500 Financial News

Stocks were down yesterday, but a $6.5 billion buy imbalance sent S&P 500 screaming higher into the close. Yesterday was month end, which can create large buy or sell imbalances. Generally speaking, the quarter ends generate enormous imbalances, but yesterday’s was almost equal to larger, driving the market higher in the final 30 minutes of trading.

Closing November with an 8.86% increase in value, Bitcoin has sustained its upward trend for the past two months.

Kross Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) of shares. The Rs 500 crore worth IPO comprises fresh issue worth up to Rs 250 crore, and an offer for sale aggregating upto Rs 250 crore by the promoters – Sudhir Rai and Anita Rai.

Uber Technologies Inc. has been added to the S&P 500 Index, after reporting two straight quarters of operating profits that have fueled a big rally in the ride-sharing company this year. Jabil Inc.

(Reuters) — Ride-hailing service Uber Technologies (NYSE:UBER) will join the S&P 500 effective at the open of trading on Dec. 18, along with S&P MidCap 400 constituents Jabil Inc and Builders FirstSource Inc, S&P Dow Jones Indices announced late Friday.

NEW YORK(Reuters) — The benchmark S&P 500 index closed at its highest level of the year on Friday amid growing optimism the Federal Reserve was done raising U.S. interest rates and could begin to cut them next year as inflation cools.

By Stephen Culp

By Lewis Krauskopf

Kesoram Industries, which announced merger of its cement business with UltraTech Cement, is set to prepay around ₹1,500 crore of high-cost debt borrowed at 20% from Goldman Sachs, Cerberus and Edelweiss. «The three funds — Goldman Sachs, Cerberus Capital Services and Edelweiss — are set to be paid ahead of maturity as UltraTech is rated AAA and the cost of borrowing is much cheaper,» a person with knowledge of the matter said on condition of anonymity. As part of the merger deal, UltraTech Cement will issue one share for every 52 shares of Kesoram Industries. The total value of the deal includes a debt of about ₹1,700 crore, according to a Motilal Oswal report.

While the broader crypto market appears to be moving toward a potential bull-market phase, the non-fungible token (NFT) sector, led by collections like CryptoPunks and Bored Apes, is experiencing a contrasting trend.

Bulls have managed to retain control of their powerful rally off October lows. Shorts looked ready to attack with the day before yesterday's bearish 'cloud cover' candlestick in the Nasdaq and S&P 500, but yesterday's action has managed to counter that without really changing the larger picture.

The US stock market just posted its best month in almost a year and a half, and one of its best Novembers in decades, defying skeptics and fueling hopes for more gains to come.

JPMorgan Chase equity strategists continue to stand apart with a notably pessimistic outlook amid a wave of Wall Street strategists forecasting all-time highs for U.S. stocks in the coming year.

Stocks had a nice rally to the start day yesterday. The S&P 500 index rallied a bit more than 70 bps, but by the day’s end, all of those gains were gone, with the index finishing lower by around 10 bps. It was a bit worse on the Nasdaq with the index up nearly 1% at the open only to finish down by around 20 bps.

Wall Street strategists call for all-time highs in US stocks in the year ahead, JPMorgan Chase & Co. stands apart, releasing the gloomiest forecast so far among its peers. The S&P 500 Index is set to drop to 4,200 by the end of 2024 — roughly 8% from its current level — as global growth decelerates, household savings shrink and geopolitical risks remain high with national elections including those in the US that could add to policy volatility, according to Dubravko Lakos-Bujas, the bank’s chief global equity strategist.

The incident occurred at Burhwal junction of Barabanki district in Uttar Pradesh on November 29, Times of India reported. Passengers had to face a lot of hassle as there was no water, food or power supply inside the train. They staged a protest, and came onto the rail track blocking the movement of an express train. It involved the Saharsa — New Delhi Special Fare Chhath Puja Special (04021) and the Barauni-Lucknow Junction Express (15203).

U.S. stocks edged lower on Wednesday as a robust upward GDP revision eased recession fears, while Federal Reserve officials' remarks raised questions about the duration of the central bank's restrictive policy. The Nasdaq joined the S&P 500 in negative territory, while the Dow ended nominally higher, as investors took a wait-and-see position ahead of Thursday's crucial personal consumption expenditure (PCE) inflation report. Despite the indexes' languid movement over the last three sessions, November has been a banner month.

It has been an interesting two years since the S&P500 struck its all-time high at $4818 on January 4, 2022. Although the Bears feel pretty beat up by now and the Bulls invincible (the latest weekly AAII reading stands at only 24% Bears and a whopping 45% Bulls) remember the Bulls have so far been the losers. So, if you are a Bear and have lost money, please examine your entry and exit strategies. Namely, this has been a tough market for everyone, as many probably sold longs and/or covered shorts too late. Market participants have been so conditioned to trending markets since at least 2009 and possibly as early as 1974 (!) that many have forgotten, or may never have experienced, that sideways is an option, too. The main winners since the ATH are those who stayed nimble, took (partial) profits, and raised stops prudently.

By Stephen Culp

DEX market activity is fuelling seismic on-chain activity and PEPED coin is the latest DEX-launched to explode after a +1,500% skyrocket, but could this under-radar crypto be next following $2M presale?

It has been a relatively slow start to the week given what is at stake we remain waiting for the potential breakout in the Russell 2000 (IWM).