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How To Invest In Stocks At 16 – U.S. stocks fell for a second straight day on Wednesday after minutes from the Fed’s July meeting signaled that officials are aware of the risks of overtightening monetary policy but remain steadfast in their goal of lowering inflation to a 2% target.
The Nasdaq lost 1.2% and the S&P 500 fell 0.8%. The Dow Jones Industrial Average fell 0.5%.
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A majority of members of the Federal Open Market Committee (FOMC), the central bank’s policymaking body, “continue to see significant risks of rising inflation that may require further tightening of monetary policy.” Although officials also acknowledged that “the threat to achieving the Committee’s goals had become more bipartisan and it was important that the Committee’s decisions balanced the risk of unintended over-tightening at the expense of under-tightening.”
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Both Retailers Target Corp. (TGT), as well as TJX Companies Inc. (TJX) beat second-quarter earnings expectations, although Target reported declining comparable-store sales and reduced discretionary spending. TJX Companies’ revenue and same-store sales increased as customers sought discounts.
Asian shares fell again today as markets continued to digest a number of worrying developments in China. Today, private banking firm Zhongrong International Trust said it had failed to process payments for dozens of products and there was insufficient liquidity to keep customers whole.
Stocks fell sharply yesterday after Fitch Ratings became the second ratings agency to question the stability of U.S. banks. The S&P 500 lost 1.2% and the Nasdaq fell 1.1%. The Dow fell about 1%.
Oil and gas services provider Energy Transfer LP (ET) has agreed to buy Crestwood Equity Partners LP (CEQP) for $7.1 billion, including $3.3 billion in debt.
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The all-stock deal gives Crestwood investors 2.07 shares of Energy Transfer for each share of Crestwood they own. Once the deal is finalized, Crestwood shareholders will own approximately 6.5% of Energy Transfer.
The transaction is expected to close in the fourth quarter, subject to approval by Crestwood unitholders and other customary conditions.
On the news, Energy Transfer shares closed 1.7% higher on Wednesday, while Crestwood shares rose 4.6%.
The Dow Jones Industrial Average fell late in the session for the second day in a row, ending the session down 0.5%, or about 180 points.
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Traders reacted to the release of minutes from the Federal Reserve’s July meeting, causing Treasury yields to soar and stock prices to fall.
Shares of Travelers Companies (TRV) gained 1.2%, the best performance for the index on a day when only six of the Dow 30 were higher.
Shares of Intel (INTC) fell 3.6%, making it the Dow’s worst performer, after it pulled out of its planned $5.4 billion acquisition of Israeli chipmaker Tower Semiconductor (TSEM) that was aimed at strengthening Intel’s position as a foundry that they can produce semiconductors for other designers. Tower Semiconductor shares fell nearly 12% on the development.
Walgreens Boots Alliance (WBA) fell 1.4% after a federal judge revived a lawsuit alleging the drugstore violated the federal False Claims Act and Virginia laws.
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Shares of Caterpillar (CAT) fell 1% as the latest housing starts report showed new home construction continued to pick up but permits for future projects remained unchanged, raising concerns about a slowdown in home construction.
Shares of Cisco Systems (CSCO) lost 0.7% ahead of the market earnings report. Shares of Walmart (WMT) were unchanged ahead of earnings release before markets open tomorrow.
The 10-year Treasury yield rose to 4.268% today, the highest level since November 2007. And with the yield curve still dramatically inverted – 6-month Treasuries are currently yielding over 5.5% – investors see plenty of room for long-term investments, rates will rise even higher more.
Southwest Airlines Co. (LUV) has reached a tentative agreement with the Transport Workers Union Local 555, but another labor market crisis could be in the future.
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On Tuesday, the company announced an agreement with the union that covers more than 17,000 dock, operations, supply and transportation workers. Southwest shares fell in aftermarket trading Tuesday, but are down 0.4% from their previous close on Wednesday afternoon.
The new deal includes “industry-leading wages” of $36.72 an hour, as well as “insurance premium limits, pension improvements, job protections and better staffing,” the company said. Parental leave and dues payments were also among the victories highlighted by the union. Union members must still vote to ratify the agreement.
But Southwest has not yet reached a tentative agreement with the Southwest Airlines Pilots Association, which last month asked federal regulators for a waiver from mediation. Given that union pilots have already voted to authorize a strike, there is a possibility that the U.S. third-largest domestic airline by flights could be grounded indefinitely.
