Stock Market Today: Dow Futures Hover as Bank of America Beats Expectations

Nevertheless, examining new industrial orders still provides insight into the health of the economy. You’ll note that we’re seeing the fourth occurrence right now, with U.S. commercial bank credit 1.79% below it’s all-time high, set in February 2023. If banks are making it tougher to borrow, it usually represents a bad sign for corporate America. When back-tested to 1870, M2 has had very few instances where it’s declined on a year-over-year basis.

• The company expects a decision from the agency by the end of the year.
• ​For the moment this leaves the pullback from the April high in play, and could see the price head back to the July low around 7070.
• Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services.
• It’s stored and processed in huge data centers that require advanced processing capabilities.
• Though it has cooled from highs not seen in decades, inflation has proven stubborn to break — and the fight against it is not over.

Highlights important summary options statistics to provide a forward looking indication of investors’ sentiment. Provides a general description of the business conducted by this company. Artificial intelligence software is driving increasing demand for semiconductors. ​The index has been unable to make headway today, and the drop from trendline resistance is intact. ​For the moment this leaves the pullback from the April high in play, and could see the price head back to the July low around 7070. ​The recent double-bounce from the 50-day SMA has left the buyers firmly in charge, and a move back below the 50-day would be needed to negate the bullish outlook.

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M2 money supply takes into account everything in M1 (coins, cash bills, and demand deposits from checking accounts), and adds in money market funds, savings accounts, and certificates of deposit (CDs) https://trading-market.org/remote-php-developer-jobs/ under $100,000. Bank of America topped earnings and revenue estimates, spurred by higher interest income driven by rate hikes. Morgan Stanley is also set to post quarterly results Tuesday morning.

US Net Percentage of Banks Reporting Tightening Standards for Credit Card Loans data by YCharts. The yield on the 10-year Treasury note declined to 3.765%, from 3.796% Monday. Bank of America reported a 19% rise in earnings, while Bank of New York Mellon and PNC Financial Services also reported earnings. Shortly, there will be earnings from Morgan Stanley and Charles Schwab. TSMC’s willingness to innovate and stead ahead of the curve has been the catalyst to its success so far. Large language models that train and power AI apps (like OpenAI’s ChatGPT) require lots of data — and that’s putting it lightly.

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Get smarter about markets with our free morning and evening newsletters, delivered every weekday. Millions of Alzheimer’s patients could soon have more treatment options than seemed possible only a few months ago. Eli Lilly said it applied for FDA approval of its promising Alzheimer’s treatment donanemab, which slowed the disease in patients treated in the early stages of its progression as part of a phase three trial. The company expects a decision from the agency by the end of the year.

As you can see from the chart above, the three-month/10-year Treasury yield is at its largest inversion in more than four decades. When short-term bonds have substantially higher yields than longer-dated notes, it’s typically an indication that investors see trouble ahead for the U.S. economy. In a healthy economy, the yield curve slopes up and to the right. In other words, Treasury bonds that mature a long time from now have higher yields than those set to mature in a few months or perhaps a year or two. The longer your money is tied up, the higher the yield you should receive.

That’s not a surprise, given that a steadily growing U.S. economy over the long run is going to need more available capital for consumers to buy goods and services. Brent crude oil edged up 0.3% to $78.77 a barrel, halting two days of declines that were prompted by concerns about China’s economy. The international oil benchmark last week breached $80 a barrel for the first time since April. Futures for the S&P 500 and Dow Jones Industrial Average were unchanged while Nasdaq-100 futures edged down 0.1%, pointing to tepid moves after the opening bell. On Monday, the S&P 500 closed at its highest level since April 2022. Rather than mass-producing chips for general sale, TSMC builds chips specifically designed for their client’s respective needs.

TAIWAN SEMICONDUCTOR MANUFACTURING

It’s a business model that’s boosted TSMC to become the 10th-most valuable public company in the world. TSMC’s second quarter revenue came in at T$480.8 billion($15.53 billion), according to Reuters calculations, in the middle of an April forecast range of $15.2 billion to $16 billion, compared to $18.16 billion for the year-ago period. Motley Fool contributor Jason Hall and analyst John Rotonti talk about the semiconductor industry. Taiwan Semiconductor Manufacturing just reported its monthly revenue report for June 2023.

