WASHINGTON (dpa-AFX) - Following the mixed performance seen in the previous session, stocks moved sharply higher during trading on Friday. The major averages all showed strong moves to the upside, with the Nasdaq and the S&P 500 bouncing off their lowest closing levels in over a month.

The major averages ended the day off their best levels of the session but still firmly in positive territory. The Dow surged 654.27 points or 1.6 percent to 40,589.34, the Nasdaq shot up 176.16 points or 1.0 percent to 17,357.88 and the S&P 500 jumped 59.88 points or 1.1 percent to 5,459.10.

For the week, the Dow advanced by 0.8 percent, but the S&P 500 slid by 0.8 percent and the Nasdaq slumped by 2.1 percent.

The strength on Wall Street came as the release of closely watched inflation data by the Commerce Department added to confidence about an interest rate by the Federal Reserve in September.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

'The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,' said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

He added, 'While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.'

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

Sector News

Housing stocks turned turn in some of the market's best performances on the day, with the Philadelphia Housing Sector Index soaring by 3.2 percent to a record closing high.

Substantial strength also emerged among telecom stocks, as reflected by the 2.6 percent surge by the NYSE Arca North American Telecom Index.

Semiconductor and networking stocks also saw considerable strength, contributing to the jump by the tech-heavy Nasdaq.

Commercial real estate, transportation and steel stocks also showed notable moves to the upside amid broad based strength on Wall Street.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index fell by 0.5 percent, while China's Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index climbed by 0.7 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both jumped by 1.2 percent.

In the bond market, treasuries moved higher amid a positive reaction to the inflation data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.6 basis points to 4.200 percent.

Looking Ahead

Next week's trading is likely to be driven by reaction to the Federal Reserve's monetary policy announcement. While the Fed is widely expected to leave interest rates unchanged, the accompanying statement could impact the outlook for rates.

Earnings news is also likely to attract attention, with a slew of big-name companies scheduled to report their quarterly results next week.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

OTTAWA (dpa-AFX) - The Switzerland market started off on a weak note Friday morning, but recovered swiftly and then kept moving higher and higher as the day progressed to eventually close on a strong note.

Rising hopes of an interest rate cut by the Federal Reserve in September, and some fairly encouraging earnings updates aided sentiment.

The benchmark SMI ended with a gain of 135.95 points or 1.12% at 12,241.49, slightly off the session's high of 12,250.56.

Lonza Group climbed 3.79%. Roche GS, Richemont, Sandos Group, Roche Holding and ABB gained 2 to 3.1%.

Schindler Ps, Logitech International, UBS Group, Sika, Alcon, Sonova, Geberit, VAT Group and SIG Group ended higher by 1 to 1.6%.

Swiss Re advanced nearly 1%. Zurich Insurance, Swiss Life Holding, Swatch Group, SGS, Novartis and Julius Baer also ended on firm note.

Nestle ended down 1%. Kuehne + Nagel and Straumann Holding ended marginally down.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - After moving mostly higher early in the session, stocks have seen further upside over the course of the trading day on Friday. The major averages have all moved sharply higher following the mixed performance seen in the previous session.

The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is up 788.73 points or 2.0 percent at 40,723.80, the Nasdaq is up 254.50 points or 1.5 percent at 17,436.22 and the S&P 500 is up 84.411 points or 1.6 percent at 5,483.33.

The rally on Wall Street comes as the release of closely watched inflation data by the Commerce Department has added to confidence about an interest rate by the Federal Reserve in September.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

'The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,' said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

He added, 'While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.'

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

Sector News

Housing stocks continue to turn in some of the market's best performances on the day, with the Philadelphia Housing Sector Index soaring by 3.4percent to a record intraday high.

Substantial strength has also emerged among semiconductor stocks, as reflected by the 2.8 percent surge by the Philadelphia Semiconductor Index. The index is bouncing off its lowest closing level in over two months.

Networking stocks have also showed a significant move to the upside over the course of the session, driving the NYSE Arca Networking Index up by 2.2 percent.

Significant strength is also visible among telecom stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca North American Telecom Index. The has reached its best intraday level in over five months.

Transportation software and telecom stocks are also seeing considerable strength, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index fell by 0.5 percent, while China's Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the German DAX Index climbed by 0.7 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both jumped by 1.2 percent.

