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DaVita HealthCare (DVA) closed at $163.16 in the latest trading session, marking a -0.65% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.29%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 0.31%.
Coming into today, shares of the kidney dialysis provider had gained 11.27% in the past month. In that same time, the Medical sector gained 1.59%, while the S&P 500 gained 1.57%.
The upcoming earnings release of DaVita HealthCare will be of great interest to investors. It is anticipated that the company will report an EPS of $2.76, marking a 3.16% fall compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $3.22 billion, showing a 3.23% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $9.99 per share and revenue of $12.8 billion, indicating changes of +17.95% and +5.43%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for DaVita HealthCare. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.88% increase. At present, DaVita HealthCare boasts a Zacks Rank of #1 (Strong Buy).
In terms of valuation, DaVita HealthCare is presently being traded at a Forward P/E ratio of 16.44. This denotes a discount relative to the industry's average Forward P/E of 24.5.
It's also important to note that DVA currently trades at a PEG ratio of 0.94. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Medical - Outpatient and Home Healthcare industry currently had an average PEG ratio of 2.1 as of yesterday's close.
The Medical - Outpatient and Home Healthcare industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 49, which puts it in the top 20% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Zacks Investment Research
The S&P 500 Index today is up +0.10%, the Dow Jones Industrials Index is up +0.03%, and the Nasdaq 100 Index is up by +0.25%.
Stocks today have erased knee-jerk gains after the initial 2:00 PM Eastern announcement and are trading close to the flat line again after the FOMC opted to cut interest rates by 50 basis points. The markets will now look to today’s post-meeting comments from Fed Chair Powell to see why policymakers bypassed a more typical -25 bps cut in the fed funds target range and opted for a larger -50 bps rate cut instead. Also, fresh quarterly projections in the form of the Fed’s “dot plot” will offer further insight into the path of interest rates and the economy.
Today’s reports showed that US housing starts and building permits for August were better than expected, bolstering the prospects for a soft landing and supporting stocks. US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
Hawkish comments earlier today from former St. Louis Fed President Bullard weighed on bonds and stocks when he said the Fed should cut interest rates by -25 bp today as the case for a -50 bp rate cut is "overblown."
The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -11 ticks. The 10-year T-note yield is up +4.7 bp at 3.693%. Dec T-notes today are moderately lower on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on today’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate today rose to a 2-week high of 2.133%.
European government bond yields today are moving higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and is up +4.9 bp at 2.192%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and is up +8.5 bp at 3.852%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Super Micro Computer is up more than +2% after Needham & Co. initiated coverage on the stock with a recommendation of buy with a price target of $600.
VF Corp is up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co is up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare is up more than +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel is up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
ResMed is down more than -4% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Cencora is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
DaVita is down more than -1% on signs of insider selling after an SEC filing showed CEO Rodriguez sold $9.86 million of shares on Monday.
Workday is down more than -1% to lead losers in the Nasdaq 100 after Needham & Co. cut their price target on the stock to $300 from $350.
Hilton Grand Vacations is down more than -2% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
Incyte Corp is down more than -1% after Truist Securities downgraded the stock to hold from buy.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
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.
Masimo MASI recently announced that a U.S. court has found Politan Capital and its managing partner, Quentin Koffey, guilty of violating a sealing order by releasing information from ongoing court proceedings in a press release dated Sept. 12.
This incident is likely to become a critical factor in the lead-up to Masimo’s 2024 Annual Meeting on Sept. 19, where Politan aims to replace several board members, potentially leading to the ousting of the company’s long-standing CEO and founder, Joe Kiani. The ruling has raised significant issues concerning corporate governance and the ethical conduct of activist investors.
Politan’s press release, which disclosed court proceedings sealed by a previous ruling, was deemed a violation by the U.S. Court for the Central District of California. The court stated that Politan’s disclosure gave it an unfair advantage in its proxy battle with Masimo, as the latter was unable to respond meaningfully due to the constraints of the sealing order.
Although the court ruled in favor of Masimo regarding the breach, it did not issue an injunction because the company failed to demonstrate significant economic damage from Politan’s actions. Furthermore, Politan had made corrective disclosures in response to the litigation.
