Finance

Stock market today: S&P 500, Dow waver near records ahead of key inflation data

Published

1 month ago

November 27, 2024

Stock market today: S&P 500, Dow waver near records ahead of key inflation data

US stocks paused near record highs on Wednesday as investors digested fresh data that showed inflation made little progress toward the Fed’s 2% target in October.

After clinching record highs on Tuesday, the S&P 500 (^GSPC) fell about 0.1% at the open while the Dow Jones Industrial Average (^DJI) rose less than 0.3%. The tech-heavy Nasdaq Composite (^IXIC) was down about 0.5%.

The mood is muted in the wind-down to the Thanksgiving holiday, which will see markets shut on Thursday and close early on Friday. But the Fed is taking the fore again after being eclipsed somewhat by the debate over the impact of Donald Trump’s tariff plans and Cabinet choices.

The latest reading of the Federal Reserve’s preferred inflation gauge showed price increases were flat in October from the prior month, raising questions over whether progress in getting to the central bank’s 2% goal has stalled.

The core Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 0.3% from the prior month during October, in line with Wall Street’s expectations for 0.3% and the reading from September. Over the prior year, core prices rose 2.8%, in line with Wall Street’s expectations and above the 2.7% seen in September.

Traders currently see a roughly 34% chance the Fed holds rates steady at that meeting, up from roughly 24% a month before, per the CME FedWatch Tool.

Also out Wednesday, the second estimate of third quarter GDP was unchanged, showing the US economy grew at an annualized rate of 2.8% in the period. Meanwhile, weekly jobless claims continued to move lower with 213,000 unemployment claims filed in the week ending Nov. 23, down from 215,000 the week prior.

Trump on Tuesday tapped Jamieson Greer — a veteran of his first term — as US trade representative. Given Greer was heavily involved in Trump’s original China tariffs, Wall Street is assessing what his role could mean for the big new tariffs promised for the US’s top trading partners.

On the corporate front, Dell (DELL) shares sank over 10% after quarterly revenue fell short amid flagging PC demand. Peer HP’s (HPQ) stock also fell post-earnings, down 8%.

LIVE 6 updates

Key inflation gauge shows price increases stayed flat from prior month

The latest reading of the Federal Reserve’s preferred inflation gauge showed price increases were flat in October from the prior month, raising questions over whether progress in getting to the central bank’s 2% goal has stalled.
The core Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 0.3% from the prior month during October, in line with Wall Street’s expectations for 0.3% and the reading from September.
Over the prior year, core prices rose 2.8%, in line with Wall Street’s expectations and above the 2.7% seen in September. On a yearly basis, overall PCE increased 2.3%, a pickup from the 2.1% seen in September.
Read more here.
Advertisement
JPMorgan issues S&P target of 6,500 for 2025 as ‘US exceptionalism’ rolls on

Another Wall Street strategist sees a solid backdrop for the US economy and a broadening corporate earnings picture driving stocks higher in the year ahead.
JPMorgan’s global equity strategy team led by Dubravko Lakos-Bujas sees the S&P 500 (^GSPC) hitting 6,500 by the end of 2025, joining the likes of Goldman Sachs and Morgan Stanley, who issued the same target. The target represents about an 8% increase from current levels.
Lakos-Bujas wrote that continued “US exceptionalism,” continued earnings growth, and interest rate cuts from the Federal Reserve will be a tailwind for stocks in the year ahead. He argued the US is likely to remain the “global growth engine with the business cycle in expansion, healthy labor market, broadening of AI-related capital spending, and prospect of robust capital market and deal activity.”
He added, “heightened geopolitical uncertainty and the evolving policy agenda are introducing unusual complexity to the outlook, but opportunities are likely to outweigh risks. The benefit of deregulation and a more business-friendly environment are likely underestimated along with potential for unlocking productivity gains and capital deployment.”
Advertisement
Stocks waver ahead of inflation print

US stocks paused near record highs on Wednesday as investors waited for a reading on the Federal Reserve’s favorite inflation gauge to provide clues to the path of interest rates.
After clinching record highs on Tuesday, the S&P 500 (^GSPC) fell about 0.2% at the open while the Dow Jones Industrial Average (^DJI) rose 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was down about 0.3%.
The October print of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, is due for release on Wednesday morning at 10 a.m. ET. The focus is on whether inflation has stalled.
Economists expect annual “core” PCE — which excludes food and energy — to have clocked in at 2.8% in October, up from the 2.7% seen in September.
Weekly jobless claims fall, GDP steady

Weekly jobless claims rose less than expected last week, and hit a seven-month low, as the impact of labor strikes and severe weather continued to abate.
Advertisement

New data from the Department of Labor showed 213,000 initial jobless claims were filed in the week ending Nov. 23, down from the 215,000 the week prior and below the 215,000 economists had expected.
Meanwhile, the number of continuing applications for unemployment benefits hit 1.9 million, up 9,000 from the week prior and the highest level since November 2021.
Elsewhere in economic data, the second estimate of third quarter GDP came in unchanged, once again showing the US economy grew at annualized rate of 2.8%.
Good morning. Here’s what’s happening today.