In the bond market, treasuries have moved higher amid a positive reaction to the inflation data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 4.8 basis points at 4.207 percent.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks closed on a firm note on Friday, with many of the markets recovering after having dropped to multi-month lows in recent sessions. Fairly encouraging economic data from the U.S., and some good earnings updates from European companies helped underpin sentiment in the markets.

The pan European Stoxx 600 climbed 0.83%. The U.K.'s FTSE 100 ended up 1.21%, Germany's DAX gained 0.65% and France's CAC 40 ended higher by 1.22%, while Switzerland's SMI closed stronger by 1.12%.

Among other markets in Europe, Belgium, Finland, Greece, Iceland, Netherlands, Norway, Spain, Sweden and Turkiye closed higher.

Denmark, Poland, Portugal and Russia ended weak, while Austria edged up marginally.

In the UK market, Natwest Group surged more than 7%.

Anglo American Plc gained a little over 5%. Intertek Group and Burberry Group gained about 4.3% and 4.2%, respectively. JD Sports Fashion, Diploma, IMI, Vistry Group, Experian, Airtel Africa, Ashtead Group, Rolls-Royce Holding, Beazley, Reckitt Benckiser, ICG, Compass Group, Unite Group and B&M European Value Retail gained 2 to 3.3%.

Segro, RightMove, Pershing Square Holdings, Hargreaves Lansdown and Fresnillo ended weak.

In the German market, Sartorius climbed about 7%. Rheinmetall, Puma, Merck, Qiagen, Siemens Energy and HeidelbergCement gained 2 to 4%.

MTU Aero Engines, Adidas, Zalando, Munich RE, Porsche and Brenntag ended higher by 1 to 1.8%.

BASF ended down 2.3%. Fresenius Medical Care and Commerzbank ended lower by 1.5% and 1.25%, respectively. BMW ended down 0.7%.

In the French market, Essilor rallied more than 7% after reporting strong financial performance for the first half of 2024.

Saint Gobain, Dassault Systemes, Vinci and Eurofins Scientific gained 3 to 4.3%.

Hermes International gained about 4%. The Birkin-bag maker reported a 13% rise in second-quarter sales, defying the luxury downturn.

Teleperformance, Kering, L'Oreal, LVMH, Schneider Electric, Safran, Legrand, Air Liquide, Airbus, Engie, Pernod Ricard and Danone advanced 1 to 2.3%.

Unibail Rodamco dropped more than 5%. STMicroElectronics ended down 4.2%, and Stellantis closed 3.2% down. Accor and Vivendi also ended notably lower.

Capgemini ended weak. The IT consulting group expects its annual revenue to fall between 0.5% and 1.5%, compared with the earlier expectation of 0-3% rise.

On the economic front, Eurozone consumers' inflation expectations remained stable in July, the latest consumer expectations survey published by the European Central Bank showed.

Inflation expectations for the coming year was steady at 2.8% after having fallen in May to their lowest level since September 2021. Inflation expectations for the next three years also remained unchanged in July.

France's consumer confidence improved slightly in July ahead of Olympic Games, survey results from the statistical office INSEE showed on Friday. The consumer confidence index climbed to 91 in July from revised 90 in June. The index remained below its long-term average. The score was forecast to rise to 90 from June's initially estimated value of 89.

In U.S. economic news, a report from the Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1% in June after coming in unchanged in May.

The report also said the annual rate of growth by the PCE price index slowed to 2.5% in June from 2.6% in May.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2% in June after inching up by 0.1% in May. Economists had expected another 0.1% uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6% in June, while economists had expected the pace of growth to slow to 2.5%.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Friday, with the major averages all moving to the upside after turning in a mixed performance on Thursday. The Nasdaq and the S&P 500 are rebounding after ending the previous session at their lowest closing levels in over a month.

Currently, the major averages are off their highs of the session but still firmly positive. The Dow is up 605.29 points or 1.5 percent at 40,540.36, the Nasdaq is up 125.02 points or 0.7 percent at 17,306.74 and the S&P 500 is up 50.99 points or 0.9 percent at 5,450.21.

The strength on Wall Street comes as the release of closely watched inflation data by the Commerce Department has added to confidence about an interest rate by the Federal Reserve in September.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

'The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,' said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

He added, 'While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.'

