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It’s no secret that technology-driven companies can benefit immensely from a lower inflationary environment.
With the Federal Reserve expected to cut the national interest rate average by 25-50 basis points this week, it's noteworthy that the Zacks Technology Services Industry is in the top 28% of over 250 Zacks industries.
Providing popular services to consumers, this vibrant business industry has several stocks that boast a Zacks Rank #1 (Strong Buy).
Notably, the innovation and creativity of these businesses should be enhanced by a more favorable operating environment. Attesting to this scenario is the industry’s strong price performance with the Zacks Technology Services Market rising +20% year to date and up more than +50% over the last year.
That said, here are three highly-ranked technology services stocks that should have more upside after receiving a strong buy rating.
AppLovin APP
Investor sentiment has been sky-high for AppLovin which provides an application technology platform that helps developers create apps for businesses. To that point, AppLovin’s stock has skyrocketed over +160% this year to roughly match the stellar performance of AI chip giant Nvidia NVDA.
After going public in 2021, AppLovin’s rapid stride to profitability has justified the hype in its stock with high double-digit EPS growth expected in fiscal 2024 and FY25. The company’s top line expansion is very compelling as well with total sales now expected to climb 35% this year and projected to rise another 13% in FY25 to $5.04 billion.
Duolingo DUOL
Like AppLovin, Duolingo went public in 2021 and is one the fastest-growing technology services companies as a provider of a mobile language learning platform. Duolingo’s improved financial metrics have been fueled by its subscription growth with services extending to math and music courses along with language certifications that appeal to business professionals.
Expecting high percentage top and bottom line growth in FY24 and FY25, Duolingo’s stock is up +20% year to date and has soared over +150% in the last year. Headquartered in Pittsburgh, many analysts have remained bullish on Duolingo’s market position as language learning companies such as Germany-based Babble have put off their bids to launch IPOs in the US among other markets.
Docusign DOCU
The agreement cloud services of Docusign have become a mainstay for sending and receiving business documents and this commonality should continue. Simplifying this process away from scanning or faxing, Docusign’s business remains a disrupter and shouldn't be overlooked despite DOCU dipping -4% year to date.
Trading at a very reasonable 16.5X forward earnings multiple, Docusign shares are still up nearly +30% over the last year with EPS expected to increase 15% in FY24 and projected to rise another 6% in FY25 to $3.65. Plus, Docusign's sales are forecasted to increase by 6% in FY24 and FY25 with projections edging toward $3 billion.
More reassuring is that Docusign has strengthened its balance sheet with it noteworthy that the company’s cash and equivalents are near $1 billion compared to pre-pandemic levels of $656 million in 2019.
Takeaway
Considering rate cuts will likely benefit the Zacks Technology Services Industry, earnings estimate revisions have remained higher for AppLovin, Duolingo, and Docusign. This makes their attractive growth trajectories more compelling and suggests short-term upside in addition to being viable long-term investments.
Zacks Investment Research
Rob Gronkowski is best known for his time in the National Football League, but his recent call of timing the bottom in the stock market might be a welcome sign during the often losing month of September.
What Happened: Gronkowski offered a sense of urgency to get stock market prices back up last week after the S&P 500, which is tracked by the SPDR S&P 500 ETF Trust , started the week down.
The former NFL star, who won four Super Bowls during his 11-year NFL career with the New England Patriots and Tampa Bay Buccaneers, was featured in a live television interview sharing his financial takes.
"I want to bring the stock market back. I heard it's down right now with the election thing and everything that's going on. So I'm here at Cantor Fitzgerald to do some trades. I want to do the biggest trades of the day and bring that stock market so it's just moving back, you know, back up to the sky," Gronkowski said.
Tker founder Sam Ro shared the chart below on Gronkowski's comments and the S&P 500 move shortly after.
Sam Ro 📈@SamRoSep 11, 2024Gronk Rally 🚀📈 https://t.co/N9f5muJn3C pic.twitter.com/4oXOcNjkAG
What followed in the days after Gronkowski spoke was the S&P 500 trading higher. The index was up Wednesday, Thursday and Friday. On Monday, the S&P 500 also traded up.
So was Gronkowski the good luck charm the stock market needed as September came in with a whimper?
Not exactly.
Wednesday saw the release of CPI data and the stock market reacted negatively with the S&P 500 going down 1.6% before finishing the day 1.1% higher, as shared by Freedom Capital Markets Chief Global Strategist Jay Woods in his weekly newsletter.
Woods said Wednesday marked the largest intraday comeback since November 2022, which he said is coincidentally "about the same time this current bull market began."
