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September S&P 500 E-Mini futures (ESU24) are up +1.48%, and September Nasdaq 100 E-Mini futures (NQU24) are up +2.03% this morning on expectations the Federal Reserve’s half-percentage-point rate cut will steer the U.S. economy toward a “soft landing,” while investors awaited a new round of U.S. economic data and an earnings report from delivery services giant FedEx.
The Federal Reserve cut its benchmark interest rate by a half percentage point yesterday, marking its first rate reduction in over four years. The Federal Open Market Committee voted 11 to 1 to reduce the federal funds rate to a range of 4.75% to 5.00% after maintaining it at its highest level in two decades for over a year. In their statement, policymakers indicated they will contemplate “additional adjustments” to rates depending on “incoming data, the evolving outlook, and the balance of risks.” At the same time, Fed Chair Jerome Powell warned not to presume that the half-point move establishes a pace that policymakers will maintain. “This decision reflects our growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate growth and inflation moving sustainably down to 2%, ” Powell said in a press conference.
Projections released after the Fed’s two-day meeting revealed that a slim majority, 10 out of 19 policymakers, supported cutting rates by at least an additional half-point during the two remaining 2024 meetings. Also, Fed officials penciled in an additional percentage point of cuts in 2025, according to their median forecast.
“The markets got what they wanted - a big first cut by the Fed. Now we’ll see if they remain satisfied,” said Chris Larkin at E*Trade from Morgan Stanley. “The Fed has a well-deserved reputation for not rushing, so there’s the potential for some disappointment if it’s seen to be moving too slowly, especially if economic data continues to soften. But today they delivered.”
In yesterday’s trading session, Wall Street’s major indices ended in the red. ResMed slumped over -5% and was the top percentage loser on the S&P 500 after Wolfe Research downgraded the stock to Underperform from Peer Perform with a price target of $180. Also, chip stocks lost ground, with Intel sliding more than -3% to lead losers in the Dow and Nasdaq 100 and Nvidia falling nearly -2%. On the bullish side, U.S. Steel advanced over +1% after a U.S. security panel granted Nippon Steel permission to refile its plans to acquire the company for $14.1 billion. In addition, Intuitive Machines surged more than +38% after announcing that it was awarded a NASA contract worth up to $4.82 billion for providing communication and navigation services for near-space missions.
Economic data released on Wednesday showed that U.S. building permits, a proxy for future construction, rose +4.9% m/m to a 5-month high of 1.475M in August, stronger than expectations of 1.410M. Also, U.S. August housing starts rose +9.6% m/m to a 4-month high of 1.356M, stronger than expectations of 1.310M.
Meanwhile, U.S. rate futures have priced in a 62.9% chance of a 25 basis point rate cut and a 37.1% chance of a 50 basis point rate cut at the next central bank meeting in November.
On the earnings front, notable companies like FedEx , Lennar , and Darden Restaurants are slated to release their quarterly results today.
Today, all eyes are focused on the U.S. Philadelphia Fed manufacturing index, set to be released in a couple of hours. Economists, on average, forecast that the September Philadelphia Fed manufacturing index will come in at -0.8, compared to last month’s value of -7.0.
Also, investors will focus on U.S. Initial Jobless Claims data. Economists predict this figure will hold steady at 230K, consistent with last week’s number.
U.S. Existing Home Sales data will be released today. Economists foresee this figure to stand at 3.92M in August, compared to 3.95M in July.
The U.S. Conference Board Leading Index will be reported today as well. Economists expect the August figure to be -0.3% m/m, compared to the previous number of -0.6% m/m.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 3.707%, up +0.38%.
The Euro Stoxx 50 futures are up +1.31% this morning as investors digested the Fed’s first rate cut in four years and looked ahead to the Bank of England’s interest rate decision. Mining stocks led the gains on Thursday. Data from the European Central Bank released Thursday revealed that the Eurozone’s current account surplus narrowed in July due to a smaller trade surplus and a decline in primary income. Meanwhile, investor focus is now shifting to the Bank of England’s monetary policy decision due later in the session, with the central bank widely anticipated to keep rates unchanged. In corporate news, Next Plc gained about +2% after the British clothing retailer announced it is on track to achieve an annual profit of nearly 1 billion pounds.
Eurozone’s Current Account data was released today.
Eurozone July Current Account came in at 39.6B euros, weaker than expectations of 40.3B euros.
