Summary Of the Markets Today:
- The Dow closed up 66 points or 0.20%,
- Nasdaq closed down 0.29%,
- S&P 500 closed up 0.09%,
- Gold $1,999 up $8.40,
- WTI crude oil settled at $79 up $0.88,
- 10-year U.S. Treasury 3.509% down 0.063 points,
- USD $101.71 down $0.047,
- Bitcoin $27,380 down $52,
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our Economic Forecast for April 2023
Today’s Economic Releases:
The Chicago Fed National Activity Index (CFNAI) three-month moving average (MA3) for March 2023 was +0.01, up from -0.09 in February. This suggests that economic growth improved in the first quarter of 2023. Note that the CFNAI MA3 is a lagging indicator, meaning that it reflects economic activity that occurred in the past. The labor market remained strong, with job growth continuing at a healthy pace. Overall, the CFNAI MA3 suggests that the economy is growing, at a faster pace than in the fourth quarter of 2022.
The April 2023 Texas Manufacturing Outlook Survey suggests that manufacturing activity in Texas slowed in April. The survey’s broad indicators for future activity suggest that respondents’ expectations for growth over the next six months remain subdued. The production index edged down to 0.9 in April, from 2.5 in March. The new orders index was negative for the 11th month in a row, falling to -9.6 in April from -14.3 in March.
Tomorrow morning, Tuesday, April 25, S&P CoreLogic Case-Shiller will be issuing its National Home Price Index for February. Selma Hepp, the CoreLogic chief economist, shared the following statement on factors influencing the present housing market:
While lower mortgage rates helped entice some potential homebuyers off the sidelines this year, the U.S. housing market continues to face many headwinds, including pessimistic consumer sentiments, fears around recent banking turmoil, the lack of a seasonal spring home supply uptick and continued mortgage rate volatility. Nevertheless, the typical spring demand rush and the continued lack of homes for sale lifted prices in February, following seven months of monthly declines.
A summary of headlines we are reading today:
- Top 10 Countries With Largest Oil Reserves
- Worries About Weaker Dollar Fuel Demand For Gold
- Oil Prices Rebound After Testing Monthly Lows
- Russia To Boost Natural Gas Exports To China By 50%
- Bed Bath & Beyond vows it can pull off a sale – here’s what that means for shareholders
- Nasdaq closes lower Monday as investors prepare for Big Tech earnings: Live updates
- Earnings playbook: Your guide to a busy week of earnings, featuring Meta and Amazon
- Bitcoin sinks to $27,000, and Gemini expands outside U.S. amid crypto crackdown: CNBC Crypto World
- Brett Arends’s ROI: What was Tucker Carlson worth to Fox News? About $650 million, according to Wall Street.
- Don Lemon fired by CNN after 17 years with the news network
- Market Snapshot: Stocks struggle for direction ahead of tech-earnings onslaught
Click on the “Read More” below to access these, other headlines, and the associated news summaries moving the markets today.
