{"id":132740,"date":"2023-05-01T13:31:04","date_gmt":"2023-05-01T13:31:04","guid":{"rendered":"https:\/\/myfintale.com\/?p=132740"},"modified":"2023-05-01T13:31:04","modified_gmt":"2023-05-01T13:31:04","slug":"before-the-bell-first-republic-goes-to-jpmorgan-softbanks-arm-takes-aim-at-an-ipo","status":"publish","type":"post","link":"https:\/\/myfintale.com\/markets\/before-the-bell-first-republic-goes-to-jpmorgan-softbanks-arm-takes-aim-at-an-ipo\/","title":{"rendered":"Before the Bell: First Republic Goes to JPMorgan, Softbank’s Arm Takes Aim at an IPO"},"content":{"rendered":"

Premarket action on Monday had the three major U.S. indexes trading essentially flat. The Dow Jones industrials were trading up 0.01%, the S&P 500 was down 0.01% and the Nasdaq was 0.05% lower.<\/p>\n

Nine of 11 market sectors closed higher on Friday. Energy (1.47%) and financials (1.19%) posted the day’s best gains. Utilities (\u22120.19%) and consumer cyclicals (\u22120.04%) lagged. The Dow closed up 0.8%, the S&P 500 up 0.83% and the Nasdaq up 0.69% on Friday.<\/p>\n

Two-year Treasuries dropped three basis points to end Friday at 4.04%, and 10-year notes fell by nine\u00a0 basis points to close at 3.44%. In Monday’s premarket, two-year notes were trading at around 4.06% and 10-year notes at about 3.46%.<\/p>\n

Friday’s trading volume was above the five-day average. New York Stock Exchange winners outpaced losers by 2,206 to 798, while Nasdaq advancers led decliners by about 2 to 1.<\/p>\n

Before U.S. markets open on Monday, 11 companies are scheduled to report quarterly results. Fifty-eight firms will release earnings reports after markets close.<\/p>\n

The Federal Reserve’s open market committee (FOMC) meeting begins Tuesday and ends Wednesday with a press conference when the Fed announces whether the federal funds rate will change. The current range of 4.75% to 5.00% is expected to rise by a quarter point to a range of 5.00% to 5.25%. On Friday, the Bureau of Labor Statistics will release its employment situation report for April. Nonfarm payrolls are currently forecast to rise at a slower pace than the March increase, and the headline unemployment rate is expected to increase from 3.5% to 3.6%.<\/p>\n

Thursday’s advance report on first-quarter gross domestic product looked awful when it hit the tape. However, the big miss on growth (forecast at 2.0%, actually up just 1.1%) was due almost entirely to inventory declines. Personal spending rose 3.7%, way above the prior quarter’s 1% gain. Excluding the inventory changes, real final sales rose from 1.1% in the fourth quarter of 2022 to 3.4% in the first quarter.<\/p>\n

New claims for unemployment benefits declined by 16,000 to 230,000, well below the consensus estimate for 245,000 new claims. Continuing claims dropped by 3,000 to 1.858 million.<\/p>\n

Friday’s big gainer among the S&P 500 stocks was Charter Communications Inc. (NASDAQ: CHTR). The cable and broadband service provider missed the consensus estimate for earnings per share and exceeded the revenue estimate. Capital spending for the quarter totaled $2.5 billion, up about 31.6% year over year. The company said it spent $890 million on line extensions that include a subsidized rural construction build-out and further expansion in its existing markets.<\/p>\n

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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Premarket action on Monday had the three major U.S. indexes trading essentially flat. 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