Speaking at an economic forum today, JPMorgan CEO Jamie Dimon characterized China as an adversary of the U.S. and voiced agreement with Federal Reserve Chairman Jerome Powell’s strategy to postpone interest rate cuts. He also issued a warning about the bond market, anticipating the emergence of cracks but affirming the bank’s strong position to capitalize on any weakness. Meanwhile, the SPY ETF widened its daily losses to approximately 1%.
The Atlanta Fed’s GDPNow model today has revised its second quarter outlook, now calling for 3.8% economic expansion compared to its May 27 gauge calling for a lesser 2.2% growth. The Atlanta Fed noted,
“After recent releases from the US Census Bureau and the US Bureau of Economic Analysis, the nowcast of the contribution of net exports to second-quarter real GDP growth increased from -0.64 percentage points to 1.45 percentage points, while the nowcasts of second-quarter real personal consumption expenditures growth and second-quarter real gross private domestic investment growth declined from 3.7 percent and -0.2 percent, respectively, to 3.3 percent and -1.4 percent.”
The SPY ETF remains fractionally lower on the day.
Starbucks (Nasdaq: SBUX) stock is fractionally lower after TD Cowen downgraded shares due to changing consumer preferences and rising labor costs. In recent days, Melius Research analyst Ben Reitzes raised his price target on Broadcom (Nasdaq: AVGO) by an eye-popping $85 to $283 and stuck with his buy rating on the stock. AVGO stock is down today with the broader market pullback but has risen over 80% in the past 12 months. The SPY ETF is currently down 0.08%.
Live coverage has ended. The full story is below.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are once again seeing the glass as half empty, as the “one step forward, two steps back” trend continues. This time, the apparent unraveling of the U.S. and China trade deal is to blame, with all three major stock market averages opening lower after President Trump revealed China had broken the agreement. The SPY ETF is down 0.14%, while the S&P 500 is still on track for a gain of 1.75% for the week.
However, it’s not all bad news. The economy is still showing signs of holding off inflation. Consumer prices barely budged in April, with the personal-consumption-expenditures price index rising just 0.1%. This index, which the Fed closely monitors for inflation trends, was up 2.1% over the 12 months leading to April, a dip from 2.3% the previous month, suggesting progress toward the Fed’s 2% target. Consumers also remain a strong point, with spending inching up by 0.2% last month and personal income seeing a healthy 0.8% increase.
Resilient consumers are sticking with their beauty routines. Ulta Beauty (Nasdaq: ULTA | ULTA Price Prediction) notably raised its full-year guidance as product sales continue to soar, sending the stock up 14.5% today.
Palantir Technologies (Nasdaq: PLTR) is up 2% today. The AI-powered data analytics software company is seeing gains from expanded government contracts, according to The New York Times. While its share price hit new record highs in May, it has since pulled back from those levels. Today’s gains have lifted the stock’s market cap back above $303 billion.
PC maker Dell (Nasdaq: DELL) is also up 2.5% after surpassing its Q2 earnings estimates.
On the downside, Regeneron Pharma (Nasdaq: REGN) is spiraling by 18.4% following disappointing drug trial results for its smoker’s lung treatment, which had previously shown promise.
Finally, Cooper Companies (Nasdaq: COO) is down 13.9% after announcing its Q2 results
Contact [email protected] for any questions or corrections.
Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
This article will be updated throughout the day, so check back often for more daily updates. The markets are gripped in fear once again as this trend of one step forward, two steps back…
This article will be updated throughout the day, so check back often for more daily updates. The broader markets have crossed over into record territory on Friday even in the face of economic uncertainty.…
The broader markets are showing no mercy, with the S&P 500 falling nearly 2% as of mid-morning trading and no sign of relief in sight. Today’s declines are in response to trade war uncertainty…
With no sound of tariff talk on the agenda today, the markets took the opportunity to do what they’ve done best over the past couple of years – rise. After erasing $5 trillion in…
This article will be updated throughout the day, so check back often for more daily updates. The markets are catching their breath today, buoyed by signals of inflation holding steady and the continued progress…
This article will be updated throughout the day, so check back often for more daily updates. The markets are cautious out of the gate this morning, with all three of the major stock market…
This article will be updated throughout the day, so check back often for more daily updates. The markets are pulling back this morning as traders look ahead to what is coming next. Market sentiment…
This article will be updated throughout the day, so check back often for more daily updates. The markets are stuck in the doldrums this week as they await the Federal Reserve’s decision on interest…
This article will be updated throughout the day, so check back often for more daily updates. The markets are meandering in and out of positive territory after the Nasdaq Composite clinched a fresh all-time…