The Market in Perspective
Here are the headlines moving the markets. | |
Top 10 Countries With Largest Oil ReservesWe all know who the biggest producers of crude oil in the world are and can list the top three without effort. But here’s the thing – the biggest producers are not necessarily the countries with the biggest reserves. There are various reasons for that, as we shall see below. For now, suffice it to say it is one thing to have a natural resource and quite another to develop it fully. Here are the top ten countries richest in crude oil in ascending order. #10 Libya The North African country is estimated to have some 48.3 billion barrels of… Read more at: https://oilprice.com/Energy/Crude-Oil/Top-10-Countries-With-Largest-Oil-Reserves.html |
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Concerns About A Diesel Crunch Are EasingFears of a diesel shortage have receded in recent weeks despite a drawdown in U.S. distillate inventories which have fallen in the past weeks and are around 11% below the five-year average for this time of the year. Diesel markets in the U.S. and globally are less tight than feared at the start of this year when traders were bracing for the EU ban on Russian diesel and other product imports. The continued flow of diesel exports from Russia – to destinations other than Europe – as well as a slowdown in freight and manufacturing… Read more at: https://oilprice.com/Energy/Energy-General/Concerns-About-A-Diesel-Crunch-Are-Easing.html |
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Biden To Veto Congressional Efforts To Overturn Solar Tariff WaiversU.S. President Joe Biden will veto a bipartisan resolution to overturn his policy to waive solar tariffs on four Southeast Asian nations for two years, according to an exclusive Reuters report. Last June, Biden waived tariffs on solar panels from Thailand, Vietnam Cambodia, and Malaysia in a bid to create a “bridge” while U.S. manufacturing ramped up. However, last week, a U.S. House of Representatives committee voted in favor of restoring the tariffs on the solar panels, with Rep. Bill Posey, R-Fla., the primary sponsor of the resolution. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/Biden-To-Veto-Congressional-Efforts-To-Overturn-Solar-Tariff-Waivers.html |
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Worries About Weaker Dollar Fuel Demand For GoldLast week, the Treasury Department revealed that the federal deficit hit $1.1 trillion in the first half of the fiscal year ending in March, $432 billion larger than the same period a year earlier. Moreover, most of this expansion came in the month of March, as spending rose 36% year-over-year (not in small part due to rapidly rising interest costs). Longer-term, there is a clear widening trend that began back in 2015 that appears to now have resumed after some pandemic-inspired gyrations. And, if history is any guide, this deteriorating fiscal… Read more at: https://oilprice.com/Metals/Gold/Worries-About-Weaker-Dollar-Fuel-Demand-For-Gold.html |
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Russian Oil Exports Remain High Despite Production CutRussia’s crude oil shipments continued to average a high of 3.4 million barrels per day (bpd) in the week to April 21 despite the 500,000 bpd production cut Moscow claims to be implementing by the end of this year, vessel-tracking data compiled by Bloomberg showed on Monday. Russian crude oil shipments were only slightly down last week compared to the prior week, down by some 35,000 bpd to average 3.4 million bpd in the week to April 21, Bloomberg’s Julian Lee noted, commenting on the tanker-tracking data. Russia’s… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Oil-Exports-Remain-High-Despite-Production-Cut.html |
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Brussels Troubled As Cheap Ukrainian Grain Distorts EU MarketBrussels was shocked when, on April 15, Poland and Hungary announced they would block all food products coming from Ukraine until the end of June. The measure was a direct response to the drop in prices on local markets because of the influx of foodstuffs from Ukraine. Slovakia and Bulgaria soon followed suit, with Romania still mulling such a ban. These countries, which have been among Kyiv’s biggest political supporters within the EU, have been struggling with two key initiatives the EU introduced last year to alleviate economic pressure on Ukraine.… Read more at: https://oilprice.com/Metals/Commodities/Brussels-Troubled-As-Cheap-Ukrainian-Grain-Distorts-EU-Market.html |
