Summary Of the Markets Today:
- The Dow closed up 350 points or 0.88%, ( New high 39,935)
- Nasdaq closed up 1.49%, ( New high 16.750)
- S&P 500 closed up 1.17%, ( New high 5,312)
- Gold $2,393 up $32.70,
- WTI crude oil settled at $79 up $0.84,
- 10-year U.S. Treasury 4.346 down 0.099 points,
- USD index $104.32 down $0.69,
- Bitcoin $65,813 up $4,252 (6.91%), – Historic high 73,798.25
*Stock data, cryptocurrency, and commodity prices at the market closing.
Click here to read our current Economic Forecast – May 2024 Economic Forecast: No Real Change So Expect The Economy To Continue To Plod Along
Today’s Economic Releases Compiled by Steven Hansen, Publisher:
Advance estimates of U.S. retail and food services sales for April 2024 was up 3.0% above April 2023 – 1.8% year-over-year inflation adjusted. This shows the economy is muddling along – and retail sales is not driving a stronger economy. Growth this month is average for the past 12 months.
The Consumer Price Index for All Urban Consumers (CPI-U) over the last 12 month increased 3.4% – down from last month’s 3.5% year-over-year growth. The index for shelter rose in April, as did the index for gasoline. Combined, these two indexes contributed heavily to inflation. The all items less food and energy index rose 3.6% over the last 12 months. The energy index increased 2.6% for the 12 months ending April. The food index increased 2.2% over the last year. The Federal Reserve prefers to use the inflation index associated with the BEA’s consumer spending.
The May 2024 Empire State Manufacturing Survey shows the headline general business conditions index was little changed at -15.6. New orders declined significantly, while shipments held steady. Unfilled orders continued to decline. Delivery times shortened, and inventories were little changed. Labor market conditions remained weak, with employment and hours worked continuing to move lower. The pace of input and selling price increases moderated slightly. Though firms expect conditions to improve over the next six months, optimism was subdued.
Here is a summary of headlines we are reading today:
- Texas Freeport LNG Reportedly Operating At Full Capacity
- North Korean-Iranian Military Cooperation Raises Alarm in the West
- Slovak PM Fights for Life After Assassination Attempt
- Qatar Believes The World Will Need More LNG Projects after 2030
- The U.S. Battery Boom Is Revolutionizing Renewable Energy
- The IEA Has Cut Its Oil Demand Growth Forecast for 2024
- S&P 500 jumps 1% to post record close, ending session above 5,300 for the first time: Live updates
- Biden’s EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.
- Netflix ad-supported tier has 40 million monthly users, nearly double previous count
- Dell surges 11% on optimism it has secured big AI server orders
- ‘We have to do what we have to do’: Israel’s Netanyahu stands firm on Rafah offensive despite U.S. tensions
- April Cass Data Shows No Improvement In Freight Demand
- Treasury yields end at lowest levels in more than a month after April CPI data
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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Texas Freeport LNG Reportedly Operating At Full CapacityFull operations have resumed at Freeport LNG in Texas, following outages and repairs that have been ongoing for weeks, pushing American natural gas prices lower and causing a rise in LNG prices to Europe. According to Reuters, citing LSEG data, LNG tankers began loading this week, with one tanker having departed with cargo on Tuesday and a second docked at the terminal on Wednesday. Three other tankers are waiting offshore for their turn to load. A Freeport LNG spokesperson confirmed to Reuters on Wednesday that operations have been… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Texas-Freeport-LNG-Reportedly-Operating-At-Full-Capacity.html |
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EU Courts Kazakhstan and Uzbekistan for Critical Raw MaterialsVia Metal Miner Ramped-up offshore exploration for rare earth metals and minerals, vital components in sought-after products like hybrid vehicles and smartphone screens, continues to cut into China’s long-held position as the primary global supplier. Countries like Australia, the United States, Myanmar, and even nations like Malaysia, Vietnam, Uzbekistan, and Kazakhstan continue to increase their extraction efforts. This directly translates into a reduced global dependence on rare earth minerals from China. Kazakhstan and Uzbekistan Look… Read more at: https://oilprice.com/Metals/Commodities/EU-Courts-Kazakhstan-and-Uzbekistan-for-Critical-Raw-Materials.html |
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North Korean-Iranian Military Cooperation Raises Alarm in the WestIran and North Korea have a long history of working together to advance their respective military arsenals. Now, increased trade efforts between the two heavily sanctioned countries have raised concerns that they could share advanced missile and nuclear technology. Coming at a time when Tehran and Pyongyang are playing a central role in heightened global tensions, the prospect of one pariah state in possession of nuclear weapons and intercontinental missiles, North Korea, aiding another accused of seeking those capabilities, Iran, has heightened… Read more at: https://oilprice.com/Geopolitics/International/North-Korean-Iranian-Military-Cooperation-Raises-Alarm-in-the-West.html |
