Summary Of the Markets Today:
- The Dow closed up 322 points or 0.87%,
- Nasdaq closed up 1.26%,
- S&P 500 closed up 1.03%,
- Gold $2,056 up $8.00,
- WTI crude oil settled at $74 down $0.25,
- 10-year U.S. Treasury 3.890% up 0.013 points,
- USD Index $101.81 down $0.600,
- Bitcoin $43,776 up $264 ( 0.61% )
- Baker Hughes Rig Count: U.S. -3 to 620 Canada -39 to 146
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – December 2023 Economic Forecast: Economy Is Likely To Decelerate
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The December 2023 Philly Fed Manufacturing Business Outlook Survey continued to decline overall. The survey’s indicators for general activity and shipments remained negative. Furthermore, the index for new orders declined sharply and turned negative. The diffusion index for current general activity declined from -5.9 in November to -10.5 in December. This is the index’s 17th negative reading in the past 19 months. Manufacturing remains in a recession.
The third estimate of 3Q2023 real gross domestic product (GDP) increased at an annual rate of 4.9% (2.9% year-over-year). This is the same as the advance estimate and is down from the second estimate of 5.2%. In the second quarter, real GDP increased 2.1 percent. The third estimate primarily reflected a downward revision to consumer spending. Imports, a subtraction in the calculation of GDP, were revised down.
The Kansas City Fed’smanufacturing activity was flat in December 2023. The month-over-month composite index was -1 in December, up slightly from -2 in November and -8 in October. The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes.
Here is a summary of headlines we are reading today:
- Oil and Gas Prices Hold Steady Despite Red Sea Turmoil
- Beijing Clamps Down on Critical Rare-Earth Processing Technology
- Audi, Porsche, and VW Embrace Tesla’s Charging Standard for 2025 EVs
- OPEC Influence Wavers as U.S. Shale Roars Back
- Dow closes higher by more than 300 points, S&P 500 rebounds from worst day since September: Live updates
- Container rates hit $10,000 as ocean freight inflation soars in Red Sea crisis
- Boeing hands over first 787 Dreamliner to China since 2019
- Smash-And-Grab Gang Loots Chanel Store Blocks From White House
- Job market is softening and bankruptcies are rising, Paychex CEO says
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. | |
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Oil and Gas Prices Hold Steady Despite Red Sea TurmoilSince mid-November, Houthi rebels in Yemen have significantly stepped up attacks on commercial shipping vessels in-transit via the lower Red Sea in retaliation for Israel’s war on Hamas in the Gaza Strip, but the market lacks consensus as to how much impact this will have on the energy trade. Attacks by Houthi militants on ships traveling through the Red Sea and the Bab al-Mandab Strait have surged recently, increasing risk for ships passing through the Suez Canal. The Red Sea is one of the world’s most densely packed shipping… Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-and-Gas-Prices-Hold-Steady-Despite-Red-Sea-Turmoil.html |
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Only Half of All Ford Dealers Agree to Sell EVs Next YearFord said on Thursday that half of all 1,550 Ford dealers chose to sell electric vehicles in 2024—down from two-thirds that said this time last year that they would opt-in to sell EVs for 2023. The other half of Ford dealers will sell—and service—ICE and hybrid models. “EV adoption rates vary across the country, and we believe our dealers know their market best,” Ford spokesman Martin Günsberg told the Detroit Free Press. The slack buy-in from Ford dealerships comes even after Ford relaxed its requirements… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Only-Half-of-All-Ford-Dealers-Agree-to-Sell-EVs-Next-Year.html |
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Beijing Clamps Down on Critical Rare-Earth Processing TechnologyFollowing the meeting between President Joe Biden and President Xi Jinping at the Asia-Pacific Economic Cooperation event in San Francisco last month, the hopes for de-escalation in Sino-US relations seem to have fallen apart after China announced export controls on rare-earths technologies. China is the world’s top processor of rare earths and has placed an export ban on technology to extract and separate rare-earth metals, according to Bloomberg, citing a document from the Ministry of Commerce. The move comes as Washington and its… Read more at: https://oilprice.com/Energy/Energy-General/Beijing-Clamps-Down-on-Critical-Rare-Earth-Processing-Technology.html |
