14 Mins Ago
Stocks making premarket moves
Here are some of the names moving before the bell:
- Estee Lauder — Shares slipped 2.2% after being downgraded by Deutsche Bank to hold from buy. The bank said it sees near-term risk if the U.S. market slows and the cosmetic giant’s China inventory and economic rebound is delayed.
- GoodRx — The stock dropped nearly 7% following a downgrade to underperform from buy at Bank of America Securities. The bank cited changes to the competitive landscape for the call.
- Baidu, Joyy — U.S.-listed shares of Chinese tech giant Baidu slipped 2% after the company halted its planned acquisition of Joyy’s live-streaming business in China. Joyy fell more than 10%.
To see more premarket movers, read the full story here.
— Michelle Fox
31 Mins Ago
The market moves like a cheetah while the economy is a tortoise, cautions Raymond James
Markets wrapped up 2023 with nine straight weeks of gains, as investors embraced the possibility of easier monetary policy this year from the Federal Reserve.
But in a note from January 1, Raymond James analyst Tavis McCourt warned that investors may be getting too far ahead of themselves with their hopes of an optimistic economic outcome.
“A word of caution heading into 2024 is that the equity market seems as convinced about a soft landing today as it was convinced of a recession in 2022,” the analyst wrote. “In both cases, the short term lesson is not to stand in the way of a market that wants to express an opinion, while the longer term lesson is that the economy is a tortoise, and no matter the conviction level the equity market wants to have, the economy will take longer than most think to reveal its ultimate answer.”
— Lisa Kailai Han
An Hour Ago
Apple’s downgrade sends stock futures into the negative
Barclays kickstarted the new year with a downgrade to Apple stock, sending shockwaves rippling through the broader equity market.
Analyst Tim Long downgraded shares of the tech titan to underweight from equal weight. He cited weakening sales volumes for iPhones, iPads, Macs and wearable devices as a reason for the downgrade.
Shares of Apple were down 1.9% in premarket trading. The company surged 48.2% in 2023 to notch its biggest annual gain since 2020.
— Lisa Kailai Han
2 Hours Ago
Bitcoin breaks above $45,000
Bitcoin traded above $45,000 for the first time since April 2022 to start the year, adding to the digital currency’s sharp gains over the past 12 months. Bitcoin was last at $45,605, up 4.3% on the day, according to Coin Metrics. Over the past year, its up more than 170%.
BTC in past year
5 Hours Ago
Europe stocks open higher
European stock markets opened higher Tuesday.
The benchmark Stoxx 600 index was up 0.43% at 8:05 a.m. London time, while most sectors moved higher. Oil and gas led gains, up 1.3%, as technology stocks slipped 0.2%.
Germany’s DAX and France’s CAC 40 both charged around 0.5% higher, while the U.K.’s FTSE 100 was up 0.25%.
Stoxx 600 index.
10 Hours Ago
Dutch government partially revokes ASML’s chip equipment export license to China
“A license for the shipment of NXT:2050i and NXT:2100i lithography systems in 2023 has recently been partially revoked by the Dutch government, impacting a small number of customers in China,” said ASML in a statement.
The company said it does not expect the move to have a material impact on its financial outlook for 2023.
ASML has been restricted by the Dutch government from exporting its extreme ultraviolet lithography machines to China, in a bid to contain China’s chip making tech. ASML has not shipped the equipment to China so far.
— Sheila Chiang
12 Hours Ago
Caixin China December manufacturing PMI comes in at 50.8
A private survey showed manufacturing activity in China expanded in December, at odds with a similar survey conducted by the country’s statistics bureau that reported a contraction.
The Caixin manufacturing purchasing managers’ index came in at 50.8 in December, according to a release Tuesday, following a 50.7 reading for November. China’s official PMI fell to 49.0 in December from 49.4 the previous month, the country’s National Bureau of Statistics said in a Sunday release.
A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction.
— Clement Tan
9 Hours Ago
Singapore GDP expands 2.8% in final quarter of 2023
Singapore’s economy grew 2.8% year-on-year in the final quarter of 2023, according to advance estimates from the country’s Ministry of Trade and Industry.
This was a sharp increase from the 1% expansion recorded in the third quarter, and the fastest rate of growth since the third quarter of 2022.
On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.7%, a larger expansion than the 1.3% in the third quarter.
Read the full story here.
— Lim Hui Jie
13 Hours Ago
Australia’s factory activity contracts at fastest pace since May 2020: Judo Bank
Australia’s factory activity in December saw its sharpest contraction since May 2020, according to private surveys from Judo Bank.
The country’s manufacturing purchasing managers’ index slid to 47.6 in December, down from 47.7 in November and marking its 10th straight month of contraction.
In its release, the bank wrote that this was mainly due to a further deterioration in demand from the country’s manufacturing sector, with incoming new orders for Australian manufactured goods falling for a 13th straight month.
This was because of soft economic conditions and pressure from high interest rates, with the bank adding that foreign demand was also subdued.
— Lim Hui Jie
14 Hours Ago
Investors are on record watch as the S&P 500, with its Friday close of 4,769.83, is now less than 1% away from a new high.
A close above 4796.56, the record the equity benchmark reached in January 2022, would constitute a new all-time high. The S&P 500’s current intraday record is 4818.62 also from January 2022.
14 Hours Ago
More stock gains in 2024, but much lower return, history says
A banner year with the S&P 500 gaining more than 20% could suggest more good news in the following year if history is any guide, but don’t expect a bigger year than 2023, according to Ryan Detrick, Carson Group’s chief market strategist.
Dating back to 1950, there have been 21 times that the S&P 500 logged a yearly gain at least 20%. What happens the next year is that the equity benchmark has been in the green 80 of the time with an average return of 10%, the strategist said.
Only once in history — in 1997 — did stocks gain more the next year, Detrick said.
— Yun Li