Shares of financial services giant Charles Schwab (NYSE:SCHW) fell 5.8% in the afternoon session after a significantly weaker-than-expected U.S. jobs report sparked fears of an economic slowdown, dragging down the broader market and economically sensitive sectors like banking. The U.S. economy added only 22,000 jobs in August, falling far short of the estimated 75,000. This report from the labor market prompted a sell-off as investors weighed the possibility of a recession. The banking sector was particularly hard-hit, falling over 2% as concerns grew about the economy's health. While the soft labor market data could encourage the Federal Reserve to cut interest rates, the immediate market reaction was negative, with the potential for an economic downturn overshadowing optimism about looser monetary policy.
Let's delve into the developments on the US markets one hour before the close of the markets on Friday. Below, you'll find the top gainers and losers within the S&P500 index during today's session.
Despite interest rate headwinds from the Fed, institutions have been buying financial stocks like SCHW and KKR shares in bulk. Should you follow their lead?
Join us in exploring the top gainers and losers within the S&P500 index in the middle of the day on Friday as we examine the latest happenings in today's session.
Wrapping up Q2 earnings, we look at the numbers and key takeaways for the investment banking & brokerage stocks, including Piper Sandler (NYSE:PIPR) and its peers.
Photronics’ second quarter results were well received by the market, driven by stronger-than-expected profitability and robust performance in its flat panel display segment. Management attributed the quarter’s outcome to the company’s ability to offset ongoing weakness in integrated circuit demand with growth in high-end display applications, especially in Korea and China. CEO George Macricostas highlighted that the company’s “flat panel display business continues to perform well to offset more challenging demand in IC,” and noted that cash flow from operations supported ongoing investments and share repurchases. The company’s diversified geographic operations and focus on higher-value products contributed to the stability in a relatively muted semiconductor environment.
The specter of persistent inflation continues to loom large over the U.S. economy, keeping both consumers and policymakers on edge. Despite the Federal Reserve's aggressive campaign of interest rate hikes, the Personal Consumption Expenditures (PCE) price index, the central bank's preferred gauge of inflation, continues to run above its
As the Q2 earnings season wraps, let’s dig into this quarter’s best and worst performers in the investment banking & brokerage industry, including Morgan Stanley (NYSE:MS) and its peers.
The specter of persistent inflation, stubbornly holding above the Federal Reserve's long-term target of 2%, is casting a long shadow over the U.S. economy and financial markets. Recent data reveals a concerning trend where core inflation metrics, stripping out volatile food and energy prices, are accelerating, prompting the central
An unprecedented sum of approximately $7.19 trillion currently sits in money market funds, a colossal reservoir of capital that has captivated the attention of financial strategists worldwide. This monumental accumulation, largely driven by elevated interest rates and a flight to safety, is now seen as a potential catalyst for