The market strategist, like many financial experts and analysts, attributed the rally on Wednesday to positive comments from NVIDIA Corp CEO Jensen Huang while speaking at the day's Goldman Sachs Communacopia and Technology Conference.
"That led to an 8% rally in one of the most influential stocks in the market and continued to rally the rest of the week. In fact, the semiconductor and technology sectors had their best week of the year," Woods said.
Woods said Gronkowski timed the market "just right."
"I'll let the readers decide if it was more of a Jensen Huang-led rally or Gronk. Either way, the markets held the lows set a week ago Friday and finished last week at its highs."
Did You Know?
Why It's Important: While the chart above points to Gronkowskis' timing, the likely reason for the stock market optimism last week was Nvidia and Huang.
Huang spoke of strong AI demand, no Blackwell (AI chip) delays and the potential return on investment for companies buying products from Nvidia.
The comments sparked optimism for Nvidia and the overall stock market.
The SPDR S&P 500 ETF is now up 4.2% from its low of $539.96 on Sept. 11. With a closing price of $562.84 on Monday (Sept. 16), the stock market index ETF is now almost even with the August closing price of $563.68.
The weak open to September could soon be a thing of the past thanks to Huang and Gronkowski.
Read Next:
Photo: Ron Gronkowski, Public Domain, Chairman of the Joint Chiefs of Staff from Washington D.C, U.S. via Wikimedia Commons; Jensen Huang via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
In 2022, Intel Corp lost out to Advanced Micro Devices , a multiyear Sony Group Corp PlayStation 6 chip deal, according to a Reuters exclusive report.
The sources told Reuters that tapping Intel would have posed backward compatibility issues, entailing higher costs and engineering resources, as AMD made the PlayStation 5 chip.
Intel fell out with Sony by failing to quote an appropriate selling price per chip after factoring in its profit share per chip sold to the PlayStation maker, the sources told Reuters.
Also Read: Google Picks Taiwan Semiconductor For Pixel Chips, Samsung Loses Key Deal: Report
According to Reuters, the five-year deal involving contract chipmaker Taiwan Semiconductor Manufacturing Co could have contributed $30 billion to Intel.
Since its release in 2020, the PlayStation 5 has sold over 59 million units, marking a respite for significant console makers, which faced double-digit percentage declines in May 2024. Sony is eying an upgraded, premium version dubbed PlayStation 5 Pro before the holiday season.
Sony’s fiscal first-quarter 2024 topline growth was 2% to $19.3 billion, beating the consensus of $17.19 billion. Game & Network Services (G&NS) revenue increased 12%.
Intel stock has been down over 48% in the last 12 months as it has failed to capitalize on the artificial intelligence shift.
This has forced it to weigh strategic options for Israeli autonomous driving company Mobileye Global Inc and its Enterprise Networking division.
The contract chipmaker bagged two wins in September, including $1.91 billion in Polish state grants for a new chip plant in the country and a $3.5 billion deal to manufacture semiconductors for the U.S. military.
AMD stock is up 49% in the last 12 months as it succeeded in tapping the AI frenzy while maneuvering its position versus Nvidia Corp .
Price Actions: INTC stock closed higher by 6.36% to $20.91 on Monday. AMD closed at $152.08.
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Monday, September 16th, 2024
Markets performed by the end of today’s regular trading session in-line with how they began the trading week this morning: mixed. Only the Nasdaq spent the entire day in the red. The Dow gained +228 points, +0.55%, to 41,622 — a fresh record high. The Nasdaq dropped -91 points today, -0.52%. The S&P 500 and small-cap Russell 2000 wound up +0.13% and +0.38%, respectively.
Intel Stock Sees Chips Act Windfall, Joins with AWS
A co-investment between microchip giant Intel INTC and cloud services giant AWS AMZN was announced this afternoon, pushing INTC shares up +8% in today’s after-market. The companies are expanding their long-term strategic collaboration, with some assistance from an additional $3 billion in funding from the Chips Act from the U.S. government.
This is a big shot in the arm for Intel, which has shed thousands of jobs so far this year, and had been trading down -56% year to date. This collaboration with AWS — supplying AI fabric chips and Xeon 6 chips for mobile device security, among other things — has reversed the downturn Intel suffered after its most recent earnings report. AWS parent Amazon shares are flat on this news.
