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6 minutes ago
Stocks come off a winning week
Investors are looking to build on last week’s strong performance.
Last week ended with gains for the three major indexes, and late gains on Friday pushed the S&P 500 to a new all-time high. The composite index ended the week up 1.2%.
Meanwhile, the blue-chip Dow Jones Industrial Average rose 0.7%. The Nasdaq Composite Index, which is heavy on tech stocks, outperformed, rising 2.3%.
After a lackluster start to 2024, all three indexes are now up year-over-year.
— Alex Harring
55 minutes ago
Boeing stock falls as FAA recommends inspecting more planes
Boeing shares fell more than 2% in the premarket after the Federal Aviation Administration recommended that airlines using the 737-900ER undergo inspections.
This happened after a door plug on a 737 Max 9 exploded during a flight earlier this month.
“Although the Boeing 737-900ER aircraft is not part of the new MAX fleet, the door plug design is the same,” the FAA said.
1 hour ago
Archer Daniels Midland stock falls
Archer Daniels Midland shares fell more than 13% after the food processing company announced that Chief Financial Officer Vikram Luthor had been placed on leave amid an investigation into the company’s nutrition business.
“The board takes these matters very seriously,” lead director Terry Crews said in a statement. “The Board has determined that it is prudent to place Mr. Luther on administrative leave pending the outcome of the investigation. The Board will continue to work closely with ADM’s advisors to identify the best path forward and ensure that ADM’s processes “We will work to ensure alignment with financial governance” best practices. “
Ismael Roig has been appointed interim CFO.
8 hours ago
Real estate stocks push Hang Seng to be biggest loser among Asian benchmarks
Hong Kong’s Hang Seng Index fell more than 2% led by real estate stocks after the People’s Bank of China kept its one-year and five-year loan prime rates unchanged at 3.45% and 4.2%, respectively.
The biggest decliner on HSI was real estate developer China Resources Land, which plunged 9.54%.
The list of biggest losers also includes residential real estate services investment company Longfor Group (down 5.99%) and hot pot chain Hai Dilao (down 6.27%).
11 hours ago
Waiting for China’s LPR decision, market expected to remain unchanged
Investors will be watching for an update on the one-year and five-year loan prime rates from the Central Bank of China at around 9:15 a.m. Singapore time.
The one-year LPR is currently 3.45% and the five-year LPR is 4.2%, and the market expects the People’s Bank of China to keep interest rates unchanged.
The People’s Bank of China surprised market participants last week by keeping the interest rate on one-year medium-term lending facility (MLF) loans worth about 995 billion yuan ($138.84 billion) unchanged at 2.50%.
“The market expects the one-year and five-year LPR to be flat at 3.45% and 4.2%, respectively,” Commerzbank analysts said in a note to clients, at the same time that China’s foreign direct investment is likely to increase in 2023. He also noted that in 2017, the industry recorded the largest annual decline since 2009.
Commerzbank said direct investment in China fell by 8% in Chinese yuan terms last year, due to the country’s economic slowdown, high global interest rates, rising regulatory and geopolitical risks, He said that Western countries’ hard-line stance toward the technology sector is one of the reasons for this.
— Shreyashi Sanyal
13 hours ago
Stock futures trading remains largely unchanged
Stock futures opened little changed on Sunday as Wall Street entered a new trading week aiming for new all-time highs for the S&P 500.
Futures tracking the benchmark S&P rose 0.1%, while Nasdaq 100 futures rose 0.2%. Dow Jones Industrial Average futures rose 53 points, or 0.1%.
— Brian Evans
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