U.S. stocks lagged Thursday ahead of monthly employment data as traders failed to continue momentum from a rally fueled by Fed Chair Jerome Powell’s in rate increases.
The S&P 500 slipped 0.1%, while the Dow Jones Industrial Average shed 200 points, or 0.6%. The technology-heavy Nasdaq Composite was an outlier — closing up 0.1%. In other pockets of the market, the U.S. dollar index retreated as the greenback had its worst monthly performance in over a decade, and U.S. Treasury yields held steady after sharp declines.
Investors look ahead to the Labor Department’s November employment report, due out at 8:30 a.m. ET on Friday. Economists surveyed by Bloomberg expect payrolls rose by 200,000 last month while the unemployment rate held at 3.7%.
On the economic data front Thursday, the core personal consumption expenditures price index (PCE) — an inflation measure closely watched by the Federal Reserve less than expected and another sign of a cooling inflation picture.
Meanwhile, filings for unemployment insurance fell last week, holding near historic lows. Initial jobless claims, the most timely snapshot of the labor market, came in at 225.0000 a decrease of 16,000 from the previous week’s revised level, Labor Department figures showed Thursday.
The stock moves Thursday follow burth in the previous session on the heels of a speech by Powell in Washington, D.C., in U.S. central bank officials may downshift the final interest rate hike of the year later this month to 50 basis points. Wednesday saw the S&P 500 bounce 3.1%, the Dow rise 2%, or more than 700 points — and exit a bear market — and the Nasdaq surge 4.4%.
“It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said, speaking at the Brookings Institution, as he acknowledged the “uncertain lags” of monetary tightening. “The time for moderating the pace of rate increases may come as soon as the December meeting.”
Powell’s comments are likely the last public remarks he’ll deliver before Federal Reserve officials enter a blackout period — a time policymakers limit public speaking prior to a policy-setting meeting — ahead of their next gathering Dec. 13-14.
“The focus now should not be on the pace, but how much higher rates will need to go and how long they will need to stay there,” Jason England, global bonds portfolio manager at Janus Henderson Investors said in a note. “As the Fed will need to see ‘substantially more evidence’ that inflation is easing before they pause and Powell ended his speech by saying ‘history cautions strongly against prematurely loosening policy,’ pricing in cuts is premature.”
Sentiment also got a boost Thursday from easing concerns over China’s zero-COVID unrest after top government official Vice Premier Sun Chunlan urgend as pathogenicity weakens.
Meanwhile on the corporate side, all eyes were on Salesforce (following news Co-Chief Executive Officer Bret Taylor would sted and co-founder Marc Benioff will become the sole CEO. Shares fell 8%.
Snowflak show shares rallied nearly 8%, even as the company’s fourth-quarter product revenue forecast missed estimates on an expected slowdown in tech spending.
(Reuters) -A federal appeals court on Wednesday declined to put on hold a Texas judge’s ruling that said President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt was unlawful. The New Orleans-based 5th U.S. Circuit Court of Appeals rejected the Biden administration’s request to pause a judge’s Nov. 10 order vacating the $400 billion student debt relief program in a lawsuit pursued by a conservative advocacy group. The decision by Fort Worth, Texas-based U.S. District Judge Mark Pittman was one of two nationally that has prevented the U.S. Department of Education under the Democratic president from moving forward with granting debt relief to millions of borrowers.
LONDON (Reuters) -BlackRock Investment Institute is not “chasing” the stock rally triggered by Federal Reserve chief Jerome Powell’s latest comments because U.S. interest rates are still likely to stay elevated, its global chief investment strategist said on Thursday. Stock markets have been cheered by comments from Powell on Wednesday that signalled this year’s frantic pace of U.S. interest rate hikes could be about to slow. The S&P 500, a broad gauge of U.S. stocks, on Thursday rose to its highest level since September.
Wall Street witnessed an impressive rally following dovish comments from the Fed Chairman.
(Bloomberg) — The Biden administration is seeking to stop sales from the Strategic Petroleum Reserve mandated by Congress so it can refill the emergency reserve, a move that could impact the release of 147 million barrels of crude oil.Most Read from BloombergMusk’s Neuralink Hopes to Implant Computer in Human Brain in Six MonthsBeverly Hills Cop Was California’s Highest-Paid Municipal WorkerAn Arizona County’s Refusal to Certify Election Results Could Cost GOP a House SeatBlackstone’s $69 Billi.
Statements Sam Bankman-Fried made in two interviews this week will be closely examined by law enforcement and regulatory agencies probing how FTX handled customer funds.
The Rolling Stones are releasing what they call a “live greatest hits album” early next year. The collection will consist of live performances from 2012.
The rate on the average 30-year fixed mortgage declined to 6.49% this week from 6.58% the previous week, according to Freddie Mac.
The court said it would hear arguments concerning the measure during its February 2023 session.
(Bloomberg) — Florida will pull $2 billion worth of state assets managed by BlackRock Inc., accelerating Republicans’ fight with the world’s largest money manager over its ESG investing practices. Most Read from BloombergMusk’s Neuralink Hopes to Implant Computer in Human Brain in Six MonthsBeverly Hills Cop Was California’s Highest-Paid Municipal WorkerAn Arizona County’s Refusal to Certify Election Results Could Cost GOP a House SeatBlackstone’s $69 Billion Real Estate Fund Hits Redemption Li.