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Gazprom CEO In Iran to Talk Oil, While Putin is in ChinaThe CEO of Russian state-run gas giant Gazprom arrived in Iran on Wednesday with the delegation in what has been described as a “working visit with high-level Iranian officials, including the country’s oil minister, Reuters reports. Gazprom CEO Alexei Miller is visiting Iran at the same time that Russian President Vladimir Putin is visiting China for high-level talks. Last December, Moscow said it was hastening work on a “major new interstate agreement”, describing the project as at “a high stage… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Gazprom-CEO-In-Iran-to-Talk-Oil-While-Putin-is-in-China.html |
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Eurozone Economy to Turn a Corner in 2024The eurozone economy is expected to “turn a corner” in 2024 as faster growth in southern Europe will help offset continued stagnation in Germany, new forecasts from the European Commission show. The Commission forecast that the eurozone would grow 0.8 percent this year, unchanged from its last round of forecasts, and an improvement on growth of just 0.4 percent last year. Looking forward to next year, the Commission expects 1.4 percent next year, a slight downward revision on its winter round of forecasts. Germany, the euro area’s… Read more at: https://oilprice.com/Finance/the-Economy/Eurozone-Economy-to-Turn-a-Corner-in-2024.html |
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Slovak PM Fights for Life After Assassination AttemptSlovak Prime Minister Robert Fico, 59, remains in “life-threatening” condition following an assassination attempt that took place outside Bratislava on Wednesday, where local media reports claim he was shot in the stomach and hand by a lone gunman. Official sources have offered scant details about the assassination attempt and have not confirmed the exact nature of the shooting or any further details surrounding the prime minister’s current condition, RFE/RL reports. Reuters cited Slovak media as saying that the shooter… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Slovak-PM-Fights-for-Life-After-Assassination-Attempt.html |
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Caspian Power Trio Aims to Electrify the European UnionEconomic integration efforts among Central Asian-Caspian Basin states are gaining momentum. Azerbaijan, Kazakhstan and Uzbekistan are developing a green energy plan to link their power grids with an eye towards exporting electricity to the European Union. The energy ministers of the three countries announced the signing of a memorandum of understanding in early May to explore their joint electricity export potential by harnessing mainly wind and solar power. Kazakhstan is also aiming to boost its hydropower generating capacity. In outlining cooperation… Read more at: https://oilprice.com/Energy/Energy-General/Caspian-Power-Trio-Aims-to-Electrify-the-European-Union.html |
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Qatar Believes The World Will Need More LNG Projects after 2030Natural gas in energy supply is not going anywhere and its demand will only rise with growth in economies and global population, which will require additional LNG projects to come online after 2030, the energy minister of one of the biggest LNG exporters, Qatar, said on Wednesday. “Everybody’s trying to get the inflation down, so if we have a reasonable economic growth going forward, I think you’ll see that all the supply and demand will catch up and you’ll need another phase of development of gas in the [2030s],” Saad Sherida… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Qatar-Believes-The-World-Will-Need-More-LNG-Projects-after-2030.html |
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The U.S. Battery Boom Is Revolutionizing Renewable EnergyThe U.S. has been investing heavily in boosting its battery storage capacity and developing its electric vehicle (EV) battery manufacturing capabilities, and it seems that it has paid off as the country is now home to several massive battery projects with many more in the pipeline. Since the introduction of the Biden Administration’s Inflation Reduction Act (IRA), the most far-reaching U.S. climate policy to date, public and private investment in battery storage has soared, as the country strives for a green transition. One of the biggest… Read more at: https://oilprice.com/Energy/Energy-General/The-US-Battery-Boom-Is-Revolutionizing-Renewable-Energy.html |
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Japan Looks To Strike A Balance Between Energy Security and Net ZeroResource-poor Japan is launching the most important energy policy discussions in its post-World War Two history, aiming to strike a balance between the need to boost its energy security with conventional sources and its pledge to become a net-zero economy by 2050. The industry ministry of one of the world’s most industrialized nation, which imports nearly all the commodities it consumes, launched on Wednesday formal discussions about its future energy policy. Amid the energy crisis in 2022, which led to record-high natural gas prices,… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japan-Looks-To-Strike-A-Balance-Between-Energy-Security-and-Net-Zero.html |
