Engaged Capital initially sought three board seats at the burger chain.
Paramount pops after Buffett’s favorite banker makes ‚interesting‘ bet in media giant’s key shareholder
Paramount Global shares jumped after an investor known as Warren Buffett’s favorite banker piled into the media company’s controlling shareholder.
JPMorgan Chase cut about 500 jobs this week, including technology and operations roles
Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles.
Paramount pops after Buffett’s favorite banker makes ‚interesting‘ bet in media giant’s key shareholder
Paramount Global shares jumped after an investor known as Warren Buffett’s favorite banker piled into the media company’s controlling shareholder.
Stocks making the biggest moves midday: Ford, Marvell Technology, Paramount, Gap and more
These are the stocks posting the largest moves midday.
Thanks to vesting schedules, it can take up to 6 years for workers to own their 401(k) match
Vesting rules set by an employer dictate how soon a worker can leave a company and take their full match with them.
Australian Dollar Outlook: US Dollar Dominates Proceedings
The Australian Dollar collapsed last week with the US Dollar regaining broad-based ascendency as Treasury yields moved north on a tilt in the Fed rate path.
Forexlive Americas FX news wrap: Hot PCE report lifts the dollar further
- US April PCE core inflation 4.7% vs 4.6% expected
- US April durable goods orders 1.1% versus -1.0% expected
- US advance good trade balance $-96.77 billion versus $-85.7 billion expected
- US April wholesale inventories -0.2% vs +0.0% expected
- Fed’s Mester: Fed has made slow progress on inflation. It’s concerning
- Republican House negotiator says ‚major issues‘ still not worked out on debt ceiling
- Atlanta Fed GDPNow tumbles to 1.9%
- ECB’s Makhlouf: Haven’t seen wage settlements that raise concerns on a eurozone level
- Dallas Fed April trimmed mean PCE price index +4.4% vs +3.8% prior
- Canadian government fiscal year deficit cut in half
- Goldman Sachs and BofA see a ‚close call‘ on June Fed but market now sees 70% hike odds
- Euro longs retreat in the latest week of CFTC data
- Baker Hughes total rig count down -9 in the current week
- IMF sees US growth at 1.7% this year and 1.0% in 2024
- IMF raises Italy’s 2023 GDP forecast to 1.1% from 0.7%
Markets:
- WTI crude oil up 96-cents to $72.79
- Gold up $6 to $1946
- US 10-year yields flat at 3.81%
- S&P 500 up 1.4%
- GBP leads, JPY lags
The odds of a June Fed hike have risen to 70% from 50% today and that tells the story in FX, with the dollar gaining, though not exactly in a straightforward way. Both the pricing numbers and the consumption numbers were hot in the PCE data and the big winner was USD/JPY, which hit a new high for the year.
Initially it was a broad USD rally but it was more back-and-forth later as the market also weighed the stronger economic prospects. Flows into US tech are also a seemingly-unstoppable force as well, with the Nasdaq gaining another 2.2% on the AI boom.
The pound managed to hold off the US dollar but fell 90 pips from its highs before bouncing late.
Monday is a holiday in the US so there was some position squaring into the weekend, particularly in bonds as longs didn’t want to be caught offside on a debt ceiling deal and a wave of Treasury issuance. Yellen pushed back the deadline to at least June 5, so the charade may go on for another week.
The bigger story though is that the dollar appears to be breaking out on a number of fronts and there’s no US weakness yet in the data. Will next Friday’s non-farm payrolls report change that? Tune in to find out.
Have a good (long) weekend.
For those in the UK and US.
This article was written by Eamonn Sheridan at www.forexlive.com.
Yellen now estimates that debt limit won’t be hit until June 5
Treasury Secretary Janet Yellen has conjured a few extra days for US politicians to grandstand. She now says that extraordinary measures won’t be exhausted until at least June 5.
House Republican leader McCarthy has said his deadline is June 1 but you can never trust a politician.
In any case, a deal will get done and the US won’t default, the same as always. I think the market has already moved on.
This article was written by Adam Button at www.forexlive.com.
US stocks rip higher for the second day as Nasdaq closes at highest since August
There were non-stop flows into US stock markets on Friday, led by the Nasdaq:
- S&P 500 +1.3%
- Nasdaq Comp +2.2%
- DJIA +1.0%
- Russell 2000 +1.1%
- Toronto TSX Comp +0.8%
On the week:
- S&P 500 +0.3%
- Nasdaq Comp +2.4%
- Russell 2000 flat
- Toronto TSX Comp -2.1%
Broadcom was a big winner on Friday, gaining 11% with Qualcom and Intel making some headway as the chip rally broadens out.
This is the fifth week in a row of gains for the Nasdaq and it’s very much looking like the double bottom in Oct/Dec was the low.
This article was written by Adam Button at www.forexlive.com.