Retail traders bought $755 million worth of securities on Wednesday as the market digested the latest Federal Reserve update, according to Vanda Research, showing less appetite than usual to snap up shares amid a sell-off. Enphase shares have tumbled more than 53% in 2023 amid a difficult year for the residential solar energy market in the U.S. California, which is the largest market for U.S. residential solar installers, also instituted a policy change that reduced a subsidy for solar panel owners for sending excess power into the grid — further impacting demand. The moves come a day after the Federal Reserve announced it would leave interest rates unchanged, but forecasted another rate hike before the end of the year. The central bank also indicated fewer rate cuts next year, essentially saying it would need to keep rates higher for longer because stubborn inflation.
“We’re seeing a bit of a clash between, I think, what expectations are and how things are actually going,” said Shelby McFaddin, investment analyst at Motley Fool Wealth Management. “When you’re an investor … it doesn’t seem ideal because it seems to indicate a prolonged higher interest rate environment.” The 2-year yield touched a high of 5.202%, reaching levels seen not since 2006 in the session. China’s property sector has yet to see the worst of the crisis that has cast a pall over the nation’s economy and helped drive an exodus of global funds from the world’s second-largest stock market. The Nikkei 225 ended the day up 0.18%, partially reversing a 1.11% slide from Tuesday. A stronger USD/JPY at 149 provided support to export stocks.
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Third quarter trends for ride sharing companies have been strong so far and could lead to better than expected results for Uber and Lyft, according to JPMorgan. Jefferies’ call comes as crude prices have gained recently. This month, West Texas Intermediate futures are up more than 6%. Demichelis cited “stronger governance than the market assumes.” Petrobras was notably centered in Broke Millennial Operation “Lava Jato,” or “Car Wash” in Brazil beginning in 2014. The company was found to have been in a multimillion dollar kickback scheme with prominent politicians and corporations in return for contracts. The dollar index hit its highest level since March 9 on Thursday morning, and its 50-day moving average surpassed the 200-day moving average — a so-called “golden cross.”
- Earlier in the day, the rate reached its highest level since 2007, with the latest catalyst being weekly jobless claims data showing a still strong labor market that could encourage the Fed to stay in hiking mode.
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- However, Curran thinks the U.S. residential market could show an “incipient recovery” by the end of the second quarter next year.
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- Vanda’s Marco Iachini said more buying from everyday investors could take place on Thursday given the proximity of the speech from Federal Reserve Chair Jerome Powell to the market’s close a day earlier.
Hang Seng Index Futures & Options
Hang Seng Index (HSI), the benchmark of the Hong Kong stock market, is one of the best known indices in Asia and widely used by fund managers as their performance benchmark. The HSI is a market capitalisation-weighted index (shares outstanding multiplied by stock price) of the constituent stocks. The influence of each stock on the index’s performance is directly proportional to its relative market value. Constituent stocks with higher market capitalisation will have greater impact on the index’s performance than those with lower market capitalisation.
Jefferies initiates buy rating on Petrobras
Gold futures dropped more than 1% on Thursday morning, as the dollar and Treasury yields surged. The action follows a day after the Federal Reserve indicated interest rates would remain higher for longer. The $755 million calculated by Vanda is a net figure, meaning it shows the amount purchased after subtracting for sold stocks. Vanda’s Marco Iachini said more buying from everyday investors could take place on Thursday given the proximity of the speech from Federal Reserve Chair Jerome Powell to the market’s close a day earlier.
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Hang Seng Futures Interactive Chart
Stocks slid in Wednesday’s session, with losses intensifying during and following Powell’s remarks. Utilities stocks were able to pare losses the most, with the index down just 0.2%. All 11 S&P 500 sectors traded lower on Thursday, helping to push the broad index down about 1%. The index was last trading 0.4% lower, with Cisco Systems leading the losses.
Asian markets decline after U.S. inflation edges higher
Only six companies in the 30-stock Dow were positive as of midday Thursday. On Tuesday, the S&P 500 and the Dow saw losses of 1.47% and 1.14%, respectively. IG International Limited is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority. FTSE 100 from 4 points and more 24-hour markets than anywhere else.
The constituent stocks are grouped under Commerce and Industry, Finance, Properties and Utilities sub-indices. Beyond the numbers, investors must monitor updates how to trade bonds from China on the real estate sector. The risk of a big player collapse remains a headwind for the Hang Seng Index and the global financial markets.
Intraday futures prices are delayed 10 minutes, per exchange rules, and are listed in CST. Overnight (Globex) prices are shown on the page through to 7pm CT, after which time it will list only trading activity for the next day. Once the markets have closed, the Last Price will show an ‘s’ after the price, indicating the price has settled for the day. The page will always show prices from the latest session of the market. Tech shares have led the losses this week as investors rethink buying growth-oriented stocks if interest rates remain high. Earlier in the day, the rate reached its highest level since 2007, with the latest catalyst being weekly jobless claims data showing a still strong labor market that could encourage the Fed to stay in hiking mode.
Beyond Meat Inc. stock rises Friday, outperforms market
European markets opened lower ahead of a raft of interest rate decisions from central banks in England, Turkey, Sweden, Switzerland and Norway. Tesla and Nvidia were both around 2% lower in premarket trading Thursday. “There are increasing signs of some impact of tighter monetary policy on the labour market and on momentum in the real economy more generally,” the Bank said in a statement. The company, which is also now the owner of Ruth’s Chris Steak House, said its upscale offerings struggled against comparable sales level. Still, Darden was able to beat expectations of analysts polled by LSEG on both lines for the first quarter while also reaffirming its full-year outlook. First-time filings for the week ended Sept. 16 totaled a seasonally adjusted 201,000, well below the Dow Jones estimate for 225,000 and a decline of 20,000 from the previous period, the Labor Department reported Thursday.
Cisco lost more than 4% after acquiring software company Splunk in a $28 billion deal. Seaport Research Partners upgraded Enphase Energy shares to buy from neutral in a Thursday note. Thursday alone, Nvidia fell as much as 2.9%, leaving its week-to-date loss at 6.5% and decline so far in September at 16.9%. For the entire year, Nvidia is still ahead 181%, but at the August peak it was higher by 244%.
The ongoing threat of a US government shutdown and uncertainty about the Fed interest rate path capped the upside. However, market conditions improved through the Wednesday session, with falling government bond yields supporting modest gains for the Hang Seng and the Nikkei. View the latest top stories from our trusted partners, with a focus on today’s futures and commodity markets. For reference, we include the date and timestamp of when the list was last updated at the top right of the page.
The figure also followed a revised 0.0% growth rate in the first quarter, which means the country was not in a technical recession. The pan-European Stoxx 600 index was down 0.6% at the start of trading, with all sectors in the red. Mining stocks saw the biggest drop, down 1.6%, while travel and leisure was down 1.2%. Cisco Systems fell 5% in premarket trading Thursday after the Biggest stock gainers of all time IT company announced it will acquire Splunk, a cybersecurity company, for $157 per share. Initial jobless claims tumbled last week to their lowest level since late January, in a sign that the labor market is still unusually tight. Nutanix jumped 2% in Thursday’s session after Bank of America upgraded shares to buy from neutral and called the company a multi-lever growth story.
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