Progressive Corp. (PGR) was the top-performing stock on the S&P 500 on Wednesday afternoon after the insurer said it booked nearly $6 billion in premiums last month, up 21% from a year earlier.
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Nevertheless, Progressive shares gained more than 8% and lifted shares of other insurers, including AllState Corp. (ALL) and Chubb Ltd. (CB), by 4.5% and 1.5%, respectively.
Shares of TJX Companies (TJX) hit an all-time high after the discount retailer posted better-than-expected results and raised its outlook as customers flocked to its stores.
Owner T.J. Maxx, Marshalls and other chains reported fiscal second-quarter 2024 earnings per share (EPS) of $0.85, with revenue growing 8% to $12.5 billion. Both exceeded forecasts.
Shares of TJX Companies rose 4% on Wednesday, hitting an all-time high of around $89. The company’s shares have gained about a third of their value this year.
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After applying to become a National Futures Association (NFA) Futures Commission trader in September 2021, Coinbase has now received approval to allow its customers to trade federally regulated cryptocurrency futures contracts.
According to a Coinbase statement, approximately 75% of global cryptocurrency trading volume is made up of futures, so NFA approval is seen as an important milestone. Coinbase called the approval a “watershed moment.”
Coinbase shares rose about 1% early Wednesday, but fell by midday before falling about 1% by early afternoon.
Progressive Corp. (PGR): Shares of the insurance company gained more than 8% after it said it booked $6 billion in premiums in the second quarter, up 21% from the same period a year ago.
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MarketAxess Holdings Inc. (MKTX): Shares of the fixed-income trading platform provider rose 5% after an SEC filing revealed that CEO Christoper Concannon bought more than $1 million worth of company stock.
H&R Block Inc. (HRB): Shares of the tax preparer rose 10% after reporting second-quarter adjusted earnings of $2.05 per share, up 9% from a year ago. The decline in revenue was more than offset by significant reductions in salaries and marketing expenses.
Tower Semiconductor Ltd. (TSEM): Shares fell 10% after chipmaker Intel (INTC) canceled its $5.4 billion acquisition of the Israeli semiconductor company, citing failure to obtain Chinese regulatory approval.
Jack Henry & Associates Inc. (JKHY): Shares of the financial technology provider fell 8% after it posted lower-than-expected full-year earnings and margin forecasts.
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Mediterranean restaurant chain Cava Group (CAVA) posted a profit in its first earnings report since going public in June after adding new locations.
Cava reported fiscal second-quarter 2023 earnings of $6.53 million, or $0.21 per share. A year ago it recorded a loss. Sales at its namesake restaurants increased 62.4% to $171.1 million. Total revenues were $172.9 million.
The company said the revenue jump came after 102 net new restaurants opened in or after last year’s second quarter, and same-store sales at pre-existing locations increased 18.2%.
Cava indicated it expects 65 to 70 openings throughout the year, with same-store sales growth of 13% to 15% and restaurant-level profit margins of at least 23%.
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Cava Group shares initially rose on the news in early trading on Wednesday, then reversed and fell by around 0.8% at noon. Earlier this month, the stock price hit an all-time high and, despite falling since then, remains more than double its initial public offering (IPO) price of $22.
Shares of Tower Semiconductor ( TSEM ) fell more than 8% in early trading Wednesday after Intel ( INTC ) canceled its $5.4 billion deal to buy the Israeli chipmaker, saying it was unable to obtain regulatory approval for the deal from China in time.
Canceling the deal means Intel will have to pay Tower a $353 million termination fee, according to the merger agreement signed last year.
Intel announced its plans to acquire Tower, a leading analog semiconductor foundry, in February last year to expand its manufacturing capacity, global reach and technology portfolio.
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However, tensions between China and the United States have made it difficult for some companies to obtain regulatory approval for deals requiring regulatory approval in both countries, especially in the highly competitive semiconductor industry.
Despite Wednesday’s 1% decline, Intel shares are still up 29% year-to-date, while Tower shares have lost 28% of their value this year.
Production of cars and auto parts increased by 5.2% last month, up more than 10% compared to the same period last year. Utilities’ output also increased as high temperatures across the country increased demand for cooling.
Capacity utilization also increased to 79.3%, up 1.6% from last year and slightly below the long-term average of 79.7%.
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U.S. retail is performing well as shoppers continue to spend