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The University of Michigan also released revised data showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

Sector News

Housing stocks are turning in some of the market's best performances on the day, with the Philadelphia Housing Sector Index surging by 3.1 percent to a record intraday high.

Significant strength is also visible among telecom stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca North American Telecom Index. The has reached its best intraday level in over five months.

Networking, gold and transportation stocks are also seeing considerable strength, moving higher along with most of the other major sectors.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index fell by 0.5 percent, while China's Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has climbed by 0.5 percent, the U.K.'s FTSE 100 Index is up by 1.1 percent and the French CAC 40 Index is up by 1.2 percent.

In the bond market, treasuries have moved higher amid a positive reaction to the inflation data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 5.5 basis points at 4.199 percent.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - Following the mixed performance seen in the previous session, stocks are likely to move mostly higher in early trading on Friday. The major index futures are currently pointing to initial strength on Wall Street, with the S&P 500 futures up by 0.8 percent.

The futures remained firmly positive following the release of a highly anticipated Commerce Department report showing consumer prices in the U.S. crept up in line with economist estimates in the month of June.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The markets may also benefit from bargain hunting after the tech-heavy Nasdaq and the S&P 500 fell to their lowest closing levels in over a month on Thursday.

U.S. stocks saw some heavy selling in the final hour of the session on Thursday as the mood turned a bit cautious amid concerns about mega-cap firms' earnings.

Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.2 percent to close at 39,935.07, a long way down from the day's high of 40,438.82. The S&P 500, which advanced to 5,491.59, ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.5 percent.

The Nasdaq ended with a loss of 160.69 points or 0.9 percent at 17,181.72, coming off a high of 17,544.46.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index fell by 0.5 percent, while China's Shanghai Composite Index inched up by 0.1 percent.

Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has climbed by 0.5 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.9 percent.

In commodities trading, crude oil futures are falling $0.38 to $77.90 a barrel after climbing $0.69 to $78.28 a barrel on Thursday. Meanwhile, after plummeting $62.20 to $2,353.50 an ounce in the previous session, gold futures are jumping $21.10 to $2,374.60 an ounce.

On the currency front, the U.S. dollar is trading at 154.31 yen versus the 153.95 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0857 compared to yesterday's $1.0846.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Initial cues on the U.S. Futures Index suggest that Wall Street might open positive on Friday. Investors are looking ahead earnings reports.

Asian shares finished mostly higher, while European shares are trading positive.

As of 8.10 am ET, the Dow futures were up 265.00 points, the S&P 500 futures were adding 46.50 points and the Nasdaq 100 futures were progressing 224.00 points.

Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.20 percent at 39,935.07 on Thursday. The S&P 500, which advanced to 5,491.59, ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.51 percent.

On the economic front, the Personal Income and Outlays for June will be published at 8.30 am ET. The consensus is for an increase of 0.4 percent, while it was up 0.5 percent in the prior month.

The Consumer Sentiment for July will be released at 10.00 am ET. The consensus is for 66.0, while it was up 66.0 in June.

The Baker Hughes Rig Count for the week is expected at 1.00 pm ET. In the prior week, the North America rig count was 783 and the U.S. rig count was 586.

Asian stocks steadied on Friday. China's Shanghai Composite Index recovered from an early slide to close 0.1 percent higher at 2,890.90. Hong Kong's Hang Seng Index finished marginally higher at 17,021.31 after volatile trading.

Japanese markets closed lower. The Nikkei 225 Index ended down 0.5 percent at 37,667.41, failing to sustain earlier gains. The broader Topix Index settled 0.4 percent lower at 2,699.54.

Australian markets rebounded. The benchmark S&P/ASX 200 Index rose 0.8 percent to 7,921.30, while the broader All Ordinaries Index advanced 0.7 percent to finish at 8,153.40.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were broadly higher on Friday after strong U.S. GDP data boosted hopes of a soft landing for the world's largest economy and paved the way for the Federal Reserve to cut interest rates soon.

Earlier this week, a former Fed hawk said waiting for September to cut rates 'unnecessarily increases the risk' of recession.

U.S. June PCE data will be in focus later today, heading into next week's Federal Reserve meeting.

The pan-European STOXX 600 rose 0.4 percent to 510.73 after closing 0.7 percent lower on Thursday.

The German DAX was marginally higher, giving up early gains.

