Markets.News
back to home feed
Stock market rallied on faith in Fed rate cuts and positive tech trends. Apple's iPhone 17 launch created buzz. Inflation up to 2.9%, jobless claims at 263,000. Traders expect 25 bp cut on 9/17 and potential cuts in October and December. Oracle reported Q1 earnings of $1.47/share and $14.92 billion revenue, slightly under estimations. Kroger beat earnings estimates with $1.04/share, but sales missed slightly at $33.94 billion. GameStop reported second-quarter net sales at $972.2 million.
Wall Street saw a surge in the market due to optimism surrounding potential Fed rate cuts and the excitement for AI companies and Apple's iPhone 17 launch. However, August saw a rise in inflation to 2.9%, the highest since January, and jobless claims spiked to 263,000, the worst since October 2021, indicating a struggling job market. Despite this, traders still expect a 25 bp rate cut on September 17, with discussions of more cuts in October and December. Investors are now focusing on earnings reports for insights on margins, demand, and AI spending. Some notable earnings include Adobe beating estimates with $5.31 per share, Oracle falling slightly under estimates with $1.47 per share and $14.92 billion revenue, Kroger surpassing with $1.04 EPS but marginally missing sales estimates, and GameStop seeing second-quarter net sales rise to $972.2 million. Full story available on Benzinga.com.