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Bloomberg

Haven't Yet Seen Brunt of Energy Price Pressures in Data, Says Lindsey Piegza

Lindsey Piegza, Chief Economist at Stifel, discusses the US economic backdrop as consumers maneuver around war-driven, high energy prices. US consumer confidence unexpectedly edged up in April to the highest this year as Americans grew more hopeful about the outlook for the labor market.    The Conference Board's gauge increased to 92.8, from 92.2 in March, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 89. A measure of expectations for the next six months climbed in April, while a gauge of present conditions ticked lower.  The improvement in confidence, despite broader concerns tied to higher costs and war in the Middle East, may reflect a fragile ceasefire between the US and Iran and signs of stabilization in the labor market. Hiring rebounded in March and more recent data point to limited layoffs.

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Bloomberg

Goldman Bond Trading Miss Outweighs Equity Record

Bloomberg Intelligence Financials Analyst, Neil Sipes discusses Goldman Sachs' earnings out before the bell Monday. Goldman Sachs Group Inc. shares fell after the bank reported a surprise drop in bond-trading revenue, casting a shadow over what was another record quarter from the firm's equities team. Fixed-income, currency and commodities revenue was $4.01 billion for the first quarter, according to a statement Monday. That was more than $800 million below the consensus of analyst estimates compiled by Bloomberg and 10% less than the same period last year. The bank also warned investors that its backlog of fees decreased slightly compared to the previous quarter. Shares of the company slumped 4.2% to $869.88 at 9:33 a.m. in New York, by far the biggest decline in the 24-company KBW Bank Index. The drop left the stock down 0.8% for the year.

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Bloomberg

Nvidia Earnings to Come With No Patience for AI Hiccups

Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, previews Nvidia earnings. Nvidia Corp.'s earnings report on Wednesday afternoon comes at a critical time for the US stock market with investors increasingly nervous about the outlook for artificial intelligence. While most Wall Street pros are anticipating strong results from the chipmaker amid ballooning spending on computing infrastructure, there is less certainty about how its shares and others will respond at a time when fears about AI disruption and the staying power of heavy investments are dominating the tape. "Even if they have tremendous numbers, we know the markets are really fickle," said Ken Mahoney, president of Mahoney Asset Management.

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