market update

S&P 500 and Nasdaq Dropped 1% As Banks Downgrade Drag Indexes

Aug 8, 2023

Barry Adams

Popular market averages declined more than one percent after more than two dozen banks were downgraded on the rising costs of deposits, weakening capital generation and unrealized losses in Treasury securities.

After a Week of Losses Stocks Look Higher, Crude Oil at 4-month High

Aug 7, 2023

Barry Adams

Stocks advanced on Wall Street and Treasury yields edged higher ahead of two key inflation reports this week. Crude oil traded at a 4-month high on tighter supplies.

U.S. Stocks Attempt a Rebound After a Week of Losses

Aug 7, 2023

Barry Adams

Stocks meandered and major averages lacked direction after a week of losses after Fitch rating downgrade of the U.S. debt. Campbell Soup agreed to acquire pasta sauce maker Sovos Brands for $2.3 billion.

Starbucks U.S. Comparable Sales Jumped 7%, China Sales Rebounded

Aug 6, 2023

Scott Peters

Starbucks reported rising sales and earnings after average ticket price and number of transactions rose in the U.S. China sales rebounded following the ending of Covid restrictions.

SBUX

U.S. Averages Gain as Traders Review Big Tech Earnings and Jobs Report

Aug 4, 2023

Barry Adams

Market averages traded higher in early trading after the U.S. added below average jobs in July and wage gains were muted. The yields on short-term and long-term treasury bonds inched higher to the levels not seen since November.

Airbnb New Active Listings Accelerated, Frist GAPP Quarterly Profit

Aug 4, 2023

Scott Peters

Airbnb reported growth in all regions for nights and experiences bookings in the second quarter as cross border travel rebounded. Free cash flow soared more than six-fold from pre-Covid levels.

ABNB

European Markets Trimmed Weekly Losses, Retail Sales Fell 8th Consecutive Month

Aug 4, 2023

Bridgette Randall

European markets lacked direction and trimmed weekly losses of 2% after the Euro Area retail sales declined for the eighth month in a row and German factory orders unexpectedly rose in June.

Market Averages Declined Second Day After U.S. Treasury Yields Jumped to 9-month Highs

Aug 3, 2023

Barry Adams

Stock market averages faced headwinds after bond yields jumped to a 9-month high and market rally appears to be running out of steam. Higher yields dragged down home builders and real estate sector stocks.

U.S. Stocks Face More Headwinds, Treasury Yields Soar to 9-month Highs

Aug 3, 2023

Barry Adams

Stock market indexes traded lower and Treasury yields shot up to the levels last seen in November.. Crude oil was in focus after Saudi Arabia extended its production cut till the end of September.

Global Markets Dropped 2% After U.S. Debt Downgrade

Aug 2, 2023

Barry Adams

Worldwide markets declined after the U.S. credit rating was downgraded on the worries of weakening governance, rising debt levels and the expected fiscal deterioration over the next three years. 10-year U.S. Treasury bonds traded at a 9-month high.

Economists Pan U.S. Debt Rating Downgrade, Robust Private Sector Job Gains Cool

Aug 2, 2023

Barry Adams

Market averages traded down, crude oil hovered near 3-month and Treasury yields spiked after the private sector payrolls expanded at a faster-than-expected pace in July.

Fitch Downgrades U.S. Debt Rating Citing Deteriorating Governance

Aug 2, 2023

Brian Turner

Fitch Ratings, one of the three leading rating agencies, cut its long term debt rating to AA- from AAA, a step below its top level citing rising debt load, erosion of governance and the expected fiscal deterioration over the next three years.

With Focus On Earnings, Investors Turn Cautious, Gradual Cooling In Job Market

Aug 1, 2023

Barry Adams

Major averages on Wall Street turned lower as investors digested a flood of earnings. The latest report on job openings showed a gradual easing of tight labor market conditions.

Market Indexes On Wall Street Turn Lower and Investors Review Another Batch of Earnings

Aug 1, 2023

Barry Adams

Market averages turned lower as investors looked for insights into the economy and the impact of higher rates on companies and customer behavior. About 1,300 companies are scheduled to release earnings this week.

Euro Area Unemployment Stable, Weaker Manufacturing Activities In UK and Eurozone

Aug 1, 2023

Bridgette Randall

European markets struggled after investors debated the future interest rate path and depth of the economic slowdown. Unemployment was stable in the Euro Area in June and manufacturing activities remained weak the in currency union and in the U.K.