Inflation tees up Fed cut, Adobe disappoints, Boeing workers strike, and more…
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Top news to start your day Foolishly. Or read online. (First Movers now goes by Breakfast News) |
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S&P 500 5,595 (+0.75%) • Nasdaq 17,569 (+1.00%) • Dow 41,096 (+0.58%) • Bitcoin $57,969 (-0.57%) |
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1. Rate-Cut Beneficiaries |
The headline Producer Price Index (PPI) reading for August came in at 1.7% yesterday, lower than the 1.8% forecasted. This helped to push stock markets higher, with investors more confident inflation in the economy is under control. |
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Adobe (NASDAQ:ADBE) stock was down 9% in pre-market trading following the release of quarterly earnings after the market closed Thursday. Lower guidance overshadowed a solid set of results from the TMF recommendation. |
- Performing well: The company managed to beat the earnings per share consensus for the quarter, with revenue also marginally above the $5.37 billion that was forecast.
- Expecting more: Investors seemed more focused on the outlook for the rest of the year, and the numbers provided didn't live up to expectations. This matters as the business should be starting to feel the benefits of the AI product rollout.
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According to a report from Standard Chartered (LSE:STAN), the Bitcoin price could reach as high as $125k by the end of this year. |
- "Progress on relaxing regulations…will continue in 2025 no matter who is in the White House": Geoff Kendrick, the global head of digital assets research, cited that the repeal of SAB 121 – which imposes tight accounting rules on institutions' digital asset holdings – should be a large positive for crypto.
- Election not critical: Kendrick sees Bitcoin exceeding March's peak of $73,679 regardless of who wins the Presidential election.
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Boeing (NYSE:BA) stock was down almost 4% ahead of the market open due to news that 30,000 aerospace workers will walk out on Friday after rejecting a new contract deal. |
- More money: One of the main disputes is around pay, with a 25% pay rise over four years having some pushback as it doesn't include annual bonuses. Given the last contract was ratified 16 years ago, workers deem it important to get the details right.
- Potential implications: If the strike goes on for an extended period of time, it could have serious ramifications for the company. The stock price has already lost ground due to several high-profile aircraft issues in the past year. Airline operators could also take a hit, with potential delays in modernizing or expanding fleet size.
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On Thursday, we asked: On August 8, 2024, the S&P 500 jumped 2.3%, the largest single-day gain so far this year, beating 2023's record of 2.28%. However, neither of those gains comes close to the S&P 500's all-time record single-day percentage gain, which was set on March 15, 1933. How much did the index gain on that day? a) 7.3%
b) 11.4%
c) 16.6%
d) 28.2% The answer: c) It rose 16.6% to close at 6.81. By comparison, on August 8, 2024, it closed at 5,319.31. | Breakfast News is a new Foolish feature — and we'd love your feedback. Check out the version on the Motley Fool site to leave us a comment. |
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