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Fri, Apr 7 2023 1:37 AM EDT
Bank of Korea expected to pause for second time in April: Reuters
The Bank of Korea is expected to hold its benchmark interest rate steady at 3.5% again in its monetary policy decision on Tuesday, according to Reuters survey of economists.
DBS was the outlier in the survey and expects the BOK to raise rates by 25 basis points to 3.75%.
The South Korean central bank in its last meeting in February paused its tightening cycle after seven consecutive rate hikes since March 2022.
The Reuters poll also expects the central bank to start cutting rates by as much as 50 basis points in the first quarter of 2024 and even further in the third and fourth quarter of next year.
— Jihye Lee
6 Hours Ago
Why Wall Street views Samsung’s production cuts as a positive tailwind for the sector
Samsung’s move to cut memory chip production could fuel a sooner-than-expected recovery for the broader memory chip market, according to Wall Street.
Along with preliminary results pointing to a 96% drop in quarterly profit, the company said Friday it plans to cut production of two types of memory as it deals with a supply and demand mismatch.
Investors viewed the move as a potential positive for competitors, sending shares of Micron Technology and Western Digital up more than 8%. Citi analyst Christopher Danely called the news a “huge positive” for the dynamic random access memory industry.
Read more on why many on Wall Street are praising the move here.
— Samantha Subin
6 Hours Ago
Stocks pull off worst levels during afternoon trading
Stocks came off their worst levels during afternoon trading. As of 2:13 p.m. ET, the Dow Jones Industrial Average rose 46 points, or by 0.14%. The S&P 500 was lower by 0.11%, and the Nasdaq Composite fell by 0.28%.
At their lows of the session, the Dow was down as much as 141.86 points, or 0.42%. The S&P 500 declined by 0.79%, and the Nasdaq dropped 1.35%.
— Sarah Min
8 Hours Ago
Movie theater stocks jump after success of Super Mario Bros. movie
Movie theater chains AMC Entertainment Holdings, Cinemark Holdings and IMAX shares jumped during midday trading on Monday following the successful opening of the “The Super Mario Bros. Movie.”
Since its release on April 5, the movie has grossed more than $204 million in the U.S., according to data from Box Office Mojo. The film is distributed by Universal Pictures.
AMC shares advanced more than 6%, while Cinemark shares gained more than 5%. IMAX shares added 1.9%.
See Chart…
AMC shares 1-day
Disclaimer: Universal Pictures and CNBC are both owned by NBCUniversal.
— Sarah Min
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