Kamis, 02 November 2023

5 things to know before the stock market opens Thursday - CNBC

Here are the most important news items that investors need to start their trading day:

1. Solid start

November's off to a better start for the stock market. Stocks rallied Wednesday after the latest decision from the Federal Reserve (more on that later). The S&P 500 rose 1.05% and briefly crossed its 200-day moving average, while the Dow Jones Industrial Average was up more than 200 points. The tech-heavy Nasdaq Composite did even better, climbing 1.64%, thanks in part to information technology stocks outperforming. Semiconductor companies Advanced Micro Devices and Micron Technology added 9.7% and 3.8%, respectively, and Nvidia shares were higher by more than 3%. Follow live market updates.

2. Holding steady

US Federal Reserve Board Chairman Jerome Powell speaks during a news conference after a Federal Open Market Committee meeting at the Federal Reserve in Washington, DC, on November 1, 2023.
Saul Loeb | AFP | Getty Images

The Federal Reserve opted to hold benchmark interest rates at the same level for the second consecutive time. The move, which was widely expected, keeps the key federal funds rate in a target range between 5.25%-5.5%, where it has been since July. The committee also upgraded its general assessment of the economy in Wednesday's decision. But Fed Chair Jerome Powell stressed that the central bank hasn't made any decisions yet for its next meeting in December. "The process of getting inflation sustainably down to 2% has a long way to go," he said at a news conference. "The committee will always do what it thinks is appropriate at the time."

3. Spending big bucks

Starbucks cups are pictured on a counter in the Manhattan borough of New York City, New York, February 16, 2022.
Carlo Allegri | Reuters

Starbucks customers are spending more when they go to the chain's cafes. The company reported fourth-quarter earnings and revenue that beat analysts' expectations on Thursday. The coffee giant also said same-store sales rose 8%, attributing the climb to higher average checks and a 3% increase in customer traffic to its cafes. Net sales, meanwhile, climbed 11.4% to $9.37 billion. Starbucks shares rose more than 6% in premarket trading after the positive report.

4. Retirement savings

Halfpoint Images | Moment | Getty Images

The IRS will let retirement savers put more money away in 2024. The agency on Wednesday announced new contribution limits for 401(k)s, IRAs and other retirement accounts next year. The employee contribution limit for 401(k) plans increases to $23,000 in 2024, up from $22,500 in 2023. Catch-up contributions for savers age 50 and older, meanwhile, remain unchanged at $7,500 for those plans. Investors will also be able to save more in IRAs, with the limit now at $7,000 in 2024, up from $6,500 in 2023. Catch-up contributions for IRAs will remain unchanged at $1,000.

5. Life after retail death

Outside a Spirit Halloween store in New York City on Oct. 31, 2023.
Drew Richardson | CNBC

What happens to the spirit of Halloween when the spooky season is over? Spirit Halloween stores are closing down today after holding post-holiday clearance sales on Wednesday — which is all part of the retailer's plan. Its stores are known for taking over abandoned storefronts for the holiday season and then vanishing. This year, it opened 1,500 locations, CNBC's Drew Richardson reported, and its operations team works year-round to secure those spots. "Spirit has become such a phenomenon that no other market can keep up with it," CEO Steven Silverstein said this week on CNBC's "The Exchange."

CNBC's Sarah Min, Jeff Cox, Kate Dore, Amelia Lucas and Drew Richardson contributed to this report.

Follow broader market action like a pro on CNBC Pro.

Adblock test (Why?)


https://news.google.com/rss/articles/CBMiZ2h0dHBzOi8vd3d3LmNuYmMuY29tLzIwMjMvMTEvMDIvNS10aGluZ3MtdG8ta25vdy1iZWZvcmUtdGhlLXN0b2NrLW1hcmtldC1vcGVucy10aHVyc2RheS1ub3ZlbWJlci0yLmh0bWzSAWtodHRwczovL3d3dy5jbmJjLmNvbS9hbXAvMjAyMy8xMS8wMi81LXRoaW5ncy10by1rbm93LWJlZm9yZS10aGUtc3RvY2stbWFya2V0LW9wZW5zLXRodXJzZGF5LW5vdmVtYmVyLTIuaHRtbA?oc=5

2023-11-02 10:54:07Z
2584227239

Tidak ada komentar:

Posting Komentar