Advertisement
About those potential Trump tariffs

Shares of automakers General Motors (GM) and Ford (F) were throttled on Tuesday following Trump’s tariff threats toward China, Mexico, and Canada.
GM lost 9%, while Ford dropped 3% as both companies have a strong presence in Mexico.
But automakers aren’t the only companies that stand to be hurt by tariffs, of course.
Think computers and T-shirts!
Here’s what HP Inc. (HPQ) CEO Enrique Lores and Abercrombie & Fitch (ANF) CEO Fran Horowitz told me on the tariff topic.
Advertisement

Enrique Lores
“Some of that [cost of potential tariffs] will have to go to consumers given what is the overall margin that we have in the categories. But again, we need to wait and see what the final tariffs are for us to define what the exact plan is going to be.”
Fran Horowitz
“When we understand truly what’s happening, we will have to make some adjustments, and we will adjust accordingly,It’s exactly what we did in 2018 when we had the same challenge. In 2024 we will not be receiving more than 5% or 6% of our US receipts from China. We’re taking a look at it country by country, but the agility that we’ve built into our supply chain is really what’s going to help us manage through this.”

Click to comment

Finance

Financial empowerment trainings and workshops

Published

4 hours ago

January 6, 2025

Press Room

Financial empowerment trainings and workshops

BANGOR, Maine (PENQUIS) – As the new year begins many people have dreams of starting their own business or are thinking about turning a passion or hobby into a way to make money, but they are not sure how to start the process. Thankfully, there is a local resource available to help provide guidance right here in Penobscot, Piscataquis and Knox counties.

MaineStream Finance, a subsidiary of Penquis, is a nonprofit community development financial institution (CDFI) certified by the US Treasury, helping ALL Maine home-buyers, business owners, and consumers secure advice and financing to grow and thrive. MaineStream Finance offers a wide variety of workshops and classes on business, home buying, and financial empowerment for you and your co-workers. They deliver these services throughlending, savings products, classes, and one on one advisory support. MaineStream works closely with federal and state agencies, foundations, and local financial institutions, including banks, to help them meet Community Reinvestment Act (CRA) goals through financial education programs, loan capital, and volunteering opportunities for homeowners and small businesses.

Thinking of starting a business? Check out the Business 101 classes. These free workshops will provide an overview of the pros and cons of operating a microenterprise or small business. What a business plan is and why it is needed, plus resources for your business development. Topics include being an Entrepreneur, Business Success; Professionalism; Business Plans, Networking; Business Loans; Resources; Budgets; Credit; and Review of Upcoming Classes and Workshops. These workshops are FREE and offered via Zoom. The dates of the classes are: Monday, 1/27/25 & 2/3/25 @ 6 pm via Zoom; Tuesday, 2/18/25 & 2/25/25 @ 6 pm via Zoom, and Monday, 3/17/25 & 3/24/25 @ 6 pm via Zoom.

Are you interested in turning your passion or hobby into a business? Do you have a passion for creating or is your hobby sellable? Be sure to check out their free two-night Hobby workshop, where you will discuss what to think about before creating a new business. Areas that will be discussed: Questions to ask myself; Is there a market for my products and/or services; Business Plan; Recordkeeping; Regulations; Taxes; Marketing; Funding sources and more. The two-night workshop is FREE! The first two classes are on Monday, 1/27/25 & 2/3/25 @ 6 pm via Zoom, the next two nights run on Tuesday, 2/18/25 & 2/25/25 @ 6 pm via Zoom, and the final two classes run Monday, 3/17/25 & 3/24/25 @ 6 pm via Zoom.

To register for any of these classes or for more information to sign up visit: www.mainestreamfinance.org

MaineStream Finance can also help turn childcare into a business and they provide business lending too. Does children’s laughter sound like music to your ears? The number of working parents–including single-parent families and families with both parents employed–is climbing, creating an ever-growing need for quality childcare. That need creates a tremendous entrepreneurial opportunity for people who love children and want to build a business caring for them. Child-care services range from small home-based operations to large commercial centers and can be started with an investment of as little as a few hundred dollars. You can stay very small, essentially just creating a job for yourself, and possibly others. Our team of business advisors can help you create a business plan, design, develop, provide assistance with the Child Care Provider Licensing process and more. Our business advising services are free.

Are you aware that Mainstream Finance does business loans? MaineStream Finance offers a variety of loan products throughout Maine to small businesses that may have trouble finding credit.

Amount: Minimum $500 – Up to $200,000 / Term: Up to 20 years.