Oracle Stock at All-Time Highs on Larry Ellison Comments
Oracle ORCL co-founder and CEO Larry Ellison yesterday has led to investor interest in his stock today. In public comments he made Sunday, Ellison spoke about going to dinner with Tesla’s TSLA Elon Musk and NVIDIA’s NVDA Jensen Huang, whereby he imparted that he and Musk were “begging” the NVIDIA founder for AI chips: “Please take our money,” Ellison said.
The effect has reminded market participants that Larry Ellison is a major player in the AI race, on par with the Tesla/SpaceX/X (formerly Twitter) boss. Shares are now at all-time highs for the company, following its double-digit gains following fiscal Q1 earnings reported last week.
A Busy Tuesday for Stock Investors
The final major economic reports before the next Fed announcement on interest rate policy come out Tuesday morning: Retail Sales, Industrial Production/Capacity Utilization, Business Inventories and the latest Homebuilder Confidence survey will all have been released prior to the end of the first day of the Fed meeting.
Retail Sales are expected to pull back from July’s 12-month high +1.0% to -0.2% for August. In fact, July was the highest level of Retail Sales since January 2023, led by autos and auto parts sales. Minus autos, food services, building materials and gasoline, last month’s headline melted down to +0.3% — still a healthy economic print.
Questions or comments about this article and/or author? Click here>>
Zacks Investment Research
Nvidia Corp’s rally disproportionately influences the S&P 500 index, reflecting concerns over the domino effect due to the integrated semiconductor ecosystem.
Nvidia accounted for 25% of the S&P 500’s 17% gain in 2024, Reuters reports.
The chip designer has risen by 166% in the last 12 months as Big Techs, including Microsoft Corp , Amazon.Com Inc , and Google parent Alphabet Inc , splurge on their artificial intelligence ambitions.
Also Read: AMD Gains Ground in AI Chip Market, Oracle Exec Confirms Growing Demand: Report
The rising valuation of NvidiaNVIDIA in 2024 has helped boost the wealth of Jensen Huang, the co-founder and CEO of the company that was once created inside a Denny’s restaurant.
Huang has a wealth of $90.5 billion, ranking 18th according to Bloomberg. While Huang hasn’t cracked the top 10 list yet and would currently need to hit a wealth of $130 billion, the Nvidia co-founder is one of the fastest risers among the world’s richest people. Huang’s wealth is up $46.4 billion year-to-date in 2024.
That figure is more than the combined $41.83 billion gained by Elon Musk, Jeff Bezos and Bill Gates. Musk, Bezos and Gates currently rank first, second and fifth, respectively, with their current wealth and year-to-date gains.
The gain by Huang is one of the largest year-to-date gains, trailing only Meta Platforms CEO Mark Zuckerberg, who is up $49.9 billion and listed fourth at $178 billion.
It’s not just personal wealth – due to the AI frenzy, Huang expects hyper-scale customers to produce $5 in rental revenue for every $1 spent on Nvidia’s infrastructure. He also reiterated that Blackwell-based products will ship in the fourth fiscal quarter.
This indicates that Nvidia stock losing value would impact the S&P500 and Huang’s wealth. However, Huang had snubbed geopolitical tensions surrounding supplier Taiwan Semiconductor Manufacturing Co , voicing the possibility of switching suppliers.
Microsoft, Apple Inc , and Nvidia have a combined weighting of 20% in the S&P 500. Microsoft gained 31%, and Apple has risen 22% in the last 12 months as they remain invested in their AI goals.
Investors can gain exposure to Nvidia and the S&P 500 through SPDR S&P 500 and iShares Core S&P 500 ETF .
Price Action: NVDA stock closed lower by 1.95% to $116.78 on Monday.
Also Read:
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index Monday closed up by +0.13%, the Dow Jones Industrials Index closed up by +0.55%, and the Nasdaq 100 Index closed down by -0.47%.
Stocks on Monday settled mixed, with the Dow Jones Industrials posting a new record high. Apple fell more than -2% Monday to pressure the overall market on signs of weak demand for the new iPhone. Also, the weakness in chip makers on Monday weighed on the broader market. However, Intel rose more than +6% Monday to lift the Dow Jones Industrials after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Monday’s US economic news was hawkish for Fed policy after the Sep Empire manufacturing survey general business conditions index rose +16.2 to a 2-1/3 year high of 11.5, stronger than expectations of -4.0.
Corporate news on Monday was mixed for stocks. On the negative side, Apple closed down more than -2% after TF International said weekend pre-order sales show demand for the company’s iPhone 16 Pro series is weaker than expected. On the positive side, Oracle closed up more than +5% after Melius Research upgraded the stock to buy.
