((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
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Major US stock indexes are up; the Nasdaq leads, up 1.7%
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Technology sector leads S&P 500 sector gains; the consumer staples sector is the weakest
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The STOXX 600 closes up around 0.8%
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Dollar, crude, gold and bitcoin rise
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The 10-year US Treasury yield is down to 4.30%
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PROFIT OUTLOOK IMPROVES SOMEWHAT, BUT RISKS REMAIN
The 2024 earnings outlook for S&P 500 .SPX companies improved slightly over the last reporting period.
Growth for the full year is now estimated at 10.7%, up from 9.9% at the start of April, according to the latest earnings data from LSEG.
“Growth in 2023 – check that box, but will it be a breakthrough year? We’ll probably have to wait until 2025 for that,” said Paul Christopher, head of global markets strategy for Wells Fargo Investment Institute in St. Louis, Missouri, in an interview with Reuters.
“Certainly the consumer is becoming more selective, more cautious, maybe not buying as many discretionary items…and postponing purchases as much as possible,” he said , noting that this trend is expected to last until credit costs decline.
“This is part of what explains the more modest earnings outlook for the S&P in 2024,” he added.
Recent mixed results from retailers have highlighted the fact that consumer spending is one to watch. Among upcoming retailer reports, Lululemon Athletica
LULU.O is scheduled to release its report after the close on Wednesday.
(Caroline Valetkevitch)
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FOR WEDNESDAY ARTICLES ON LIVE MARKETS:
OIL PRICES MAY SIGNAL A RISK OF RECESSION, BUT THIS IS NOT CURRENTLY THE CASE – CLICK HERE
US STOCKS WILL SEE THE RALLY STOP THIS SUMMER – JPM – CLICK HERE
WEDNESDAY: ADP, PMI SERVICES, MORTGAGE APPLICATION – CLICK HERE
WEAK CONSUMER SPENDING IN APRIL IS AN ANOMALY, NOT A TREND – BARCLAYS – CLICK HERE
FUTURES INDICES ARE UP AFTER ADP DATA – CLICK HERE
URANIUM, AN ASSET FOR NUCLEAR TRENDS IN THE UNITED STATES – CITI – CLICK HERE
VOLATILITY INDICATES THERE IS NO AIR BUBBLE (YET) – BOFA – CLICK HERE
THE IMPACT ON OIL AND GAS OF LABOR’S VICTORY IN THE UK ELECTIONS CLICK HERE
RETAIL RALLY CLICK HERE
POSITIVE FEELING – CLICK HERE
MORNING DEAL – BETS ON INTEREST RATE CUTS BEGIN AGAIN – CLICK HERE
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