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18 minutes ago
This week is critical for the stock market rally, says Fundstrat’s Tom Lee.
Fundstrat Global Advisors’ Tom Lee says an action-packed week with big tech earnings and Federal Reserve policy meetings could determine the next move in the market’s rally. He said there is.
The S&P 500 and Dow Jones Industrial Average both closed at record highs on Monday as big tech stocks rose. “We expected the stock price to hit a new high by late January, and it was on schedule,” Lee said on “Last Call.” “And I think this week will show us how far we can go.”
As such, Microsoft and Alphabet are scheduled to release their quarterly reports on Tuesday, while Metaplatform, Apple and Amazon are expected to release their reports on Thursday. Amid this, the Federal Reserve’s two-day policy meeting concludes with an interest rate decision on Wednesday.
Read more about what to expect from Tom Lee this week.
–Darla Mercado
2 hours ago
Here are interest rates on popular consumer products before the Fed meeting
The Federal Reserve begins a two-day meeting on Tuesday that concludes with a policy decision the next day. Federal funds futures pricing suggests the central bank is likely to hold interest rates steady.
Still, interest rates on a variety of consumer products have skyrocketed since the Fed began raising rates in March 2022.
For example, the interest rate on a 30-year fixed-rate mortgage was 6.9% as of the week of January 26, according to MND. This is up from 4.29% for the week ending March 11, 2022. Credit card annual percentage yields also rose to 20.74% as of the week of January 26, according to Bankrate. That’s more than 400 basis points above where it was before the Fed started raising interest rates.
There are signs of hope. The high interest rate environment helps improve yields on a variety of savings products and fixed income investments.
The yield on the 10-year US Treasury note was 4.076% on Monday. Going back to the week of March 11, 2022, the yield was 2.006%. The APY for a five-year CD is 2.87%, up from 0.5% before the start of this rate hike cycle, Haver said. The annual money market yield was 0.51% as of the week of January 26, up from 0.08% before the central bank started raising interest rates, Haver said.
–Nick Wells, Darla Mercado
2 hours ago
Monthly stock price trends
With only two business days left in January, all three major indexes are on track to rise. But some performed better than others.
Here are the positions of the three main indexes compared to the beginning of the first month of 2024:
- The blue-chip Dow Jones Industrial Average rose 1.7%.
- The S&P 500 composite index rose 3.3%.
- The Nasdaq Composite Index, which has a large proportion of tech stocks, outperformed, rising 4.1%.
— Alex Harring
2 hours ago
Stocks that make the biggest moves in long-term trading
Below are some stocks with notable after-hours moves.
- Woodward — Shares rose 5% after the company beat analysts’ expectations on both products and raised its full-year outlook.
- Sanmina — The manufacturer soared 15% after beating consensus estimates for earnings per share and giving a better-than-analyst outlook for the current quarter.
- Whirlpool — The household products maker posted a 4% drop in profits after it released a full-year outlook that was worse than Wall Street expected.
See the complete list here.
— Alex Harring
2 hours ago
S&P500 futures little changed
S&P 500 futures were little changed after 6pm ET. Nasdaq 100 futures were also almost flat, but Dow futures were down about 0.1%.
— Alex Harring
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