44 minutes ago
JPMorgan strategist says market sees ‘overheating before retreat’
JPMorgan Asset Management’s global market strategist Meera Pandit told CNBC on Thursday.
“That’s probably the overheating before the economy retreats,” Pandit said on CNBC’s Closing Bell on Thursday.
Pandit said the market is currently recovering on strong economic data, an overshoot of jobs, the latest CPI report and PPI data, retail sales and industrial production. The strategist warned consumer spending could soften over the next few months, noting that stimulus checks and savings rates are easing.
“We’re either going to see slower growth and slowdown and disinflation, or if growth is resilient, that means inflation may have a little more room to maneuver and therefore the Fed needs to step up,” Pandit said. “Either way, that’s a bit bearish for risky assets.”
Pandit said the company sees an environment of downward revisions in the US, noting that US stock valuations are comparatively expensive compared to international stocks, which it says are trading at a 30% discount.
– Pia Singh
58 minutes ago
Dow heads for a losing week but Nasdaq remains in positive territory
Stocks are shuffled weekly after Thursday’s action.
The Dow Jones Industrial Average is the laggard of the three, posting a 0.51% loss for the week. The 30-stock index is on track for its third straight week of losses, a first since its three-week losing streak that ended in September.
The Nasdaq Composite is the outperformer, up 1.18%. The tech-heavy index is on course for its sixth positive week in seven.
Finally, the S&P 500 is flat for the week.
– Darla Mercado, Chris Hayes
Before an hour
Stocks making the biggest moves in extended trading
Here are three stocks making headlines after the market close.
DoorDash – Shares of the online grocery delivery platform rose 7% after it reported a drop in sales and an upbeat forecast. The company’s revenue was $1.82 billion in the fourth quarter, beating the $1.77 billion estimated by analysts polled by Refinitiv. However, the reported losses were larger than analysts’ forecasts, totaling a loss per share of $1.65 versus analysts’ estimate of 68 cents.
Texas Roadhouse — Shares of the restaurant chain fell about 5%, falling from a 52-week high during Thursday’s trading session. Texas Roadhouse’s fourth-quarter earnings and revenue came in below expectations. The restaurant posted earnings per share of 89 cents versus the $1.03 estimated by analysts polled by Refinitiv. Revenue came in at $1.01 billion, missing analyst estimates of $1.02 billion. The company blamed commodity inflation and higher wages for the deficit.
Moderna — Shares of the biotech fell 6.7% after its influenza vaccine candidate yielded mixed results in clinical trials.
Check out more after hours movers here.
— Hakyung Kim
Before an hour