MASI stock has gained 2% so far following the court ruling on Sept. 14. Year to date, Masimo’s shares have lost 1.9% against the industry’s growth of 9.8%. The S&P 500 Index has gained 18.1% in the said time frame.
Will MASI Gain From the Ruling?
The controversy stems from Politan’s broader agenda, which involves challenging the current leadership at Masimo. The investment firm has been vocal in its criticism of Masimo’s governance, particularly its alleged “egregious CEO benefits” and what Politan describes as “broken governance.”
In June 2024, Politan proposed two new board members, Darlene Solomon, former CTO of Agilent, and William Jellison, former CFO of Stryker, in an attempt to reshape Masimo’s leadership. According to Politan, these changes are necessary to safeguard the company’s future and maximize shareholder value.
However, the court’s contempt ruling has cast doubt on Politan’s ethical standing. Masimo’s management seized the opportunity to question the credibility and integrity of Politan, urging investors to vote against the firm’s nominees. The current board emphasized that Politan and its leadership, including Quentin Koffey, lack the necessary experience and qualifications to guide Masimo, further citing the court’s contempt ruling as evidence of Politan’s questionable conduct.
Importance of MASI’s Board Battle
The upcoming vote on Sept. 19 will determine the future of Masimo’s leadership. It could also result in Joe Kiani being ousted as CEO, a position he has held since the company’s inception. The court ruling adds a layer of complexity to the voting process, as shareholders must now weigh the legal and ethical implications of supporting Politan's candidates. If Politan succeeds, it could lead to a significant shift in Masimo’s strategic direction. A victory for MASI’s current board would maintain the status quo, albeit with renewed questions about governance and accountability. This ruling, therefore, plays a critical role in shaping the company’s future leadership and governance structure.
Masimo Corporation Price
Masimo Corporation price | Masimo Corporation Quote
MASI’s Zacks Rank & Other Key Picks
Currently, Masimosports a Zacks Rank #1 (Strong Buy).
A few other top-ranked stocks in the broader medical space are DaVita Inc. DVA, Baxter International Inc. BAX and Boston Scientific Corporation BSX.
DaVita, flaunting a Zacks Rank #1 at present, has an estimated long-term growth rate of 17.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DVA’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 24.2%. Its shares have risen 56.1% compared with the industry’s 26.3% growth in the past year.
Baxter, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 10%. BAX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.7%.
Baxter has gained 2.9% compared with the industry’s 19.5% growth in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.6%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.2%.
Boston Scientific’s shares have rallied 57.7% compared with the industry’s 19.5% growth in the past year.
Zacks Investment Research
Stryker Corporation SYK announced that it has closed the previously-announced agreement to acquire care.ai, a privately held company specializing in artificial intelligence (AI)-assisted virtual care workflows, smart room technology and ambient intelligence solutions. This acquisition is likely to strengthen Stryker's healthcare IT and wireless medical device offerings, underscoring its commitment to delivering innovative solutions that can tackle key challenges in the healthcare industry.
The deal should help SYK in enhancing its position further in the healthcare technology sector. Although SYK stock declined 2.2% following the announcement, the company’s shares have demonstrated a strong uptrend year to date, which is likely to continue for the rest of 2024.
Significance of SYK’s Agreement
Stryker's acquisition of care.ai marks a pivotal step in addressing major challenges in the healthcare industry, such as nursing shortages, staff retention and workplace safety. care.ai's AI-powered platform enhances healthcare delivery by enabling responsive, personalized workflows, allowing caregivers to focus more on patient care.
This move should accelerate Stryker's digital vision, offering customers real-time, intelligent decision-making tools that benefit both caregivers and patients. By integrating care.ai’s AI-driven technology with its Vocera platform, Stryker can create a comprehensive ecosystem to support dynamic clinical workflows and the development of smart healthcare facilities.
The acquisition highlights Stryker’s commitment to addressing its customers' evolving needs while advancing the future of healthcare. It aligns with Stryker's strategy of making tuck-in acquisitions to expand its capabilities.
Stryker Corporation Price
Stryker Corporation price | Stryker Corporation Quote
Earlier, in June, the company agreed to purchase Artelon, a leader in soft tissue repair technology. In December, it announced plans to acquire Serf Sas, a firm specializing in joint replacement technology. Through these strategic moves, Stryker is reinforcing its position as a leader in healthcare innovation.