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Russia Says Its Oil Exports Rose By 7% in 2023 Compared to 2021Russia’s crude oil exports this year will be 7% higher compared to 2021, Russian First Deputy Prime Minister Andrei Belousov was quoted as saying on Thursday. Russian crude oil exports in 2023 have exceeded by 7% the volumes exported in 2021 – just before the Russian invasion of Ukraine. This year’s crude oil exports out of Russia are estimated at around 250 million tons, Russian news agency Interfax quoted Belousov as saying during a meeting of the Council for Strategic Development and National Projects. “The… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Says-Its-Oil-Exports-Rose-By-7-in-2023-Compared-to-2021.html |
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Armenia-Russia Sign Key Deal for Metsamor Nuclear Plant ModernizationOn December 15, Armenia and Russia signed a contract on modernizing and extending the lifespan of Armenia’s Metsamor Nuclear Power Plant (NPP) until 2036. The renovations will be carried out by Rustatom Service JSC, a subsidiary of Russia’s state nuclear energy company Rosatom, and will cost the Armenian government $65 million. The deal is another reminder of the vast extent of Russia’s influence over Armenia’s infrastructure and economy amid Yerevan’s efforts to politically distance itself from Moscow. Metsamor plays a significant… Read more at: https://oilprice.com/Geopolitics/International/Armenia-Russia-Sign-Key-Deal-for-Metsamor-Nuclear-Plant-Modernization.html |
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Reuters Sources Say Russian Novatek Is Issuing LNG Force Majeure NoticesUnnamed industry sources told Reuters on Thursday that Russian LNG giant Novatek has issued force majeure on future Arctic LNG 2 supplies for some clients following November sanctions by Washington. Russian Novatek is set to launch first production in a matter of days or weeks on its 19.8-million-metric-ton-per-year Arctic LNG project, which is also slated to produce 1.6 million tons of gas condensate annually. While four anonymous industry sources told Reuters some clients had been issued force majeure notifications, Novatek did not… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Reuters-Sources-Say-Russian-Novatek-Is-Issuing-LNG-Force-Majeure-Notices.html |
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Harbour Energy Reaches $11 Billion Deal for Wintershall Dea AssetsA day after Russia’s President Vladimir Putin stripped Wintershall DEA and Austria’s OMV of their multi-billion-dollar stakes in natural gas joint ventures in the Russian Arctic, the UK’s Harbour Energy said it had reached an agreement with BASF and LetterOne to buy almost all of Wintershall Dea’s upstream assets for more than $11 billion. The deal includes Wintershall’s upstream assets in Algeria, Argentina, Denmark, Egypt, Germany, Libya, Mexico, and Norway. It also includes Wintershall’s carbon dioxide capture and storage licenses in Europe.… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Harbour-Energy-Reaches-11-Billion-Deal-for-Wintershall-Dea-Assets.html |
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Audi, Porsche, and VW Embrace Tesla’s Charging Standard for 2025 EVsThe Volkswagen Group announced its brands, VW, Audi, and Porsche, will be integrating Tesla’s North American Charging Standard (NACS) plug into electric vehicles beginning in 2025, signifying yet another major automaker adopting NACS, which is becoming the de facto EV plug in North America. VW abandoning its old charging port for NACS comes as no surprise, considering nearly every other major automaker (except Stellantis) has made the move to Tesla plugs that will allow vehicles to tap into the massive Tesla Supercharger network. “This… Read more at: https://oilprice.com/Energy/Energy-General/Audi-Porsche-and-VW-Embrace-Teslas-Charging-Standard-for-2025-EVs.html |
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Nippon Steel Takes Over U.S. Steel in Monumental $14.9 Billion DealVia Metal Miner US steel news sources and markets were abuzz on December 18 over Nippon Steel’s purchase of U.S Steel. The $14.9 billion investment represents a significant step in Nippon’s plan to expand its U.S. assets, and pushed the Japanese company from the fourth to the third-largest global steel producer. In total, it will now account for roughly 86 million tons per year of global production. For now, reports indicate that the expected sale close date will be in Q2 or Q3 of 2024. The eye-watering, all-cash offer equates… Read more at: https://oilprice.com/Metals/Commodities/Nippon-Steel-Takes-Over-US-Steel-in-Monumental-149-Billion-Deal.html |
