Summary Of the Markets Today:
- The Dow closed up 134 points or 0.35%,
- Nasdaq closed down 0.76%,
- S&P 500 closed up 0.06%,
- Gold $2,054 up $9.60,
- WTI crude oil settled at $78 up $1.11,
- 10-year U.S. Treasury 4.045% down 0.046 points,
- USD index $103.41 down $0.02,
- Bitcoin $43,560 up $477 (1.11%),
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – February 2024 Economic Forecast: Index Again Modestly Declined But Remains Well Above Levels Associated With Recession
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
The S&P CoreLogic Case-Shiller U.S. National Home Price 20-City Composite posted a year-over-year increase of 5.4%, up from a 4.9% increase in the previous month. CoreLogic Chief Economist Dr. Selma Hepp stated;
The CoreLogic S&P Case-Shiller Index continued to press higher with home prices increasing by 5.1% year over year in November. Surging mortgage rates in late 2023 started to impact prices in November which declined from the month before, down 0.2% – in contrast to a slight increase seen prior to the pandemic at this time of the year. That suggests pivoting of annual gains over the next few months. Still, home price gains remained resilient in many affordable markets (Detroit) as well as areas with warmer weather and outdoor amenities (Miami and Tampa) – something households seek in winter months. More recent decline in mortgage rates along with continued imbalance between pent-up demand and lacking supply suggest home prices will continue to rise in 2024.
The Conference Board Consumer Confidence Index rose in January to 114.8 (1985=100), up from a revised 108.0 in December. The reading was the highest since December 2021, and marked the third straight monthly increase. Dana Peterson, Chief Economist at The Conference Board stated:
January’s increase in consumer confidence likely reflected slower inflation, anticipation of lower interest rates ahead, and generally favorable employment conditions as companies continue to hoard labor. The gain was seen across all age groups, but largest for consumers 55 and over. Likewise, confidence improved for all income groups except the very top; only households earning $125,000+ saw a slight dip. January’s write-in responses revealed that consumers remain concerned about rising prices although inflation expectations fell to a three-year low. Buying plans dipped in January, but consumers continued to rate their income and personal finances favorably currently and over the next six months. Consumers’ Perceived Likelihood of a US Recession over the Next 12 Months continued to gradually ease in January, consistent with an Expectations Index rising above 80.
The number of job openings changed little at 9.0 million on the last business day of December. Over the month, the number of hires and total separations were little changed at 5.6 million and 5.4 million, respectively. We should expect little upward pressure on job growth based on current correlations.
Here is a summary of headlines we are reading today:
- BP Taps Cutting-Edge 4D Seismic Tech to Survey Azerbaijani Oil Field
- Volkswagen Still Seeking Investor for Battery Unit Despite Slower EV Growth
- Tesla Battles to Maintain Market Share in Growing EV Industry
- Economic Concerns and a Strong Supply Outlook Hold Oil Prices Back
- Global Oil Demand Remains Robust Despite Bearish Sentiment
- Trans Mountain Pipeline Hits Yet Another Delay
- Launch of new ETFs may not affect bitcoin the same way they did gold, Citi says. Here’s why
- PayPal will cut about 2,500 jobs, or 9% of global workforce
- UPS announces 12,000 job cuts, says package volume slipped last quarter
- Sky to cut 1,000 jobs in move towards digital
- Number of companies going bust hits 30-year high
- Treasury yields hold steady ahead of Wednesday’s Fed interest-rate policy update
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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BP Taps Cutting-Edge 4D Seismic Tech to Survey Azerbaijani Oil FieldFaced with declining production from Azerbaijan’s main Azeri-Chirag-Guneshli (ACG) oil field, field operator BP has launched what it says is “globally” its biggest-ever seismic survey program aimed at maximizing output. Launched on January 23rd, the new survey will cost $370 million over five years and will cover an area of 740 square kilometers, focusing on the Balakhany and Fasila oil reservoirs, the two main reservoirs in the ACG field. The survey itself will be conducted by sub-contractor Caspian Geo LLC using two specialized vessels,… Read more at: https://oilprice.com/Energy/Energy-General/BP-Taps-Cutting-Edge-4D-Seismic-Tech-to-Survey-Azerbaijani-Oil-Field.html |
