Share
Lucid Motors (NYSE: LCID) released its Q2 earnings after the close of markets yesterday. The stock is trading higher in US premarkets today despite the company missing Q2 revenue estimates. Lucid Motors posted revenues of $150.9 million in the quarter which was significantly below the $175 million that analysts expected. The company’s net loss however…
Share
US stocks are sharply lower this morning after credit rating agency Fitch lowered US sovereign debt rating. Economists aren’t too perturbed by the downgrade though. Fitch lowered the long-term US sovereign debt rating from AAA to AA+. The rating agency had placed the rating on a “negative watch” in May amid the drama over the…
Share
Rivian stock (NYSE: RIVN) is trading over 12% higher in US price action today and is on track for its eighth straight trading session of gains after Wedbush Securities issued a bullish note on the startup EV company. In his note, Wedbush analyst Dan Ives said, “We believe after a number of ‘one step forward,…
Share
US stocks fell slightly yesterday and ended their three-day rally after the Fed June meeting minutes showed that the US central bank is looking to hike rates even further. At the June meeting, the Fed paused its rate hikes after ten consecutive hikes. The Fed embarked on its rate tightening cycle in March 2022 and…
Share
Fed chair Jerome Powell has said that the US economy is “resilient” even as he talked about the need for restrictive monetary policy to tame inflation. He did not rule out rate hikes at consecutive meetings after previously pausing its rate hikes earlier this month. Speaking at a monetary policy session in Sintra, Portugal, Powell…
Share
China was expected to lead the global economic growth this year after it the relaxed COVID-19 restrictions last year. However, after the initial rebound, China’s economy is losing steam leaving brokerages scrambling to lower the country’s growth forecast. Goldman Sachs has become the latest brokerage to lower China’s 2023 GDP growth forecast from 6% to…
Share
Apple stock (NYSE: AAPL) hit an all-time closing high yesterday and its market cap is now a tad short of $3 trillion. While some analysts see the rally as backed by fundamentals, UBS downgraded the stock saying it sees tepid demand for iPhones. Apple’s market cap hit $3 trillion on the first trading day of…
Share
Last week, US stocks ended their bear market as the S&P 500 rose 20% from its October trough. While that might fulfill the official definition of the end of the bear markets, analysts have a nuanced view of whether we are headed for a new bull market. Last week, Bank of America Corp.’s Savita Subramanian…
Share
On Friday, the S&P 500 hit 4,300 for the first time since August 2022 ahead of the Fed’s upcoming meeting for June. The world’s most popular index has now closed with gains for four consecutive weeks. The broader markets traded on a flat note last week but built on their YTD gains with the S&P…
Share
In an open letter, Bernstein analysts have called upon Amazon board and CEO Andy Jassy to stop chasing too many ideas and instead focus on a select few. While Amazon stock has gained almost 50% this year and is outperforming the Nasdaq, the stock has underperformed tech peers over the three- and five-year periods. In…
