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3 hours ago
Bank of America says slowdown in credit card spending in January is normal
Bank of America says credit card spending may have decreased in January, but this is normal behavior.
Spending activity in January was down 0.8% from the same month last year and 10.6% from December.
“While there have been headlines about a soft January, we note that our data suggests spending in January was historically down 14.6% month-on-month,” said analyst Mihir Bhatia. “So we see the data as better than expected.”
— Lisa Kailai Han
3 hours ago
Small-cap benchmark Russell 2000 rises for third straight day
The Russell 2000 Index just completed its third consecutive winning session.
The small-cap benchmark closed 1.75% higher on Monday, its best day since Jan. 22. This follows gains of 1.53% on Friday and 1.5% on Thursday. Over the past week, the Russell 2000 has risen over his 5%.
Despite its recent strong performance, the Russell 2000 continues to lag the three major averages for the year. In 2024, it will rise 0.9%, while the S&P 500 index will rise 5.3%. Tech stocks continue to dominate, with the Nasdaq Composite Index up more than 6% this year. The Dow Jones Industrial Average rose just under 3% during this period.
–Darla Mercado, Chris Hayes
3 hours ago
Stock prices move significantly after hours
Let’s take a look at some of the companies that are making headlines for their after-hours trading.
JetBlue Airways — The company’s stock rose more than 15% after activist Carl Icahn reported that he owned nearly 10% of the company. He said JetBlue stock is undervalued.
Avis Budget Group — Shares fell about 1% after the rental car company’s fourth-quarter revenue of $2.76 billion fell short of expectations. Analyst estimates compiled by LSEG (formerly Refinitiv) were $2.81 billion.
ZoomInfo Technologies – The market intelligence company’s stock price soared nearly 23%. ZoomInfo had fourth-quarter revenue of $316 million and reported adjusted earnings of 26 cents per share. Analysts polled by LSEG had expected earnings of 25 cents a share and revenue of $311 million.
Read the full list here.
— Brian Evans
4 hours ago
Stock futures start lower
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