expectations they will improve sequentially after Q3. The long-term secular trend of AI development is expected to fuel demand through 2025 for high-performance chips used in AI systems. The S&P is up 0.79%, the Nasdaq is up 0.77%, and the Dow Jones is up 0.69%. ... more
Stocks in Asia are mixed. The Hang Seng is up 2.06%, the Nikkei 225 is up 1.33%, the Mumbai Sensex is up 0.60%, the Australia ASX All Ordinaries is up 0.23%, and the Shanghai SE Composite Index is down 0.16%.
In Europe stocks are up. The CAC 40 is up 1.21%, the Euro Stoxx 50 is up 1.08%, the DAX is up 0.85%, and the FTSE 100 is up 0.73%.
Energy futures are mixed today. The price for West Texas Intermediate crude oil is up $0.77 at $73.97 per barrel. Brent crude is up $0.66 at $79.31 per barrel. Natural Gas is down $0.03 at $2.00. Precious metals are down this morning. Gold is down $5.30 at $1,985.10 per ounce. Platinum is down $7.93 at $959.85, while silver is down $0.03 at $23.39. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the yen, and down against the pound. Bitcoin is up 3.97% to $28,355.59 while Ethereum is up 0.01% to $1,736.07.
Carnival Corp (CCL), General Motors Co (GM), and Metlife Inc (MET) are higher this morning, while First Republic Bank/Ca (FRC), Interpublic Group Of Cos Inc (IPG), and MDT (MDT) are lower.
Carnival Corp (CCL), Hartford Financial Svcs Grp (HIG), and Invesco Ltd (IVZ) were upgraded this morning, while Macy'S Inc (M), Foot Locker Inc (FL), and Ross Stores Inc (ROST) were downgraded.[Argus Research, various news and data sources]
Stocks in Asia are mixed. The Hang Seng is up 2.06%, the Nikkei 225 is up 1.33%, the Mumbai Sensex is up 0.60%, the Australia ASX All Ordinaries is up 0.23%, and the Shanghai SE Composite Index is down 0.16%.
In Europe stocks are up. The CAC 40 is up 1.21%, the Euro Stoxx 50 is up 1.08%, the DAX is up 0.85%, and the FTSE 100 is up 0.73%.
Energy futures are mixed today. The price for West Texas Intermediate crude oil is up $0.77 at $73.97 per barrel. Brent crude is up $0.66 at $79.31 per barrel. Natural Gas is down $0.03 at $2.00. Precious metals are down this morning. Gold is down $5.30 at $1,985.10 per ounce. Platinum is down $7.93 at $959.85, while silver is down $0.03 at $23.39. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the yen, and down against the pound. Bitcoin is up 3.97% to $28,355.59 while Ethereum is up 0.01% to $1,736.07.
Carnival Corp (CCL), General Motors Co (GM), and Metlife Inc (MET) are higher this morning, while First Republic Bank/Ca (FRC), Interpublic Group Of Cos Inc (IPG), and MDT (MDT) are lower.
Carnival Corp (CCL), Hartford Financial Svcs Grp (HIG), and Invesco Ltd (IVZ) were upgraded this morning, while Macy'S Inc (M), Foot Locker Inc (FL), and Ross Stores Inc (ROST) were downgraded.[Argus Research, various news and data sources] less