Toyota announced earlier in the week it would introduce a full lineup of battery electric vehicles with "next generation" batteries. Shareholders re-elected chairman Akio Toyoda in an endorsement of the company's governance and new electric vehicle strategy. Toyota - The Japan-based automaker's shares gained 4.5% Wednesday.It's a trend that means rising costs for the health insurance company. UnitedHealth - UnitedHealth dropped 7% after CFO John Franklin Rex said more seniors are getting medical procedures they delayed during the pandemic, according to a FactSet transcript of a presentation made Tuesday at the Goldman Sachs Global Healthcare conference.Citi downgraded shares to neutral from buy following the announcement. Logitech - Shares tumbled 12.3% after the company announced president and CEO Bracken Darrell is departing.These are the stocks making the biggest midday moves: "Again, all of these trends are clearly established, but a tactical unwind looks increasingly likely, in our view," Krinsky said. Indeed, both SMH and ITB hit fresh highs on Wednesday. Home Construction ETF (ITB), are also showing extremes. He added that areas including semiconductors and homebuilders, per the VanEck Semiconductor ETF (SMH) and the iShares U.S. "Does that mean it can't go higher? No, but it does mean the risk/reward is extremely poor in the near-term," he wrote. He highlighted that the Invesco QQQ Trust (QQQ) is 10.5% above its 50-day moving average, and 22.7% above its 200-day moving average, marking the top 3% of all readings since 1999 and the top 1.5% of all readings after 2002. Indeed, the Nasdaq Composite is up 30% for the year. "The rubber band continues to get stretched to the upside, and our view remains that we are at the tail end of this parabolic move for the Nasdaq," he said in a Wednesday report. It's been a spectacular 2023 run for the market, but the music is about to stop, according to Jonathan Krinsky, chief market technician for BTIG. That would mark a tide change for the stock, which is up more than 3% in Wednesday's session but has lost 23.3% since 2023 began.Įlsewhere in the space, he reiterated his buy rating on Beiersdorf and his hold rating on L'Oréal. "However, the rise in passenger traffic and consumer confidence since December, the rise in household savings rates and responses from our recent consumer survey suggest it may be premature to lose faith in a recovery."Ĭazzol's price target of $243 implies shares could rally 31.6% over the next year from Tuesday's close. "Following the relaxation of COVID-19 restrictions in December, beauty consumption trends in China are recovering, albeit at a slower pace than initially expected," he added. "The market has lost faith in China beauty we have not," analyst Fulvio Cazzol said in a note to clients when upgrading shares to buy from hold. "I would almost say that the conditions that we need to see in place to get inflation down are coming into place," the central bank leader said.īerenberg got off the sidelines on Estée Lauder as the firm keeps up hope of a recovery in the Chinese beauty market. He also said the Fed was making progress against inflation. However, the sell-off stabilized somewhat as Fed Chair Jerome Powell said at his press conference Wednesday afternoon that the central bank hadn't yet made a decision about July's meeting. "The Fed is going to send this economy into a recession next year if they follow through" on their forecast. "The statement and projections were so hawkish, that I'm sure Wall Street is thinking they should have just raised rates today," said Ed Moya, senior market analyst at Oanda. The Dow Jones Industrial Average dipped 0.68%, or 232.79 points, to finish the session at 33,979.33, dragged down by losses in UnitedHealth.ĭuring the session, both the S&P 500 and the Nasdaq touched their highest levels since April 2022.Īs traders were expecting, the Fed kept interest rates unchanged at a target range of 5%-5.25% on Wednesday afternoon, ending a streak of 10 consecutive hikes.ĭespite the pause, the markets' initial reaction was negative as investors focused on the the central bank's projections for the rest of the year, which indicated the Fed would restart rate hikes before long. The Nasdaq Composite added 0.39% to close at 13,626.48, supported by gains in Nvidia and AMD. The S&P 500 eked out a narrow gain, rising 0.08% to close at 4,372.59. Stocks gyrated on Wednesday as the Federal Reserve paused its rate-hiking campaign and signaled it was making progress on fighting inflation.īut at the same time, the central bank indicated it would hike another two times later this year. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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