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Stocks rallied on Thursday after a muted opening on the heels of the Federal Reserve's "hawkish hold" on Wednesday, which suggested more rate hikes are likely later this year while rate cuts in 2023 are now off the table.
At the closing bell, the S&P 500 (^GSPC) was up about 1.2%, while Dow Jones Industrial Average (^DJI) added 400 points, or 1.2%. The technology-heavy Nasdaq Composite (^IXIC) climbed roughly 1.1%.
Early Thursday, data showed retail sales in May were stronger than expected in the US. Investors were also digesting news the European Central Bank further raised rates as monetary policy remains tight across developed markets.
Overnight, however, the People's Bank of China cut its medium-term borrowing rate for the time since August.
It was a good day for stocks after investors digested Wednesday’s “hawkish hold” from the Federal Reserve, which hinted more rate hikes will come later this year.
The S&P 500 (^GSPC) ended the trading session up 1.2%, while the Dow Jones Industrial Average (^DJI) added 430 points. The technology-heavy Nasdaq Composite (^IXIC) closed up about 1.15%.
The S&P 500 and Nasdaq traded at their highest intraday trading levels since April 2022. The S&P is on track to close higher for its sixth straight week.
Hotel stocks are taking a hit on the heels of a hawkish Federal Reserve, which signaled more rate hikes to come later this year.
Marriott (MAR), Wyndham (WH), Hilton (HLT), and MGM Resorts (MGM) all saw declines in late afternoon trading despite a broader market rally.
Lennar’s (LEN) spring selling season started with a bang.
“There’s a void that needs to be filled. There’s a needed appetite,” Stuart Miller, Chairman of the Board at Lennar, said on the earnings call with analysts Thursday. “And what we’re going to do is instead of driving price, we are going to drive pace and hold price.”
This comes after the homebuilder reported second quarter earnings that blew past Wall Street expectations.
Adjusted earnings per share came in at $2.94, beating the $2.31 estimate by analysts, according to Bloomberg. Revenue in the quarter totaled $8.0 billion, up from the $7.29 billion expected by analysts.
The lack of homes heated up the competition this spring. Lennar said new home orders rose 0.5% year over year to 17,885, above estimates of 16,501 purchase contracts the company was forecasted to sign. For the quarter, most of the new orders came from the East and West regions.
While the supply situation does appear to be improving, Lennar isn’t slowing down its speed on construction of new homes.
“We really accelerated our starts in Q2, recognizing the market opportunity where the industry was pulling back,” Jonathan Jaffe, Co-Chief Executive Officer at Lennar said on the earnings call.
“And given that we didn’t have an inventory buildup because of our strategy, we felt there was an opportunity to be more aggressive with starts and take advantage of the lack of resale inventory as well as the lack of new sale inventory,” Jaffe added.
Meanwhile, the current headwinds in the housing market aren’t shying away buyers. As a result, it’s keeping homebuilders steady in this market run.
Lennar raised its full year guidance to deliver between 68,000 – 70,000 homes, up from its previous forecasts of 62,000 – 66,000. That signals “a new level of confidence in the new home market despite current mortgage rates re-approaching the 7% threshold,” Buck Horne, analyst at Raymond James & Associates, wrote in a note to clients following the earnings release.
Shares of Lennar soared more than 3% during the afternoon trading session.
Stocks continued to rally in late trading on Thursday.
As of 2:40pm ET, the S&P 500 (^GSPC) was up about 1.2%, while the Dow Jones Industrial Average (^DJI) added nearly 450 points. The technology-heavy Nasdaq Composite (^IXIC) climbed roughly 1.1%. The S&P 500 is currently on track to close higher for its sixth straight week.
Crude oil (CL=F) soared about 3.5% to settle at around $70.60 a barrel. The yield on the benchmark 10-year U.S. Treasury (^TNX) fell 7 basis points to trade at roughly 3.73%.
As stocks continued this year’s rally on Thursday, cryptocurrencies were under pressure after the Federal Reserve signaled more rate hikes this year.