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Oil Ticks Higher on Inventory DrawCrude oil prices recovered somewhat after the Energy Information Administration reported an inventory decline of 2.5 million barrels for the week to May 10. This inventory change compared with a modest draw of 1.4 million barrels for the previous week and an unexpected decline of 3.1 million barrels for the week to May 10, as estimated by the American Petroleum Institute on Tuesday. Gasoline and middle distillate inventories moved slightly lower ahead of the start of summer driving season. Gasoline stocks shed 200,000 barrels… Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Ticks-Higher-on-Inventory-Draw.html |
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China Could See Record-High LNG Imports in 2024China could beat its 2021 all-time high of LNG imports this year, as industrial and commercial sectors are set to drive demand for the super-chilled fuel, an official at state-held energy giant PetroChina said on Wednesday. Chinese LNG imports hit a record high of 78.8 million metric tons in 2021. The following year saw the first decline in LNG imports as prices soared in the energy crisis after the Russian invasion of Ukraine. Last year, China imported around 71.2 million metric tons of LNG. This year, the world’s top LNG importer could… Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Could-See-Record-High-LNG-Imports-in-2024.html |
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China’s Thermal Coal Demand Squeezed by Soaring HydropowerCoal demand for power generation in China is set to be lower than previously thought due to high rainfall boosting hydropower production, according to China’s Coal Transportation and Distribution Association. Hydropower generation in China jumped by 42.9% in the last third of April compared to the same period last year and is “very likely to maintain double-digit growth,” Reuters quoted Feng Huamin, an analyst at China Coal Transportation and Distribution Association, as saying at a market seminar on Wednesday. During the… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Thermal-Coal-Demand-Squeezed-by-Soaring-Hydropower.html |
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The IEA Has Cut Its Oil Demand Growth Forecast for 2024Global oil demand growth is expected at just 1.1 million barrels per day (bpd) this year, due to weak first-quarter consumption in developed economies, the International Energy Agency (IEA) said on Wednesday, cutting its growth forecast by 140,000 bpd from its assessment last month. Weak deliveries of middle distillates in Europe and the United States were “enough to tip OECD oil demand in the first quarter back into contraction,” said the agency, whose demand growth projection is now less than half of the growth OPEC expects… Read more at: https://oilprice.com/Energy/Energy-General/The-IEA-Has-Cut-Its-Oil-Demand-Growth-Forecast-for-2024.html |
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Russia’s Oil Exports Plunged to a 5-Month Low in AprilRussian exports of crude oil and refined oil products fell in April to their lowest level in five months, according to estimates from the International Energy Agency (IEA). Russia exported a total of 7.3 million barrels per day (bpd) of crude oil and petroleum products in April, the IEA’s monthly report showed, as carried by Bloomberg. The shipments in April were 6.4% lower compared to the previous month, according to the IEA’s estimates. The lower Russian exports of both crude and oil products were the result of reduced refining… Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Exports-Plunged-to-a-5-Month-Low-in-April.html |
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S&P 500 jumps 1% to post record close, ending session above 5,300 for the first time: Live updatesStocks jumped Wednesday on the back of a lighter-than-expected U.S. consumer inflation report. Read more at: https://www.cnbc.com/2024/05/14/stock-market-today-live-updates.html |
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Here’s the inflation breakdown for April 2024 — in one chartThe consumer price index rose 3.4% in April from a year earlier, marking a decrease from March, according to the Bureau of Labor Statistics. Read more at: https://www.cnbc.com/2024/05/15/heres-the-inflation-breakdown-for-april-2024-in-one-chart.html |
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Biden’s EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.Automotive and trade experts say the increased tariffs are a near-term protectionism act that may delay but not stop Chinese EVs from coming to the U.S. Read more at: https://www.cnbc.com/2024/05/15/china-biden-ev-tariffs-may-not-be-enough-to-stave-off-growing-threat.html |
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Netflix ad-supported tier has 40 million monthly users, nearly double previous countNetflix’s cheaper, ad-supported tier now has 40 million global monthly active users, nearly double the 23 million the company reported in January. Read more at: https://www.cnbc.com/2024/05/15/netflix-ad-tier-has-40-million-users.html |
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‘Big Short’ investor Michael Burry piles into physical gold fund, making it his biggest betBurry, who now manages hedge fund Scion Asset Management, bought more than 440,000 units of the Sprott Physical Gold Trust (PHYS). Read more at: https://www.cnbc.com/2024/05/15/big-short-investor-michael-burry-makes-a-physical-gold-fund-his-biggest-bet.html |