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Surging VC Interest Marks a New Era for Energy Storage2023 was a rough year for venture capital funding in the United States. Across sectors, venture capital investments dropped by a whopping 30%, from $242.2 billion in 2022 to just $170.6 billion recorded in startup funding last year. The tip comes as the economy tries to absorb the whiplash of inflation and readjusted valuations. But a couple of key sectors saw marked increases in an otherwise dismal year: artificial intelligence and energy storage. Together, these sectors paint a vivid picture of where the United States economy is headed. … Read more at: https://oilprice.com/Energy/Energy-General/Surging-VC-Interest-Marks-a-New-Era-for-Energy-Storage.html |
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Biden Weighs Options Following Iran-Backed Militia Attack on U.S. TroopsPressure is mounting on U.S. President Joe Biden to attack Iran directly after three U.S. troops were killed and more than 30 others injured in a drone attack on an American outpost in northeastern Jordan. While hitting Iranian targets is an option, analysts say the U.S. is more likely to strike one or more of Iranian-supported proxy groups based in Iraq and Syria — but acknowledge it is increasingly difficult for Washington to sidestep direct confrontation with Tehran.Biden has been reluctant to directly strike Iran, fearing it may plunge the… Read more at: https://oilprice.com/Geopolitics/International/Biden-Weighs-Options-Following-Iran-Backed-Militia-Attack-on-US-Troops.html |
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Volkswagen Still Seeking Investor for Battery Unit Despite Slower EV GrowthGermany’s Volkswagen is still seeking a strategic investor for its battery unit this year and an IPO remains an option in the future, the biggest automaker in Europe told Reuters after reports emerged that the car manufacturing giant has delayed plans for an initial public offering or welcoming a strategic investor. Earlier on Tuesday, Bloomberg News reported, citing unnamed sources with knowledge of the plans, that Volkswagen is delaying IPO plans for its battery unit Power Co, and has put negotiations with potential… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Volkswagen-Still-Seeking-Investor-for-Battery-Unit-Despite-Slower-EV-Growth.html |
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Tesla Battles to Maintain Market Share in Growing EV IndustryTesla enjoyed several years of success as the most well-known electric vehicle (EV) manufacturer, dominating the global market. However, with governments worldwide pursuing a green transition and looking to eventually phase out the sale of internal combustion engine (ICE) vehicles, many other automakers have developed highly competitive EVs in recent years. While Tesla is still well regarded for its EV offerings, many other startups and long-established automakers are offering cheaper EV models with similar capabilities, which is driving down Tesla… Read more at: https://oilprice.com/Energy/Energy-General/Tesla-Battles-to-Maintain-Market-Share-in-Growing-EV-Industry.html |
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China’s Independent Refiners Slow Iranian Oil Imports over Price RowChina’s independent refiners continue to delay purchases of crude from Iran for February as the Islamic Republic is now demanding higher prices and upfront payments before loading the cargoes, trading sources familiar with the matter have told Reuters. The stand-off between Iran and the independent Chinese refiners, the so-called teapots, began in the middle of December, and has cooled the market for Iranian oil – under U.S. sanctions – with the private buyers in China. Iran seeks higher prices for its crude going… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Independent-Refiners-Slow-Iranian-Oil-Imports-over-Price-Row.html |
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White House’s Pausing Of U.S.’s Giant LNG Export Projects Is Just What Russia WaPerhaps the single most important factor in NATO’s united stand against Russia’s invasion of Ukraine was the quick substitution of the cheap and plentiful Russian gas that had fuelled economic expansion in Germany for decades with emergency liquefied natural gas (LNG) supplies from the U.S. and Qatar. Without these new supplies, there is little doubt that Germany, the de facto leader of the European Union (E.U.), would have led continental Europe into doing nothing meaningful to sanction Russia, just as it had done when Russia… Read more at: https://oilprice.com/Energy/Natural-Gas/White-Houses-Pausing-Of-USs-Giant-LNG-Export-Projects-Is-Just-What-Russia-Wa.html |