France's CAC 40 climbed 0.7 percent and the U.K.'s FTSE 100 was up 0.6 percent.

Italian oil major ENI gained 2.8 percent after its Q2 profit beat forecasts.

Ams OSRAM soared 17 percent after the sensor maker's quarterly net loss came in better than expected.

British lender NatWest jumped 7 percent after lifting its full-year revenue forecast.

Defense and aerospace group Babcock International surged 5.3 percent after reporting strong FY24 results.

Hermes International rallied nearly 4 percent in Paris. The Birkin-bag maker reported a 13 percent rise in second-quarter sales, defying the luxury downturn.

Eyewear maker EssilorLuxottica surged 7.4 percent after reporting strong financial performance for the first half of 2024.

Construction-to-telecom group Bouygues dropped 1 percent despite delivering better-than-expected core profit for the first half of the year.

Capgemini shares slumped 11 percent. The IT consulting group expects its annual revenue to fall between 0.5 percent and 1.5 percent, compared with the earlier expectation of 0-3 percent rise.

German luxury automaker Mercedes-Benz was moving lower in volatile trade after trimming its 2024 profit outlook for its core car division.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks traded higher on Friday after strong U.S. GDP data boosted hopes of a soft landing for the world's largest economy.

The benchmark FTSE 100 was up 59 points, or 0.7 percent, at 8,245 after gaining 0.4 percent in the previous session.

Lender NatWest jumped 7 percent after lifting its full-year revenue forecast.

AstraZeneca rose 1.2 percent. Imfinzi, or durvalumab, was recognized by the FDA's oncologic drugs advisory committee for its efficacy in treating resectable non-small cell lung cancer, based on phase three trial results.

Defense and aerospace group Babcock International surged 5.3 percent after reporting strong FY24 results.

Reckitt Benckiser climbed 2.2 percent. The consumer goods major announced that it has initiated the first tranche of its previously announced 1 billion pounds share buyback program, which will return up to 250 million pounds of capital to shareholders.

Warehouse developer SEGRO fell 2.7 percent after reporting a fall in overall adjusted net asset value (NAV) per share, a key measure gauging property valuation.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks advanced on Friday as strong U.S. GDP growth and signs of cooling inflation paved the way for the Federal Reserve to cut interest rates soon.

Earlier this week, a former Fed hawk said waiting for September to cut rates 'unnecessarily increases the risk' of recession.

The benchmark CAC 40 rose 67 points, or 0.9 percent, to 7,494 after losing 1.2 percent on Thursday.

In corporate news, Capgemini shares slumped 11 percent. The IT consulting group expects its annual revenue to fall between 0.5 percent and 1.5 percent, compared with the earlier expectation of 0-3 percent rise.

Hermes International rallied nearly 5 percent. The Birkin-bag maker reported a 13 percent rise in second-quarter sales, defying the luxury downturn.

Eyewear maker EssilorLuxottica jumped 8 percent after reporting strong financial performance for the first half of 2024.

Construction-to-telecom group Bouygues dropped 1 percent despite delivering better-than-expected core profit for the first half of the year.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - Franklin Resources, Inc. (BEN) announced Friday that net income for the third quarter declined to $174.0 million or $0.32 per share from $227.5 million or $0.44 per share in the prior-year quarter.

Excluding item, adjusted net income for the quarter was $0.60 per share, compared to $0.63 per share in the year-ago quarter.

Total operating revenue for the quarter increased 8 percent to $2.12 billion from $1.97 billion in the same quarter last year.

On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share on revenues of $1.66 billion for the quarter. Analysts' estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

OTTAWA (dpa-AFX) - The following are some of the stocks making big moves in Friday's pre-market trading (as of 08.15 A.M. ET).

In the Green

Windtree Therapeutics, Inc. (WINT) is up over 117% at $7.17.

Carbon Revolution Public Limited Company (CREV) is up over 81% at $11.17.

BurgerFi International, Inc. (BFI) is up over 69% at $0.36.

Everi Holdings Inc. (EVRI) is up over 40% at $12.82.

Selina Hospitality PLC (SLNA) is up over 31% at $0.05.

Coursera, Inc. (COUR) is up over 24% at $9.24.

CareMax, Inc. (CMAX) is up over 15% at $6.50.

Deckers Outdoor Corporation (DECK) is up over 12% at $945.00.