As Yahoo Finance’s David Hollerith reports:
Bitcoin (BTC-USD), the largest digital coin, slipped 4% below $25,000 on Thursday for the first time in the past three months. Other major cryptocurrencies dipped lower, with ether (ETH-USD) and BNB (BNB-USD) falling more than 5% each while a stablecoin called tether fell below its crucial $1 price.
Those drops dragged the total market value for all crypto assets to its lowest level since the banking turmoil began in March, according to Coinmarketcap.
Publicly-traded crypto companies also fell, including the stock of Coinbase Global (COIN). Other crypto stocks including MicroStrategy (MSTR), Riot Platforms (RIOT) and Marathon Digital (MARA) sold off, as well.
The news flow for crypto has been challenged of late, with the SEC issuing two new lawsuits against crypto exchanges Coinbase and Binance last week — a sign of further volatility amid an unstable regulatory environment.
On Thursday, new reports crypto lending platforms Delio and Haru halted withdrawals also weighed on the sector.
Yahoo Finance’s Ines Ferré reports:
Investors digested a rush of economic data on Thursday which showed the economy continues to perform better than feared, particularly when it comes to consumer spending.
Thursday’s rush of news comes just a day after the Federal Reserve paused its aggressive rate hikes but signaled two more increases would be needed this year. The weekly report on initial jobless claims showed some softening in the labor market, while retail sales beat expectations and manufacturing activity showed signs of resilience.
“There was a little for everyone, but more signs of strength than weakness,” strategists at Bespoke Investment Group wrote in a note early Thursday following the news.
The US economy continues to impress.
As Oren Klachkin at Oxford Economics wrote Thursday: “Defying expectations, the headline May retail sales print shows that consumer spending remains resilient. It has been tough trying to predict the start of the recession, but job losses, lower wage inflation, depleted excess savings, tighter credit standards, and elevated prices in H2 are expected to cause consumers to pull back. However, the recession will be delayed as long as consumers continue to spend.”
The Fed’s actions on Wednesday, of course, are largely in line with what we saw in the data today. The economy is slowing, but still growing, and until there’s a clearer downturn in the data the case for further rate hikes will continue to linger in the background of the conversation.
Stocks rallied on Thursday as investors shrugged off the Federal Reserve’s “hawkish hold,” which implied more rate hikes are possible later this year.
In mid-afternoon trading, the S&P 500 (^GSPC) was up about 0.8%, while Dow Jones Industrial Average (^DJI) added 350 points. The technology-heavy Nasdaq Composite (^IXIC) climbed roughly 0.7%.
The S&P 500 and the Nasdaq are both trading at their highest intraday trading levels since April 2022 on the heels of those gains.
The yield on the benchmark 10-year U.S. Treasury (^TNX) slipped about 5 basis points to trade around 3.74%. Crude oil (CL=F) surged 3% to trade at roughly $70.30 a barrel.
Mediterranean restaurant chain Cava (CAVA) opened at $42 a share on Thursday in its first day as a publicly-traded company, soaring past its IPO price of $22 a share.
The NYSE debut comes as more fast casual restaurants are exploring public offerings after an IPO drought has plagued public markets.
Yahoo Finance spoke with CAVA CEO and Co-Founder Brett Schulman immediately following the debut. Watch here.
Alibaba (BABA), a top trending ticker on the Yahoo Finance homepage, saw shares climb more than 2% on news the company wants to expand outside of China and focus its local businesses and online platforms in Europe.
“What we will focus more for the future is to build local businesses, so you will see something called TMall which we have in China become TMall in Europe, which means we will serve local brands and local customers in local markets,” Alibaba President J. Michael Evans said at a technology conference in Paris on Thursday. “We have started with a pilot project in Spain which we will expand across Europe.”
Shares of the e-commerce giant are up about 4% year-to-date.
Stocks turned positive in early trading on Thursday after a muted opening on the heels of the Federal Reserve’s “hawkish hold” on Wednesday, which suggested more rate hikes are likely later this year while rate cuts in 2023 are now off the table.
As of around 10:40am ET, the S&P 500 (^GSPC) was up about 0.35%, while the Dow Jones Industrial Average (^DJI) added 188 points. The technology-heavy Nasdaq Composite (^IXIC) climbed 0.2%.
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