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Mexico’s Next President Could Be More Open to Private Energy InvestmentClaudia Sheinbaum, a former mayor of Mexico City who has a huge lead in polls to become Mexico’s next president, could be more open to private investment in the energy sector than incumbent Andrés Manuel López Obrador, Sheinbaum’s aides and other officials have told Reuters. Ahead of the June 2024 elections, Sheinbaum is leading in polls by an enormous margin over her main rival and is supported by López Obrador, who will be leaving office because Mexican law allows a president to serve only one six-year term. … Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexicos-Next-President-Could-Be-More-Open-to-Private-Energy-Investment.html |
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OPEC Influence Wavers as U.S. Shale Roars BackIn April this year, OPEC surprised oil markets by announcing additional production cuts in a bid to stimulate prices to go higher. Prices did go higher. There was nothing to stop them. U.S. drillers were busy returning cash to shareholders, supply growth was sluggish everywhere, and demand looked robust. Fast forward to December, and the 1-million-bpd growth in U.S. oil production is the talk of the town, OPEC is running out of options, and the oil market is more unpredictable than ever. It appears that along with the latest Middle Eastern war,… Read more at: https://oilprice.com/Energy/Energy-General/OPEC-Influence-Wavers-as-US-Shale-Roars-Back.html |
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EU Approves Three-Year Delay to Post-Brexit Tariffs on EVsThe European Union approved on Thursday a proposal to delay a 10% tariff on electric vehicles in trade with the UK until December 2026 from an original date of entry into force on January 1, 2024. The delay of the tariff by three years will give EV manufacturers in the EU and the UK more time to comply with the local content requirements for electric vehicles and batteries under the EU-UK Trade and Cooperation Agreement. The agreement stipulates that only those electric vehicles that comply with the rules of origin, which define the required… Read more at: https://oilprice.com/Latest-Energy-News/World-News/EU-Approves-Three-Year-Delay-to-Post-Brexit-Tariffs-on-EVs.html |
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What’s Driving America’s New Oil and Gas Boom?Last week I pointed out in a TikTok video that the U.S. is poised to set a new oil production record. In response, someone took exception to my claim by stating that he works in the industry, and drilling rigs are stacking up. It is correct that the rig count has fallen. According to data from Baker HughesBHI, the number of rigs drilling for oil and gas has fallen by about 20% in the past year. This decline reversed a steady increase that began after the rig count bottomed out below 300 in the early stages of the Covid-19 pandemic in 2020. The… Read more at: https://oilprice.com/Energy/Energy-General/Whats-Driving-Americas-New-Oil-and-Gas-Boom.html |
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China Bans Exports of Rare Earth Tech as Critical Minerals Race Heats UpChina is prohibiting the export of some technologies to process rare earth elements to protect its national security as the race for critical minerals supply intensifies. China’s Commerce Ministry banned on Thursday the export of technology to extract and separate rare earth elements (REEs), a group of 17 critical metals used in the manufacturing of permanent magnets that are used in electronics, EV technologies, and wind turbines. The move follows last month’s directive from the Chinese authorities to exporters of… Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Bans-Exports-of-Rare-Earth-Tech-as-Critical-Minerals-Race-Heats-Up.html |
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Angola Decides to Leave OPECAngola is leaving OPEC, Angolan news agency ANGOP reported on Thursday, quoting the African producer’s oil minister Diamantino de Azevedo. The decision was taken at a meeting of the Council of Ministers, led by the President of the Republic, João Lourenço, the news agency noted. Jornal de Angola also reported the news. Angola and another African OPEC member, Nigeria, had a spat with the other cartel members before the latest meeting regarding their oil production quotas. At a meeting in June, Angola and Nigeria were given lower… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Angola-Decides-to-Leave-OPEC.html |
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Dow closes higher by more than 300 points, S&P 500 rebounds from worst day since September: Live updatesStocks rose, resuming their upward march following a losing day on Wall Street. Read more at: https://www.cnbc.com/2023/12/20/stock-market-today-live-updates.html |
