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Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index up 0.7% and the Energy Select Sector SPDR Fund (XLE) rising 1.1%.
The Philadelphia Oil Service Sector index climbed 2.6%, and the Dow Jones US Utilities index eased 0.2%.
Front-month West Texas Intermediate crude oil was rising 2.1% to $71.57 a barrel while the global benchmark Brent crude contract was advancing 1.7% to $73.97 a barrel. Henry Hub natural gas futures were 1.4% lower at $2.34 per 1 million BTU.
In corporate news, VivoPower shares tumbled 26% after the company said it signed an agreement to merge with Future Automotive Solutions and Technologies in an all-stock deal.
GE Vernova shares popped 2.7%. The company's gas power services segment is expected to see significant growth driven by accelerating US electricity demand, BofA Securities said in a note Tuesday. BofA upgraded its rating on the stock to buy from neutral and raised its price objective to $300 from $200.
Seadrill and Oil States International have signed a non-exclusive collaboration agreement to support the safety and efficiency of offshore managed pressure drilling operations, Oil States said. Seadrill shares gained 3.3% and Oil States jumped 4.6%.
Wall Street experienced a slightly positive session Tuesday, supported by investor optimism as the Federal Open Market Committee (FOMC) kicked off its two-day meeting, expected to deliver the first interest rate cut in over four years on Wednesday.
The session’s notable performers were small caps, with the Russell 2000 index surging about 1.3%, targeting its highest close since early August and outperforming larger-cap indices.
Among industries, solar, clean energy and regional banks led gains as traders eyed pockets of the markets that would benefit from lower interest rates.
On the macro front, August retail sales provided an upside surprise, growing by 0.1% month-over-month compared to the expected 0.2% decline. This stronger-than-anticipated data slightly reduced the likelihood of a more aggressive 50-basis-point rate cut, with market-implied probabilities for such a move slipping from 67% to 63%, according to the CME FedWatch Tool.
Short-dated Treasury yields rose as expectations for a substantial rate cut moderated. Meanwhile, the dollar strengthened, gaining 0.2%.
In the commodities market, gold retreated 0.7% from Monday’s record-high close. Oil prices increased by 1.3% following escalating geopolitical tensions in the Middle East.
Reports indicate a coordinated attack in Lebanon led to thousands of pagers linked to Hezbollah militants being detonated, resulting in numerous casualties within the Iran-backed organization.
Additionally, Iran’s ambassador to Lebanon is reportedly injured, though the official responsibility for the attack remains unclaimed.
Bitcoin jumped over 4%, buoyed by positive ETF inflows, signaling renewed investor interest in the digital asset space as interest rates shift.
Tuesday’s Performance In Major US Indices, ETFs
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,220.44 | 1.3% |
S&P 500 | 5,642.79 | 0.2% |
Nasdaq 100 | 19,441.83 | 0.1% |
Dow Jones | 41,636.05 | 0.0% |
According to Benzinga Pro platform:
Tuesday’s Stock Movers
Read Now:
The image was created using artificial intelligence MidJourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
GE Vernova Inc. shares are trading higher after BofA Securities analyst Andrew Obin upgraded the stock from Neutral to Buy and raised its price target from $200 to $300.
The analyst writes that while rising grid-related spending benefits the Electrification segment, they believe the potential of Gas Power Services (29% of revenue) is underappreciated by investors.
Notably, the analyst writes that electricity generation for U.S. combined cycle plants has grown at a 5.1% CAGR from 2014 to 2024, while simple cycle gas turbines have grown at an 11.6% CAGR.
Hence, an increase in utilization is already boosting growth in GEV’s transactional services, which are rising at an approximately 8% CAGR from 2020 to 2023.
Also Read: Power And Electrification Propel GE Vernova’s Q2 Performance, Wind Orders Lag, Guidance Raised
Obin expects GEV to outperform and exceed expectations in the coming quarters consistently. Consequently, the analyst raised the 2025/2026 estimates due to anticipated faster earnings growth in Gas Power Services.
Obin raised the 2025 adjusted EBITDA estimate by $0.5 billion to $3.6 billion and the 2026 estimate by $1.1 billion to $5.4 billion. These estimates are 16% and 27% higher than the current consensus, respectively.
Investors can gain exposure to the stock via Invesco S&P Spin-Off ETF and Fidelity Clean Energy ETF .
