The numbers: Initial jobless benefit claims rose 14,000 to 262,000 in the week ended Aug. 6, the Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would rise 4,000 from last week’s initial estimate of 260,000.
Key details: The four-week average of claims rose 4,500 to 252,000.
The...
U.S. stocks opened higher Thursday, finding support after the July producer price index fell modestly, a day after investors cheered a moderation in consumer prices. The Dow Jones Industrial Average DJIA,
U.S. stocks opened higher Thursday, finding support after the July producer price index fell modestly, a day after investors cheered a moderation in consumer prices. The Dow Jones Industrial Average DJIA,
The numbers: The U.S. producer price index fell 0.5% in July, the Labor Department said Thursday. That’s down from a 1.0% jump in June.
Economists polled by The Wall Street Journal had forecast a 0.2% advance.
The core producer price index, which excludes volatile food and energy prices, rose 0.2% in July, down from a 0.3% gain in the prior...
U.S. stock-index futures rose to their highest in three months on Thursday after another batch of inflation data appeared to confirm that price pressures eased by a larger-than-expected degree in July.
Analysts seemed split on whether the price hikes and other changes would have the desired effect. Wells Fargo analyst Steven Cahall was optimistic, arguing that Disney’s latest report “will assuage a lot of fears.”
“It now looks like Disney+ is tracking towards tightened and trimmed sub guidance, while the ad-supported tier + price increases + content rationalization = a much improved long-term profit outlook,” Cahall wrote, while reiterating an outperform rating and increasing his price target to $145 from $130. “Along with NFLX and WBD making similar rational moves, we think investors will pay more for at-scale streaming businesses.”
Also in the upbeat camp was Guggenheim’s Michael Morris, who upgraded Disney’s stock to buy from neutral after the report, while lifting his target price to $145 from $110.
“Significant price increases across the domestic streaming portfolio effective 12/8…were ahead of our expectations and lean into a strong...
But should investors really count on prices continuing to fall from here? For one thing, war continues to rage in Ukraine, fueling Europe’s energy crisis and winter is coming. The Fed is probably also “far from declaring victory over inflation,” say Jefferies strategists.
“Jefferies economic team still believes that there is a persistent component to inflation, stemming from housing and labor shortages, which will not be resolved any time soon and these two forces outght to put a floor under core CPI at around 4%,” notes a team led by Sean Darby, global equity strategist, in a fresh note to clients.
One takeaway from that 8.5% July CPI reading is that “the risk of an overtightening in U.S. financial conditions has been removed. A deep U.S. curve inversion is unlikely now,” said Darby.
In our call of the day, we look at some switching up of stock strategies post data from Darby and the team.
Jefferies’ U.S. financial conditions index has “turned...
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The Organization of the Petroleum Exporting Countries on Thursday cut its forecast for oil-demand growth in 2022, citing expectations for a resurgence of COVID-19 restrictions and continued geopolitical ructions.
In its monthly report, OPEC cut its estimate of 2022 demand growth to 3.1 million barrels a day from a previous forecast of 3.4 million barrels a day, or mb/d. OPEC described the outlook as still healthy, with total oil demand expected to average around 100 mb/d in 2022.
OPEC...
Gold has staged a dramatic rebound over the past three weeks, rising from a low of below $1,680 per ounce for the most-active contract to an intraday high of $1,824 per ounce on Wednesday, after tumbling for five straight weeks.
In...
WeWork Inc. said Thursday board member Michel Combes has left the position after joining the board in October, 2020. The workspace company said Softbank Group International (SBGI) CEO Alex Clavel joined its board on Tuesday. Clavel has been responsible for managing SoftBank Corp.'s international investments including WeWork, T-Mobile , Deutsche Telekom and OneWeb. Shares of WeWork are down 40.6% in 2022, compared to a loss of 13.1% by the Nasdaq .
...Crude oil futures moved higher Thursday, finding support after the International Energy Agency raised its forecast for global oil-demand growth as summer heatwaves in Europe and tight natural-gas supplies prompt more oil use for power generation.
The Organization of the Petroleum Exporting Countries was set to release its monthly report later Thursday morning.
