19 minutes ago
Oil recovers slightly after Wednesday’s sell-off
Oil rose about 1% on Thursday after US crude oil closed below $70 a barrel on Wednesday.
The January West Texas Intermediate contract gained 13 cents, or 1.08%, to settle at $70.13, while the February Brent contract rose 81 cents, or 1.09%, to settle at $75.11. dollars a barrel.
US crude oil closed on Wednesday at its lowest level since late June amid mixed signals on domestic demand and concerns about the Chinese economy.
Saudi Arabia and Russia issued a joint statement on Thursday calling on all OPEC+ members to join an agreement to cut oil supplies in the first quarter of 2024.
The statement comes while Russian President Vladimir Putin is visiting the kingdom.
Traders have been skeptical of the voluntary production adopted by some OPEC+ members last week.
39 minutes ago
Continuing Jobless Claims Fall as Pace of Layoffs Remains Moderate
The level of those receiving unemployment compensation on an ongoing basis fell during the most recent reporting period, indicating that layoffs are still occurring at a relatively lukewarm pace, the Labor Department reported Thursday.
Continuing jobless claims totaled 1.861 million for the week ending Nov. 25, a decrease of 64,000 from the previous week. Treasury yields rose on the news, as a healthy labor market would give the Federal Reserve more impetus to keep monetary policy tight and hold interest rates steady at next week’s meeting.
Initial claims for the week ending Dec. 2 totaled 220,000, close to the Dow Jones estimate of 222,000.
An hour ago
Stocks Making the Biggest Pre-Market Moves
Here are some of the stocks making notable moves in pre-market trading:
- GameStop – GameStop shares fell 8% after the video game retailer released its latest quarterly numbers. The company reported a loss of 1 cent per share on revenue of $1.08 billion. However, it was not clear whether that was not comparable to the LSEG estimates.
- Chewy: Shares of the pet care e-commerce company lost 10% on disappointing third-quarter results. Chewy lost 8 cents a share on revenue of $2.74 billion. Analysts surveyed by LSEG expected a loss of 6 cents per share on revenue of $2.75 billion. The company’s fourth-quarter revenue forecast was also disappointing.
- Rivian – Shares rose 2.6% after Stifel initiated coverage of the electric vehicle company with a buy rating. The investment bank believes industry headwinds will ease in the coming years and pointed to Amazon’s deal to buy 10,000 vehicles from Rivian as a catalyst for the stock.
Read the full list here.
An hour ago
Advanced Micro Devices Stock Rises After Chip Event
Shares of Advanced Micro Devices rose more than 2% before the bell, a day after the chipmaker unveiled new artificial intelligence chips that would challenge Nvidia’s dominance at an investor event.
Both Meta Platforms and Microsoft have already said they plan to use its chip, known as Instinct MI300X. The product is intended to directly challenge Nvidia’s AI graphics processing unit known as H100.
CEO Lisa Su predicted that the AI accelerator market will grow 70% annually over the next four years to reach more than $400 billion.
An hour ago
Overall Dollar Rises on Strong Earnings and Forecasts
Dollar General rose nearly 3% before the bell on Thursday as investors analyzed a better-than-expected financial report and latest outlook update.
The budget retailer beat the consensus forecasts of analysts surveyed by FactSet in the third quarter on both lines. Dollar General also reaffirmed its guidance for full-year earnings, revenue growth and comparative sales, with the ranges for each measure largely in line with Wall Street expectations.
Despite the premarket offering, it’s been a tough year for the stock. Shares have fallen more than 45% since the start of 2023.
3 hours ago
Chewy Stock Falls After Disappointing Third Quarter Results
Pet care site Chewy was under pressure, losing 10% after the company posted weaker-than-expected third-quarter results.
Chewy lost 8 cents a share on revenue of $2.74 billion. Analysts surveyed by LSEG expected a loss of 6 cents per share on revenue of $2.75 billion. The company’s fourth-quarter revenue forecast was also disappointing.
10 hours ago
Chinese November exports exceed expectations and trade surplus widens
China’s exports rose 0.5% year-on-year in November, reversing a 6.4% drop in October and beating expectations for a 1.1% drop according to a Reuters poll.
However, imports to the world’s second-largest economy fell 0.6% compared to the same period a year earlier, surprising forecasts for a 3.3% increase.
China’s trade balance widened to $68.39 billion in November, up from $56.53 billion in October and beating estimates of $58 billion.
-Lim Hui Jie
13 hours ago
Australia’s trade surplus widens in October but misses estimates
Australia’s trade balance in October widened to A$7.13 billion from A$6.79 billion ($4.45 billion) the previous month, but fell short of the A$7.5 billion estimated by a Reuters poll of economists.
The country’s statistics office revealed that exports rose 0.4% month-on-month, or A$182 million, driven by metal and ore minerals.
On the other hand, imports fell 1.9%, or 763 million Australian dollars, from the previous month, mainly due to the decrease in imports of industrial transport equipment.
-Lim Hui Jie
14 hours ago
Markets could have ‘the best of both worlds’ in 2024
The current rally may be overdone, but markets can still achieve the best of both worlds in 2024: slowing inflation and boosting profits, according to Barclays.
“FOMO has driven stocks up hard and fast, and may face a reality check at some point, but we believe the path of least resistance remains bullish,” analyst Emmanuel Cau wrote in a Wednesday note. .
Cau clarified his belief that next year central banks will be able to successfully curb inflation without hurting growth too much. “This means some rate cuts are likely in 2024, even as earnings remain resilient, which is a good scenario for further capital gains,” he said.
-Lisa Kailai Han, Michael Bloom
15 hours ago
These are the stocks making the biggest moves after the closing bell
Here are some of the stocks moving the most during extended trading hours:
- ChargePoint Holdings: Shares of the electric vehicle infrastructure company fell 1% after the company missed revenue expectations for the third quarter, posting $110 million in revenue, while analysts expected $122 million. dollars, according to LSEG.
- Verint Systems: Shares of the customer support company rose nearly 10% on earnings and revenue growth in the third quarter. Verint reported adjusted earnings of 65 cents per share, while analysts surveyed by FactSet expected 57 cents per share. Revenue came to $218.5 million, higher than the $215.9 million expected by analysts. The company also reaffirmed its forecast for the entire year 2024.
- Chewy: The online pet products retailer fell 9.3% in after-hours trading Wednesday after Chewy issued a weak forecast for fourth-quarter net sales. The company forecasts net sales of between $2.78 billion and $2.8 billion, while analysts forecast $2.93 billion, according to LSEG. Chewy also posted a larger-than-expected loss and revenue missed estimates.
Read the full list of moving stocks here.
15 hours ago