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Oil Prices Rebound After Testing Monthly LowsCrude oil futures were trending higher on Monday as hopes of a demand-led recovery seemed to win over growing concerns regarding the health of the global economy, particularly in key economies in the U.S. and Europe. Brent crude was trading at $82.57/barrel at 12:24 p.m. EST, up 1.11%, compared to Friday’s settlement of $81.66/barrel, having tested monthly lows at below $80.50/barrel. Meanwhile, West Texas Intermediate (WTI) was trading at $78.67/barrel, up 1.03%, versus Friday’s close of $77.87/barrel. “Signs that central banks will continue… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Rebound-After-Testing-Monthly-Lows.html |
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Europe Looks To Turn North Sea Into Green Energy HubThe leaders of some of Europe’s biggest economies are set to pledge to turn the North Sea into an offshore wind, hydrogen, and carbon capture energy hub. The heads of state and government of Belgium, Denmark, Germany, the Netherlands, Luxembourg, France, Ireland, Norway, and the United Kingdom are meeting on Monday for the second edition of the North Sea Summit in the Belgian city of Ostend. The summit is also attended by European Commission President Ursula von der Leyen and the EU Commissioner for Energy Kadri Simson. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europe-Looks-To-Turn-North-Sea-Into-Green-Energy-Hub.html |
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Teck Shareholders Divided Over Glencore’s Bid Due To Coal ConcernsGlencore’s ambition to take over Teck Resources has morphed into a protracted industry saga, and the Swiss commodities giant is now scrambling to win over the Canadian miner’s shareholders with promises of a third bid for the company. Its initial two offerings for Teck – the first totaling £19bn and the second including a £6.6bn cash sweetener – were knocked back by the miner’s senior leadership, including top shareholder Norman Keevil. Now, Glencore has gone to extreme measures, urging… Read more at: https://oilprice.com/Energy/Coal/Teck-Shareholders-Divided-Over-Glencores-Bid-Due-To-Coal-Concerns.html |
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Tata Steel Launches Hydrogen Trial For Steel ProductionTata Steel, the giant Indian steelmaker, on Monday said it had started injecting hydrogen gas at a major plant in the world’s first test of such a large quantity of hydrogen gas continuously injected in a blast furnace. The trial, part of Tata Steel’s plan to reduce coke consumption and carbon dioxide emissions, is injecting record-high volumes of hydrogen gas and is expected to continue for a few days. The trial involves the injection of hydrogen gas using 40% of the injection systems of the blast furnace at Jamshedpur… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Tata-Steel-Launches-Hydrogen-Trial-For-Steel-Production.html |
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Democrats And Republicans Clash Over Energy Policy PrioritiesLast week House Speaker Kevin McCarthy released a proposed debt limit bill that he says would “responsibly raise the debt limit into next year.” The “Limit, Save, Grow Act of 2023” takes aim at many areas of spending, including the Inflation Reduction Act signed into law by President Biden in 2022. This bill has been hailed as the largest-ever investment in combating climate change. McCarthy’s proposal — which can be read in full here — contains a section called “Repeal Market… Read more at: https://oilprice.com/Energy/Energy-General/Democrats-And-Republicans-Clash-Over-Energy-Policy-Priorities.html |
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India Accounted For 70% Of Urals Shipments In AprilIndia’s oil importers sometimes experience delays in paying for the Russian crude when it’s above the $60 a barrel price cap set by the G7, but most of the current Indian imports from Russia are priced below that cap, a senior Indian official said on Monday. “Nobody stops us from buying Russian oil at above the price cap level provided. We are not using western service,” India’s oil secretary Pankaj Jain said at an event as carried by Reuters. The EU and G7 banned on December 5 maritime transportation services, including… Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Accounted-For-70-Of-Urals-Shipments-In-April.html |
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Russia To Boost Natural Gas Exports To China By 50%Russian plans to increase natural gas exports to China by almost 50 percent this year, Deputy Prime Minister Alexander Novak has said. Russia’s Gazprom sends gas to China via the Power of Siberia pipeline under a 30-year contract worth a total of $400 billion. The pipeline was launched in 2019, and last year saw 15.5 billion cu m of gas flow through it. This should increase this year to 22 billion cu m and gradually reach its full capacity of 38 billion cu m in 2027. “Last year’s gas supplies were at 15 billion cubic meters.… Read more at: https://oilprice.com/Energy/Natural-Gas/Russia-To-Boost-Natural-Gas-Exports-To-China-By-50.html |
