Friday’s all-important jobs report could have big implications for the stock market’s moves that day. JPMorgan’s research team has some ideas on what could happen. The firm’s research arm, which is separate from JPMorgan’s trading desk, issued its expectations for how stocks will move following the key release from the Bureau of Labor Statistics. These potential market outcomes are tied to the reading of the headline nonfarm payrolls number. For reference, economists polled by Dow Jones are expecting an addition of 161,000 jobs during the month of August. Traders are especially focused on Friday’s report given the burgeoning concerns about…
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ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via EmailBen Emons, FedWatch Advisors, joins ‘Fast Money’ to discuss why the market is struggling ahead of jobs data and how the data could impact the market. Source link
A National Football League team today is a $6.5 billion business.That is the average value of the NFL’s 32 franchises, according to CNBC’s Official 2024 NFL Team Valuations. Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments dwarf the gains of traditional stocks over matching time periods.Take, for example, the Houston Texans, No. 11 on CNBC’s 2024 value rankings. Back in 1999, the last time the NFL expanded, the late Robert McNair agreed to buy the rights to the franchise at a purchase…
Marc Benioff, CEO of Salesforce.com, speaks during a keynote at the Dreamforce 2023 conference in San Francisco on Sept. 12, 2023.Marlena Sloss | Bloomberg | Getty ImagesSalesforce announced Thursday that it would pay $1.9 billion in cash for Own Co., a startup specializing in tools for backing up data in cloud-based applications. Salesforce intends to close the deal in the quarter ending in January 2025 if regulators give it their blessing, according to a statement.The startup, formerly known as OwnBackup, was valued at $3.35 billion in a 2021 funding round. Salesforce Ventures, the cloud software company’s venture arm, invested in…
Penny Hardaway has been an OK basketball coach through six seasons with the Memphis Tigers, but his program is nationally relevant only in its ability to generate embarrassing headlines.The middling hoops product no longer justifies the off-court turmoil — the latest of which includes four members of Hardaway’s staff dismissed just before the start of preseason practice and the university confirming the existence of an anonymous letter alleging major violations, which has been turned over to the NCAA.The next coach of this program may not be able to rally the fans, bring in top-notch players or reach 20 wins the…
Think rate cuts will save the bull market? Think again, according to Stifel. “Fed cuts are a red herring,” Stifel strategists said in a note to clients. “We have our doubts about the currently widespread belief that ‘Fed Cuts = Buy Stocks.'” Markets are expecting the central bank to lower benchmark rates by at least a quarter-percentage point in a few weeks, which could give the stock market a much-needed boost after a volatile period. However, Stifel thinks a big phenomenon in the bond market is spelling trouble ahead, set to put pressure on risk assets regardless of the Fed’s…
Broadcom CEO Hock Tan.Lucas Jackson | ReutersBroadcom reported fiscal third-quarter results on Thursday that beat Wall Street expectations for revenue and earnings.Broadcom shares fell 5% in extended trading.Here is how the chipmaking conglomerate did versus LSEG consensus estimates for the quarter that ended Aug. 4:Earnings per share: $1.24 adjusted vs. $1.20 expectedRevenue: $13.07 billion vs. $12.97 billion expectedBroadcom projects current-quarter revenue of $14 billion, versus $1.36 per share on $14.04 billion expected.Broadcom reported a net loss of $1.88 billion, or a loss of 40 cents per share, versus net income in the year-ago quarter of $6.12 billion, or $1.24 per…
Key PointsThe graying population is going to have a long-term effect on equity performance, according to an analysis by JPMorgan.People are living longer and birth rates are down. The graying population is going to have a long-term effect on equity performance, according to an analysis by JPMorgan. People are living longer and birth rates are down. For instance, the share of the old-age population — those 65 years or older — in the U.S. is expected to grow to 21.5% from 18.1% over the next decade, the bank said. China’s growth is expected to be more rapid, with its older…
The exterior of a Red Lobster restaurant in Austin, Texas, on May 20, 2024.Brandon Bell | Getty ImagesA bankruptcy court approved Red Lobster’s plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy.The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May. Red Lobster had struggled with increased competition, expensive leases, last year’s disastrous shrimp promotion and a broader pullback in consumer spending.As part of the restructuring plan, a group of investors under the name RL Investor Holdings will acquire Red Lobster by the end of the month. Once…
The 2024 season is here. The Baltimore Ravens and Kansas City Chiefs get things started tonight, followed by a Friday night matchup between the Green Bay Packers and Philadelphia Eagles.With no time to waste, let’s look at The Athletic’s NFL staff picks for MVP, Super Bowl champion and more.Forty-two staff members responded (some opting not to answer everything, so there aren’t always 42 responses). Here’s what they think.Patrick Mahomes has already won the award twice — in 2018 and 2022 — so why not a third time while the Kansas City Chiefs try to three-peat? Our staff overwhelmingly picked the…
