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Ever been to a stock market garage sale? Find out how today's market resembles one and how you could profit from those lovely, low-priced deals.
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These are the stocks posting the largest moves in premarket trading.
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Investors are debating whether the jobs market's resilience will prompt worrisomely tight Fed policy or is a sign that the economy can skirt a recession.
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Arista — whose stock rose by 24% between May 24 and pre-market trading on May 30 — sells such switches to hyperscalers.
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Chevron Corp. CVX was upgraded to outperform from sector perform by RBC analysts, who lifted their price target to $180 per share from $165. The oil giant has used its premium multiple to make acquisitions in recent years, such as the recent purchase of PDC Energy PDCE, Biraj Borkhataria, associate director of European research, told clients in a note on Thursday. "Looking forward, we believe the macro environment is likely to remain volatile, however weaker end product demand and OPEC managing the oil market leaves CVX's upstream heavy weighting well-placed. This combined with its fortress balance sheet and commitment to remaining disciplined through organic and inorganic activity should prove defensive over time," said Borkhataria. RBC's upgrade comes a day after JPMorgan Chase & Co. lifted its own rating on Chevron to buy, with similar rationale, saying the company's "defensive characteristics" make it well-positioned for economic uncertainty. Shares of Chevron closed 1.6% to $150.62 a share.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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U.S. stocks finished lower Wednesday, with the S&P 500 closing out May with a small gain, as investors weighed remarks from Federal Reserve officials on monetary policy while awaiting a debt-ceiling vote by Congress.The Dow Jones Industrial Average DJIA closed 0.4% lower on Wednesday, while the S&P 500 SPX fell 0.6% and the Nasdaq Composite COMP shed 0.6%, according to preliminary data from FactSet. In remarks made Wednesday on the potential for interest rate hikes by the central bank at its June policy meeting, Philadelphia Fed President Patrick Harker said that "I am in the camp increasingly coming into this meeting thinking that we really should skip, not pause, but skip an increase." Fed Gov. Philip Jefferson said Wednesday that skipping a rate hike "would allow the committee to see more data before making decisions about the extent of additional policy firming."Meanwhile, investors are anticipating an expected vote Wednesday by the House on the U.S. debt-ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy. U.S. stocks mostly climbed in May, with the technology-heavy Nasdaq finishing the month up around 5.8% while the S&P 500 eked out a 0.3% monthly gain and the Dow dropped 3.5%, according to preliminary FactSet data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Futures: House OKs Debt-Limit Bill; 6 Earnings Movers Investor's Business DailyStocks slide as debt ceiling vote looms, jobs data stays hot : Stock market news today Yahoo FinanceEquities down across board FXStreetNASDAQ Index, SP500, Dow Jones Analysis - Stocks Pull Back As Traders Bet On A More Hawkish Fed FX Empire
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Dow futures inch lower after House passes debt ceiling bill: Live updates CNBCStocks slide as debt ceiling vote looms, jobs data stays hot : Stock market news today Yahoo FinanceEquities down across board FXStreetUS default probability at lowest since January, MSCI says Reuters
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Shares of data-storage software provider Pure Storage Inc. PSTG rallied after hours on Wednesday after the company reported first-quarter results that beat expectations and gave an upbeat financial outlook. The company reported a net loss of $67.4 million, or 22 cents a share, compared with $11.5 million, or 4 cents a share, in the same quarter last year. Pure Storage reported revenue of $589.3 million, compared with $620.4 million in the prior-year quarter. Adjusted earnings came in at 8 cents a share, compared with 25 cents a year ago. Analysts polled by FactSet expected adjusted earnings of 4 cents a share, on $559.8 million in sales. Pure Storage forecast $680 million in sales for its second quarter, above estimates for $658 million, and "mid-to-high single-digit" sales growth for its full year. For the full year, FactSet forecast sales growth of 6.2%. Shares rose 7% after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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