Stock Markets

US stocks struggles for direction amid thin trading volumes ahead of long weekend

Published

4 weeks ago

March 29, 2024

Investing.com– U.S. stocks struggled for direction Thursday, as investors digested data that continue to suggest the economy is headed for a soft landing, though trading volumes were light ahead of key inflation headed into the long weekend.

At 13:51 ET (17:52 GMT), rose just 24 points higher, or 0.1%, rose 0.1%, while fell 0.2%.

Q4 GDP growth revised higher

The U.S. economy grew faster than previously estimated in the fourth quarter, with data released earlier Thursday showing increased at a 3.4% annualized rate in the fourth quarter, revised up from the previously reported 3.2% pace.

The revision reflected upgrades in consumer spending, nonresidential fixed investment, and state and local government spending, all underpinned by a resilient labor market.

A separate report showed initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 210,000 for the week ended March 23.

However, investors are struggling to add to the previous session’s strong gains after Fed Governor , speaking at an Economic Club of New York gathering late Wednesday, said there was no hurry for the Fed to cut interest rates now, citing a slew of hotter-than-expected inflation readings in recent months.

While Waller said that the central bank will eventually cut interest rates this year, he added current resilience in the U.S. economy gave the Fed substantial headroom to keep rates higher for longer.

His comments contrasted a somewhat dovish outlook from the Fed last week, where the central bank signaled that it still saw about 75 basis points of rate cuts in 2024. This had triggered a rally on Wall Street last week, with U.S. stock indexes now sitting in sight of record highs.

The main focus, however, will be on Friday’s release of the Fed’s favorite inflation gauge, the , when the market is shut for Good Friday, and is largely expected to factor into the outlook for U.S. interest rates.

Along with the PCE data, addresses from and are also due on Friday.

RH outlook trigger bullish upgrades from Wall Street “exceptional” demand; WBA delivers Q2 beat

RH (NYSE:) stock soared 16% after the home furnishing company reported “exceptional” demand for its new catalog of products, even after its fourth-quarter results missed expectations, as adverse weather and shipping delays weighed.

“RH has high performance expectations for its bevy of new, sharper-priced products rolling out in catalogs and to its stores through the year,” Wedbush said after lifting its price target on the stock to $320 from $260.

Walgreens Boots (NASDAQ:) stock rose 3.4% after the pharmacy chain reported fiscal second-quarter sales that beat expectations, but lowered the high end of its full-year adjusted earnings outlook in part due to a “challenging” U.S. retail environment.

Take-Two, Home Depot in deal making acton

Take-Two Interactive Software (NASDAQ:) stock rose 1.4% after the video games developer agreed to buy U.S. game developer Gearbox Entertainment for $460 million,.

Home Depot (NYSE:) stock dropped 1% after the home improvement retailer announced plans to buy building materials supplier SRS Distribution in a $18.25 billion deal, bolstering its business among professional customers.

‘Crypto King’ Sam Bankman-Fried gets 25-year jail sentence

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, was convicted of stealing $8 billion from customers and sentenced to 25 years in prison.

The sentencing comes just as crypto rebounded from it recent malaise with BTC up 3.3% to $70,964 in recent trading.

(Ambar Warrick contributed to this article.)

Stock Markets

US Labor Department corrects productivity data

Published

9 hours ago

April 27, 2024

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Stock Markets

Insights from Token2049: How crypto wealth is made

Published

9 hours ago

April 27, 2024

Stock Markets

Oak Valley Community Bank Named One of Central Valley’s Best Places to Work

Published

9 hours ago

April 27, 2024

OAKDALE, Calif., April 26, 2024 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) is pleased to announce that it was named by Best Companies Group as one of 2024 Best Places to Work: Central Valley. At the same time, OVCB was recognized by Opportunity Stanislaus for Growing the Economy by increasing their workforce by 10% or more throughout 2023.

We are honored to be acknowledged for our growth and named one of the Best Places to Work in the Central Valley. This recognition is a testament to our commitment to fostering a positive and supportive workplace environment and excellence in all that we do. Our success is built on our service culture, which is embraced by all members of our team. Our exceptional service is what distinguishes us. It’s not just about meeting expectations; it’s about exceeding them in ways that build lasting trust and loyalty. By delivering on this promise consistently, we create our own brand ambassadors “ who speak highly of the bank and refer colleagues and friends. We would like to take this opportunity to recognize our team. We are grateful for their loyalty and commitment to our customers, our communities, and each other, stated Chris Courtney, CEO.

Best Places to Work: Central Valley is a survey and recognition program dedicated to celebrating those employers locally who excel at creating quality jobs and environments where employees are happy to work. As a research-driven program from Best Companies Group, Best Places to Work examines a company’s practices, programs, and benefits and surveys employees for their perspective. All companies that participated in the 2024 Best Places to Work: Central Valley program receive an in-depth evaluation identifying strengths and weaknesses according to their employees. In turn, this report can be used in developing or enhancing employee retention and recruitment programs.

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We are honored to be recognized with this year’s Best Places to Work recipients; Automation Group; O’Dell (NYSE:) Engineering, Inc., Grimbleby Coleman Advisors & Accountants, Haggerty Construction, Inc., ITSolutions-Currie, One Digital, The Wonderful Company, and Community Hospice & Health Services.

Best Places to Work: Central Valley is brought to you by Opportunity Stanislaus. For more information on Best Places to Work: Central Valley visit www.bestplacestoworkcentralvalley.com.

About Opportunity Stanislaus Opportunity Stanislaus is a local economic development organization focused on improving the economic vitality of Stanislaus County. To do so, they help local entrepreneurs start and grow businesses and work to attract innovative companies to the county. For more information visit www.opportunitystanislaus.com.

About Oak Valley Community Bank OVCB offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra Division, which includes Bridgeport, Mammoth Lakes, and Bishop. For more information visit www.ovcb.com.