Summary Of the Markets Today:
- The Dow closed up 189 points or 0.49%,
- Nasdaq closed up 0.95%, (Closed at 17,857, New Historic high 17,936)
- S&P 500 closed up 0.77%, (Closed at 5,473, New Historic high 5,489)
- Gold $2,335 down $13.90,
- WTI crude oil settled at $80 up $2.00,
- 10-year U.S. Treasury 4.279 up 0.066 points,
- USD index $105.34 down $0.210,
- Bitcoin $66,477 down 465 or 0.70%
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – June 2024 Economic Forecast: Our Index Marginally Weakened And There Is Another Indicator Warning Of A Recession
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The New York Fed’s June 2024 Empire State Manufacturing Survey headline general business conditions index moved up ten points but remained below zero at -6.0. Values below zero indicate contraction. New orders held steady, while shipments inched higher. Delivery times shortened somewhat, and supply availability—a new monthly indicator now included in these reports—was little changed. The bottom line is that this survey continues to show that manufacturing in this region continues in a recession.
Here are some of headlines we are reading today:
- Russia Reclaims Its Position as Europe’s Top Gas Supplier
- Crew Abandons Sinking Bulk Carrier In Red Sea After Houthi Attack
- Oil Prices Jump 2% on Improving Demand Outlook
- U.S. Gasoline Prices Up After 3-Week Decline
- Carbon Capture Technology Called a ‘Boondoggle’ for Oil Industry
- Denmark Looks to Curb Dark Fleet Carrying Russian Oil in the Baltic Sea
- Nvidia to get 20% weighting and billions in investor demand, while Apple demoted in major tech fund
- S&P 500 rises to record close on Monday, Dow snaps four-day losing streak: Live updates
- How immigrants are helping keep job growth hot while inflation cools
- 80% of Americans say grocery costs have notably increased since the pandemic started, survey finds
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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Russia Reclaims Its Position as Europe’s Top Gas SupplierAccording to some of the more cynical elements out there, the entire Ukraine war as orchestrated by Victoria Nuland and various energy-tied elements in the deep state, was meant to do one thing: replace Russia with the US as the primary supplier of European gas (and the recent sabotage of the Nord Stream pipeline, only seems to validate this particular “conspiracy theory.”) And if indeed it is the case that the war was meant to replace one European energy supplier with another, then we have bad news: the war has been for nothing. According… Read more at: https://oilprice.com/Energy/Energy-General/Russia-Reclaims-Its-Position-as-Europes-Top-Gas-Supplier.html |
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How EVs Could Provide Renewable Energy Storage To Support the GridOptimism around the growth of the electric vehicle (EV) market has faltered in recent months as consumer uptake has grown at a slower pace than previously anticipated. This has led several automakers to reduce their EV investments in the mid-term until the market becomes more stable. Further, Tesla’s recent decision to cancel the rollout of a large-scale EV charging network in the U.S. has led to greater uncertainty in the sector. Nevertheless, some energy experts are exploring the potential for EVs to be more useful than many might have… Read more at: https://oilprice.com/Energy/Energy-General/How-EVs-Could-Provide-Renewable-Energy-Storage-To-Support-the-Grid.html |
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Rystad Predicts Near Zero Oil Supply Growth in 2024Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC+ voluntary cuts and the cartel’s demand forecast. Based on the most recent OPEC+ guidance, total global oil supply growth will be near zero in 2024, which could render this year the first since 2020 with zero supply growth, Rystad said, estimating expect supply growth at around 80,000 barrels per day for 2024, down from earlier expectations of 900,000 bpd, which had been made in early June… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rystad-Predicts-Near-Zero-Oil-Supply-Growth-in-2024.html |
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Crew Abandons Sinking Bulk Carrier In Red Sea After Houthi AttackTurmoil in the Red Sea and Gulf of Aden intensified this week as Iran-backed Houthi rebels launched a series of attacks on commercial vessels traversing the critical maritime chokepoint. In a bold new move, the rebels deployed a suicide drone boat that slammed into the stern of a bulk carrier, paralyzing the vessel and forcing the crew to abandon the ship. The drone boat attack on commodity-hauling bulk carrier “Tutor” was first reported on Wednesday. By Friday, the crew of the vessel was “evacuated… Read more at: https://oilprice.com/Geopolitics/Middle-East/Crew-Abandons-Sinking-Bulk-Carrier-In-Red-Sea-After-Houthi-Attack.html |
