Category: Market Summary

Following the notable advance seen to close out the previous week, stocks showed a lack of direction throughout much of the trading session on Friday. The major averages spent the day bouncing back and forth across the unchanged line. The major averages eventually ended the session slightly lower. While the Dow dipped 46.46 points or…

JPMorgan, PNC Submit Bids to Buy First Republic in Government-Led Sale The FDIC is expected to name a winning bidder before First Republic opens Monday morning. Astellas Pharma to Buy Iveric Bio The Japanese drugmaker said it agreed to acquire Iveric bio for about $5.9 billion to strengthen its capabilities in the ophthalmology field. SoftBank’s…

After initially showing a lack of direction, stocks moved mostly higher over the course of the trading session on Friday. The major averages extended Thursday’s rally, with the Nasdaq reaching a seven-month closing high, while the Dow and the S&P 500 reached their best closing levels in over two months. The major averages saw further…

Mercedes-Benz Profit Boosted by Top-End Models, Pricing Mercedes-Benz posted underlying earnings of EUR5.5 billion for the year, in line with preliminary figures released last week, and maintained its overall guidance for 2023. Remy Cointreau Sees Flat Sales Growth Remy Cointreau said it expected a sharp sales decline in the first half of fiscal 2024, due…

Amazon Sees Surging Growth After Postpandemic Slowdown The company’s first-quarter sales increased by 9% year-over-year to $127.4 billion, beating Wall Street projections. It posted $3.2 billion in quarterly profit, almost 50% higher than analysts expected. Intel Suffers Largest-Ever Loss Amid PC Slump, Fierce Competition The chip maker has embarked on cutting costs while pursuing a…

Market Wraps Watch For: Weekly Jobless Claims; Weekly Export Sales; Advance GDP estimate for 1Q; Pending Home Sales for March; Kansas City Fed Survey for April; Fed Discount Window Borrowings; Canada Payroll Employment for February; Johnson & Johnson shareholders meeting; Earnings from Merck, MasterCard, Comcast, Caterpillar, Intel Opening Call: Stock futures rose on Thursday after…

Deutsche Bank Reports Higher Profit in Tumultuous Quarter Deutsche Bank said its business held up well during March’s banking turmoil, with first-quarter profit rising 8% as it continued to benefit from rising interest rates. AstraZeneca Revenue Hurt by Drop in Covid-19 Drug Sales AstraZeneca backed its 2023 guidance, after it posted a first-quarter profit of…