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Apple has stopped selling some Apple Watches on its website because of patent dispute“Following December 24, 2023, Apple no longer sells Apple Watch units in the United States with the ability to measure blood oxygen,” a new message reads. Read more at: https://www.cnbc.com/2023/12/21/apple-stops-selling-some-apple-watches-on-web-site-over-patent-dispute.html |
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Former Trump lawyer Rudy Giuliani files for bankruptcy protection, lists more than $100 million in debtsRudy Giuliani served as the lead campaign lawyer for Donald Trump on the heels of Trump’s 2020 election loss to President Joe Biden. Read more at: https://www.cnbc.com/2023/12/21/former-trump-lawyer-rudy-giuliani-files-for-bankruptcy-protection.html |
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Container rates hit $10,000 as ocean freight inflation soars in Red Sea crisisWith 158 vessels carrying $105 billion in ocean cargo avoiding the Red Sea amid Houthis’ attacks, freight prices are soaring. Read more at: https://www.cnbc.com/2023/12/21/container-prices-hit-10000-freight-inflation-soars-in-red-sea-chaos.html |
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Bank America says this corner of the bond market is a top play for 2024These stocks may have been the play for 2023, but for next year Bank of America Securities likes their debt. Read more at: https://www.cnbc.com/2023/12/21/bank-america-says-this-corner-of-the-bond-market-is-a-top-play-for-2024.html |
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Lawmakers praise workers for landmark Wells Fargo union branch vote in New MexicoA New Mexico Wells Fargo branch voted to unionize, drawing praise from lawmakers. Read more at: https://www.cnbc.com/2023/12/21/lawmakers-praise-wells-fargo-branch-union.html |
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IRS unveils ‘voluntary disclosure program’ for businesses duped by pandemic-era tax creditThe IRS has unveiled a “voluntary disclosure program” for businesses that claimed a pandemic-era tax credit in error and want to pay the money back. Read more at: https://www.cnbc.com/2023/12/21/irs-unveils-employee-retention-credit-voluntary-disclosure-program.html |
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Former Swiss finance executive pleads guilty to tax evasion scheme that hid $60 millionRolf Schnellmann helped conceal the income of U.S. taxpayer clients in offshore accounts in Switzerland, according to the New York federal prosecutors. Read more at: https://www.cnbc.com/2023/12/21/former-swiss-finance-executive-guilty-in-tax-evasion-scheme.html |
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Boeing hands over first 787 Dreamliner to China since 2019Boeing hasn’t delivered an aircraft from its factories directly to a Chinese airline since 2019. Read more at: https://www.cnbc.com/2023/12/21/boeing-hands-over-first-787-dreamliner-to-china-since-2019.html |
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James Gorman talks Disney succession, proxy fight as he gears up to join boardGorman won praise for managing the CEO succession process at Morgan Stanley. Read more at: https://www.cnbc.com/2023/12/21/james-gorman-talks-disney-succession-proxy-fight.html |
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Will 2024 be a good time to buy a car? Here’s what to expect, auto experts sayLow inventory, high demand and elevated interest rates affected car shoppers in 2023. However, 2024 may be a better year to buy a car. Read more at: https://www.cnbc.com/2023/12/21/should-you-buy-a-car-in-2024-what-to-expect.html |
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Man pleads guilty in stock fraud case involving $100 million New Jersey deliHometown International once was valued at $100 million on the stock market despite owning a tiny, money-losing deli in New Jersey. Read more at: https://www.cnbc.com/2023/12/21/guilty-plea-in-100-million-new-jersey-deli-stock-fraud-case.html |
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Winners and losers in travel and leisure stocks will become clear in 2024. What to buyAnalysts caution that there will be pockets of weakness and differentiated performance in the year ahead. Read more at: https://www.cnbc.com/2023/12/21/winners-and-losers-in-travel-and-leisure-stocks-will-become-clear-in-2024-what-to-buy.html |
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“In Argentina, Contracts Can Be Settled In Bitcoin”, Foreign Minister AffirmsIn a groundbreaking statement, Argentina’s Minister of Foreign Affairs, Diana Mondino, has confirmed the country’s stance on embracing Bitcoin for contractual agreements.