Asian stock markets today closed in the green. China’s Shanghai Composite Index (SHCOMP) closed up +0.69%, and Japan’s Nikkei 225 Stock Index (NIK) closed up +2.13%.
China’s Shanghai Composite Index closed higher today, reversing earlier losses amid optimism that an aggressive U.S. rate cut could give Chinese authorities more leeway to ease policy further to bolster the economy. Software and property stocks led the gains on Thursday. Still, a bleak economic outlook and the absence of robust policy support measures in the country kept sentiment subdued. According to analysts and policy advisers, Chinese policymakers are expected to intensify efforts to help the economy achieve its increasingly challenging growth target for 2024, focusing more sharply on stimulating demand to counter persistent deflationary pressures. Meanwhile, just hours after the Fed’s meeting, the Hong Kong Monetary Authority reduced the city’s base rate by 50 basis points to 5.25%. The HKMA follows the Fed’s monetary policy to maintain the Hong Kong dollar’s fixed exchange rate with the U.S. dollar. In other news, Chinese Commerce Minister Wang Wentao stated in Brussels on Wednesday that China will persist in negotiating “until the last minute” on the European Union’s electric vehicle probe. In corporate news, Hongrun Construction Group rose over +3% after securing a 242 million yuan wharf construction project from Hengli Shipbuilding. Investors are now shifting their focus to China’s loan prime rate decision on Friday.
Japan’s Nikkei 225 Stock Index closed sharply higher today, climbing above the 37,000 level for the first time since September 5th. Export-oriented stocks led the gains on Thursday as the yen weakened against the dollar, driven by expectations that the Fed might opt for smaller rate cuts ahead. A softer yen enhances the prospects for Japan’s export-driven industries and encourages investors to pursue higher-yielding assets. Technology stocks also gained ground. Meanwhile, market participants are now turning their attention to the Bank of Japan’s policy decision on Friday, where it is expected to keep its benchmark rate unchanged but hint at further rate hikes. Japanese consumer inflation data, set for release on Friday, will also be closely watched by investors. In corporate news, Ichiyoshi Securities gained over +1% after announcing a provisional semi-annual dividend of 17 yen per share for the fiscal year ending March 31st, 2025. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed down -5.20% to 25.73.
Pre-Market U.S. Stock Movers
Steelcase plunged over -9% in pre-market trading after the company reported weaker-than-expected Q2 revenue and provided below-consensus Q3 revenue guidance.
Progyny plummeted more than -22% in pre-market trading after disclosing the loss of a “significant client.”
Five Below fell about -1% in pre-market trading after JPMorgan downgraded the stock to Underweight from Neutral.
Today’s U.S. Earnings Spotlight: Thursday - September 19th
FedEx (FDX), Lennar (LEN), Darden Restaurants (DRI), FactSet Research (FDS), MillerKnoll (MLKN), Endava (DAVA), Cracker Barrel Old (CBRL), Research Solutions (RSSS).
On the date of publication, Oleksandr Pylypenko 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.
Amid the Federal Reserve’s recent decision to cut interest rates, CNBC’s Jim Cramer has weighed in on how these changes might affect the technology sector.
What Happened: Cramer discussed the Federal Reserve’s recent interest rate cuts and their implications for the technology sector on Wednesday. He believes these cuts do not significantly benefit tech stocks.
According to CNBC on Thursday, Cramer stated, “With a double-sized rate cut that everybody already expected, you aren’t going to see a huge run in tech.”
He emphasized that the Fed’s actions are more beneficial to companies reliant on a healthy consumer base.
The Federal Reserve initiated its rate-cutting cycle by reducing rates by half a point and signaled an additional 50 basis points cut by year-end. This marks the first rate cut since the pandemic, aimed at addressing inflation and balancing economic risks.
Cramer highlighted his observations from Salesforce Inc. ’s annual conference in San Francisco, noting that tech companies, particularly those focused on AI, are less impacted by rate cuts. These companies cater to enterprises rather than consumers, distancing them from the labor market.
See Also: Ethereum Co-Founder Says Donald Trump Is ‘Certainly The Favorite’ Over Kamala Harris For Crypto
He suggested that consumer-oriented companies might benefit more during this rate-cutting cycle. Despite potential gains for tech stocks, Cramer noted that Wall Street often shifts focus to companies that thrive with lower rates.