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India’s Top Utility Plans $9.6 Billion Renewables and Coal ExpansionIndia’s state power giant NTPC Ltd, the largest power generator in the country, plans to boost its green energy projects with green hydrogen and renewable power capacity, but it’s also investing in new coal-fired electricity. NTPC said on Tuesday that its unit NTPC Green Energy Limited (NGEL) had signed a Memorandum of Understanding (MoU) with the government of the state of Maharashtra to develop green hydrogen, green ammonia, and green methanol of up to 1 million ton capacity per year, pumped hydro projects of 2 gigawatts… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Top-Utility-Plans-96-Billion-Clean-Energy-Projects-And-Coal-Fleet-Expa.html |
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Economic Concerns and a Strong Supply Outlook Hold Oil Prices BackRising geopolitical risk pushed Brent well past $80 last week, but the brief price rally has been dampened by continued economic concerns and a strong supply situation.Chart of the Week- Saudi Arabia’s government ordered the state oil company Saudi Aramco (TADAWUL:2222) to halt its oil expansion plan and maintain a production capacity of 12 million b/d, almost 10% lower than the current target of 13 million b/d.- The Saudi economy posted one of the steepest contractions in the 21st century, with its 2023 GDP falling by 1.1% year-on-year,… Read more at: https://oilprice.com/Energy/Energy-General/Economic-Concerns-and-a-Strong-Supply-Outlook-Hold-Oil-Prices-Back.html |
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Offshore Wind Industry Says Germany Must Act to Boost CapacityGermany needs better auction and price policies in offshore wind tenders to provide certainty to the offshore wind developers and the supply chain to invest in a faster expansion of capacity, which is needed to meet Germany’s clean energy targets, industry groups said on Tuesday. Last year, Germany put into operation a total of 27 offshore wind turbines with a combined output of 257 megawatts (MW), the German Wind Energy Association, BWE, and other wind industry and engineering groups said in a statement. However,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Offshore-Wind-Industry-Says-Germany-Must-Act-to-Boost-Capacity.html |
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Global Oil Demand Remains Robust Despite Bearish SentimentLast week, crude oil futures settled at their highest levels in more than two months while energy stocks scored their best week since March 2023 thanks to a cornucopia of catalysts including escalating tensions in the Middle East, a Ukraine drone attack on a Russian oil refinery, production glitches in the U.S., inventory drawdowns that were much larger than forecast, stronger than expected Q4 GDP growth in the U.S amid declining inflation and increased prospect of more economic stimulus from China. With so much support,… Read more at: https://oilprice.com/Energy/Crude-Oil/Global-Oil-Demand-Remains-Robust-Despite-Bearish-Sentiment.html |
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Oil Firms Urge U.S. to Pressure Iraq to Restart Kurdistan’s ExportsThe international oil companies operating in Kurdistan are calling on U.S. Congress for immediate action to help resolve halted crude oil exports from the semi-autonomous region in Iraq. The Association of the Petroleum Industry of Kurdistan (APIKUR) has written a letter to Congress in which it “stresses the urgent need for U.S. congressional action to encourage the Iraqi Prime Minister to resolve the oil production and export impasse prior to his upcoming U.S. visit.” “APIKUR remains committed to the Kurdistan Region and urges… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Firms-Urge-US-to-Pressure-Iraq-to-Restart-Kurdistans-Exports.html |