Industry Prospects
Per a Precedence Research report, the global AI healthcare market size is expected to be worth $26.69 billion in 2024. It is anticipated to reach $613.81 billion by 2034 at a CAGR of 36.8%.
The robust growth will be primarily driven by the increasing adoption of digital technologies to reduce healthcare costs and enhance patient care quality. The rising prevalence of chronic diseases and an aging population are expanding the patient pool, leading to a greater need for efficient data management.
The demand for personalized medicine and the need to maintain digital health records are further propelling the market. The integration of AI and machine learning into healthcare systems should aid in early disease detection and improved care, supported by data analytics, deep learning, natural language processing and predictive analytics.
Price Performance
Shares of Stryker have risen 21.6% year to date compared with 15.5% growth of the industry. The S&P 500 has witnessed a 18.1% rise in the same time frame.
SYK’s Zacks Rank & Key Picks
Currently, Strykercarries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are DaVita Inc. DVA, Baxter International Inc. BAX and Boston Scientific Corporation BSX.
DaVita, flaunting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 17.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DVA’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 24.2%. Its shares have risen 56.1% compared with the industry’s 26.3% growth in the past year.
Baxter, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 10%. BAX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.7%.
Baxter has gained 2.9% compared with the industry’s 19.5% growth in the past year.
Boston Scientific, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.6%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.2%.
Boston Scientific’s shares have rallied 57.7% compared with the industry’s 19.5% growth in the past year.
Zacks Investment Research
The S&P 500 Index today is down by -0.04%, the Dow Jones Industrials Index is down by -0.18%, and the Nasdaq 100 Index is up by +0.07%.
Stocks today are little changed on uncertainty ahead of the FOMC’s decision on interest rates this afternoon. Today’s reports showed that US housing starts and building permits for August were better than expected, bolstering the prospects for a soft landing and supporting stocks.
The markets will look to the 2-day FOMC meeting that concludes this afternoon to see 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 on a larger -50 bp rate cut instead. Also, fresh quarterly projections in the form of the Fed’s “dot plot” will offer further insight into the path of interest rates and the economy. In addition, today’s post-meeting comments from Fed Chair Powell will be scrutinized regarding the Fed’s future policy intentions.
US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
Hawkish comments today from former St. Louis Fed President Bullard weighed on bonds and stocks when he said the Fed should cut interest rates by -25 bp today as the case for a -50 bp rate cut is "overblown."
The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -11 ticks. The 10-year T-note yield is up +4.7 bp at 3.693%. Dec T-notes today are moderately lower on negative carryover from a slide in European government bonds to 1-week lows. T-notes also fell on today’s stronger-than-expected US Aug housing starts and building permits reports. In addition, rising inflation expectations are bearish for T-notes after the 10-year breakeven inflation rate today rose to a 2-week high of 2.133%. T-notes extended their losses after former St. Louis Fed President Bullard said the FOMC should cut interest rates by only -25 bp today.
European government bond yields today are moving higher. The 10-year German bund yield climbed to a 1-week high of 2.195% and is up +4.9 bp at 2.192%. The 10-year UK gilt yield rose to a 1-week high of 3.854% and is up +8.5 bp at 3.852%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Super Micro Computer is up more than +2% after Needham & Co. initiated coverage on the stock with a recommendation of buy with a price target of $600.
VF Corp is up more than +3% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co is up more than +3% after Barclays upgraded the stock to equal weight from underweight.
GE Healthcare is up more than +2% after BTIG upgraded the stock to buy from neutral with a price target of $100.
United States Steel is up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
Extra Space Storage is up more than +1% after Jeffries upgraded the stock to buy from hold with a price target of $204.
ResMed is down more than -4% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Cencora is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
DaVita is down more than -1% on signs of insider selling after an SEC filing showed CEO Rodriguez sold $9.86 million of shares on Monday.
Workday is down more than -1% to lead losers in the Nasdaq 100 after Needham & Co. cut their price target on the stock to $300 from $350.
Hilton Grand Vacations is down more than -2% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
Incyte Corp is down more than -1% after Truist Securities downgraded the stock to hold from buy.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
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.
The S&P 500 Index today is up by +0.05%, the Dow Jones Industrials Index is down by -0.11%, and the Nasdaq 100 Index is up by +0.11%.