TreeHouse Foods Inc. said Thursday it agreed to sell for $950 million a "significant portion" of its Meal Preparation unit to London-based investment firm Investindustrial Advisors Ltd. The Oak Brook, Ill., company did not provide a specific figure on the size of the stake in the business it sold. The purchase price of $950 million amounts to about 13.6 times the Meal Preparation unit's projected 2022 adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $70 million. The business is expected to generate about $1.6 billion in sales in 2022. The purchase includes $530 million in cash and $420...
After Wednesday’s downside inflation surprise rallied stocks and ushered the Nasdaq COMP out of a bear market, some may be wondering if a meltup is around the corner.
Futures are pointing to more gains, as investors also waking up to more good news on falling U.S. gasoline prices (see below).
But should investors really count on prices continuing...
The average price for a gallon of gasoline has fallen below $4, according to a leading tracker of prices.
AAA reported that the current national average for regular gasoline has fallen to $3.99. That’s well below the peak of $5.02 in mid-June, though still up considerably from the $3.19 average one year ago.
Shares of Six Flags Entertainment Corp. tumbled 8.8% in premarket trading Thursday, after the theme park operator reported second-quarter profit and revenue that fell well below expectations, as a big attendance miss offset higher spending per guest. Net income fell to $45.4 million, or 53 cents a share, from $70.5 million, or 81 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $1.01. Revenue surprisingly fell, by 5.3% to $435.4 million from $459.8 million, while the FactSet consensus was for a rise to $518.5 million. Attendance dropped 21.2% to 6.7 million, well below the FactSet...
- tumbled 8.8% in premarket trading Thursday, after the theme park operator reported second-quarter profit and revenue that fell well below expectations, as a big attendance miss offset higher spending per guest. Net income fell to $45.4 million, or 53 cents a share, from $70.5 million, or 81 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $1.01. Revenue surprisingly fell, by 5.3% to $435.4 million from $459.8 million, while the FactSet consensus was for a rise to $518.5 million. Attendance dropped 21.2% to 6.7 million, well below the FactSet consensus of 8.2 million. "The decrease in attendance was net of a favorable visitation shift of approximately 200 thousand guests from first quarter to second quarter 2022 due to the later timing of the Easter holiday in 2022, which impacted operating calendars as a result of schools scheduling spring-break vacations in the second quarter of 2022 versus the first quarter in 2021," the company said....
- The yield on the 2-year Treasury TMUBMUSD02Y slipped 4 basis point to 3.169%. Yields move in the opposite direction to prices. The yield on the 10-year Treasury TMUBMUSD10Y retreated 1.1 basis points to 2.769%. The yield on the 30-year Treasury TMUBMUSD30Y was barely changed at 3.041%.
The average price for a gallon of gasoline has fallen below $4, according to a leading tracker of prices.
AAA reported that the current national average for regular gasoline has fallen to $3.99. That’s well below the peak of $5.02 in mid-June, though still up considerably from the $3.19 average one year ago.
Whether you think cryptocurrency is just a fad or the future of finance, it’s a fascinating technology. You probably made your last car purchase with boring old dollars, but maybe the next one will be with a digital currency.
If you’re wondering if you can buy a car with cryptocurrency, you’re in the right place. Let’s take a look at how it works and whether it’s a good idea. As with all money matters, it’s best to consult your financial adviser before making any investments.
This is reprinted by permission from .
If you’re a homeowner and haven’t faced a big repair bill yet, just wait. Even in the best-maintained homes, stuff will wear out or break.
Budgeting for these inevitable bills isn’t always easy. One commonly cited rule of thumb — to save 1% to 4% of your home’s value each year for maintenance and repairs...
On Wednesday, the Dow Jones Industrial Average DJIA rose 535 points, or 1.63%, to 33310, the S&P 500 SPX increased 88 points, or 2.13%, to 4210, and the Nasdaq Composite COMP gained 361 points, or 2.89%, to 12855. The S&P 500 is up 14.8% from its 2022 closing low hit in mid-June but remains down 11.7% for the year to date.
Summer heatwaves in Europe and scarce supplies of pricey natural gas are boosting demand for oil as power stations look for alternative fuels to meet the surging demand for electricity, the International Energy Agency said.
Unprecedented temperatures across the continent have put an unexpected strain on the region’s power grids, lifting demand for electricity to power fans and air-conditioning units in what is typically a quiet period for energy demand.
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