Author: Multibagger News

Investing.com– The S&P 500 closed above 5,500 for the time ever Tuesday, underpinned by a surge in Tesla and optimism over rate cuts after Federal Reserve Chair Jerome Powell cheered recent progress on inflation. At 16:00 ET (20:00 GMT), The gained 0.7% to a record close of 5,510.65, marking the 32nd record close this year. The  was up 147 points, or 0.4%, while thre rose 0.7% to all-time record close of 18,029.18. Powell gives nod to inflation progress, but says more confidence needed to cut  Fed Chair said the Fed has made “quite a bit of progress and in bringing inflation…

By Shariq Khan NEW YORK (Reuters) – High fuel costs and the threat of a hurricane are not expected to dampen Americans’ desire to hit the road this summer, with vacationers preparing for record travel to kick off Fourth of July holiday festivities. Motorist group AAA expects a record of almost 71 million people to travel around the U.S. Independence Day holiday, growth similar to a pre-pandemic trajectory. Some 60 million people will drive with nearly 6 million flying to their destinations, while around 4.6 million people will take buses, trains or cruises during the holiday period, according to AAA’s…

WASHINGTON (Reuters) – U.S. private payrolls increased a bit less than expected in June, consistent with slowing labor market momentum. Private payrolls increased by 150,000 jobs last month after rising by an upwardly revised 157,000 May, the ADP Employment report showed on Wednesday. Economists polled by Reuters had forecast private employment increasing by 160,000 after a previously reported 152,000 gain. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of Friday’s more comprehensive and closely watched employment report for June from the Labor Department’s Bureau of Labor Statistics. Initial prints have understated private payroll growth…

By Carlos Carillo and Ricardo Arduengo PORT-AU-PRINCE (Reuters) – Majorie Edoi sells food from a stand in Haiti’s capital Port-au-Prince – or she used to, until a conflict with armed gangs cut off the city from suppliers, paralyzed trade routes and pushed the Caribbean country to its highest levels of hunger on record.     The 30-year-old mother of three now sells food out of one of the many makeshift camps for displaced people set up across the city’s schools. But with goods harder to come by, opportunities to provide for her young children are shrinking fast.     “We can’t buy…

On Wednesday, RBC Capital maintained its Outperform rating on Avid Bioservices (NASDAQ:) with a steady price target of $8.00. The company reported mixed results for the fourth fiscal quarter of 2024, with revenues slightly exceeding expectations by approximately 2% but EBITDA falling short by roughly 29%. Management introduced revenue guidance for fiscal year 2025, forecasting $160-168 million, which suggests an estimated 17% growth and is in line with consensus expectations. However, this target is now seen as potentially optimistic given the company’s final quarter bookings of $30 million, which did not meet RBC’s expected $41 million, and a year-end backlog…

Investing.com– Most Asian currencies steadied on Wednesday tracking some overnight weakness in the dollar after Federal Reserve Chair Jerome Powell flagged progress towards bringing down inflation. The Japanese yen remained fragile and at its weakest levels in 38 years, with focus squarely on potential currency market intervention by the government. Sentiment towards Asian markets remained weak following disappointing purchasing managers index data from China, while anticipation of more signals on U.S. interest rates also kept traders on edge.  Dollar nurses some losses, more rate cues awaited  The and both steadied in Asian trade after losing about 0.2% each on Tuesday.…

Investing.com– Most Asian stocks rose slightly on Wednesday with Japan’s Nikkei 225 coming back in sight of record highs, while Chinese markets fell tracking a disappointing reading on service sector activity. Regional markets took a positive lead-in from Wall Street, where the and the finished at record highs after Federal Reserve Chair Jerome Powell flagged some progress in bringing down inflation. But this optimism was limited, with U.S. stock index futures falling slightly as Powell also warned that the Fed needed more confidence to cut rates. Anticipation of more cues on U.S. interest rates this week- with data and the…

(Reuters) – A look at the day ahead in U.S. and global markets from Mike Dolan Federal Reserve chair Jerome Powell managed to smooth some election-ruffled feathers in bond markets on Tuesday, helping Wall St stocks back to all-time highs as a sweep of labor market soundings are due ahead of the July 4 break. As the Nasdaq hit new records and the closed above 5,500 points for the first time, Tesla (NASDAQ:) stole the show – surging 10% to its highest level since January after it reported a smaller-than-expected 5% drop in vehicle deliveries in the second quarter. The…

MADRID (Reuters) – Spain’s government on Wednesday announced a crackdown on short-term and seasonal holiday lettings amid rising anger from locals who feel priced out of the housing market. The government will investigate listings on platforms such as Airbnb and Booking (NASDAQ:).com to verify if they have licences, consumer rights minister Pablo Bustinduy said. “If a house doesn’t have a license for tourism, advertising it on internet platforms should be illegal and thus punished,” Bustinduy said in an interview with state broadcaster TVE. Spain is grappling with how to strike a balance between sustaining tourism, one of the main drivers…

By Dominique Vidalon PARIS (Reuters) -French Prime Minister Gabriel Attal, a close ally of President Emmanuel Macron, said he believed a cross-party bid to deprive Marine Le Pen’s far-right National Rally of a majority in next Sunday’s parliamentary run-off could succeed. However, he dismissed suggestions that Macron’s centrists could look to form a cross-party government in the event of a hung parliament, proposing that moderates in the assembly work together to pass legislation on a case-by-case basis instead. Attal was speaking after more than 200 candidates across the political spectrum agreed to pull out of local contests to clear the…