As of Q1 2023, TSMC has a 60.1% market share in the third-party chip manufacturing business, according to TrendForce, up from 58.5% the previous quarter. Any change of course for TSMC’s revenue should https://currency-trading.org/education/camarilla-pivots-indicator/ be a huge catalyst for its stock price. The forecast decline in profit partly reflects a robust performance in the previous year, when the company was still riding high on pent-up post-pandemic demand.

Cathie Wood’s ARK sells $7 million more in Tesla stock

Regardless of whether they square off in a cage match, Elon Musk and Mark Zuckerberg have fights ahead. Democrats and Republicans in Congress are dialing up their scrutiny of the tech moguls and their businesses as both men expand their empires. On the Senate side, Sen. Elizabeth Warren, D-Mass., asked the Securities and Exchange Commission to probe Tesla over its CEO Musk’s takeover of Twitter. GOP lawmakers have long raised concerns about what they call efforts to curb conservative speech on social platforms. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company.

Reuters provides business, financial, national and international news to professionals via desktop terminals, the world’s media organizations, industry events and directly to consumers. If you invest in great businesses and allow time to work in your favor, bear markets will have minimal impact on your financial well-being. U.S. stock futures wavered as investors eyed a fresh batch of earnings https://forex-world.net/brokers/templefx-review-is-templefx-safe-or-a-scam-forex/ from major Wall Street banks to see if the financial sector’s strong run would continue. The technique has proven to be very useful for finding positive surprises. In fact, when combining a Zacks Rank #3 or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time, while they also saw 28.3% annual returns on average, according to our 10 year backtest.

More from Reuters

Stock futures barely budged Tuesday morning, as the Dow Jones Industrial Average comes off a six-day winning streak. Major U.S. indexes ticked higher in the previous session, as the Dow hit its highest close this year. Earnings from Bank of America and Morgan Stanley will help to drive the trading day. Investors will also eye data points including June retail sales and the July homebuilder confidence index. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.

Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes. Data may be intentionally delayed pursuant to supplier requirements. Summary

Companies Analysts expect Q2 profit of T$172.53 bln, down 27% y/y

Q2 net revenue down 14% y/y, in middle of forecast range

TSMC stock price soars on… Zacks Earnings ESP (Expected Surprise Prediction) looks to find companies that have recently seen positive earnings estimate revision activity. The idea is that more recent information is, generally speaking, more accurate and can be a better predictor of the future, which can give investors an advantage in earnings season.

At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.17% per year.

Live Taiwan Semiconductor Manufacturing Company Limited Stock Price, Historical TSM Stock Price Chart

Squeaking an extra 2% out of long-term performance can make a huge difference. Despite recent revenue struggles, brighter days seem ahead for TSMC. Get this delivered to your inbox, and more info about our products and services. The industry with the best average Zacks Rank would be considered the top industry (1 out of 265), which would place it in the top 1% of Zacks Ranked Industries. The industry with the worst average Zacks Rank (265 out of 265) would place in the bottom 1%.

• M2 money supply takes into account everything in M1 (coins, cash bills, and demand deposits from checking accounts), and adds in money market funds, savings accounts, and certificates of deposit (CDs) under $100,000.
• Millions of Alzheimer’s patients could soon have more treatment options than seemed possible only a few months ago.
• The Company has completed the transfer and mass production of 5nm technology, and is engaged in the research and development of 3nm process technology and 2nm process technology.
• On a year-over-year basis, as of March 31, 2023, serious delinquencies (90 days or more delinquent) were up across all household debt and credit categories, save for student loans.
• The second quarter is traditionally a slow period for sales for the tech industry with demand usually picking up in the third quarter and towards the year-end shopping season.

According to the NY Fed, consumer credit card balances stood at $986 billion, as of the end of March. What’s even more noteworthy is that two of these 10 months resulted in a figure below 43.5. ISM Manufacturing New Orders Index has fallen below 43.5, the U.S. economy fell into a recession. The fourth chart that signals we may be in nothing more than a mammoth bear market rally is the U.S. ISM Manufacturing New Orders Index, which is actually a subcomponent of the more-popular U.S. ISM Manufacturing Index (also known as the Purchasing Managers Index, or PMI).