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2 hours ago
New York University’s Damodaran says the market is overvalued by 9% to 10%.
According to Aswath Damodaran, the market appears to be overvalued by about 9-10%.
“The competition for expectations has been detrimental to the market,” the professor at New York University’s Stern School of Management told CNBC’s “Closing Bell” on Tuesday.
The market shocked investors in 2023, defying expectations for another tough year. He now believes inflation is under control and the economy has avoided recession, and worries that markets are “going too far in the other direction.”
“It’s going to take a lot more to get good news this year than last year, which is also why I think stocks are in a dangerous position right now,” he said.
— Samantha Subin
2 hours ago
Interactive Brokers’ results are mixed and down
Shares of Interactive Brokers fell nearly 3% after the company reported mixed quarterly results.
LSEG said sales were $1.15 billion, slightly above expectations of $1.14 billion. However, the company’s earnings per share were $1.52, falling short of expectations of $1.55.
Interactive Brokers said options trading volume was up 21% year over year and customer accounts were up 23%, but stock trading volume was down 22%.
See chart…
Interactive Brokers falls after earnings
2 hours ago
Stock futures open flat
Stock futures opened flat Tuesday night.
S&P 500 futures and Nasdaq 100 futures are almost unchanged. Futures, which track the Dow Jones Industrial Average, fell 17 points.
— Samantha Subin
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