Zapata Computing Holdings Inc. (ZPTA) is up over 12% at $0.61.

Hut 8 Corp. (HUT) is up over 6% at $15.70.

Riot Platforms, Inc. (RIOT) is up over 6% at $11.42.

In the Red

Nature's Miracle Holding Inc. (NMHI) is down over 40% at $0.23.

DexCom, Inc. (DXCM) is down over 37% at $67.10.

NovaBay Pharmaceuticals, Inc. (NBY) is down over 36% at $1.23.

Advent Technologies Holdings, Inc. (ADN) is down over 32% at $3.36.

Zynex, Inc. (ZYXI) is down over 24% at $7.72.

Tandem Diabetes Care, Inc. (TNDM) is down over 10% at $36.58.

Carter's, Inc. (CRI) is down over 9% at $54.01.

Olin Corporation (OLN) is down over 7% at $44.50.

OGE Energy Corp. (OGE) is down over 7% at $35.38.

Booz Allen Hamilton Holding Corporation (BAH) is down over 6% at $143.49.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

NEW YORK CITY (dpa-AFX) - Bristol Myers Squibb (BMY) increased portions of its 2024 line-item guidance. The company now expects: non-GAAP EPS in a range of $0.60 - $0.90, revised from prior guidance range of $0.40 - $0.70; and total revenues at upper end of low single- digit range, revised from previous outlook of low single-digit increase. Analysts polled by Thomson Reuters expect the company to report profit per share of $0.51. Analysts' estimates typically exclude special items.

Second quarter GAAP net income attributable to company was $1.7 billion, or $0.83 per share, compared to $2.1 billion, or $0.99 per share, a year ago. Non-GAAP net earnings attributable to Bristol Myers Squibb was $4.2 billion, or $2.07 per share, compared to $3.7 billion, or $1.75 per share, prior year. Analysts on average had expected the company to earn $1.63 per share, according to figures compiled by Thomson Reuters.

Second quarter revenues were $12.2 billion, an increase of 9%, or 11% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis. Analysts on average had estimated $11.55 billion in revenue. Growth Portfolio worldwide revenues increased to $5.6 billion compared to $4.7 billion, a growth of 18% on a reported basis, or 21% when adjusted for foreign exchange impacts.

Also, Bristol Myers Squibb announced that the Phase 3 trial evaluating the efficacy and safety of cendakimab in patients with eosinophilic esophagitis met both co-primary endpoints. The company will work with investigators to present results at an upcoming medical conference.

Shares of Bristol Myers Squibb are up 4% in pre-market trade on Friday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - T. Rowe Price Group (TROW) revealed a profit for its second quarter that increased from the same period last year but missed the Street estimates.

The company's bottom line totaled $470.5 million, or $2.11 per share. This compares with $464.8 million, or $2.06 per share, in last year's second quarter.

Excluding items, T. Rowe Price Group reported adjusted earnings of $519.7 million or $2.26 per share for the period.

Analysts on average had expected the company to earn $2.27 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7.6% to $1.733 billion from $1.610 billion last year.

T. Rowe Price Group earnings at a glance (GAAP) :

-Earnings (Q2): $470.5 Mln. vs. $464.8 Mln. last year.

-EPS (Q2): $2.11 vs. $2.06 last year.

-Revenue (Q2): $1.733 Bln vs. $1.610 Bln last year.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

NEW YORK CITY (dpa-AFX) - While reporting financial results for the second quarter on Friday, Colgate-Palmolive Co. (CL) raised its adjusted earnings and organic sales growth guidance for the full-year 2024, while maintaining earnings and net sales growth outlook.

For fiscal 2024, the company now projects earnings per share growth in double-digit percentage and adjusted earnings per share growth of 8 to 11 percent on net sales growth of 2 to 5 percent, with organic sales growth of 6 to 8 percent.

Previously, the company expected earnings per share growth in double-digit percentage and adjusted earnings per share growth in the mid to high-single-digit percentage on net sales growth of 2 to 5 percent, with organic sales growth of 5 to 7 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.53 per share on sales growth of 3.7 percent to $20.18 billion for the year. Analysts' estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - Newell Brands, Inc. (NWL) released earnings for its second quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $45 million, or $0.11 per share. This compares with $18 million, or $0.04 per share, in last year's second quarter.

