Stock Market Overview
Tue, May 7th, 2024
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Stocks See Support as Bond Yields Fall and Earnings Impress
Barchart - Tue May 7, 3:48PM CDT
The S&P 500 Index ($SPX) (SPY) Tuesday closed up +0.13%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.01%.
US stock indexes settled mixed on Tuesday, with the S&P 500 posting a 3-week high and the Dow Jones Industrials posting a 4-week high. A decline in the 10-year T-note yield Tuesday to a 3-1/2 week low supported stocks. Also, expectations that the Fed will start cutting interest rates this year are a positive for stocks.
Corporate news Tuesday was mixed for stocks. On the positive side, FMC Corp rose more than +9% after forecasting full-year revenue above consensus. Also, GlobalFoundries closed up more than +6% after reporting Q1 adjusted EPS above consensus. In addition, International Paper rose more than +5% after Reuters reported that Suzano approached International Paper with an offer to buy the company for about $15 billion or $42 per share.
On the negative side, Builders First... Read more
Chinese leader Xi visits the French Pyrenees in a personal gesture by Macron
AP - Tue May 7, 8:35PM CDT
France’s president has hosted China’s leader at a remote mountain pass in the Pyrenees for private meetings
Too much water, and not enough: Brazil's flooded south struggles to access basic goods
AP - Tue May 7, 7:31PM CDT
More than 80% of residents in Brazil's southern city of Porto Alegre don't have running water one week after major flooding
Should Amazon Stock Follow The ‘Magnificent 7’ Trend and Start Paying a Dividend?
Barchart - Tue May 7, 6:30PM CDT
While fellow 'Magnificent 7' peers like Alphabet and Meta Platforms have recently initiated dividends, Amazon might not do so for at least the next couple of years.
TikTok sues US to block law that could ban the social media platform
AP - Tue May 7, 6:29PM CDT
TikTok and its Chinese parent company, ByteDance, are suing the U.S. government over a law that would ban the popular video-sharing app unless it’s sold to an approved buyer
More and faster: Electricity from clean sources reaches 30% of global total
AP - Tue May 7, 6:11PM CDT
A record 30% of global electricity was generated from renewables in 2023, according to a report released by Ember, a think tank based in London
FDIC report outlines 'misogynistic,' 'patriarchal' 'good ol' boys' workplace culture
AP - Tue May 7, 5:30PM CDT
An independent review of the Federal Deposit Insurance Corp.’s workplace culture describes an environment that fostered “hostile, abusive, unprofessional, or inappropriate conduct,” and questions...
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