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S&P 500 and Nasdaq Take a ‘Swan Dive’, Tech Wizards Cast Spells, Other Sectors in a Dizzy Dance! |
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The S&P 500 and Nasdaq Composite indices took a nosedive, landing themselves squarely in “correction” territory, marking a swan dive of over 10% in the past week. The Dow Jones Industrial Average tumbled over 366 points, calling it a day at 32,417.59. This market mayhem was like a rollercoaster, riding on the coattails of skyrocketing Treasury yields and a cacophony of economic and geopolitical jitters, sending shivers down the spines of Americans worried about the ripple effects on their mutual funds pegged to these indices. While the market at large resembled a haunted house, a few tech luminaries like Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Apple (NASDAQ: AAPL) decided to put on a dazzling magic show, managing to pull off gains. Amazon was the star, shining over 6% brighter on the back of an enchanting Q3 update and an optimistic Q4 forecast, sprinkling some of its fairy dust on Microsoft and Apple. Apple’s grand performance awaited the curtains rising on its quarterly figures. But not all tech wizards were spellbinding this time. The likes of Meta Platforms Inc (NASDAQ: META), Tesla (NASDAQ: TSLA), Alphabet (NASDAQ: GOOGL), Nvidia Corporation (NASDAQ: NVDA), and Netflix Inc. (NASDAQ: NFLX) stumbled through a spell of losses. Alphabet took a near 10% swan dive, Nvidia had a slight 2% fumble, while Netflix just tripped by 0.7%. In the realm of other sectors, Ford Motor Company (NYSE: F) drove its shares off a cliff, the driver being a grim quarterly report. Meanwhile, Exxon Mobil Corporation (NYSE: XOM) shares took a dip following a rather ‘guided’ quarterly performance. Chevron Corporation (NYSE: CVX) was not to be left out of this dizzying dance, its shares dropping amidst worries about its quarterly figures and the eye-catching $US53 proposal for Hess Corporation (NYSE: HES), wrapping up the week with a loss of more than 13%. |
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Dow futures lift; earnings, Fed decision in focus |
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US stock futures were trading higher during Sunday’s evening deals, after major benchmark averages finished the week at multi-month lows as investors brace for a busy week of earnings reports and economic data. By 6:25 pm ET (10:25 pm GMT) Dow Jones Futures added 0.1%, S&P 500 Futures were up 0.2% and Nasdaq 100 Futures lifted 0.4%. Ahead in the week, investors will closely monitor CB consumer confidence, ADP nonfarm employment change, ISM manufacturing PMI, JOLTs job openings, the Fed’s interest rate decision and statement, factory orders, average hourly earnings and nonfarm payrolls. On the earnings front, companies including McDonald’s Corporation (NYSE:MCD), Advanced Micro Devices Inc (NASDAQ:AMD), Apple Inc (NASDAQ:AAPL), PayPal Holdings Inc (NASDAQ:PYPL) and Starbucks Corporation (NASDAQ:SBUX) are scheduled to report quarterly results. Stay ahead of the curve this earnings season with InvestingPro! During Friday’s regular trade, the Dow Jones Industrial Average fell 366.7 points or 1.1% to 32,417.6, the S&P 500 dipped 19.9 points or 0.5% to 4,117.4 and the NASDAQ Composite added 123.1 points or 1% to 12,718.7. On the bond markets, United States 10-Year rates were at 4.866%. Source: Investing.com |
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Revving Up the Wages: Ford’s Deal with UAW Shifts Gears, Doubling Pay for Some! In a plot twist that’s straight out of an underdog’s victory story, United Auto Workers (UAW) leaders greenlit a jaw-dropping agreement with Ford that reads like a dream salary script for workers. Hold onto your hats, folks! The deal puts some serious cash in the pockets of full-time workers, with a remarkable pay hike of at least 30% and, hold your breath, the potential to more than double the paycheck for others. It’s a win for the union after a long, hard battle to reverse 15 years of concessions. Meanwhile, the bargaining battle raged on at General Motors (NYSE: GM) without a deal in sight. UAW President Shawn Fain turned up the heat, orchestrating a dramatic walkout at GM’s Spring Hill, Tennessee, plant. As the tension mounted, Fain and GM CEO Mary Barra met on Sunday night, possibly preparing for their own high-stakes showdown. But at Ford, the saga was a different tune altogether. The fresh deal promises a hefty $8.1 billion sprinkle into manufacturing investments, potentially driving workers toward a jackpot of up to $70,000 in extra pay over the 4-1/2-year life of the contract. In a true show of wiping the slate clean, cost-saving tactics took a backseat under this new agreement. No more playing favorites between workers at different plants – it’s an equal-pay playground now. Bid farewell to the lower wage tier plants; this was UAW President Fain’s main stage demand from the get-go. Not stopping there, even the underdogs of the workforce, the temporary workers, found themselves in a Cinderella story. Their pay could more than double, and for the main cast, the permanent workers, top wage rates might surge by over 30% to a princely $42.60 per hour by 2028, complete with anticipated cost of living adjustments. It’s a script flip worthy of a standing ovation in this industrial theater! |
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Investing is a bit like the stock market itself – a wild rollercoaster of financial emotions, where you ride the highs and brace for the lows. It’s a realm where numbers dance, charts gossip, and investors play a sophisticated game of predicting the future. Like a master chef, blending the right mix of risk and caution, timing and luck, it’s a recipe where the secret ingredient isn’t just money; it’s a sprinkle of insight, a dash of nerve, and a whole dollop of patience. After all, in this financial circus, you’re both the tightrope walker and the ringmaster, juggling information, decision-making, and the occasional curveballs the market throws your way. It’s an adrenaline-pumping game of strategy and chance, where everyone’s aiming for that pot of gold at the end of a very complicated rainbow. |
