NEW YORK (Reuters) -The Nasdaq and the S&P 500 rose to record closing highs on Friday following upbeat forecasts from Lululemon Athletica and other companies and as U.S. jobs data fueled expectations the Federal Reserve would cut interest rates this month. The Dow finished lower, as a 5.1% drop in UnitedHealth Group shares weighed on the index. The S&P 500 consumer discretionary index rose 2.4% to hit an all-time closing high.
US dollar advances, fades earlier sell-off ahead of next week's inflation
NEW YORK (Reuters) -The U.S. dollar rose on Friday, as earlier selling, amid a jobs report showing higher unemployment and modest job gains overall, lost momentum ahead of an inflation report next week that could either reinforce or cast doubts on interest rate cut expectations later this month. Against the yen, the dollar advanced from session lows to trade little changed at 150 yen. "Noisy (payrolls) report but soft enough to reinforce the positioning adjustment across FX," Mark McCormick, head of foreign exchange and emerging market strategy at TD Securities, wrote in a research note.
Smith & Wesson Stock Sinks as It Says Inflation Is Hurting Firearms Sales
Smith & Wesson reported a decline in second-quarter adjusted profit as demand for firearms was slowed by inflation.
Bill Gross Is On the Alert as Momentum Mania Sweeps Wall Street
(Bloomberg) -- Bitcoin rallying to the moon, meme stocks surging for no good reason, bearish bets cratering all at once. Most Read from BloombergNYC’s Run-Down Bus Terminal Gets Approval for $10 Billion RevampKansas City Looks Back on its Long, Costly Ride With MicrotransitA Chicago Skyscraper Cements the Legacy of a Visionary Postmodern ArchitectFor observers without a sense of Wall Street’s long history, the great market mania of 2024 seems new and dangerous. To Bill Gross, who turned 80 this
Intel’s Lack of a Clear Plan Makes Wall Street Even More Bearish
(Bloomberg) -- Things were already looking bad for Intel Corp. shares this year. But the chipmaker’s sudden ouster of its chief executive officer has led to even more investors throwing in the towel.Most Read from BloombergNYC’s Run-Down Bus Terminal Gets Approval for $10 Billion RevampKansas City Looks Back on its Long, Costly Ride With MicrotransitA Chicago Skyscraper Cements the Legacy of a Visionary Postmodern ArchitectThe stock fell 13% in the five days ending Friday, notching its worst wee
Traders Ramp Up Bets on December Fed Cut After Mixed Jobs Data
(Bloomberg) -- US Treasuries rallied and traders boosted their bets on a Federal Reserve interest-rate reduction this month after a mixed November employment report.Most Read from BloombergA Chicago Skyscraper Cements the Legacy of a Visionary Postmodern ArchitectNYC’s Run-Down Bus Terminal Gets Approval for $10 Billion RevampKansas City Looks Back on its Long, Costly Ride With MicrotransitYields on two-year notes, which are sensitive to central-bank policy changes, slid as much as seven basis p
XRP, Hedera, and Tron Led the Crypto Bull Market This Week
The crypto market was on fire again this week and Bitcoin passing $100,000 was one of the biggest news items of the week. According to data provided by S&P Global Market Intelligence, Tron (CRYPTO: TRX) is up 56% over the past week, XRP (CRYPTO: XRP) has jumped 37%, and Hedera (CRYPTO: HBAR) is up 73% -- and there are some strange moves in that group. Tron is up in part because Justin Sun, Tron's founder, invested $30 million into World Liberty Financial, a cryptocurrency project from President-elect Donald Trump.
Oil Falls to Three-Week Low With Algos Poised for More Selling
(Bloomberg) -- Oil slid to a three-week low, closing near $67 a barrel, after a wave of technical selling compounded oversupply fears. Most Read from BloombergA Chicago Skyscraper Cements the Legacy of a Visionary Postmodern ArchitectNYC’s Run-Down Bus Terminal Gets Approval for $10 Billion RevampKansas City Looks Back on its Long, Costly Ride With MicrotransitA decision by OPEC and its allies to return output at a slower pace than initially planned capped losses Friday, but a looming supply glu
Federal Reserve Officials Are Cautiously Optimistic About the Labor Market
Federal Reserve officials said that while Friday's jobs data looked promising, they are still looking at the larger labor market trends and inflation data before deciding whether to cut interest rates.
Lululemon Stock Is Soaring After Earnings. Why Analysts Are Bullish.
Lululemon shares rocketed higher a day after the athletic apparel company beat third-quarter earnings estimates, and analysts have weighed in with bullish price targets.