(MENAFN- Baystreet) Melco Progresses on Sustainability Strategy Report
Pfizer Gains as Gene Therapy Wins FDA Nod
Saia Tumbles on Q1 Results
Intel's Stock Falls 8% On Mixed Earnings And Weak Guidance
Colgate-Palmolive Stock Rises On Earnings Beat And Raised Guidance Previous Articles Subscribe to Get Small Cap News & Alerts Chris Lau - Friday, April 26, 2024
Friday's Must-Read News: Rubrik IPO, Stagflation, and China Overcapacity
Rubrik's (RBRK) successful initial public offering (IPO) is a positive indicator for stock markets. Shares opened up by 15.63% in its debut. Backed by Microsoft (MSFT), its addition to the NYSE shows that the market continues to hunger for speculative firms that lose money.
On Thursday, stock markets did not expect a sharply weaker first-quarter GDP report. The U.S. Commerce Department reported GDP grew at 1.6% annualized. Economists thought it would grow by 2.4%. Consumers increased their spending by 2.5%, compared to 3.3% in Q4/23.
The personal consumption expenditure price index increased at a 3.4% annualized rate in Q1. This is a shocking number for stock markets since the Fed looks at the core PCE prices very closely. In response to the stagflationary data, Treasury bond yields rose to near their highest levels of the year. Nearly every Treasury bill yields over 5%. Only the US 30-year and the US 10-year treasury trades at 4.81% and 4.70%, respectively.
As usual, the S&P 500 (SPY), Dow Jones, Nasdaq (QQQ), and Russell 200 (IWM) dismissed the troubling data.
In addition to the economic data, markets need to watch out for China's economic struggles. The government subsidized the solar panel and electric vehicle market.
Now, Chinese EV makers are trying to flood both the U.S. and the European Union countries with vehicles.
Be wary of Tesla's (TSLA) recent post-earnings rally. The global supply glut will have repercussions for EV and lithium mining firms like Albemarle (ALB).
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN26042024000212011056ID1108143629
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.