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Oil Prices Jump 2% on Improving Demand OutlookThe U.S. crude oil benchmark was trading up over 2% on Monday, with Brent gaining over 1.7% as the market digested data suggesting an improving demand outlook. At 2:28 p.m. ET on Monday, Brent crude was trading up 1.73% at $84.05, for a gain of $1.43 on the day. West Texas Intermediate (WTI) was trading up 2.17% at $80.15, for a gain of $1.70 on the day. In the prior week, oil enjoyed its first weekly gain in a month buoyed by reports that lent more optimism to oil demand in the second half of this year. OPEC+ has taken pains to assure… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Jump-2-on-Improving-Demand-Outlook.html |
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U.S. Gasoline Prices Up After 3-Week DeclinePrices at U.S. pumps rose 1 cent from a week ago, pushing pause on gradually declining prices, largely because of price increases in Great Lakes states, GasBuddy said on Monday. Gasoline prices in the U.S> hit $3.41 per gallon on Monday, according to GasBuddy, while AAA put the national average per gallon at $3.447. The national average, according to GasBuddy, is still down 18 cents from a month ago, and down 13.8 cents per gallon from a year ago. For diesel, the national average is down 1.6 cents over the past week and 13… Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Gasoline-Prices-Up-After-3-Week-Decline.html |
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What Will Mexico’s Energy Policy Look Like Under Its First Female President?There has been great criticism over Mexico’s energy policies in recent years, as the country’s President Andres Manuel Lopez Obrador (AMLO) has continued to ardently support the oil and gas industry above renewable alternatives, while the state-owned oil company Pemex becomes increasingly indebted. There is now major speculation around what is in store for Mexico’s energy sector under AMLO’s Morena party successor Claudia Sheinbaum. Claudia has mainly pledged to follow the policies put in place by her predecessor, but many… Read more at: https://oilprice.com/Energy/Energy-General/What-Will-Mexicos-Energy-Policy-Look-Like-Under-Its-First-Female-President.html |
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World’s Top Shipping Register Removes Sanctioned Russian InsurerThe Liberia Register, which has about 16% of the world’s vessels by capacity flying Liberia’s flag, has withdrawn authorization to Russia’s Ingosstrakh Insurance Company to issue documents that allow ships to enter ports. Liberia Maritime Authority has issued an advisory to inform shipowners and operators that the insurance company Ingosstrakh Insurance Company is no longer authorized to issue certificates of insurance (blue cards) to any Liberian flagged vessel. The so-called blue cards are essential for ships… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Worlds-Top-Shipping-Register-Removes-Sanctioned-Russian-Insurer.html |
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Carbon Capture Technology Called a ‘Boondoggle’ for Oil IndustryThe study I refer to didn’t actually say that carbon capture makes things worse. But that is the only conclusion one can draw given that the capturing is done for the purpose of dramatically lengthening the life of oil wells that would otherwise close, according to a recent piece in DeSmog. The oil wells in question are in Saskatchewan and were scheduled to close in 2016. Now with carbon dioxide pumping into them, they could produce oil for somewhere between 39 and 84 more years. Back in May I reminded readers of a more expansive definition of… Read more at: https://oilprice.com/Energy/Energy-General/Carbon-Capture-Technology-Called-a-Boondoggle-for-Oil-Industry.html |
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Industry Calls on Australian Government to Back Gas PowerAustralia’s energy producers and utilities are calling on the government to support the existing natural gas-powered generation as a smooth market mechanism to move to growing shares of renewables in the electricity system. Australia has been closing coal-fired power generation and raising solar and wind power, but without enough baseload generation, it risks power shortfalls and blackouts, industry officials have warned. “If you’re only supporting new renewables and you don’t take care of existing gas assets, you run into trouble,”… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Industry-Calls-on-Australian-Government-to-Back-Gas-Power.html |
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Ukraine Peace Summit Raises Hopes for Dialogue, But Challenges RemainFor two days during the June 15-16 summit for peace in Ukraine, senior officials from more than 90 countries focused on the most devastating conflict in Europe since World War II. As the delegations dispersed, participants lauded the launching of a process to keep the dialogue going and the prospect of a second summit in the near future. But the fact the Moscow was not invited to the event and had derided it as a waste of time and effort cast doubts over the future of any peace process. Although the summit’s final communiqué did not… Read more at: https://oilprice.com/Geopolitics/International/Ukraine-Peace-Summit-Raises-Hopes-for-Dialogue-But-Challenges-Remain.html |