This week, the market will focus on Tuesday’s US Aug retail sales report to see if consumer spending is holding up. The consensus is that Aug retail sales will fall by -0.2% m/m but that Aug retail sales ex-autos will increase by +0.2% m/m. The markets will also look to the 2-day FOMC meeting that begins Tuesday and whether policymakers will decide that a -25 bp cut in the fed funds target range would be adequate for a US economy that has shown signs of losing momentum or whether they will decide for a larger -50 bp rate cut instead. Post-meeting comments from Fed Chair Powell on Wednesday will also be scrutinized regarding the Fed’s future policy intentions.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Signs of weakness in China’s economy are negative for global growth prospects. China Aug industrial production rose +4.5% y/y, weaker than expectations of +4.7% y/y. Also, China Aug retail sales rose +2.1% y/y, weaker than expectations of +2.5% y/y. In addition, China Aug new home prices fell -0.73% m/m, the largest decline in 9-3/4 years.
Overseas stock markets Monday settled lower. The Euro Stoxx 50 closed down -0.34%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 was closed for the Respect-for-the-Aged Day holiday.
Interest Rates
December 10-year T-notes (ZNZ24) Monday closed up +4.5 ticks. The 10-year T-note yield fell -2.6 bp to 3.625%. Dec T-notes Monday garnered support on heightened speculation the Fed will cut interest rates by -50 bp at this week’s 2-day FOMC meeting. Swap markets showed the chances of a -50 bp rate cut rose to 64% Monday from 52% last Friday. T-notes fell back from their best levels Monday after the US Sep Empire manufacturing survey general business conditions index rose more than expected to a 2-1/3 year high. Also, rising inflation expectations are negative for T-notes after the 10-year breakeven inflation rate rose to a 1-1/2 week high Monday of 2.100%.
European government bond yields on Monday moved lower. The 10-year German bund yield fell -2.6 bp to 2.122%. The 10-year UK gilt yield fell -0.9 bp to 3.759%.
ECB Governing Council member Kazaks said, "There's still more risk inflation will be higher over the medium term than we expect," and the ECB "will almost surely need to wait until December for a clearer picture before making its next move" on interest rates.
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 31% for the October 17 meeting.
US Stock Movers
Apple closed down more than -2% to lead losers in the Dow Jones Industrials after TF International said demand for the company’s iPhone 16 Pro series is weak, with first-weekend pre-order sales of about 37 million units, down about -12.7% y/y from last year’s iPhone 15 series first-weekend sales. Apple suppliers retreated as well, with Qorvo closing down more than -6% to lead losers in the S&P 500. Also, Skyworks Solutions closed down more than -5%.
Chip makers were under pressure Monday and weighed on the broader market. ARM Holdings Plc closed down more than -5% to lead losers in the Nasdaq 100, and Micron Technology closed down more than -4%. Also, Nvidia and Broadcom closed down more than -2%. In addition, ON Semiconductor , KLA Corp , Lam Research , ASML Holding NV , Marvell Technology , and GlobalFoundries closed down more than -1%.
Intel closed up more than +6% to lead gainers in the S&P 500, Dow Jones Industrials, and Nasdaq 100 after the chipmaker officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Pentagon.
Oracle closed up more than +5% after Melius Research upgraded the stock to buy from hold with a price target of $210.
Charles Schwab closed up more than +2% after it reported that new brokerage accounts in August rose +4% y/y (324,000) and that it expects Q3 revenue will climb as much as 3% from Q2.
Elf Beauty closed down more than -3% after Piper Sandler cut its price target on the stock to $162 from $260.
MKS Instruments closed down more than -3% after Citigroup downgraded the stock to neutral from buy.
Nova Ltd closed down more than -8% after Citigroup downgraded the stock to neutral from buy.
Yelp Inc closed down more than -3% after Bank of America Global Research initiated coverage on the stock with a recommendation of underperform with a price target of $30.
Exact Sciences closed up more than +5% after releasing data from a study of its blood-based colon cancer screening that showed sensitivities of 88% for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity.
Nuvalent closed up more than +27% after presenting updated data from two early-stage trials of its lead cancer programs that impressed analysts.
Builders FirstSource closed up more than +2% after Truist Securities upgraded the stock to buy from hold with a price target of $220.
Zillow closed up more than +4% after Wedbush upgraded the stock to outperform from neutral with a price target of $80.
Incyte closed up more than +4% after Guggenheim Securities raised its price target on the stock to $92 from $86.
Earnings Reports (9/17/2024)
Ferguson Enterprises Inc (FERG).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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