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Cheaper Coal Could Make Turkey Europe’s Largest Coal-Burning NationCheaper coal compared to natural gas is set to make Turkey the biggest coal-burning nation in Europe this year, surpassing Germany, according to data by environmental think tank Ember cited by Reuters’ analyst Gavin Maguire. Runaway inflation in Turkey and the devaluation of the Turkish lira in recent years have raised the amount of money the country needs to spend to import fuels, including LNG and natural gas. Turkey’s LNG imports dropped in 2023 by 8.2% compared to the previous year and stood at their lowest level since before… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Cheaper-Coal-Could-Make-Turkey-Europes-Largest-Coal-Burning-Nation.html |
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Brazil’s Fuel Imports From Russia Surge to Record HighsSince the EU embargo on Russian oil products, Brazil has become a major buyer of Russia’s diesel and gasoil, with Brazilian imports soaring as Moscow found new outlets for its petroleum products banned by the EU and U.S. Since the EU embargo on imports of Russian fuel came into force in early February 2023, Russia has diverted most of its diesel exports – previously going to the EU – to Turkey, the Middle East, North and West Africa, and Brazil in South America. Russia has shipped so much diesel and other fuels to… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brazils-Fuel-Imports-From-Russia-Surge-to-Record-Highs.html |
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Trans Mountain Pipeline Hits Yet Another DelayThe Trans Mountain expansion project may be in for yet another delay as the company in charge of it reported encountering “technical issues” during construction. In a statement, the company said that the issues “will result in additional time to determine the safest and most prudent actions for minimizing further delay.” The expanded pipeline was scheduled to begin operation by the end of the first quarter of this year, after a series of delays. The Trans Mountain expansion project started as a Kinder Morgan endeavor to… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trans-Mountain-Pipeline-Hits-Yet-Another-Delay.html |
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A change to this one clause could be the most important part of the Fed meetingThe central bank is expected give an important hint about interest rate moves to come by removing wording from previous statements. Read more at: https://www.cnbc.com/2024/01/30/a-change-to-this-one-clause-could-be-the-most-important-part-of-the-fed-meeting.html |
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Microsoft to announce quarterly results after the closeMicrosoft is reporting results for the first time since completing the Activision Blizzard acquisition, the largest deal in its 43-year history. Read more at: https://www.cnbc.com/2024/01/30/microsoft-msft-q2-earnings-report-2024.html |
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Alphabet set to report fourth-quarter earnings after the bellAlphabet’s earnings report comes after the company’s stock price soared to a record last week. Read more at: https://www.cnbc.com/2024/01/30/alphabet-googl-q4-earnings-report-2023.html |
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Apple Vision Pro review: This is the future of computing and entertainmentIn reviewing Apple Vision Pro, CNBC gives you a glimpse into the future of computing. Read more at: https://www.cnbc.com/2024/01/30/apple-vision-pro-review-the-future-of-computing-and-entertainment.html |
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Launch of new ETFs may not affect bitcoin the same way they did gold, Citi says. Here’s whyMaybe ETFs could benefit bitcoin down the road, but near term, it’s more likely the cryptocurrency returns to high correlations with stocks, according to Citi. Read more at: https://www.cnbc.com/2024/01/30/why-launch-of-new-etfs-may-not-affect-bitcoin-as-they-did-gold.html |
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Starbucks is about to report earnings. Here’s what to expectStarbucks stock has fallen 13% over the last year, as investors worry about U.S. traffic and sales in China. Read more at: https://www.cnbc.com/2024/01/30/starbucks-sbux-q1-2024-earnings.html |
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PayPal will cut about 2,500 jobs, or 9% of global workforcePayPal will cut 9% of its global workforce, or about 2,500 jobs, CEO Alex Chriss wrote Tuesday in an internal letter to employees, which was viewed by CNBC. Read more at: https://www.cnbc.com/2024/01/30/paypal-will-cut-about-2500-jobs-or-9percent-of-global-workforce.html |