Cramer concluded, “On days like today, we want the companies that desperately needed a rate cut, because they just got what they wished for. But tech? It got out of the wish game a very long time ago.”
Why It Matters: The Federal Reserve’s decision to cut interest rates by 50 basis points marks a significant shift in monetary policy, breaking a streak of 12 consecutive months with rates held steady. This move aims to address inflation and balance economic risks. The rate cut has already impacted market sentiment, with the CNN Money Fear and Greed index showing improvement, moving into the “Greed” zone.
Price Action: Invesco QQQ Trust, Series 1 , which tracks tech players like Apple Inc. , Microsoft Corp. , Nvidia Corp. , Broadcom Inc. and others, was trading 1.67% higher during the pre-market at $479.33 while it closed at $471.44, as per Benzinga Pro.
Read Next:
Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The most recent trading session ended with Schlumberger (SLB) standing at $41.42, reflecting a -0.19% shift from the previouse trading day's closing. This change was narrower than the S&P 500's 0.29% loss on the day. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 0.31%.
The world's largest oilfield services company's shares have seen a decrease of 5.75% over the last month, not keeping up with the Oils-Energy sector's loss of 2.45% and the S&P 500's gain of 1.57%.
The investment community will be closely monitoring the performance of Schlumberger in its forthcoming earnings report. In that report, analysts expect Schlumberger to post earnings of $0.89 per share. This would mark year-over-year growth of 14.1%. Simultaneously, our latest consensus estimate expects the revenue to be $9.3 billion, showing a 11.96% escalation compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.49 per share and revenue of $36.88 billion, indicating changes of +17.11% and +11.29%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Schlumberger. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.02% higher within the past month. Currently, Schlumberger is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Schlumberger has a Forward P/E ratio of 11.9 right now. Its industry sports an average Forward P/E of 18.54, so one might conclude that Schlumberger is trading at a discount comparatively.
Also, we should mention that SLB has a PEG ratio of 0.89. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Oil and Gas - Field Services industry held an average PEG ratio of 0.95.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 167, placing it within the bottom 34% of over 250 industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Taiwan Semiconductor Manufacturing Co stock lost 4% in the last 30 days. Last month saw volatility as Nvidia Corp released its quarterly print and more.
The VanEck Semiconductor ETF and iShares Semiconductor ETF , representing the semiconductor industry, have lost ~7% in the last 30 days. Now, let’s run down the events for Taiwan Semiconductor since Nvidia released its quarterly print.
On August 28, Nvidia reported second-quarter topline growth of 122% to $30.04 billion, quashing the analyst consensus of $28.68 billion.
Also Read: Intel Looks To Restructure Foundry Business, Bags Major US Deal and Government Grants
The company projected third-quarter revenue of $31.85 billion—$33.15 billion, versus the consensus of $31.77 billion.
Still, the stock dropped by 6% in after-hours trading, sending semiconductor stocks, including Taiwan Semiconductor, Advanced Micro Devices, Inc , and Super Micro Computer, Inc , down as the print failed to impress the Street.
The semiconductor sector selloff continued in September, with U.S.-China geopolitical tensions intensifying due to the Western counterpart’s artificial intelligence technology embargo on the Asian counterpart.
Meanwhile, Taiwan Semiconductor remained invested in solidifying its moat by localizing neon gas production, a key chipmaking material disrupted by the Ukraine war, and fast-tracking the development of silicon photonics to address the energy and data transmission speeds needed by AI computing.
Taiwan Semiconductor projected a 50% growth in AI accelerators at the Semicon Taiwan industry forum in Taipei despite concerns over the sustainability of the AI frenzy, which is sending jitters across the market. Broadcom Inc’s quarterly print and guidance did little to contain the semiconductor selloff.
On the brighter side, reports indicated that the contract chipmaker’s production yield at the Arizona facility is at par with its Taiwan facilities.
Taiwan Semiconductor reported 33% topline growth in August 2024, testimony to the smartphone market recovery and continued demand for Nvidia AI chips. Analysts expect third-quarter revenue growth of 37%.
Some of Taiwan Semiconductors key September wins included a Alphabet Inc Google smartphone deal involving Pixel 10 and Pixel 11 chips and Apple Inc’s A16 chip at its Arizona Fab.
Taiwan Semiconductor is up over 90% in the last 12 months as it led the global foundry market, commanding a 62% share in the second quarter of 2024.
Price Action: TSM stock closed at $167.28 on Wednesday.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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