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UK Renewable Energy Producers Could Be Hit by the EU Carbon Border TaxUK renewable power generators exporting electricity to the EU could be hit with the EU carbon border tax as of 2026 unless the UK and the European Union work a way to change part of the EU mechanism, British industry officials and analysts have told Reuters. The EU’s Carbon Border Adjustment Mechanism (CBAM), commonly known as the “carbon border tax”, was launched on October 1 last year in the first transitional phase for imports of several carbon-intensive groups of products into the European Union. The first phase… Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Renewable-Energy-Producers-Could-Be-Hit-by-the-EU-Carbon-Border-Tax.html |
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Tesla and Baidu Partner for Full Self-Driving TestBeijing recently ‘greenlighted’ Tesla the ability to roll out its driver-assistance system, known as “Full Self-Driving,” or FSD. A new report suggests Tesla is testing vehicles equipped with FSD on city streets and highways in the world’s largest car market. Reuters cited a report from the government-backed Shanghai Observer that said ten Tesla vehicles with FSD are being tested ahead of what could be a much larger planned rollout later this year. Elon Musk has been strategically paving the way for an FSD rollout in China in recent… Read more at: https://oilprice.com/Energy/Energy-General/Tesla-and-Baidu-Partner-for-Full-Self-Driving-Test.html |
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China Accelerates Crude Stockpiling Amid Weak Refining OutputChina accelerated the pace of stockpiling crude oil inventories in May amid lower refining throughput and weaker crude imports compared to last year, in further bearish signs about China’s apparent oil demand so far this year. China has likely added 1.08 million barrels per day (bpd) of crude to its commercial or strategic inventories last month, up from 830,000 bpd going to stockpiles in April, according to estimates by Reuters columnist Clyde Russell based on official Chinese data. China does not report commercial… Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Accelerates-Crude-Stockpiling-Amid-Weak-Refining-Output.html |
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Denmark Looks to Curb Dark Fleet Carrying Russian Oil in the Baltic SeaDenmark, other Baltic Sea countries, and allies from the European Union are considering ways to limit the volume of Russian oil transported on the so-called dark fleet in the Baltic Sea and the Danish straits, Denmark’s Foreign Minister Lars Lokke Rasmussen told Reuters on Monday. Apart from looking to clamp down on Russian shadow fleet activities and Putin’s revenues from oil, Denmark has been concerned that the old and potentially uninsured tankers of the growing dark fleet could cause an environmental disaster in… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Denmark-Looks-to-Curb-Dark-Fleet-Carrying-Russian-Oil-in-the-Baltic-Sea.html |
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Nvidia to get 20% weighting and billions in investor demand, while Apple demoted in major tech fundThe chip stock will jump to about 21% from 6% in a $70 billion tech ETF once a new rebalance takes effect. Read more at: https://www.cnbc.com/2024/06/17/nvidia-to-get-20percent-weighting-and-billions-in-investor-demand-while-apple-demoted-in-major-tech-fund.html |
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Apple stops offering buy now, pay later loans in U.S.Apple said it would no longer issue loans that enabled customers to buy products online and pay in four interest-free installments, at prices up to $1,000. Read more at: https://www.cnbc.com/2024/06/17/apple-stops-offering-buy-now-pay-later-loans-in-us-.html |
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S&P 500 rises to record close on Monday, Dow snaps four-day losing streak: Live updatesThe S&P 500 rose Monday to close at a fresh record close as Wall Street looked to build on last week’s gains. Read more at: https://www.cnbc.com/2024/06/16/stock-market-today-live-updates.html |
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McDonald’s to end AI drive-through test with IBMWhile it is ending the AI drive-through test with IBM, McDonald’s said it is not done with AI in its drive-through process. Read more at: https://www.cnbc.com/2024/06/17/mcdonalds-to-end-ibm-ai-drive-thru-test.html |
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New Jersey Democratic kingmaker George Norcross indicted on racketeering chargesGeorge Norcross is accused of presiding over a racketeering enterprise to benefit from redevelopment on the Camden, New Jersey waterfront. Read more at: https://www.cnbc.com/2024/06/17/new-jersey-democratic-kingmaker-george-norcross-indicted-on-racketeering-charges.html |
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Jeffrey Gundlach likes this corner of fixed income as the Fed keeps rates high. It’s yielding 8%The CEO of DoubleLine likes bank loans, noting that they offer attractive yield as the Federal Reserve keeps rates high. Read more at: https://www.cnbc.com/2024/06/17/jeffrey-gundlach-likes-this-corner-of-fixed-income-its-yielding-8percent.html |
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GameStop drops more than 12%, hits session lows after annual meeting fails to offer details on firm’s strategyThe meme stock fell about 12% as its rescheduled shareholder event wrapped up with no detailed remarks about the company’s strategies. Read more at: https://www.cnbc.com/2024/06/17/gme-shares-drop-to-session-lows-after-annual-meeting-fails-to-offer-details-on-firms-strategy.html |
