Fed's Logan doubles down on request for rates to be lowered 'gradually'
Yahoo Finance's Jennifer Schonberger reports:
Dallas Fed president Lorie Logan reiterated Monday she sees lowering interest rates "gradually," citing an increased risk that the job market could worsen and a danger that inflation could still heat up again.
"If the economy evolves as I currently expect, a strategy of gradually lowering the policy rate toward a more normal or neutral level can help manage the risks and achieve our goals," Logan said in a speech at the Securities Industry and Financial Markets Association annual meeting in New York.
Logan said the economy is "strong and stable," but that "meaningful uncertainties" remain in the outlook.
Read more here.
Mon, October 21, 2024 at 2:48 PM GMT+1
Nvidia climbs 1% to touch intraday record high
Nvidia (NVDA) climbed more than 1.5% on Monday, helping mitigate a bigger decline in the Nasdaq Composite (IXIC).
Shares of the AI chip heavy weight rose to hover above $140 each, briefly touching an intraday high of $141.
The Nasdaq was trading near the flatline as Nvidia rose.
Mon, October 21, 2024 at 2:30 PM GMT+1
Stocks dip as investors await fresh batch of earnings
The major averages opened slightly lower on Monday as investors await a fresh batch of earnings this weeek.
The S&P 500 (^GSPC) dropped roughly 0.2%, coming off a fresh all-time closing high while the Dow Jones Industrial Average (^DJI) edged 0.1% lower. The tech-heavy Nasdaq Composite (IXIC) shed 0.2%.
A fresh batch of quarterly results will roll in this week including Tesla (TSLA) on Wednesday, General Motors (GM), Coca-Cola (KO), American Airlines (AAL), and UPS (UPS) are among several other big names on the earnings docket this week.
Mon, October 21, 2024 at 2:25 PM GMT+1
Boeing stock rallies on tentative labor deal
Boeing (BA) stock jumped as much as 4.5% in Monday's premarket on news that the aircraft manufacturer has reached a tentative labor deal with workers who've been on strike for more than one month.
The contract would raise pay 35% over four years and increase Boeing's 401(k) contributions, but it would not reinstate pension plans — a major union demand. Analysts estimate the contract could lead to an additional $1 billion in wage-related expenses for the company.
The union will vote on the contract on Wednesday, the same day Boeing reports its quarterly earnings. Analysts expect the plane maker to report an earnings loss per share of $1.50, according to Bloomberg consensus estimates.
Boeing has struggled since an airplane part ripped off one of its 737 Max 9 planes during a flight in January. Shares are down over 40% this year.
Of the Wall Street analysts covering the stock tracked by Bloomberg, some 19 recommend buying shares, while 11 have a Hold rating, and three say to sell. On average, analysts see Boeing shares rising to about $192 each over the next 12 months, implying a more than 20% gain.
Mon, October 21, 2024 at 1:02 PM GMT+1