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Stock Market Today: Live Updates ft

28 minutes ago

Citi sees a 30% upside on Sarepta Therapeutics

Analyst Neena Bitritto-Garg initiated coverage of the biotech stock with a buy rating and said in a Tuesday note to clients that a positive vote from a Food and Drug Administration advisory committee on its SRP-9001 therapy could give Sarepta a 30% advantage.

“Although AdCom meetings increase risk/volatility on a PDUFA date, we like the setup for stocks from here as we believe the AdCom vote could be positive if the focus is on reward/risk and the relationship between the expression of microdystrophin SRP-9001 and the clinic”. endpoints,” she wrote.

CNBC Pro subscribers can read more here.

—Samantha Subin

54 minutes ago

Jamie Dimon warns that the banking crisis is not over

JPMorgan Chase CEO Jamie Dimon wrote in his annual letter to shareholders that the US banking crisis is not over yet.

“The current crisis is not over yet, and even when it is over, there will be repercussions for years to come,” Dimon said.

“Any crisis that damages the confidence of Americans in their banks damages all banks, a fact that was known even before this crisis. While it is true that this banking crisis ‘benefited’ the largest banks because of the entry of deposits they received from smaller institutions, the idea that this collapse was somehow good for them is absurd,” Dimon added.

—Jesse Pound

An hour ago

CNBC Pro: As Wall Street Turns Bearish in the US, Here’s Where the Pros Say to Invest

Wall Street strategists seem unconvinced that US stocks are the best place to look ahead, despite a strong first-quarter performance.

In this context, where should investors put their money?

This is what the professionals think.

—Zavier Ong

3 hours ago

European markets open modestly higher

European markets opened modestly higher on Tuesday, seemingly shrugging off concerns about rising oil prices following a surprise output cut by the OPEC+ alliance.

The pan-European Stoxx 600 Index rose 0.4% at the start of trading, with all major exchanges and sectors trading in the green. Mining shares led the gains with a 1.2% rise, followed by banking shares, which rose 0.8%. Oil and gas stocks rose 0.4%.

—Hannah Ward-Glenton

6 hours ago

Australia’s central bank keeps rates unchanged at 3.6%

The Reserve Bank of Australia has held its reference interest rate at 3.6%.

“The decision to keep interest rates stable this month gives the Board more time to assess the state of the economy and the outlook, in an environment of considerable uncertainty,” the central bank said in its statement.

This marks the first high in the RBA’s hike cycle since it began raising rates in April 2022.

The Australian dollar weakened after the move to 0.6782 against the US dollar.

–Lim Hui Jie

12 hours ago

Recession looming as full effects of rate hikes loom, says Evercore’s Julian Emanuel

Evercore expects an economic downturn this year as the effects of the Federal Reserve’s tightening monetary policy continue to play out in the economy.

“If you think about it, (we’ve had) a year of tightening… If you think about all that tightening for us, (right now) it’s probably just the beginning of the tightening effects, rather than the end.” of that,” Evercore ISI senior managing director Julian Emanuel said on CNBC’s “Fast Money.”

“We think there’s probably more to come, and in that sense, we’re going to have a recession, even if it’s mild, as we expect. We think stocks will be hit the hardest,” Emanuel continued.

Emanuel anticipates corporate earnings to weaken in the second quarter of 2023, which could call into question the Nasdaq’s strong rally so far this year. The high-tech index is up 17.3% in 2023.

He mentioned that Evercore has added small-cap stocks to its portfolio today as a defensive play in today’s market.

“Small-caps actually have a higher-than-usual weighting toward more defensive sectors, including healthcare and energy, which we think makes a lot of sense here,” Emanuel said.

“Basically, what it does is give you the protection of the put option through high free cash flow. If the economy goes down like we expect, or more importantly, if there’s a credit crunch, you’re cash flow protected. of free cash, and then the Part of the optionality of the calls is due to an environment where earnings estimates have been coming in across a broad spectrum of stocks These stocks are still getting upward revisions That’s something well,” Emanuel added.

See the table…

Nasdaq Composite

7 hours ago

JPMorgan says OPEC+ move to lower supply targets is ‘precautionary’

JPMorgan analysts said the OPEC+ move was a “precautionary” move and that it expected similar moves sooner.

“We see the current reduction in supply as a preventative measure, ensuring that the surpluses that began to accumulate in the global oil market from mid-2022 do not extend until the second half of 2023 as the global economy slows down after nearly 400bp of cumulative gains since 2022,” analysts including Natasha Kaneva wrote in a note late Sunday.

Unlike Goldman Sachs, which raised its forecast for Brent oil to $95 a barrel by December 2023, JPMorgan said its forecast remains unchanged at $89 in the second quarter of this year, rising to $94 in the fourth quarter of 2023. and ending the year at $96 per barrel.

–Jihye Lee

13 hours ago

Stock futures open flat

Stock futures were little changed to begin trading Monday night.

Dow Jones Industrial Average futures were down 30 points, or 0.09%. S&P 500 futures fell 0.08% and Nasdaq 100 futures fell 0.14%.

In regular trade, the Dow rose 327 points, or 0.98%, and the S&P 500 added 0.37%. The Nasdaq Composite fell 0.27%.

—Tanaya Macheel



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