4 minutes ago
Walmart and Ulta are Black Friday favorites, Cowen CEO says
According to Cowen CEO Oliver Chen, Walmart and Ulta are positioned well as Black Friday begins.
“This is a holiday about values, about giving,” he said. “These are also our Black Friday tips. That’s also where we get the best traffic.”
Chen said Walmart is worth owning because of its focus on value and work on artificial intelligence. Its position as a large grocer is also an advantage from a defensive perspective, he said.
He said Ulta is also a good choice because of its focus on beauty that can be considered “essential.”
Still, Chen said he remains cautious on the consumer discretionary space.
—Alex Harring
19 minutes ago
Shares opened flat on Friday
Stocks opened little changed on Friday
The Dow Jones Industrial Average rose 47 points, or 0.1%. Meanwhile, the S&P 500 and Nasdaq Composite edged down 0.1% and 0.2%, respectively.
– Hakyung Kim
57 minutes ago
“Stunned” oil markets seek order in price “carnage” after OPEC+ delay.
Oil markets have been volatile this week as traders from the Organization of the Petroleum Exporting Countries looked for answers on the supply side, only to be disappointed by the delay in the key meeting.
U.S. crude had rebounded on Monday amid expectations that OPEC and its OPEC+ allies would make further production cuts at a meeting on Sunday.
But prices slumped as much as 5% intraday on Wednesday after OPEC postponed the meeting until next week as members struggled to convince African nations to accept production targets.
“The oil industry remains fairly stunned following the cancellation of Saudi Sunday,” John Evans of PVM Oil Associates wrote in a note Friday.
Oil prices recouped these losses and markets were subdued as the Thanksgiving holiday in the US provided some calm.
The January West Texas Intermediate contract fell 63 cents to $76.47 a barrel on Friday, while Brent rose 5 cents to $81.47 a barrel.
“Some of the crazies have exited the market, while those immersed in oil trading are indulging in a prolonged period of navel-gazing, trying to find order in the collective carnage that price action has suffered,” Evans said.
But the slowdown in business activity in Europe has highlighted weakness on the demand side, which PVM says will not make OPEC’s job any easier when they actually meet on Thursday.
“The likelihood of new demand coming from the continent is zero, giving oil investors more reason to be cautious and OPEC even more headaches,” Evans wrote.
An hour ago
Bitcoin rose to a new yearly high on Friday, reaching $38,000
According to Coin Metrics, Bitcoin hit $38,001.71 around 6:45 a.m. Eastern Time, marking the first time since April 2022. The price was last up about 1.5% at $37,863.25 and is on track , ending the week with a gain of 4%.
Meanwhile, Ether has risen back above the key psychological level of $2,000 and was last trading nearly 2% higher at $2,105.65. The second largest token by market cap is outperforming the crypto market this week and is expected to end up gaining over 8%.
Solana, the year’s big outperformer – up 480% compared to 130% for Bitcoin – underperformed the major tokens this week. It’s about a profit of less than 1%.
– Tanaya Macheel
An hour ago
Stocks make the biggest moves premarket
Check out the companies making headlines before the bell:
iRobot – Shares rose 30% after a Portal report, citing sources familiar with the matter, said Amazon is nearing regulatory approval in the European Union to complete its $1.4 billion acquisition of the robot vacuum cleaner. dollars forward.
Nvidia – Nvidia shares fell 1.8% after Portal reported, citing sources familiar, that the chipmaker told customers in China it would delay until next year the chip designed to comply with U.S. export restrictions.
Apple – Shares fell slightly 0.2% after a Portal report, citing data from Counterpoint Research, said Apple saw a decline in smartphone sales during China’s recent Singles Day.
The full list can be found here.
– Hakyung Kim
2 hours ago
The major averages are heading into their fourth straight week of wins
Major US market indices are on track for their fourth consecutive positive week.
The Dow is up 0.93% this week, which would be its first four-week winning streak since April.
See grafic…
The Dow Jones is on track to have a successful week around Thanksgiving.
The S&P 500 and Nasdaq Composite are up 0.94% and 0.99%, respectively, this week. It would be the first four-week streak for both indices since June.
Microsoft was the most influential stock in all three averages, up 2.3% this week.
—Jesse Pound, Christopher Hayes
2 hours ago
Nvidia shares are falling after a report says the company is delaying development of a new China-focused AI chip
Nvidia shares fell more than 1% in the premarket after Portal reported, citing sources, that the company had delayed the launch of a new AI chip for the Chinese market.
The new H20 chip is delayed as server makers struggle to integrate the semiconductor into their products, Portal reported. This also comes after the US government tightened export controls on AI chips to China last month.
3 hours ago
Dow futures are trading higher on Friday
Dow futures led the way in early trading Friday, rising more than 80 points, or 0.2%. S&P 500 futures also rose 0.1%, while Nasdaq 100 futures were about flat.
—Fred Imbert