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8 Hours Ago
Dimon criticizes central banks for forecasting errors
JPMorgan Chase CEO Jamie Dimon on Tuesday criticized central banks for providing poor guidance on the economy as he warned of unpredictable waters ahead.
“”Prepare for possibilities and probabilities, not calling one course of action, since I’ve never seen anyone call it,” Dimon said during a panel discussion at the Future investment Initiative summit in Riyadh, Saudi Arabia. “I want to point out the central banks 18 months ago were 100% dead wrong.”
Also during the discussion, the head of the largest U.S. bank by assets said he favors ESG principles but said governments have taken a “whack-a-mole” approach. “So we better get our act together,” he said.
—Jeff Cox
4 Hours Ago
Energy stocks lag
Energy stocks bucked the S&P 500’s leg up on Tuesday.
While the broad index rose about 0.5%, the energy sector fell 1%. It was the only of the S&P 500’s 11 sectors to trade down in the session.
Hess, Halliburton and Schlumberger led the sector down with losses of more than 2% each. The best performer in the sector, EQT, was up just 0.4%.
On the other end of the spectrum, utilities was the best performing sector in the session, rallying 2.6%. NextEra gave upward momentum to the sector with a gain of more than 7%. AES and Edison were the next best performers, with both up nearly 4%.
— Alex Harring
4 Hours Ago
Third-quarter earnings scorecard
Here’s how third-quarter earnings season is stacking up with about 23% of the S&P 500 having reported results so far and releases from Alphabet and Microsoft on deck for after the close.
Of the companies that have reported results, 77% have beaten earnings expectations, while 60% have surpassed revenue expectations, while nearly 69% have topped sales expectations, per FactSet data.
Year over year, earnings are expected to decline by about 0.2%, while revenues are expected to rise 1.9%, based on the blended growth rate.
— Samantha Subin
6 Hours Ago
Crypto equities get a bitcoin boost
Crypto related equities benefited on Tuesday from bitcoin’s 10% rise that led the cryptocurrency to briefly touch the $35,000 mark for the first time this year.
Meanwhile, crypto exchange and services company Coinbase gained 10%, while other bitcoin trading platforms got a smaller lift. Robinhood was up more than 2% and Block, which operates Cash App, added 3.5%.
Elsewhere, bitcoin proxy Microstrategy climbed 13%. The biggest mining stocks rose double digits, with Marathon Digital gaining 17% and Riot Platforms rising 12%.
— Tanaya Macheel
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