Quincy Krosby News

Asian equity markets Thursday, extending the volatile trading of the past week as investors digest signals from central banks on the path ahead for interest rates. The Topix Index opened lower alongside benchmarks in Australia and South Korea. US futures also fell in early Asian trading Thursday after the S&P 500 and Nasdaq 100 dropped on Wednesday. The yen rose, having dropped 1.6% on Wednesday.

Americans stepped up their purchases at retailers last month as low unemployment, steady pay gains and rising stock and home values helped sustain their willingness to spend despite higher prices

A renewed wave of dip buying spurred a rally in stocks after a roughly $6.5 trillion selloff that shook markets around the globe.

The so-called Magnificent 7, save Tesla, have lived up to their billing so far this year, showing that despite all this talk of market rotation, mega-cap tech stocks are not giving up the mantle of market leadership so easily.

stock indexes were barely higher in afternoon trading Monday, with investors cautious ahead of this week's consumer prices report and a Federal Reserve policy announcement. The Consumer Price Index report for May is due Wednesday along with the conclusion of the Fed's two-day policy meeting.

U.S. stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates, while Tesla shares dropped after the electric car maker posted fewer quarterly deliveries for the first time in nearly four years. Tesla's stock fell more than 5% and was among the biggest drags on the S&P 500 and Nasdaq.

By Caroline Valetkevitch

Federal Reserve Chairman Jerome Powell heads to Capitol Hill on Wednesday with markets intent on getting more clarity about how the central bank plans on proceeding with monetary policy this year.

Amazon is set to join the Dow Jones Industrial Average, replacing Walgreens Boots Alliance effective next week, S&P Dow Jones Indices said on Tuesday. Shares of Amazon rose 1.3% in extended trade after the announcement, while Walgreens dipped 3%.

By Caroline Valetkevitch

inflation print signaling continued moderation in price pressures helped offset an earnings gloom cast by a dour revenue forecast from Intel. The U.S. Commerce Department's report showed the personal consumption expenditure index — the Federal Reserve's preferred inflation gauge -rose moderately in December , keeping the annual increase in inflation below 3% for a third-straight month that could allow the central bank to start interest rate cuts this year. «Today's report, is clearly market friendly even if it doesn't suggest, at this point, that the Fed lowers rates at the March 20 meeting,» said Quincy Krosby, chief global strategist at LPL Financial. «Unless next month's collection of inflation-related data underscores decisively that the path towards to 2% is squarely in sight, the Fed will most likely wait until May or June to begin easing rates.» Weighing on the tech-focused Nasdaq, Intel slumped 12.1% to a six-week low after forecasting that its first-quarter revenue could miss estimates by over $2 billion, driving losses between 1.6% and 2.2% in other chip stocks including Advanced Micro Devices, Qualcomm and Micron Technology. The Philadelphia SE Semiconductor index slipped 2.4%, while the S&P 500 technology sector was the only one in the red with a 0.7% loss. This, along with Tesla's growth warning on Wednesday, likely deepened worries over rich valuations of heavily weighted megacap companies.

record high close on Monday as tech stocks added to recent gains and investors awaited upcoming corporate reports for clues on this year's profit outlook.

NEW YORK (Reuters) — U.S. employers hired more workers than expected in December while raising wages at a solid clip, casting some doubt on financial market expectations that the Federal Reserve would start cutting interest rates in March.

The S&P 500 closed out 2023 with a gain of more than 24% as easing inflation, a resilient economy and the prospect of lower interest rates buoyed investors, particularly in the last two months of the year

By Johann M Cherian and Shristi Achar A

By Krystal Hu and Ira Iosebashvili

Stocks ended mostly higher on Wall Street and closed out November with big gains

stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient. Economic reports on jobless claims, durable goods, and consumer sentiment seemed to suggest the economy is easing but may stay strong enough to avoid recession. Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week. Tuesday's minutes on the last Fed meeting showed a cautious approach toward monetary policy. Still, stocks have risen sharply in recent weeks on the view the Fed is done hiking rates. «Overall you have a solid backdrop to the market,» said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. «The signals for the market, despite concerns over the economy and consumer spending, is that this market has sustainability in what is probably the most hospitable season for the market.» She said stocks tend to rise just before the U.S. Thanksgiving holiday and also rally heading into year-end.

NEW YORK (Reuters) — U.S. Federal Reserve officials «are not confident» that interest rates are yet high enough to finish the battle with inflation, and may be nearing the end of how much help they can expect in lowering price pressures from improvements in the supply of goods, services and labor, Fed Chair Jerome Powell said on Thursday.

Wall Street is slipping amid the latest batch of corporate earnings from big technology companies and some mixed readings on the U.S. economy

Earnings season typically is the time when investors can look past macroeconomic forces and focus on company-specific news moving stocks. This quarter, however, is turning out to be anything but typical. Individual shares have, of course, reacted to earnings announcements in the week or so since Corporate America started reporting results.