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Trump and Biden shift strategies to compete for crypto voters: 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, Jacob Martin, co-founder of 2 Punks Capital, discusses crypto’s growing influence in the 2024 election. Read more at: https://www.cnbc.com/video/2024/06/17/trump-biden-shift-strategies-compete-crypto-voters-crypto-world.html |
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How immigrants are helping keep job growth hot while inflation coolsRecent spikes in immigration at the southern border and elsewhere in the U.S. have helped to keep the labor pool full, even as job gains kept apace. Read more at: https://www.cnbc.com/2024/06/17/immigrants-help-economy-job-growth-inflation.html |
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Warren Buffett’s Berkshire Hathaway trims its stake in Chinese EV maker BYD to 6.9%Warren Buffett’s conglomerate has sold an additional 1.3 million Hong Kong-listed shares of BYD for $39.8 million, according to a filing. Read more at: https://www.cnbc.com/2024/06/17/warren-buffetts-berkshire-hathaway-trims-its-stake-in-chinese-ev-maker-byd-to-6point9percent.html |
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Here’s why car payments are so high right nowCar payments skyrocketed in recent years. Pandemic-era shortages and high interest rates are partly to blame, but the auto market has also seen deeper changes. Read more at: https://www.cnbc.com/2024/06/17/heres-why-car-payments-are-so-high-right-now.html |
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80% of Americans say grocery costs have notably increased since the pandemic started, survey findsNew government data shows inflation is subsiding. But many consumers still report suffering sticker shock in their grocery store aisles. Read more at: https://www.cnbc.com/2024/06/17/80percent-of-americans-say-grocery-costs-have-increased-since-pandemic-started.html |
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Goldman gives its four scenarios for year-end, from a megacap super rally to a recession-driven declineIn its base case, the Wall Street investment bank anticipates the S&P 500 has further to climb. But it also laid out several alternative outcomes. Read more at: https://www.cnbc.com/2024/06/17/goldman-lays-out-four-year-end-market-scenarios-from-bullish-to-bearish.html |
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Final Declaration Of Ukraine Peace Summit Appears Ripped Off From China’s Peace PlanThis past weekend’s international peace summit in Switzerland, which included the presence of Ukraine’s Zelensky along with nearly 100 countries – but which had no Russia or China representation – produced “zero” results according to a Kremlin statement lambasting the gathering. “If we talk about the results of this meeting, then they come down to zero,” Kremlin spokesman Dmitry Peskov told a press briefing.
A final document produced by the summit, which 78 of the countries agreed to and formally signed, asserted that the basis of any future Ukraine-Russia … Read more at: https://www.zerohedge.com/geopolitical/final-declaration-ukraine-peace-summit-appears-ripped-chinas-peace-plan |
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CNN Announces New Rules For Trump–Biden 2024 Presidential DebateAuthored by Tom Ozimek via The Epoch Times (emphasis ours), CNN has announced new details of its finalized rules for the first presidential debate of the 2024 election cycle, which will see a rematch between President Joe Biden and former President Donald Trump.
The network revealed on June 15 that the debate will last 90 minutes and will include two commercial breaks during which the … Read more at: https://www.zerohedge.com/political/cnn-announces-new-rules-trump-biden-2024-presidential-debate |
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5 Stocks Account For 60% Of The S&P’s YTD Return: Charting The S&P 5 vs The S&P 495Nvidia (NVDA) accounts for 34% of the 14% SPX year-to-date gain, and five stocks have accounted for 60% of the S&P 500 total YTD return; MSFT, NVDA, GOOGL, AMZN, and META have collectively surged by 45% and now comprise 25% of the S&P 500 equity cap.
A key reason for this unprecedented outperformance is that these five companies posted Q1 EPS growth of 84% YoY vs 5% for the typical S&P 500 stock. Furthermore, strong results for the past four quarters have prompted analysts to raise their 2024 EPS forecasts by 38% for these five Tech stocks. In contrast, the profit forecast for the other 495 stocks in the index have been reduced by 5%. Read more at: https://www.zerohedge.com/markets/5-stocks-account-60-sps-return-charting-sp-5-vs-sp-495 |
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Supreme Court Will Hear Shareholder Lawsuit Alleging NVIDIA Deceived InvestorsAuthored by Matthew Vadum via The Epoch Times (emphasis ours), The Supreme Court agreed on June 17 to hear a case from Silicon Valley giant NVIDIA that could make it more difficult for shareholders to pursue securities fraud lawsuits.