Whether you are a startup or an existing business we can do financing to help you move your project forward. MaineStream Finance does what is called “Gap financing” so the difference between the amount of your down payment you have and what another lender has and can lend. This Gap amount could stop your project, we may be able to help finance that Gap to complete the project. We are also looking at startup businesses in need of financing to purchase equipment, inventory, training, a building, or an existing business. The team at Mainstream Finance will help a business develop a business plan and business financials as well as help you prepare the loan documents that you will need to apply for a loan and all of this is at no charge. The MaineStream Finance mission is to help small businesses grow in Maine.

To learn more about what MaineStream Finance has to offer go to their webpage at mainestreamfinance.org, or call 207-973-3500 or email the team at MSFInfo@penquis.org for more information.

Finance

Security Bank, JuanHand tie up for financial inclusion in Philippines

Published

11 hours ago

January 6, 2025

Press Room

Security Bank, JuanHand tie up for financial inclusion in Philippines

JuanHand app users can now apply for loans by providing basic personal information and one valid ID. Credit: JuanHand/ Security Bank.

Filipino lender Security Bank has signed a credit facility agreement with WeFund Lending, the operator of fintech cash lending app JuanHand in Philippines.

This partnership aims to bolster financial inclusion by providing Filipinos with accessible financial solutions.

JuanHand app users can now apply for loans by providing basic personal information and one valid ID.

Utilising Finvolution group’s proprietary AI technology, borrowers are said to get loan approvals in under five minutes, without collateral or the need to upload proof of income or a billing address.

The signing event was attended by Security Bank executive vice president John Cary L. Ong and assistant vice president and relationship manager Earvin Lucido.

Finvolution and WeFund Lending were represented by chief financial officer Alexis Xu and CEO Francisco “Coco” Mauricio.

Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free
sample

Thank you!

Your download email will arrive shortly

We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Retail Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Cary L. Ong said: “We are grateful for the opportunity to be part of the JuanHand family. We resonate with JuanHand’s vision of one family with one heart that gives Filipinos a helping hand with their financial needs.”

JuanHand, operated by WeFund Lending, has disbursed over PHP 40bn in loans and boasts over 12 million registered users.

“Coco” Mauricio stated: “We are thrilled that Security Bank chose JuanHand as their first fintech lending company partner. By giving us their trust and confidence, this truly exemplifies Security Bank’s commitment to rapidly expand financial inclusion for all underserved Pinoys. Security Bank’s support helps fulfil our mission of being a helping hand for every Juan.”

In November 2024, Security Bank signed an agreement to acquire a 25% stake in HC Consumer Finance Philippines, also known as Home Credit Philippines.

Finance

Where to put your money in 2025

Published

19 hours ago

January 6, 2025

Press Room

The most frustrating answer in financial services is ‘it depends’, so if you’re keen to find out where to put your money in 2025, you’re not going to like the answer – because it really does depend.

Fortunately, that’s not the start and end of the answer, because once you know what it depends on, it’s actually much more useful advice than someone simply giving you the name of a fund or telling you to keep your cash in a shoebox under the bed.

Read more: 7 post-budget steps to protect your finances

When people ask about the best home for their money, they’re usually thinking about external factors, but the key is to start with your own needs. Think about your finances in the round. Are your short-term debts under control? Do you have protection in place for your family?

Do you have enough saved for emergencies? Are you on track with your pension? And are you investing to make the most of your money? There’s a decent chance that you’re falling short in one or more areas, so these are your key priorities for the year.

It’s important to think about your finances in the round. Are things like credit card debts under control? · boonchai wedmakawand via Getty Images

If short-term debt, like credit cards and loans, are an issue, it makes sense to set up a direct debit to pay down the most expensive of them first. Over time, you’ll spend less on interest, so you can free up more money for your other financial goals. If protection is a priority, you need to consider how to free up cash for insurance premiums to cover those who rely on you.

For emergency savings, the first step is working out how much you ought to have. This is another frustrating ‘it depends’ answer. While you’re working age, you should have enough cash to cover 3-6 months’ worth of essential spending – and in retirement that grows to 1-3 years. It means considering the cost of your essentials, and then looking at your circumstances to figure out where on the saving spectrum you need to be. The answers will be radically different for every household, but as a very rough starting point, the Hl Savings & Resilience Barometer shows that the median spent on essentials is £1,842 a month.

Read more: 6 red flags that will help you spot a scam

For any other cash you’ll need over the next five years, savings is still the most sensible home for it, but you can consider tying it up for periods in a fixed rate account, in order to lock in a decent rate. You need to decide what the money is for, when you’ll need it, and how long you can fix it for.

British pound notes in savings jar — For emergency savings, you should have enough cash to cover 3-6 months’ worth of essential spending – and in retirement that grows to 1-3 years · Peter Dazeley via Getty Images

You also need to look ahead, and consider your pension. The best approach is to start with a pension calculator, where you put in details of what you’ve saved so far, what you’re putting aside each month, and when you want to retire. It will show you what you’re on track for, and whether you need to do more.