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Cheap Oil Helps Russia Snag Snare Of India’s Market From OPECRecord imports of cheap Russian crude into India have undermined OPEC’s share of supply to the world’s third-biggest crude importer so much that OPEC’s share of all Indian oil imports has hit the lowest in at least 22 years, according to a Reuters analysis of data from industry sources. As India’s imports of Russian crude surged in the past year, OPEC’s share of Indian oil supply slumped to as low as 59% in the Indian financial year ending March 2023, compared to as much as 72% in the previous fiscal… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Cheap-Oil-Helps-Russia-Snag-Snare-Of-Indias-Market-From-OPEC.html |
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EPA Targets Gas-Fired Power Plants With Carbon Capture RequirementsThe Environmental Protection Agency plans to adopt requirements for gas-fired power generators to capture the carbon dioxide emissions of their facilities, Reuters has reported, citing unnamed sources. According to the sources, the new rules could be made public as soon as this week to cover both new and existing power generation facilities running on natural gas. Natural gas, Reuters notes, accounts for a quarter of total U.S. carbon emissions. Once these rules come into effect, utilities will have to choose what to invest in: gas-fired plants… Read more at: https://oilprice.com/Energy/Natural-Gas/EPA-Targets-Gas-Fired-Power-Plants-With-Carbon-Capture-Requirements.html |
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NBCUniversal faces a set of company-defining decisions as CEO Jeff Shell departsNBCUniversal must make decisions on Hulu, sports rights and a potential merger with Warner Bros. Discovery without CEO Jeff Shell. Read more at: https://www.cnbc.com/2023/04/24/nbcuniversal-ceo-jeff-shell-leaves-behind-company-defining-decisions.html |
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Apple declares ‘resounding victory’ after decision reached in Epic Games appealAn appeals court on Monday mostly sided with Apple over its App Store rules in a suit with Epic Games. Read more at: https://www.cnbc.com/2023/04/24/apple-declares-victory-after-decision-reached-in-epic-games-appeal-.html |
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Bed Bath & Beyond vows it can pull off a sale – here’s what that means for shareholdersBed Bath & Beyond is looking for a buyer willing to purchase the business to avoid an outright liquidation, but either way, shareholders will likely be wiped out. Read more at: https://www.cnbc.com/2023/04/24/bed-bath-beyond-says-it-can-pull-off-a-sale.html |
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Nasdaq closes lower Monday as investors prepare for Big Tech earnings: Live updatesInvestors are looking to a flurry of earnings reports, including several large-cap tech names. Read more at: https://www.cnbc.com/2023/04/23/stock-futures-inch-down-as-wall-street-awaits-tech-earnings.html |
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Disney begins a second, larger round of layoffs, bringing the total to 4,000 jobs cutDisney plans to reduce its workforce by 7,000 jobs as part of a larger reorganization that will see the company cut $5.5 billion in costs. Read more at: https://www.cnbc.com/2023/04/24/disney-layoffs-second-larger-wave.html |
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Earnings playbook: Your guide to a busy week of earnings, featuring Meta and AmazonBig Tech names Alphabet, Microsoft, Meta Platforms and Amazon are scheduled to post their latest quarterly results. Read more at: https://www.cnbc.com/2023/04/24/earnings-playbook-your-guide-to-a-busy-week-of-earnings-featuring-meta-and-amazon.html |
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Bitcoin sinks to $27,000, and Gemini expands outside U.S. amid crypto crackdown: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Cory Klippsten of Swan Bitcoin explains what kind of investors are driving bitcoin’s price. Read more at: https://www.cnbc.com/video/2023/04/24/bitcoin-sinks-27000-gemini-expands-outside-us-crackdown-crypto-world.html |
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GOP Gov. Jim Justice set to launch bid for Joe Manchin’s Senate seat in West Virginia this weekTop Republicans, including Senate Minority Leader Mitch McConnell, have courted Justice to mount a challenge to incumbent Democratic Sen. Joe Manchin. Read more at: https://www.cnbc.com/2023/04/24/jim-justice-to-run-for-joe-manchin-senate-seat-in-west-virginia.html |