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UPS announces 12,000 job cuts, says package volume slipped last quarterUPS reported more than a 7% decrease in daily package volume in its fourth-quarter earnings report Tuesday morning. Read more at: https://www.cnbc.com/2024/01/30/ups-reports-drop-in-package-volume-stock-tumbles.html |
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E. Jean Carroll lawyer says Trump claims of judge conflict no basis to toss $83.3 million verdictA New York civil jury ordered Donald Trump to pay writer E. Jean Carroll $83.3 million in damages for defaming her in statements denying that he raped her. Read more at: https://www.cnbc.com/2024/01/30/e-jean-carroll-lawyer-rejects-trump-judge-conflict-concern-from-habba.html |
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World’s largest sovereign wealth fund posts record $213 billion profit, boosted by tech stocksNorway’s sovereign wealth fund, the world’s largest, was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector. Read more at: https://www.cnbc.com/2024/01/30/worlds-largest-sovereign-wealth-fund-posts-record-213-billion-profit.html |
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Fahmi Quadir, short seller nicknamed ‘The Assassin,’ takes aim at for-profit college giant AdtalemQuadir predicts that Adtalem is wasting federal tax dollars on programs that are ineffective, and that it faces several significant financial threats. Read more at: https://www.cnbc.com/2024/01/30/-adtalem-targeted-by-short-seller-fahmi-quadir-nicknamed-the-assassin.html |
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Wall Street is on pace to finish January higher. Why that could be good news for the rest of the yearThe “January Barometer” suggests that this month’s gains may be a positive omen for the rest of 2024. Read more at: https://www.cnbc.com/2024/01/30/stocks-on-pace-to-end-january-higher-that-could-be-good-news-for-rest-of-2024.html |
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Biden’s Trojan Horse Immigration Deal Would Allow Another 1.8 Million MigrantsAuthored by Mike Shedlock via MishTalk.com, Republican Senators are willing to sell the farm for what would be a terrible deal even if Biden elected to honor the terms…
CBS reports Biden and senators on verge of striking immigration deal aimed at clamping down on illegal border crossings Trojan Horse Deal Details
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Russia Hit With Widespread Internet Outage NationwideRussia’s Digital Ministry announced on messenger platform Telegram that a “technical problem” has led to widespread internet outages across the country. “A technical problem has arisen affecting the .RU zone, associated with the global DNSSEC* infrastructure. Specialists from the Internet Technical Center and MSK-IX are working to eliminate it,” the ministry said. X users say dozens of Russian websites are down:
Bloomberg reported that “the most popu … Read more at: https://www.zerohedge.com/geopolitical/russia-hit-widespread-internet-outage-nationwide |
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In Bizarre Outburst, E. Jean Carroll Goes Full “Price Is Right” Over How She’ll Spend “Trump’s Money”Following a bombshell $83.3 million award against Donald Trump, his rape accuser E. Jean Carroll, whose case was bankrolled by his enemies, couldn’t remember basic facts of her own claim, once described rape as “sexy,” and whose “off the rails” tweets weren’t allowed to be shown to the jury – just put on an absurd display.
When asked by MSNBC’s Rachael Maddow on Monday night how she’ll spend “Trump’s money” to help “women’s rights,” Carroll did her best impression of a “Price is Right” winner – like rape victims do, telling Maddow: “First thing Rachel, you and I are gonna go shopping, we’re gonna get completely new wardrobes, new shoes…Rachel what do you like, Penthouse? You want France? You wanna … Read more at: https://www.zerohedge.com/political/bizarre-outburst-e-jean-carroll-goes-full-price-right-over-how-shell-spend-trumps-money |
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The Fed Prepares For A Bank Crisis While Telling Americans The Economy Is StrongAuthored by Tho Bishop via The Mises Institute, Last Thursday, Bloomberg reported that federal regulators are preparing a proposal to force US banks to utilize the Federal Reserve’s discount window in preparation for future bank crises. The aim, notes Katanga Johnson, is to remove the stigma around tapping into this financial lifeline, part of the continuing fallout from the failures of several significant regional banks last year.
