3 hours ago
The Invesco Solar ETF rises more than 5% as the Fed releases interest rate cut forecast
The Federal Reserve's plans for three rate cuts in 2024 helped boost the Invesco Solar ETF (TAN) on Wednesday.
The fund rose almost 5.6%. The prospect of lower interest rates is good news for solar stocks. The industry is particularly sensitive to high interest rates, which affect company valuations and increase financing costs.
TAN stakeholder Enphase Energy rose 7.8%, while SolarEdge Technologies rose 8.4%. Sunrun rose nearly 20%, hitting its best day in more than a year.
Still, stocks had a tough year. Enphase and SolarEdge are at 59% and 71%, respectively, in 2023, while Sunrun is down nearly 38%.
-Darla Mercado, Ethan Kraft
3 hours ago
Three key averages are on track for the seventh consecutive year
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are all headed for their seventh straight week of gains.
Since the start of the week, the Dow Jones and S&P are up 2.3% and 2.2%, respectively. The Nasdaq also gained 2.3% this week.
If the Dow manages to close the week in the green, it would be its longest winning streak since February 22, 2019, when it posted nine straight weeks of gains. The S&P 500 would post its longest winning streak since November 3, 2017 if it posted another positive week.
Meanwhile, the Nasdaq would record its longest winning streak since June 16, 2023 if it ends the week higher.
– Hakyung Kim
4 hours ago
Stocks make the biggest moves after hours
Check out the stocks making the biggest moves in after-hours trading.
Adobe – Shares fell more than 5% after the company gave weak full-year 2024 profit and revenue guidance. The company gave revenue guidance between $21.3 billion and $21.5 billion in 2024. Analysts had estimated $21.73 billion, according to FactSet.
Vir Biotechnology – The immunology company fell 2.4% after it announced various cost-cutting measures, including cutting around 12% of its workforce.
– Hakyung Kim
4 hours ago
Stock futures open near the flatline
US stock futures opened little changed on Wednesday evening.
Dow Jones Industrial Average futures gained just 2 points, or 0.01%.
Futures tied to the S&P 500 and Nasdaq Composite rose 0.02% and 0.06%, respectively.
– Hakyung Kim