Newscasts - Trading at Noon: Markets choppy ahead of data deluge
12/08/2024 17:01
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_bllzrz6m&referenceId=1_bllzrz6m&pageId=Newscasts Source: 'Reuters - Business videos' Description: Trading on the major Wall Street indexes was choppy on Monday morning, with investors are likely to be on edge until Wednesday's consumer price index reading. Short Link: https://refini.tv/3X0JCTE Video Transcript: A nervy start for Wall Street ahead of this week's data deluge. Welcome to Trading at Noon. I'm Thomas Warner. The major stock markets fell at the open before staging a recovery. The NASDAQ was the big gainer, lifted by its tech and energy sectors. Investors refrained from making large bets ahead of a barrage of data later this week. Investors are likely to be on edge until Wednesday's US consumer price index reading. It's expected to show headline inflation accelerated 0.2% in July on a monthly basis but remain unchanged at 3% on the year. Money markets are now evenly split between a 50- and 25-basis-point cut to US interest rates at the Fed's next meeting in September. July's retail sales figures follow on Thursday, as do Q2 earnings from Walmart. On the corporate side today, though, the S&P's top performer of the year so far, NVIDIA, was one of the mornings biggest gainers. The chip maker rose around 5% to a two-week high last week slump had taken the stock to its lowest since May. Shares in Super Micro Computers surged nearly 10% after falling more than 18% last week, investors were spooked by a faster than expected contraction in gross margin during the second quarter, which overshadowed a robust sales forecast. Starbucks shares were also among the early risers, up more than 3%. Activist investor starboard value has taken a stake in the coffee chain, though the size of the stake has not yet been specified. And keyCorp jumped more than 10% after Canada's ScotiaBank bought a 14.9% stake in the US regional lender. The All-stock deal is worth $2.8 billion. Regional lenders have been under pressure from elevated borrowing costs, making them more attractive to potential buyers. US Treasury yields, meanwhile moved sideways in early trading, with investors awaiting their economic data later this week. But liquidity took a hit from traders taking August vacations. Elsewhere the UK's competition watchdog says that it's looking into where the chip design software maker Synopsis' is $35 billion acquisition of Ansys would affect competition in Britain. It's yet to launch a formal investigation into the deal. The proposed merger has raised concerns among analysts about potential regulatory challenges in the well consolidated business software sector. Pfizer said on Monday that its RSV vaccine at Abrysvo generated a strong immune response in a late-stage study of four groups of adults, each with compromised immune systems. Drug maker plans to submit the data to regulatory agencies for review. The vaccines already approved for people aged 60 and older and for use in women during the middle of the third trimester of pregnancy. Oil prices rose for fifth consecutive session on Monday, extending last week's gains. Brent and WTI are each up more than a $1 per barrel. Prices were at seven-month lows at the start of August but have rebounded on fears for Middle Eastern supply. And OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China. And that is Trading at Noon