TikTok ban: 5 reasons why this analyst thinks nothing will happen before elections

Here's why the market shrugged off the CPI beat - Wolfe Research

March 13, 2024 3:30 PM EDT

On Tuesday, February's US CPI data was released. The consumer price index increased 0.4% for the month and 3.2% from a year ago.

The data tempered expectations regarding when the Federal Reserve may begin to start cutting rates. Analysts at Wolfe Research said in a note that, in theory, another 0.4% month-on-month on core CPI "should" have been negative for markets after a strong January print. However, the market reaction was relatively... More

BofA equity client flow trends: 'Outsized' communication services inflows continue

March 12, 2024 11:01 AM EDT

In its equity client flow trends note to clients this week, BofA analysts said there were continued stock and ETF inflows last week, with the firm's clients net buyers of US equities for a fourth week.

According to Bank of America, clients bought both single stocks and ETFs,... More

BofA discusses key S&P 500 levels after a big rally

March 12, 2024 10:21 AM EDT

(Updated - March 12, 2024 10:22 AM EDT)

On Tuesday, BofA highlighted significant levels for the S&P 500 following the recent rally. They said the SPX is displaying signs of potential upside exhaustion, with daily and weekly Demark indicators and Japanese candlestick patterns indicating a risk for the NYSE Composite and NASDAQ Composite. Despite these signals, the SPX support levels are identified at 4800 and 4600, with resistance at 5200 and 5600.

According to the investment bank, the SPX remains on a bullish trajectory, featuring a "cup and handle" pattern breakout, which suggests a potential rise to 5200 and even 5600. Last week, the index approached... More

Citi warns: Positioning so one-sided that CPI surprise may 'break the rally'

March 12, 2024 6:45 AM EDT

Citigroup strategists spearheaded by Chris Montagu noted a one-sidedly bullish and extended sentiment in the equities market, but a surprise in Tuesdays CPI print could break the ongoing rally.

Sentiment is overwhelmingly skewed net bullish almost everywhere as the extended rally has driven long positioning to build to extended levels in many markets. However, the rate of flows has been slowing... More

Inflation data ahead, Oracle earnings - what's moving markets

March 12, 2024 5:57 AM EDT

Investing.com -- Markets are awaiting fresh U.S. inflation figures that could factor into how the Federal Reserve approaches potential interest rate cuts this year. Stock futures on Wall Street inch broadly higher ahead of the data. Oracle (NYSE: ORCL) shares surge in extended hours trading after the tech group posts an AI-driven earnings beat, while the price of Bitcoin remains just under a recent record high.

1. Inflation data ahead

U.S. inflation data for February is set to take center stage on... More

S&P 500 posts record high close as Oracle jumps, traders keep rate-cut bets

March 12, 2024 5:37 AM EDT

By Caroline Valetkevitch

NEW YORK (Reuters) -U.S. stocks ended sharply higher on Tuesday, with the S&P 500 registering a record high close as Oracle shares surged and consumer price data failed to dampen investors' hopes of interest rate cuts in the coming months.

Shares of Oracle jumped 11.7% and reached a record high, a day after it reported upbeat quarterly results and said it is set to make a joint announcement with artificial intelligence chip giant Nvidia.

Nvidia shares gained 7.2% and an index of semiconductors rose 2.1% and snapped a two-day losing streak.

The Labor Department... More

Bank of America raises S&P 500 earnings estimates on back of AI wave

March 12, 2024 5:35 AM EDT

On Tuesday, Bank of America strategists hiked their 2024 S&P 500 earnings per share (EPS) estimates to $250, up from the previous forecast of $235.

The new estimate, which marks the highest top-down forecast on Wall Street, implies a year-over-year (YoY) upside of roughly 12%.

Companies delivered another strong beat in 4Q and our economists raised their 2024 GDP forecast to +2.7% YoY (vs. +1.4% in November), strategists led by Ohsung... More

BofA lifts 2024 S&P 500 profit forecast as AI enters 'virtuous cycle'

March 12, 2024 5:28 AM EDT

(Reuters) - BofA Global Research raised its earnings forecast for the S&P 500 on Tuesday, projecting a 12% increase in profit for the companies in the benchmark index this year.

The brokerage raised its 2024 earnings per share (EPS) forecast for the index companies to $250 from the previously expected $235.

BofA strategists said that "2023 was a transition year for... More

Goldman expects risk assets will continue to trend higher

March 12, 2024 5:19 AM EDT

Goldman strategist said Monday that risk assets will keep rising, driven by strong U.S. growth and slowing global inflation, outweighing concerns about high valuations.

We think that the positive macro backdrop is still enough to dominate rich valuations, Goldman Sachs strategist Vickie Chang said.

Our economics team expects US core inflation to resume its decline, while the US growth... More

Global S&P Futures mixed in premarket

March 12, 2024 3:10 AM EDT

Global S&P Futures mixed in premarket, Nikkei down 2%, DAX mixed, WTI Crude oil recently at $78, natural gas mixed, gold at $2181

... More

Stocks, US yields climb after inflation data

March 11, 2024 10:36 PM EDT

By Chuck Mikolajczak

NEW YORK (Reuters) -A gauge of global stocks was set to snap a two-session fall on Tuesday, rising along with Treasury yields after data showed U.S. inflation remained sticky in February, indicating the Federal Reserve could keep interest rates higher for longer than is currently expected.

The consumer price index (CPI) rose 0.4% last month amid higher costs for gasoline and shelter, the Labor Department said, matching the estimate of economists polled by Reuters, after climbing 0.3% in January.

In the 12 months through February, the CPI increased by 3.2%, just above the 3.1% estimate, after advancing 3.1% through... More