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Sen. Wyden asks billionaire Harlan Crow for a list of gifts to Supreme Court Justice ThomasSupreme Court Justice Clarence Thomas has faced criticism for weeks over a report that Republican billionaire donor Harlan Crow treated him to luxury trips. Read more at: https://www.cnbc.com/2023/04/24/supreme-court-senate-committee-seeks-harlan-crow-clarence-thomas-gift-list.html |
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Ukraine war live updates: Ukraine holds ‘strategic’ positions in Bakhmut; Kremlin spokesman’s son says he joined Wagner mercenariesRussia’s defense ministry launched a major drive for army recruits with an advertising campaign telling potential recruits, “you’re a real man. Be one.” Read more at: https://www.cnbc.com/2023/04/24/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html |
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‘Crypto is dead in America,’ says longtime Bitcoin bull Chamath PalihapitiyaTech investor Chamath Palihapitiya, who previously claimed Bitcoin has replaced gold and would eventually get to $200,000, now says “crypto is dead in America.” Read more at: https://www.cnbc.com/2023/04/24/crypto-is-dead-in-america-says-tech-investor-chamath-palihapitiya.html |
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Supreme Court deals blow to oil companies by turning away climate casesDecision means lawsuits filed by municipalities seeking to hold companies liable for harms caused by carbon emissions can move forward in state court. Read more at: https://www.cnbc.com/2023/04/24/supreme-court-deals-blow-to-oil-companies-by-turning-away-climate-cases.html |
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Canadian billionaire Steve Apostolopoulos says he’s still in the running with his bid for the Washington CommandersCanadian businessman Steve Apostolopoulos says he’s still in the running for the Washington Commanders. Read more at: https://www.cnbc.com/2023/04/24/steve-apostolopoulos-still-in-hunt-for-washington-commanders.html |
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Disney Workers Hit With Second Round Of Layoffs, Affecting ThousandsLast week, an internal memo from Walt Disney warned about the second round of layoffs that would impact thousands of positions across their TV, film, and theme park divisions, along with corporate groups in every area. A Bloomberg article now confirms that the second phase of job cuts begins today. The second phase of the three-round job cut lasts until Thursday and is expected to eliminate 4,000 workers from its entertainment unit, theme parks, and experiences and product divisions. Cuts are coming to all of the company’s divisions, stretching from the company headquarters in Burbank, California, to Connecticut, where its ESPN sports networks are based. Hourly workers at the theme parks will not be affected, the company said. –Bloomberg Disney announced in February it planned to eliminate 7,000 positions from its 220,000 workforces, a move to save $5.5 billion per year.
Disney’s old and then-new again CEO, Bob Iger, came out of retirement in November to lead the restructuring efforts. He elevated key allies in the company, including Alan Bergman and Dana Walden, the co-chairmen of Disney Entertainment. It appears that Disney overhired. Read more at: https://www.zerohedge.com/markets/disney-workers-hit-second-round-layoffs-affecting-thousands |
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“I Had To Find Out If This Was True…”Authored by Michael Snyder via The Economic Collapse blog, It appears that the crisis facing auto dealerships is far direr than any of us thought. Financial institutions are starting to get extremely tight with their money, and that is putting extreme stress on dealers all over the nation. Many of us expected that this would happen, but it seems that things are moving much faster than anyone would have anticipated. Last week, I came across a tweet that absolutely floored me. It was posted by a highly respected account known as “CarDealershipGuy”, and it contained some rather ominous news…