Excluding items, Newell Brands, Inc. reported adjusted earnings of $151 million or $0.36 per share for the period.

Analysts on average had expected the company to earn $0.21 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 7.8% to $2.033 billion from $2.204 billion last year.

Newell Brands, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $45 Mln. vs. $18 Mln. last year.

-EPS (Q2): $0.11 vs. $0.04 last year.

-Revenue (Q2): $2.033 Bln vs. $2.204 Bln last year.

-Guidance:

Next quarter EPS guidance: $0.14 to $0.17

Full year EPS guidance: $0.60 to $0.65

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

NEW YORK CITY (dpa-AFX) - Bristol-Myers Squibb Co. (BMY) announced a profit for second quarter that decreased from last year but beat the Street estimates.

The company's bottom line totaled $1.680 billion, or $0.83 per share. This compares with $2.073 billion, or $0.99 per share, in last year's second quarter.

Excluding items, Bristol-Myers Squibb Co. reported adjusted earnings of $4.192 billion or $2.07 per share for the period.

Analysts on average had expected the company to earn $1.63 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 8.7% to $12.201 billion from $11.226 billion last year.

Bristol-Myers Squibb Co. earnings at a glance (GAAP) :

-Earnings (Q2): $1.680 Bln. vs. $2.073 Bln. last year.

-EPS (Q2): $0.83 vs. $0.99 last year.

-Revenue (Q2): $12.201 Bln vs. $11.226 Bln last year.

-Guidance:

Full year EPS guidance: $0.60 - $0.90

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - Charter Communications, Inc. (CHTR) announced a profit for its second quarter that increased from the same period last year and beat the Street estimates.

The company's earnings came in at $1.231 billion, or $8.49 per share. This compares with $1.223 billion, or $8.05 per share, in last year's second quarter.

Analysts on average had expected the company to earn $7.98 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 0.2% to $13.685 billion from $13.659 billion last year.

Charter Communications, Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $1.231 Bln. vs. $1.223 Bln. last year.

-EPS (Q2): $8.49 vs. $8.05 last year.

-Revenue (Q2): $13.685 Bln vs. $13.659 Bln last year.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

NEW YORK CITY (dpa-AFX) - Colgate-Palmolive Co. (CL) reported a profit for its second quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $731 million, or $0.89 per share. This compares with $505 million, or $0.60 per share, in last year's second quarter.

Excluding items, Colgate-Palmolive Co. reported adjusted earnings of $753 million or $0.91 per share for the period.

Analysts on average had expected the company to earn $0.87 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 4.9% to $5.058 billion from $4.822 billion last year.

Colgate-Palmolive Co. earnings at a glance (GAAP) :

-Earnings (Q2): $731 Mln. vs. $505 Mln. last year.

-EPS (Q2): $0.89 vs. $0.60 last year.

-Revenue (Q2): $5.058 Bln vs. $4.822 Bln last year.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

MAPLEWOOD (dpa-AFX) - While reporting financial results for the second quarter on Tuesday, 3M Co. (MMM) raised its adjusted earnings guidance for the full-year 2024, while maintaining total sales and organic sales growth outlook.

For fiscal 2024, the company now projects adjusted earnings from continuing operations in a range of $7.00 to $7.30 per share, up from its prior forecast range of $6.80 to $7.30 per share. The company continues to expect total sales between a decline of 0.25 percent and growth of 1.75 percent, with organic sales growth between flat and 2.0 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $7.17 per share on a net sales decline of 25.10 percent to $23.52 billion for the year. Analysts' estimates typically exclude special items.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - The Atlanta Fed released its initial estimate for the third quarter growth based on its GDPNow model on Friday that projected the U.S. economy to grow 2.8 percent in the third quarter.

Official data released on Thursday revealed that the gross domestic product grew a faster-than-expected 2.8 percent in the second quarter after rising 1.4 percent in the first quarter.

Second quarter growth was 0.2 percentage points above the Atlanta Fed's final GDPNow model nowcast released on July 24.

The Commerce Department said the GDP growth primarily reflected increases in consumer spending, private inventory investment, and non-residential fixed investment.

The next GDPNow update is due on Thursday, August 1.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - The University of Michigan released revised data on Friday showing consumer sentiment in the U.S. deteriorated by slightly less than previously estimated in the month of July.