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McDonald’s $5 value meal is coming in June — and staying for just a monthThe offering will include four items — a McChicken or McDouble, four piece chicken nuggets, fries and a drink. Read more at: https://www.cnbc.com/2024/05/15/mcdonalds-5-value-meal-starts-june-25-last-about-a-month.html |
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Dell surges 11% on optimism it has secured big AI server orders“All-in, we are hearing about more AI server momentum at Dell than at any other OEM,” wrote Morgan Stanley’s Erik Woodring. Read more at: https://www.cnbc.com/2024/05/15/dell-stock-surges-9percent-on-optimism-company-has-big-ai-server-orders.html |
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GameStop, AMC tumble as meme stock rally fizzles after just two daysGameStop and AMC shares fell as the meme stock trading frenzy showed signs of fizzling early on its third day. Read more at: https://www.cnbc.com/2024/05/15/gamestop-amc-extend-gains-but-broader-meme-stock-rally-fizzles.html |
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Uber announces shuttle rides, features for caregivers and Costco perksUber on Wednesday announced several new product updates like Uber Shuttle, Costco perks and a feature that lets caregivers book rides for loved ones. Read more at: https://www.cnbc.com/2024/05/15/uber-go-get-uber-announces-uber-shuttle-uber-caregiver-costco-perks.html |
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Tesla’s Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s Model Y. Read more at: https://www.cnbc.com/2024/05/15/china-ev-price-wars-nios-onvo-brand-undercuts-tesla-model-y.html |
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Biden and Trump agree to debates on June 27 and Sept. 10President Joe Biden previously said he was open to debating his Republican challenger, former President Donald Trump. Read more at: https://www.cnbc.com/2024/05/15/biden-challenges-trump-to-two-debates-before-election.html |
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529 college savings plans ‘are better now than they’ve ever been,’ expert says. Here are key changes for 2024As of 2024, there are more benefits to college savings plans, including the flexibility to roll unused money into a Roth IRA free of tax penalties. Read more at: https://www.cnbc.com/2024/05/15/529-college-savings-plans-have-even-more-benefits-in-2024.html |
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‘We have to do what we have to do’: Israel’s Netanyahu stands firm on Rafah offensive despite U.S. tensionsIsraeli Prime Minister Benjamin Netanyahu acknowledged tensions with historical ally the U.S. over the military operation in Rafah in the Gaza Strip. Read more at: https://www.cnbc.com/2024/05/15/we-have-to-do-what-we-have-to-do-israels-netanyahu-stands-firm-on-rafah-offensive-despite-us-tensions.html |
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April Cass Data Shows No Improvement In Freight DemandBy Todd Maiden of FreightWaves Another month passed without signs a recovery in the freight cycle was on the horizon. “Still waiting for it,” Cass’ April update on volumes and pricing stated.
The shipments component of the Cass Freight Index fell again in the month, down 1.6% seasonally adjusted from March and 4% lower year over year (y/y). The Tuesday data showed volumes were hovering around the late 2023-January 2024 cycle trough. The April reading was the lowest since January, which is typically the slowest part of the year and weaker than normal this year due to severe winter storms. A later Lunar New Year and the Baltimore bridge collapse were cited as detractors to demand during the … Read more at: https://www.zerohedge.com/economics/april-cass-data-shows-no-improvement-freight-demand |
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Biden Readies $1BN In Bombs For Israel Despite Progressive & Swing State Voter RevoltThe Biden administration continues to speak out of both sides of its mouth when it comes to Israel and Gaza policy as Progressive Democratic voters continue peeling off in droves, declaring that they can’t in good conscience vote for Biden in November. On Tuesday, the contradictions continued and abounded, as the White House informed Congress it is planning a new $1 billion arms transfer to Israel. And ironically this will mark the first new package since Biden earlier this month announced it paused a weapon shipment to Israel on human rights concerns.
Pool photo/APA State Department report has since found that US weapons have likely been used in a way contrary to international humanitarian law, but stopped short of condemning Israel for war crimes. The Wall Street Journal first broke the news of the new package, writing “The Biden administration notified Congress on Tuesday that it was moving forward with more than $1 bill … Read more at: https://www.zerohedge.com/geopolitical/biden-readies-1bn-bombs-israel-despite-progressive-swing-state-voter-revolt |
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Coalition Of States Sue Biden Admin, California Over Electric Vehicle MandatesAuthored by Katabella Roberts via The Epoch Times, A coalition of Republican-led states is suing the Biden administration and the State of California in an attempt to prevent new electric vehicle mandates on truck owners and operators throughout the country from going into effect.