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White House Says No Large-Scale Military Evacuation Of Remaining US Citizens In SudanFollowing the weekend announcement by the State Department that all US personnel and their dependents had been safely evacuated from the US Embassy In Khartoum, which included about 70 US staff members, the White House has followed up by saying the spiraling security situation is “not conductive” for a large-scale military evacuation of all US citizens from the country. White House national security spokesman John Kirby on Monday said that the worsening civil conflict means remaining Americans are on their own in terms of an evacuation, but that the State Dept. will continue assisting them “in planning for their own safety.” “Well, we have military forces still prepositioned nearby in the region … if they’re needed, but quite frankly, the situation is not conducive and not safe to try to conduct some kind of a larger military evacuation of American citizens. He continued, “Actually, the violence is increasing is more dangerous today than it was just yesterday, the day before,” Kirby said in an interview on “CNN This Morning.” Read more at: https://www.zerohedge.com/geopolitical/white-house-says-no-large-scale-military-evacuation-remaining-us-citizens-sudan |
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Is Everybody Lying?Authored by John Rubino via Substack, It took a while, but some of the biggest “official narrative” scams and cons of the past few years are finally being exposed. High-ranking US officials have apparently been lying about public health, election integrity, and (of course) war. Among the things that have just come to light: The Secretary of State created the laptop letter
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CBI hired ‘toxic’ staff and failed to sack offendersThe CBI business lobby group says it “made mistakes that led to terrible consequences”. Read more at: https://www.bbc.co.uk/news/business-65375311?at_medium=RSS&at_campaign=KARANGA |
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Prezzo to close a third of its restaurants as bills riseThe move, which puts 810 jobs at risk, comes after the chain was hit by soaring costs. Read more at: https://www.bbc.co.uk/news/business-65375395?at_medium=RSS&at_campaign=KARANGA |
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£55bn withdrawn from Credit Suisse before rescueThe announcement gives an insight to the scale of the bank run that triggered the rescue of the Swiss lender. Read more at: https://www.bbc.co.uk/news/business-65370751?at_medium=RSS&at_campaign=KARANGA |
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Bajaj Auto Q4 Preview: Weak export mix to dent earnings; margins likely to be under pressureBrokerage Sharekhan estimates the topline to decline 11% quarter-on-quarter, while margins are seen contracting by 72 bps. However, revenue is expected to rise on a year-on-year basis, led by higher ASP on the back of a higher share of three-wheelers in the product mix. Read more at: https://economictimes.indiatimes.com/markets/stocks/earnings/bajaj-auto-q4-preview-weak-export-mix-to-dent-earnings-margins-likely-to-be-under-pressure/articleshow/99722346.cms |
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Volume Shocker: MFs added highest number of shares of these 10 stocks in MarchIn our MF analysis, ET Markets has identified 10 stocks that have experienced a significant increase in the number of shares held by mutual funds in March 2023, compared to the previous month. Our filter selected only those stocks which saw a net addition of over 2 crore shares (Data Source: ACE MF). Read more at: https://economictimes.indiatimes.com/markets/stocks/news/volume-shocker-mfs-added-highest-number-of-shares-of-these-10-stocks-in-march/in-demand/articleshow/99733724.cms |
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Nifty charts showing signs of upside breakout. How to trade on TuesdayIndia VIX was up by 0.32% from 11.63 to 11.66 levels. Volatility spiked above 12 zones but later sunk and has overall dried up to consistently hover at its lower zones. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-showing-signs-of-upside-breakout-what-should-traders-do-on-tuesday/articleshow/99734568.cms |
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Brett Arends’s ROI: What was Tucker Carlson worth to Fox News? About $650 million, according to Wall Street.Fox’s star leaving the network shocks investors more than Dominion settlement, writes Brett Arends. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71DE-738CC57E3159%7D&siteid=rss&rss=1 |
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Don Lemon fired by CNN after 17 years with the news networkCNN said Monday that it has parted ways with longtime host Don Lemon. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71DE-6290B427A6EB%7D&siteid=rss&rss=1 |
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Market Snapshot: Stocks struggle for direction ahead of tech-earnings onslaughtA cautious tone envelops markets as investors eye a busy period of corporate results and economic data that could color the Fed’s interest-rate decision. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71DD-CF980C3FC4DB%7D&siteid=rss&rss=1 |