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Stocks ended the session lower Tuesday as investors awaited Federal Reserve Chairman Jerome Powell's testimony and eyed potential headwinds to the recent rally, including concerns about China's economy.
The Dow Jones Industrial Average (^DJI) fell 0.72%, or more than 200 points. The S&P 500 (^GSPC) was down about 0.47%, while the Nasdaq Composite (^IXIC) dropped 0.16%.
Worries about the health of China's economy, the second-biggest in the world, persisted as Beijing's latest cut to a key lending rate fell short of hopes.
Markets are also bracing for Powell's two-day testimony to a House committee set to start Wednesday, watching for any clues as to whether policymakers will resume their rate-hiking campaign in July. A clutch of Fed officials were lined up to speak Tuesday.
Stocks ended Tuesday lower as the current market rally cooled off with investors awaiting Federal Reserve Chairman Jerome Powell’s testimony on Wednesday.
At the closing bell, the S&P 500 (^GSPC) was down about 0.47%, while the Dow Jones Industrial Average (^DJI) fell 0.72%, or about 200 points.The Nasdaq Composite (^IXIC) dropped 0.16%.
Federal Reserve Vice Chair for Supervision Michael Barr on Tuesday said the US central bank is at the beginning of exploring “reverse stress testing” to help banks become more buoyant.
Yahoo Finance’s Jennifer Schonberger reports this exploration comes as the Fed work to improve bank culture in the wake of the Silicon Valley Bank’s surprise collapse in March.
“Instead of thinking of a stressful scenario and then see how it would play through on, say, the balance sheet of a firm, you look at a bank and you say: ‘Well, what would it take to break this institution?’” Barr said at a conference at the New York Federal Reserve on reforming banking culture.
Barr’s comments come the day before Fed Chair Jay Powell is set to testify before Congress of his semiannual monetary policy report.
Home buyers, take note: If you’re hoping for a big drop in prices, you may not want to hold your breath.
Morgan Stanley is now forecasting that prices will end 2023 flat compared to the previous year. Previously, strategists there had expected a 4% decline.
“While we continue to believe that year-over-year home price growth will turn negative next month, we expect the time below zero will be short. We think there is more room to the upside in our home price forecasts than the downside,” James Egan, strategist at Morgan Stanley, his housing research team, wrote in a note to clients Tuesday.
He went on to explain the rationale: “Looking ahead, affordability remains challenged, but it is no longer deteriorating. While supply remains close to its tightest levels of the past 40 years, it is no longer setting a new historical low every month. The prospect of increased regulation on the banking system promises to keep mortgage credit standards constrained. These ingredients combine into a recipe that we think leaves the steep declines in home sales and housing starts behind us, but also prevents any sharp increases over the forecast horizon.”
Goldman Sachs Macro Strategist Vinay Viswanathan also updated his forecast earlier this month.
“The housing market has proven even more resilient than we had expected, driven by a supportive supply backdrop as well as a material decline in mortgage rates that transpired between November 2022 and February 2023,” he wrote.
As a result, Viswanathan now forecasts home prices will fall 2.2% for 2023, versus a previous estimated decline of 6.1%, before increasing 2.9% in 2024, up from an estimated 1.0% gain previously.
Spotify (SPOT) announced on Tuesday it has signed a weekly podcast deal with comedian Trevor Noah, days after the company said it was parting ways with Prince Harry and Meghan Markle.
It’s the latest move in the company’s “strategic realignment” of its podcast division after the audio giant spent $1 billion pushing into the podcast market over the past four years.
Spotify, which saw shares plummet 70% in 2022, previously told Yahoo Finance it will look to improve its profitability rates beginning in 2023 on a gross margin and operating income basis. So far, it seems to be fulfilling that promise by pivoting away from its growth-at-all-costs strategy.
Earlier this month, the company announced it’d be eliminating 200 jobs, or 2% of its workforce, within its podcast division, citing “a strategic realignment.” Part of that realignment included merging its previously purchased Parcast and Gimlet studios to join the broader Spotify Studios in producing original content.
The company cut 6% of its workforce, or about 600 employees, earlier this year. At that time, it announced a business restructuring that led to the departure of the chief content officer and advertising business officer, Dawn Ostroff, who led the bulk of Spotify’s splashy podcast deals.