Two legal challenges were filed over the new emissions rules, Nebraska Attorney General Hilgers said in a statement on May 13. They include a petition for review filed by a coalition of 24 states in the U.S. Court of Appeals for the D.C. Circuit which challenges the Biden administration’s new regulation setting stronger greenhouse gas emissions standards for heavy-duty vehicles. That petition lists the U.S. Environmental Protec … Read more at: https://www.zerohedge.com/political/coalition-states-sue-biden-admin-california-over-electric-vehicle-mandates |
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America’s ‘Bunker-Buster’ Bomb Production To Triple As World Fractures Into Dangerous Multi-Polar StateMunitions stockpiles are running low across the West, whether in Europe or the United States. Supplying Ukraine with arms in its war against Russia has forced Western militaries and defense firms to either make plans or begin boosting the production of bombs, missiles, artillery shells, and suicide drones. On Tuesday, the US Air Force announced a tripling in its monthly production of the giant 30,000-pound Massive Ordnance Penetrator, known as the “bunker-buster.” It’s the largest non-nuclear bomb the US has in its stockpiles and can only be deployed by a Northrop Grumman B-2 Spirit stealth bomber.
Bloomberg was among the first to report an increase in bunker-buster bomb production, citing a USAF statement: “Will significantly increase production as needed.” Officials at the facility told Bloomberg journos during a March tour by General Charles B … Read more at: https://www.zerohedge.com/military/americas-bunker-buster-bomb-production-triple-world-fractures-dangerous-multi-polar-state |
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Renters in race for homes as listing time slashedTwo-bedroom flats were listed for 35 days before the pandemic, but the average has dropped to 25 days. Read more at: https://www.bbc.com/news/articles/cxr33l9dx0yo |
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Royal Mail owner poised to accept £3.5bn takeover bidRoyal Mail’s owner IDS said it had received a revised proposal of 370p a share from a Czech billionaire. Read more at: https://www.bbc.com/news/articles/cd131l3k9jno |
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Easing US inflation stokes interest rate cut debateConsumer prices in the US rose 3.4% over the 12 months to April, easing from 3.5% a month earlier. Read more at: https://www.bbc.com/news/articles/c87z7g2105mo |
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Technical Breakout Stocks: How to trade Thermax, Siemens and Adani Power on ThursdaySensex fell over 100 points while the Nifty50 managed to hold on to 22,200 levels. Sectorally, buying was seen in the public sector, power, and capital goods stocks while banks, auto and FMCG stocks faced selling pressure. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-breakout-stocks-how-to-trade-thermax-siemens-and-adani-power-on-thursday/articleshow/110155088.cms |
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Bajaj Finance among 18 stocks that these 7 mutual funds bought in April. Check them outSeven mutual funds added around 21 stocks to their portfolios in April. Read more at: https://economictimes.indiatimes.com/mf/analysis/bajaj-finance-among-18-stocks-that-these-7-mutual-funds-bought-in-april-check-them-out/slideshow/110152029.cms |
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Tech View: Nifty forms high wave type candle. What traders should do on ThursdayNifty ended 17 points lower on Wednesday and traded sideways. Thereby, it failed to show any significant directional breakout. Move above the immediate resistance of 22,300 level may make room for higher target of 22,600 level. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-high-wave-type-candle-what-traders-should-do-on-thursday/articleshow/110152273.cms |
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GameStop, AMC drove $5 billion in trades on Robinhood in a single dayRobinhood saw $5 billion in equities trading volume on Tuesday. Here’s how that stacks up. Read more at: https://www.marketwatch.com/story/gamestop-amc-drove-5-billion-in-trades-on-robinhood-in-a-single-day-64e0cada?mod=mw_rss_topstories |
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Treasury yields end at lowest levels in more than a month after April CPI dataTreasurys rallied on Wednesday, sending yields to their lowest levels in more than a month, after inflation as measured by the consumer-price index came in below expectations for April. Read more at: https://www.marketwatch.com/story/benchmark-treasury-yields-hug-five-week-lows-ahead-of-cpi-data-373bea45?mod=mw_rss_topstories |
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Here’s what Nvidia earnings need to show to be ‘good enough’ for Wall StreetNvidia could deliver April-quarter revenue “potentially as high as $26 billion,” UBS wrote. Read more at: https://www.marketwatch.com/story/heres-what-nvidia-earnings-need-to-show-to-be-good-enough-for-wall-street-ce45b71e?mod=mw_rss_topstories |