This new policy is reminiscent of the Fed’s actions during the 2007 financial crisis, where financial authorities encouraged large banks to tap into the discount window, taking loans directly from the Federal Reserve, to make it easier for distressed banks to do the sam … Read more at: https://www.zerohedge.com/markets/fed-prepares-bank-crisis-while-telling-americans-economy-strong |
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IMF warns UK government against further tax cutsThe International Monetary Fund suggests pencilled-in spending cuts from this year are unrealistic. Read more at: https://www.bbc.co.uk/news/business-68140634?at_medium=RSS&at_campaign=KARANGA |
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Sky to cut 1,000 jobs in move towards digitalThe firm will cut 4% of its workforce, mainly from its engineering arm, as fewer people use satellites. Read more at: https://www.bbc.co.uk/news/business-68146692?at_medium=RSS&at_campaign=KARANGA |
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Number of companies going bust hits 30-year highMore than 25,000 firms went under last year in England and Wales, as they struggled with rising costs. Read more at: https://www.bbc.co.uk/news/business-68140635?at_medium=RSS&at_campaign=KARANGA |
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Nova Agritech GMP: Will there be listing pop at bourses Wednesday?Ahead of the debut, the company’s shares are trading with a premium of Rs 23 in the unlisted market. Considering the upper price band of Rs 41, the stock is expected to list with a premium of over 50% Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/nova-agritech-gmp-what-to-expect-from-listing-on-wednesday/articleshow/107267330.cms |
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Smallcap vs largecap mutual funds: Where to invest?Analysts predict that largecap mutual funds will outperform in 2024, reversing the trend of smallcaps overshadowing largecaps in 2023. Indian Large Caps offer growth potential and attractive valuations, with soaring RoE, robust PAT, and impressive Sales figures. Motilal Oswal Mutual Fund has launched the NFO of Motilal Oswal Large Cap Fund, open for subscription till January 31. Largecaps historically have lower drawdowns and faster recovery compared to small and midcap stocks. With improving macro strength and expected inflows from FIIs, now is an opportune moment to invest in largecap stocks, according to experts. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/smallcap-vs-largecap-mutual-funds-where-to-invest/articleshow/107226074.cms |
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Park Hotels IPO to open on February 5. Check key detailsThe IPO comprises a fresh equity issue of Rs 600 crore and an offer for sale of Rs 320 crore. Under the OFS, promoter Apeejay Pvt Ltd will offload shares worth Rs 296 crore. Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/park-hotels-ipo-to-open-on-february-5-check-key-details/articleshow/107268665.cms |
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Treasury yields hold steady ahead of Wednesday’s Fed interest-rate policy updateU.S. government-debt yields finished mixed on Tuesday as traders assessed improving consumer-confidence figures and looked ahead to Wednesday’s interest-rate policy announcement by the Federal Reserve. Read more at: https://www.marketwatch.com/story/treasury-yields-dip-as-fed-prepares-to-start-two-day-policy-meeting-cd7565bb?mod=mw_rss_topstories |
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Malibu Boats’ stock takes on water as luxury yacht sales flounderThe yacht maker ran into “weak retail demand” during its typically quiet time for business during the winter months. Read more at: https://www.marketwatch.com/story/malibu-boats-stock-takes-on-water-as-luxury-yacht-sales-flounder-86e3cb8b?mod=mw_rss_topstories |
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Today’s Big Tech-dominated stock market has shades of dot-com bubble, strategists warnA team of quantitative strategists at J.P. Morgan see shades of the dotcom bubble in the stock-market rally that has carried the S&P 500 to six record closing highs since the beginning of 2024. Read more at: https://www.marketwatch.com/story/j-p-morgan-analysts-see-shades-of-the-dotcom-bubble-in-todays-big-tech-dominated-stock-market-4b9df6c9?mod=mw_rss_topstories |