In a Dec. 21 post on X (formerly Twitter), Mondino said that a decree seemingly aimed at economic reform and deregulation would allow the use of BTC and other cryptocurrencies in the country under certain conditions. The ‘Bases for the Reconstruction of the Argentine Economy’ decree, passed on Dec. 20, did not specifically mention crypto but included provisions that debtors had the choice to pay in currencies not recognized as legal tender in Argentina. “We ratify and confirm that in Argentina contracts … Read more at: https://www.zerohedge.com/crypto/argentina-contracts-can-be-settled-bitcoin-foreign-minister-affirms |
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Biden Is Using The Term Bidenomics Again, What Else Can He Do?Authored by Mike Shedlock via MishTalk.com, Biden abandoned the term Bidenomics for over a month. He’s now back at it, with Treasury Secretary Janet Yellen tooting his horn…
From June through November 1, Biden used the term Bidenomics over 100 times. Then he stopped using it. On December 6, I commented Biden Drops the Term Bidenomics, Republicans Would Be Wise to Use it Instead
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Smash-And-Grab Gang Loots Chanel Store Blocks From White HouseMayor Muriel Bowser’s leadership in Washington, DC, has become a spectacular disaster. The nation’s capital is grappling with a massive surge in carjackings and murders – no thanks to her failed social justice reforms (such as defunding the police). For example…
Bowser might not publicly acknowledge that her progressive policies have failed residents and businesses as they have witnessed a larger swath of the city transform into a crime-ridden hellhole. However, her recent awkward policy shift from years of advocating ‘defunding the police’ to now refunding them shows she’s under severe pressure. Why re-fund the police? The cost of Bowser’s terrible progressive policies forced the owner of the NHL’s Capitals and NBA’s Wizards to move the teams outside of the city to neighboring Virginia because of violent crime. Even with Bowser’s now supposedly tough-on-crime stance, criminals … Read more at: https://www.zerohedge.com/political/smash-and-grab-gang-loots-chanel-store-blocks-white-house |
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Peter Schiff: Did The Fed Steal The Santa Claus Rally?Via SchiffGold.com, The US stock market had a potentially significant day on Wednesday. Markets have been rallying on the hope of interest rate cuts in the near future. But Fed officials have been trying to walk back those expectations. Did the central bankers manage to steal the Santa Claus rally? In his podcast, Peter Schiff talks about the recent moves in the stock market.
Wednesday started with another in a string of 52-week highs for all the major stock indices. Markets rallied early in the day despite FedEx dropping after a big revenue miss.
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Strike that disrupted Eurotunnel and Eurostar endsDrive-on LeShuttle trains are set to resume, but there is unclear when Eurostar services will restart. Read more at: https://www.bbc.co.uk/news/business-67784709?at_medium=RSS&at_campaign=KARANGA |
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Post Office victims’ compensation pot cut by halfThe firms has now set aside £244m following over estimations on the number of people who might apply. Read more at: https://www.bbc.co.uk/news/business-67784706?at_medium=RSS&at_campaign=KARANGA |
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Temu shoppers risk buying items made by forced labour, MP warnsThe Chinese online retailer with the slogan ‘shop like a billionaire’ faces questions over its ultra low prices. Read more at: https://www.bbc.co.uk/news/business-67752413?at_medium=RSS&at_campaign=KARANGA |
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Tech View: Nifty closes above 10-DMA. What traders should do on FridayNifty recently demonstrated resilience, rebounding strongly from a critical support level at 21,000, affirming a bullish sentiment. The index closed above its 10-day moving average, signaling positive momentum. Key levels to monitor include 21,000 as immediate support and 21,300 as the initial resistance. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-closes-above-10-dma-what-traders-should-do-on-friday/articleshow/106185497.cms |
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After stellar debut, DOMS Industries shares fall 7% to day’s low on profit bookingIn the long run, analysts still believe the stock does give value in holding, but buying on dips or after further scrutiny of the company in the coming quarters would be prudent. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/after-stellar-debut-doms-industries-shares-fall-7-to-days-low-on-profit-booking/articleshow/106180653.cms |
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Mid and smallcap stocks rebound sharply; was a bear attack just a 1-day show?Mazagon Dock Shipbuilders, JSW Energy, NHPC, Coromandel International, Oil India, Indian Railway Finance Corporation, and Sona BLW Precision were the major gainers in the midcap space, rising 3-6%. In the smallcap segment, Zensar Technologies, Morepen Laboratories, PC Jeweller, Metropolis Healthcare, Arman Financial Services, HBL Power Systems, and Tarsons Products surged 5-10%. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/mid-and-smallcap-stocks-rebound-sharply-was-a-bear-attack-just-a-1-day-show/articleshow/106177610.cms |
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These unsung stock market heroes offer 9 favorite picks for 20243 top newsletters: ‘Magnificent Seven’ take a pause; dividend-rich value and energy stocks take the lead. Read more at: https://www.marketwatch.com/story/these-unsung-stock-market-heroes-offer-9-favorite-picks-for-2024-7eea2a49?mod=mw_rss_topstories |
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Job market is softening and bankruptcies are rising, Paychex CEO saysCEO of HR-services company Paychex says the U.S. job market is softening as the Fed’s interest-rate hikes work to slow growth. Read more at: https://www.marketwatch.com/story/job-market-is-softening-and-bankruptcies-are-rising-paychex-ceo-says-51700520?mod=mw_rss_topstories |
