Newscasts - US Market Briefing: Wall St extends winning streak ahead of Jackson Hole

Icahn Enterprises LP

19/08/2024 20:00

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Source: 'Reuters - Business videos'

Description: The S&P 500 and the Nasdaq rose for an eighth straight session on
Monday as concerns around an impending recession abated and markets zeroed in
on Federal Reserve Chair Jerome Powell's speech at Jackson Hole later this
week.
Short Link: https://refini.tv/3WQxqDJ

Video Transcript:

Wall Street extends its winning streak ahead of Jackson Hole. Welcome to US
Market Briefing. I'm David Pollard. Wall Street main stock indexes extended
their gains on Monday for an eighth consecutive session. All 11 S&P 500
sectors advanced with energy and communication services, the biggest gainers.
The S&P 500 has recovered to levels last seen before the July jobs report.
Trading may remain light this week, ahead of Jerome Powell's speech at Jackson
Hole on Friday, ahead of which the Dollar has fallen to a seven-month low. The
central bank's Minneapolis Chief, Neel Kashkari said today it's appropriate to
discuss a rate cut, while in a new Reuters poll, a slim majority of economists
predict three 25-basis-point cuts this year. That's one more than predicted
last month. The survey expects growth to remain at around trend, with only a
30% probability of recession. Among today's stock movers, AMD rose around 3%
after the chipmaker said it plans to acquire server maker ZT Systems for $4.9
billion. AMD wants to expand its portfolio of AI chips and hardware to battle
NVIDIA. But Estee Lauder fell but then bounced after the cosmetics maker
forecast annual profit below expectations. It says, CEO Fabrizio Freda is
retiring after nearly 16 years at the helm. And Icahn shares slipped despite
news of its Founder, Carl Icahn, settling for $2 million with the SEC over
alleged disclosure failures. Lowe's will provide Tuesday's headline earnings
news. Analysts expect a drop in second quarter revenue as fewer Americans
undertake large scale home improvement projects. Last week, Home Depot warned
of weak discretionary spending in its earnings call, but Walmart saw its
shares hit a record high after raising its forecasts and consumer data
surprised to the upside.

The retail sales data was surprisingly strong. If you look at Walmart's
earnings better than expected, and they guided higher. So, the consumer really
has been more resilient than people thought. So, I do think the economy
overall is resilient.

In other news today, British tech entrepreneur Mike Lynch is among six people
still missing after a luxury yacht sank in a violent storm off Sicily today.
One man is reported dead after the incident. Lynch, who is 59, was acquitted
in June by a jury in San Francisco of fraud charges linked to the sale of his
software company Autonomy to Hewlett-Packard for $11 billion in 2011. Finally,
oil prices fell by about 2% and global benchmark Brent held below $80 a barrel
on worries over demand from China and on hopes that successful Middle Eastern
peace talks could reduce supply risks. Secretary of State Antony Blinken has
been in the region to push for a ceasefire in Gaza, warning that this latest
effort is possibly the last opportunity for a truce. Tuesday sees the release
of API inventory data. In last week's data crude stocks fell by 5.21 million
barrels, according to market sources. And that is US Market Briefing