As Spotify looks to further improve margins, Bloomberg reported the audio giant plans to roll out a more expensive, premium subscription tier that will feature improved audio capabilities and more access to audiobooks. This comes as investors have pushed the company to hike prices across its various plans.
Read the full story here.
Nike (NKE) stock slumped more than 3% on Tuesday as Wall Street analysts trimmed expectations ahead of the company’s earnings release next week.
“Recent [North America] & Europe sportswear channel checks make it clear that demand for mass sportswear has potentially slowed, leaving a sizable inventory glut across the industry that is currently being promoted away…a potential headwind that could pressure NKE revenue & margin,” Morgan Stanley equity analyst Alex Straton said in a note to clients on Tuesday.
Nike is set to report results after the bell on Thursday, June 29.
Morgan Stanley, which maintains an Overweight rating and $130 price target on Nike, notes that the increased retail inventory levels aren’t “currently appreciated by the consensus.” Straton added Nike isn’t excluded from industry wide concerns.
Nike has been working through high inventory levels over the last several quarters but in March told investors it believed it turned a corner. Inventory grew nearly 16% in the third quarter, down from a 43% pop in the second quarter.
“We’re going to exit (2023) with even leaner inventory than we had anticipated given the momentum that we’re seeing,” Nike CFO Matthew Friend said during the company’s third quarter earnings call on March 21.
Stocks slid Tuesday midday, starting a holiday-shortened trading week on a downbeat tone amid a recent market rally.
The Dow Jones Industrial Average (^DJI) fell 0.7%, or more than 230 points. The Nasdaq Composite (^IXIC) dropped 0.28%, while the S&P 500 (^GSPC) was down about 0.49%.
Eli Lilly (LLY) on Tuesday announced it has agreed to buy Dice Therapeutics (DICE), a small company developing an experimental pill to treat psoriasis, in a $2.4 billion cash deal.
The deal price of $48 per share represents a 42% premium to Dice’s closing price on Friday.
The move comes as the Indianapolis-headquartered Lilly looks to boost its immunology pipeline as it places bets on the obesity drug Tirzepatide to drive growth.
Shares of Dice rallied more 37% after the news of the deal broke, while Lilly shares slightly ticked up.
Morgan Stanley’s Michael Wilson is standing out from the crowd once again. Wall Street’s veteran argues that investors could be in for “a rude awakening.”
Wilson said on Tuesday that fiscal support, lower liquidity and the impact of inflation falling faster than expected could weigh on the equity rally during the second half of this year.
Wilson’s outlook includes a market slump in 2023 — but that has not materialized yet. The equity market has rallied so far this year with the S&P (^GSPC) up about 15%, propelled by big tech companies placing bets on the artificial intelligence boom.
Wilson warned that stocks are “as stretched as they can get with market participants wary of missing a potential new bull market.” Market performance has become narrow, induced by excess liquidity from depositor bailouts in March “that had to go somewhere,” he said.
“Given our fundamental view on growth, we find it hard to get on board with the current excitement,” Wilson wrote in a note Tuesday.
“If second half growth re-accelerates as expected, then the bullish narrative being used to support equity prices will be proven correct. If not, many investors may be in for a rude awakening given the very big reach for risk we are seeing,” he added.
Rivian announced on Tuesday it would adopt Tesla’s electric-vehicle charging ports, allowing customers to access the biggest charging network and potentially setting Tesla up to become an industry standard.
The latest adoption will give Rivian drivers access to more than 12,000 Tesla superchargers across the US and Canada starting next year, the company said. Rivian has also agreed to make a Tesla-style charging port standard on its vehicles, starting in 2025.
Shares of Rivian Automotive, Inc. (RIVN) soared more than 3% Tuesday morning following the announcement. Tesla (TSLA) shares were up more than 1.7%.
The announcement comes after Tesla struck similar deals with GM (GM) and Ford (F).
Wedbush Securities estimated Ford and GM combined could add $3 billion to services EV charging revenue for Tesla over the next few years, per Reuters.
Hyundai Motor also said on Tuesday that it would consider making its vehicles more readily compatible with Tesla’s charging standard.
Stocks opened lower Tuesday after a holiday break as China’s economic woes helped throw cold water on the recent market rally.
The S&P 500 (^GSPC) slipped 0.46% at the opening bell, while the Dow Jones Industrial Average (^DJI) fell 0.55%, or more than 180 points. The tech-heavy Nasdaq Composite (^IXIC) dipped 0.37%.
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