Stocks today are slightly higher ahead of the FOMC’s decision on interest rates this afternoon. Today’s reports showed US housing starts and building permits for August were better than expected, bolstering the prospects for a soft landing and boosting stocks.
The markets will look to the 2-day FOMC meeting that concludes this afternoon to see 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 on a larger -50 bp rate cut instead. Also, fresh quarterly projections in the form of the Fed’s “dot plot” will offer further insight into the path of interest rates and the economy. In addition, today’s post-meeting comments from Fed Chair Powell will be scrutinized regarding the Fed’s future policy intentions.
US MBA mortgage applications rose +14.2% in the week ended September 13, with the purchase mortgage sub-index rising +5.4% and the refinancing mortgage sub-index rising +24.2%. The average 30-year fixed rate mortgage fell -14 bp to a 2-year low of 6.15% from 6.29% in the prior week.
US Aug housing starts rose +9.6% m/m to a 4-month high of 1.356 million, stronger than expectations of 1.318 million. Aug building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475 million, stronger than expectations of 1.410 million.
The markets are discounting the chances at 100% for a -25 bp rate cut at the conclusion of today’s FOMC meeting and at 66% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.36%. China's Shanghai Composite recovered from a 7-1/4 month low and closed up +0.49%. Japan's Nikkei Stock 225 closed up +0.49%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -9 ticks. The 10-year T-note yield is up +3.8 bp at 3.683%. Dec T-notes today are moderately lower on negative carryover from a slide in European government bonds to 1-week lows. Also, position squaring and long liquidation are weighing on T-notes ahead of this afternoon’s decision by the FOMC on interest rates. T-notes extended their losses after US Aug housing starts and building permits rose more than expected.
European government bond yields today are moving higher. The 10-year German bund yield climbed to a 1-week high of 2.185% and is up +4.1 bp at 2.184%. The 10-year UK gilt yield rose to a 1-week high of 3.837% and is up +6.8 bp to 3.836%.
ECB Governing Council member Villeroy de Galhau said, "The ECB has cut interest rates twice and should continue to cut them," as victory over inflation is "within sight."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Super Micro Computer is up more than +4% to lead gainers in the S&P 500 and Nasdaq 100 after Needham & Co. initiated coverage on the stock with a recommendation of buy with a price target of $600.
Cruise line operators are climbing today, with Carnival and Norwegian Cruise Line Holdings up more than +2% and Royal Caribbean Cruises Ltd up more than +1%.
VF Corp is up more than +5% after Barclays upgraded the stock to overweight from equal weight with a price target of $22.
Victoria’s Secret & Co is up more than +5% after Barclays upgraded the stock to equal weight from underweight.
United States Steel is up more than +1% after a US security panel granted Nippon Steel permission to refile its plans to purchase the company for $14.1 billion.
GE Healthcare is up more than +1% after BTIG upgraded the stock to buy from neutral with a price target of $100.
ResMed is down more than -5% to lead losers in the S&P 500 after Wolfe Research downgraded the stock to underperform from peer perform with a price target of $180.
Cencora is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy.
Incyte Corp is down more than -2% after Truist Securities downgraded the stock to hold from buy.
DaVita is down more than -2% on signs of insider selling after an SEC filing showed CEO Rodriguez sold $9.86 million of shares on Monday.
Edwards Lifesciences is down nearly -1% after Jeffries downgraded the stock to hold from buy.
Hilton Grand Vacations is down more than -1% after Goldman Sachs initiated coverage on the stock with a sell recommendation and a price target of $31.
Earnings Reports (9/18/2024)
Ennis Inc (EBF), General Mills Inc (GIS), Steelcase Inc (SCS).
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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The risk of loss in trading financial instruments such as stocks, FX, commodities, futures, bonds, ETFs and crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
No decision to invest should be made without thoroughly conducting due diligence by yourself or consulting with your financial advisors. Our web content might not suit you since we don't know your financial conditions and investment needs. Our financial information might have latency or contain inaccuracy, so you should be fully responsible for any of your trading and investment decisions. The company will not be responsible for your capital loss.
Without getting permission from the website, you are not allowed to copy the website's graphics, texts, or trademarks. Intellectual property rights in the content or data incorporated into this website belong to its providers and exchange merchants.