The U.S. Supreme Court in Washington on May 29, 2024. (Madalina Vasiliu/The Epoch Times) The justices granted the petition for certiorari, or review, in NVIDIA Corp. v. E. Ohman J:or Fonder AB in an unsigned order. No justices dissented. The Court did not explain its decision. At least four of the nine justices must vote to grant a petition for it to advance to the oral argument stage. NVIDIA is a high-tech company known for its graphics processors commonly used … Read more at: https://www.zerohedge.com/political/supreme-court-will-hear-shareholder-lawsuit-alleging-nvidia-deceived-investors |
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London becomes Europe’s largest stock market againA French election is driving down the value of French listed companies, analysts say Read more at: https://www.bbc.com/news/articles/cqee1vpe3deo |
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Software giant Adobe accused of ‘trapping customers’Regulators allege Adobe failed to properly disclose subscription terms and made it too onerous to cancel. Read more at: https://www.bbc.com/news/articles/c98825z8330o |
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Green energy plan ‘won’t benefit’ Welsh valley residentsThe BBC has spoken to residents in the Towy Valley about their views on a huge wind turbine project. Read more at: https://www.bbc.com/news/articles/cxwwdpgdjeyo |
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Volume Shocker: MFs lap up over 1 crore share of these 6 stocks in May 2024In its latest mutual funds analysis, ETMarkets has highlighted stocks that saw a significant increase in the number of shares held by mutual fund holdings in May from the month of April. Approximately 36 stocks observed an increase of over 1 crore shares in May. To further narrow down the selection, only stocks that saw their prices rise by more than 15% since the start of May were included, resulting in a thoughtfully curated list of six stocks. (Data Source: ACE MF | ACE Equity) Read more at: https://economictimes.indiatimes.com/markets/stocks/news/volume-shocker-mfs-lap-up-over-1-crore-share-of-these-6-stocks-in-may-2024/mf-watch/slideshow/111055000.cms |
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FPIs offload Indian equities worth Rs 3,064 crore in June so farThis trend continued from May and April, when FPIs sold shares worth Rs 34,257 crore, even as domestic institutional investors (DIIs) remained buyers, supporting the markets. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/fpis-offload-indian-equities-worth-rs-3064-crore-in-june-so-far/articleshow/111053557.cms |
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Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 24%Last few days of movement of the Nifty and Sense will make a number of people forget about what happened in March this year. The fact is that when valuations are high and they are even if takes into account the Q4 numbers. The probability of volatility hitting the street is always high. So, it would be better to stay ready for volatility both for domestic and global reasons. At this point of time, one cannot rule out sudden profit booking which can bring more damage to stock prices in the mid-cap segment. In such times, if one is taking fresh exposure to equity, ensure that there is some level of quality as far as the business and fundamentals are concerned. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/stock-picks-of-the-week-5-stocks-with-consistent-score-improvement-and-upside-potential-of-up-to-24/articleshow/111054754.cms |
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‘We get a raw deal’: I had the worst Father’s Day ever — and it’s a cautionary tale for other happy families“It’s not about the money or even the card — it’s about the recognition for all the hard work dads do to put food on the table and pay the mortgage.” Read more at: https://www.marketwatch.com/story/we-get-a-raw-deal-on-fathers-day-heres-the-worst-thing-you-can-do-and-it-doesnt-involve-giving-your-dad-a-crummy-tie-or-tickets-to-see-taylor-swift-2d221f32?mod=mw_rss_topstories |
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‘We, his children, do not trust her’: My elderly father is recently widowed. His new girlfriend is putting him under pressure to get married. What can we do?“We are so worried she will convince him to sneak off and marry at the courthouse.” Read more at: https://www.marketwatch.com/story/we-his-children-do-not-trust-her-my-father-is-in-his-80s-and-recently-widowed-his-girlfriend-wants-to-get-married-should-he-transfer-his-money-to-us-8bc500eb?mod=mw_rss_topstories |
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5 ways a financial adviser can keep estate-planning fights from splitting your familyExperts who understand wills and trusts use these resources to guide you. Read more at: https://www.marketwatch.com/story/when-estate-planning-gets-testy-this-expert-help-can-avoid-probate-and-family-fights-03069eff?mod=mw_rss_topstories |
Getty Images”Many countries understood the lack of perspective of any serious discussion without the presence of our country,” Peskov added, saying also that Russian President Vladimir Putin was “still open to dialogue and serious discussion.”
(Left) President Joe Biden speaks on his economic plan for the country in Raleigh, N.C., on Jan. 18, 2024. (Right) Former President Donald Trump arrives for a rally in Sioux Center, Iowa, on Jan. 5, 2024. (Eros Hoagland, Scott Olson/Getty Images)