Price Action: GEV shares are up 3.78% at $238.63 at the last check Tuesday.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is up by +0.62%, the Dow Jones Industrials Index is up by +0.44%, and the Nasdaq 100 Index is up by +0.83%.
Stocks today are moderately higher, with the S&P 500 climbing to a 2-month high, the Dow Jones Industrials posting a new record high, and the Nasdaq 100 rising to a 2-1/2 week high. Today's positive corporate and economic news has boosted optimism in the US economic outlook and is pushing stocks higher. Intel is up more than +6% after the chipmaker won new business from Amazon.com. Also, Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program. Stocks maintained moderate gains after strength in today’s US retail sales and manufacturing production reports supported the outlook for a soft landing.
Aug retail sales unexpectedly rose +0.1% m/m, stronger than expectations of a -0.2% m/m decline. However, Aug retail sales ex-autos rose only +0.1% m/m, slightly weaker than expectations of +0.2% m/m.
US Aug manufacturing production rose +0.9% m/m, stronger than expectations of +0.2% m/m and the largest increase in 6 months.
The US Sep NAHB housing market index rose +2 to 41, right on expectations.
The markets will look to the 2-day FOMC meeting that begins today 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. 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 Tue/Wed FOMC meeting and at 64% for a -50 bp rate cut at that meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 climbed to a 1-1/2 week high and is up +0.79%. China's Shanghai Composite was closed for the Mid-Autumn Festival holiday. Japan's Nikkei Stock 225 closed down -1.03%.
Interest Rates
December 10-year T-notes (ZNZ24) today are down -6 ticks. The 10-year T-note yield is up +1.9 bp at 3.636%. Dec T-notes today gave up early gains and are slightly lower, and the 10-year T-note yield rebounded from a 15-month low of 3.595% and is moderately higher. The stronger-than-expected US retail sales and manufacturing production reports weighed on T-note prices. Also, strength in stocks today has reduced safe-haven demand for T-notes.
T-notes today initially moved higher 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% today from 52% last Friday.
European government bond yields today are moving higher. The 10-year German bund yield is up +2.0 bp at 2.142%. The 10-year UK gilt yield rebounded from a 7-1/2 month low of 3.729% and is up +1.9 bp at 3.778%.
The German Sep ZEW survey expectations of economic growth index fell -15.6 to an 11-month low of 3.6, weaker than expectations of 17.0.
ECB Governing Council member Simkus said the likelihood of an October interest rate cut by the ECB is "very small."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 32% for the October 17 meeting.
US Stock Movers
Intel is up more than +6% to lead gainers in the S&P 500, Dow Jones Industrials and Nasdaq 100 after the chipmaker landed Amazon.com’s AWS as a customer for its chip manufacturing business.
HP Enterprise is up more than +5% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $24.
Airbnb is up more than +4% after Uber won its fight against a state government claim in Australia that ruled its payments to drivers were not wages, which bolstered speculation other businesses with similar payment arrangements to Uber’s may benefit from its win in a long-standing payroll tax dispute.
AppLovin is up more than +5% after UBS upgraded the stock to buy from neutral with a price target of $145.
Insulet is up more than +3% after Piper Sandler raised its price target on the stock to $285 from $230.
GE Vernova is up more than +3% after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $300.
Dell Technologies is up more than +1% after Mizuho Securities initiated coverage on the stock with a recommendation of outperform and a price target of $135.
Microsoft is up more than +1% after it raised its quarterly dividend by 10% and announced a new $60 billion stock repurchase program.
Accenture Plc is down more than -4% to lead losers in the S&P 500 after Bloomberg News reported the company plans to push back the bulk of its staff promotions by six months as a weak outlook is curbing IT spending.
Atlassian is down more than -2% to lead losers in the Nasdaq 100 on signs of insider selling after an SEC filing showed CEO Cannon-Brookes sold $1.31 million shares last Friday.
Defense companies are under pressure today on a Bloomberg report that said some of Ukraine’s allies are contemplating how to negotiate a cease-fire between Russia and Ukraine. As a result, L3Harris Technologies , Lockheed Martin , Northrop Grumman , General Dynamics , and RTX Corp are down more than -1%.
S&P Global Inc is down more than -1% after the stock was removed from Bank of America Global Research’s US number 1 list.
Acushnet Holdings is down more than -2% after Jeffries downgraded the stock to hold from buy.
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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