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New York gold futures surged 4.00% intraday, currently trading at $5286.10 per ounce.On January 28th, China Railway Industry Corporation (CRIC) announced that its newly signed contracts for 2025 amounted to RMB 44.396 billion, a year-on-year decrease of 7.79%. Among these, the business of special engineering machinery and related services increased by 6.70% year-on-year, while the business of transportation equipment and related services decreased by 11.90% year-on-year. The total value of major contracts signed/won in the fourth quarter was RMB 2.532 billion, accounting for approximately 8.73% of the companys operating revenue in 2024.Eurozone money markets currently estimate a 25% probability of the European Central Bank cutting interest rates by July, compared to 15% on Tuesday.1. Bank of America: The Federal Reserve will cut interest rates twice in 2026, in June and July respectively. 2. Goldman Sachs: Expects the Federal Reserve to implement two rate cuts this year, with the first cut in June. 3. Morgan Stanley: Expects the Federal Reserve to cut interest rates by 25 basis points each in June and September. 4. Barclays: Expects the Federal Reserve to cut interest rates by 25 basis points each in June and December this year. 5. EY Bordrin: Expects the Federal Reserve to cut interest rates by a total of 50 basis points this year, but not until the second half of the year. 6. JPMorgan Chase: No longer expects the Federal Reserve to cut interest rates in 2026; the next action is expected to be a 25 basis point rate hike in the third quarter of 2027. 7. KBC: The next rate cut may not come until March, by 25 basis points. A further 25 basis point cut may be made in the second quarter to reach the neutral interest rate level. 8. Oxford Economics: The Federal Reserve will maintain its policy unchanged until June. A decline in inflation will allow the Federal Reserve to lower interest rates sooner if the labor market weakens further. 9. ING: The baseline forecast is for the Fed to cut rates in March and June, but the apparent risk now is that this pace could be delayed by three months overall. The Feds "dual mandate" will face more pressing pressure to achieve a rate cut in March. 10. ANZ: A pause in rate cuts in January was appropriate, but a prolonged pause is unnecessary. They forecast the FOMC to cut rates by 25 basis points each in March and June. 11. Wells Fargo: Given the two months of economic data to be released before the March meeting, rate cuts could come earlier, in March and June. The risk to their forecast leans towards a delay in the timing of rate cuts.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.3 occurred at 15:27 on January 28 near Sunan County, Zhangye City, Gansu Province (38.93 degrees north latitude, 98.22 degrees east longitude). The final result is subject to the official rapid report.

S&P 500 Set to Snap Four-week Win Streak as Growth Stocks Slide

Cory Russell

Aug 22, 2022 14:49

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Large Growth/Tech Stocks Drive Friday's Drop

Big tech/growth stocks were what drove down US equity markets on Friday. Companies including Apple (-1.3%), Microsoft (-1.4%), Alphabet (-2.3%), Amazon (-2.9%), Tesla (-2.7%), and Meta Platforms (-3.7%) all suffered amid a strong increase in long-term US government yields. The latest rally in US yields was attributed to a jump in German producer price inflation in July to new record highs and recent hawkish remarks from Fed policymakers. As a result, the US 10-year yield climbed to its highest levels in almost a month at just under 3.0%, nearly 50 basis points higher than earlier monthly lows.


Whatever the reason for the increase in US bond yields, it means that owning growth stocks—whose values are based disproportionately on expectations for future profits growth than actual earnings—now has a higher opportunity cost. Unsurprisingly, the Nasdaq 100, which is highly weighted toward big technology and growth stocks, had the poorest performance on Friday, down 2.0%.


That brought its losses for the week to slightly over 2.4%. While the S&P 500 is still comfortably above 4,200, it lost around 1.2% on Friday, bringing its weekly losses to about 1.1%. With Friday's decline, both indices are likely to end their four-week gain streak. The Dow, on the other hand, fell by slightly more than 0.7% on Friday and was still trading level for the week.


In terms of the S&P 500 GICS sectors, Energy (+0.5%), Utilities (+0.2%), and Healthcare (+0.7%) increased, while Consumer Staples remained unchanged and the other seven all decreased, with Consumer Discretionary stocks leading the way with a 2.0% fall.


DE Falling on Weak Earnings, GM Reinstating Dividends, and Cohen Selling Shares Dropping BBBY 40%


Regarding specific stock news, after the business reported lower-than-expected earnings per share for the previous quarter, citing persistent supply chain issues, Deere's share price fell as much as 4.0% intraday before rising. Following General Motors' announcement that it would resume the quarterly dividend payments that had been suspended in 2020, the company's stock price increased by almost 2.0%.


Following the revelation that billionaire investor Ryan Cohen had sold his shares in the struggling business and made a $60 million profit, Bed Bath & Beyond's share price fell by over 40% on Friday.


The last price of BBBY stock was just under $12. BBBY had previously reached weekly highs of $30 and had increased by roughly 500% month-over-month. Recent price movement has been compared to the meme stock mania of early 2021.


The revelation that DoorDash had ended its grocery deal with Walmart, whose shares were last down slightly more than 1.0% on the day, caused it to drop 3.0% on Friday.

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