![]() ![]() Morgan Stanley research analysts raise WFC price target by $3 per share to $47. Want to take the other side of the WFC trade. Wolfe upgrades JPMorgan (JPM) to outperform on the belief that the First Republic accretion is not reflected in Wall Street estimates and a more favorable loan mix. Wolfe Research shakes up its bank ratings: downgrades Wells Fargo (WFC) to peer perform from outperform (hold from buy) on risks to 2024 net interest income (NII) and commercial real estate exposure. Traffic is still strong, up 4.2% globally and 3.6% in the U.S. Baird raises price target on Investing Club name COST to $550 per share from $535 and keeps outperform (buy) rating). Food still doing better than non-food - not a surprise as spending on discretionary items has been weak. Estimates had called for up 2.5% and up 2.3%, respectively. Excluding impacts from changes in gas prices and currencies, total company sales rose 3% and rose 2% in the United States. Costco (COST) June sales results: Total company sales dropped 1.4% and dropped 2.5% in the United States. ![]() Eli Lilly is now world's largest health care company by market value. Biogen (BIIB) and Eisai's early Alzheimer's treatment Leqembi gets full approval by the FDA and Centers for Medicare & Medicaid Services (CMS) confirms broader coverage is available under the government registry system. All as expected, so not new news, but sets the stage for Club fave Eli Lilly 's (LLY) rival Alzheimer's drug donanemab to gain approval at a later date. Bond yields retreated immediately dropped in reaction to the report and then stabilized. Average hourly earnings are a little hot: up 0.4% month over month and up 4.4% year over year. Nonfarm payrolls: 209,000 versus 240,000 expected with 110,00 negative revisions for the prior two months. Surprising jobs miss in June after Thursday's blowout ADP hiring number. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Treasury yields tumbled in the bond market after the cooler inflation data pushed traders to trim bets for Fed action later this year.Best Debt Consolidation Loans for Bad Credit jobs growth, which could also take some pressure off inflation. He pointed to another report earlier this month that showed a slowdown in U.S. “They’ll probably still pull the trigger on a hike, but it will be based on symbolism more than substance,” said Brian Jacobsen, chief economist at Annex Wealth Management. ![]() But expectations are also climbing for that to be the final increase after rates started last year at virtually zero. Traders remain nearly convinced the Fed will raise the federal funds rate at its meeting in two weeks to a range of 5.25% to 5.50%, which would be its highest level since 2001. ![]() Higher rates undercut inflation by slowing the entire economy and hurting investment prices, and they’ve already caused damage to the banking, manufacturing and other industries. High inflation has been at the center of Wall Street’s problems because it’s driven the Federal Reserve to jack up interest rates at a blistering pace. Perhaps more importantly, it was a touch lower than economists expected. That’s down from 4% inflation in May and a bit more than 9% last summer. government’s latest update on inflation showed that consumers paid prices for gasoline, food and other items that were 3% higher overall in June than a year earlier. Most stocks rose, from flashy Big Tech behemoths to staid utility companies, though the gains faded a bit as the day progressed. The Dow Jones Industrial Average rose 0.3% to 34,347.43, and the Nasdaq composite gained 1.2% to 13,918.96. On Wall Street, the S&P 500 rose 0.7% to 4,472.16 to reach its strongest closing level since April 2022. Investors were watching for China’s monthly trade data to see how the world’s largest economy is faring after the end of pandemic controls late last year. Hong Kong’s Hang Seng surged 2.3% to 19,296.71, while the Shanghai Composite gained 0.8% to 3,220.19. South Korea’s Kospi jumped nearly 1.0% to 2,599.75. Japan’s benchmark Nikkei 225 rose 1.3% in morning trading to 32,358.33. consumer inflation cooled a bit more than expected last month. TOKYO (AP) - Asian shares rose Thursday, boosted by Wall Street’s return to its highest level in more than a year after a report showed U.S. ![]()
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