The report said the consumer sentiment index for July was upwardly revised to 66.4 from the preliminary reading of 66.0. Economists had expected the reading to be unrevised.

Despite the upward revision, the consumer sentiment index for July is still down from 68.2 in June and marks the lowest reading since November 2023.

'Sentiment has lifted 33% above the June 2022 historic low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes,' said Surveys of Consumers Director Joanne Hsu.

'Labor market expectations remain relatively stable, providing continued support to consumer spending,' she added. 'However, continued election uncertainty is likely to generate volatility in economic attitudes in the months ahead.'

The University of Michigan said the current economic conditions index fell to 62.7 in July from 65.9 in June, while the index of consumer expectations dipped to 68.8 in July from 69.6 in June.

Meanwhile, the report said year-ahead inflation expectations fell for the second straight month, edging down to 2.9 percent in July from 3.0 percent in June.

Long-run inflation expectations came in unchanged at 3.0 percent in July but remain somewhat elevated relative to the 2.2-2.6 percent range seen in the two years pre-pandemic.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - Consumer prices in the U.S. crept up in line with economist estimates in the month of June, according to a highly anticipated report released by the Commerce Department on Friday.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

'The subdued rise in prices will give the Federal Reserve greater confidence that inflation is on track to moderate toward its 2% target,' said Michael Pearce, Deputy Chief U.S. Economist at Oxford Economics.

'While we are not expecting the news to be quite as good in coming months, we think it would take a nasty upward surprise to inflation between now and September to derail the Fed from cutting rates at that meeting.'

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.

The report said personal income edged up by 0.2 percent in June after rising by a downwardly revised 0.4 percent in May.

Economists had expected personal income to climb by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.

Disposable personal income, or personal income less personal current taxes, also rose by 0.2 percent in June after climbing by 0.4 percent in May.

The Commerce Department also said personal spending increased by 0.3 percent in June after rising by an upwardly revised 0.4 percent in May.

Economists had expected personal spending to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.

Excluding price changes, personal spending edged up by 0.2 percent in May after climbing by 0.4 percent in May.

With spending rising by slightly more than income, personal saving as a percentage of disposable personal edged down to 3.4 percent in June from 3.5 percent in May.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

MADRID (dpa-AFX) - Spain's unemployment rate fell to the lowest level in nearly 16 years in the second quarter as tourism boosted job creation, data from the statistical office INE revealed Friday.

The jobless rate fell to 11.27 percent in the second quarter from 12.29 percent in the first quarter. This was the lowest rate since the third quarter of 2008.

Economists had forecast the rate to fall to 11.4 percent in the second quarter.

The number of employed decreased to 21.68 million in the second quarter. Compared to the previous year, employment rose by 426,300.

Faster economic growth helped the nation to create more jobs. The statistical office is scheduled to publish the second quarter GDP data on July 30.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

COPENHAGEN (dpa-AFX) - Danish retail sales decreased slightly in June after recovering in the previous month, preliminary figures from Statistics Denmark showed on Friday.

Retail sales dropped 0.1 percent month-on-month in June, reversing a 0.7 percent rise in May, which was the first increase in three months.

Sales of clothing declined 4.9 percent monthly in June, while those of food and other groceries rose by 0.7 percent. Sales of other consumables were 0.1 percent higher.

On a yearly basis, retail sales increased at a slower rate of 0.8 percent in June after 2.6 percent growth in the previous month.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

BRUSSELS (dpa-AFX) - Hungary's unemployment rate decreased slightly during the April-June period, data from the Hungarian Central Statistical Office showed on Friday.

The unemployment rate dropped to 4.3 percent in April-June from 4.4 percent in March-May.

In the corresponding period last year, the jobless rate was 3.9 percent.

The number of unemployed persons declined to 215,300 in the April-June period from 218,700 in the previous three months.

Meanwhile, the employment rate remained stable at 65.1 percent.

During June, the unemployment rate in the country dropped to 4.2 percent from 4.3 percent in May.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

WASHINGTON (dpa-AFX) - Consumer prices in the U.S. crept up in line with economist estimates in the month of June, according to a highly anticipated report released by the Commerce Department on Friday.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

Copyright RTT News/dpa-AFX

Copyright RTT News/dpa-AFX

Copyright RTT News/dpa-AFX