Nio is growing rapidly, as its latest delivery numbers suggest, but this week’s epic rally was driven almost entirely by one macroeconomic trigger. For that matter, Nio’s CEO William Li also had some big things to say this week, including his belief that Nio will give German luxury carmaker BMW a run for its money. Because Nio is a Chinese company, its stock price has been all over the place in recent months as China grappled with surging COVID-19 cases and put large regions, including important manufacturing hubs, under strict lockdowns.
ZIM (ZIM) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Shares of restaurant company Cracker Barrel Old Country Store (NASDAQ: CBRL) crumbled on Friday after the company reported financial results for the first quarter of its fiscal 2023 and lowered expectations for the rest of the year. As of 11:30 a.m. ET, Cracker Barrel stock was down 11%. Cracker Barrel is a tale of two lines: the top and bottom.
In this article, we discuss the 11 best aggressive stocks to buy now. If you want to read about some more aggressive stocks, go directly to the 5 Best Aggressive Stocks to Buy Now. Aggressive stocks are high-risk, high-reward growth stocks that can provide investors with strong returns. Growth stocks offer a substantially higher growth […]
Zacks.com users have recently been watching Lumen (LUMN) quite a bit. Thus, it is worth knowing the facts that could determine the stock’s prospects.
Boeing could be close to a major win over rival Airbus amid reports of a big 787 Dreamliner order by United Airlines.
Shares of Costco fell after November data revealed a drop in sales.
Trading was halted for AMC after the stock saw heavy volume on Thursday afternoon.
Yahoo Finance Live anchors discuss the decline in stock for Zscaler following first-quarter earnings.
Shares of Spectrum Brands (NYSE: SPB) were surging 21.9% higher at 11:07 a.m. ET Friday morning after the consumer and home products company announced it was another step closer to selling off its hardware and home improvement (HHI) business for $4.3 billion. While the development could be a good one for Spectrum, it’s still an amazing jump in the share price. Over a year ago, Spectrum Brands had announced its intention to sell the HHI business to Assa Abloy (OTC: ASAZY), a Swedish conglomerate.
With shares of Axsome Therapeutics (NASDAQ: AXSM) skyrocketing 87% so far this year, the biotech’s shareholders are doubtlessly pleased. Thanks to a pair of newly approved products, growth is finally on the way — with revenue set to go from practically $0 to more than $100 million in the course of a year.
CLASH Endurance Miami 2023: Start time, preview and how to follow live
On Friday, some of the best middle distance athletes in the sport will head to Florida to chase those all important PTO points and a slice of the $50,000 prize purse at CLASH Endurance Miami.
The race will also contribute towards the Challenge Family World Bonus and results will count towards qualification for the Challenge Family The Championship.
Below are details on the start times of the races, information on how to watch, and a preview of the elite men and women that are looking to kick their season off in style in the Sunshine State.
We should stress though that the start lists are very much subject to change, with a number of big names – such as Vincent Luis, Joe Skipper and Jackie Hering – initially announced but now not taking part. And there looks to be bad news on the coverage front this year, with no live pictures but instead a post-race production…
Start time and how to follow
The elite race at CLASH Endurance Miami takes place on Friday March 10th, 2023.
The start times are as follows:
Elite Women – 0830 local time / 1330 UK / 1430 CET
Elite Men – 1200 local time / 1700 UK / 1800 CET
Past editions of the event have been streamed live – and for free – on the CLASH Endurance Facebook and YouTube channels.
But this week the following message was posted about current plans: “If you know CLASH Endurance, you know we’re always trying new things. There will be no live coverage, however a post-race show will be released after the event.”
So if you haven’t got it already, then adding the CLASH Endurance app to your phone / mobile device is recommended for racing splits and results. It’s pretty much identical to the layout and structure of the IRONMAN app – which given that has proven itself over many years, is a good thing.
Event history and course
In 2021 the event was held under the ‘Challenge Miami’ banner, prior the rebranding of the Challenge Family North American events to ‘CLASH’. In 2022, CLASH provided some of the most thrilling races on American soil, in both Miami and Daytona.
In Miami, the race venue is the Homestead Miami Speedway, a self-enclosed motor racing circuit event. As with the Daytona International Speedway, a very convenient lake sits nicely within the centre of the circuit, primed and ready for swimmers.
Unlike the racing at Daytona however, CLASH Miami utilises the roads within the racing oval, and so is far more technical than the pure straight-line speed efforts that are the focus there.
The event will be raced over the following distances:
Swim: 1.7km / 1.05-mile (2 laps)
Bike: 62.7km / 39-miles (17 laps of 2.2 miles + one part lap to start)
Run: 16.9km / 10.5 miles (7 laps of 1.5 miles)
Last year, Ashleigh Gentle dominated, with the Australian winning by almost eight minutes in a performance that really set the tone for what was in store throughout the rest of the season for the PTO World #1.
This year, however, looks set to be a much more competitive race, with the absence of the defending champion from the start list really opening up the competition to a whole host of contenders.
Last season’s runner up, Brazil’s Pamela Oliveira, is an athlete who knows what it takes to get on the podium in Miami, but will face stiff competition if she has any hopes of going one better than last season.
The 35-year-old, who won IRONMAN Brasil as well as Challenge Brazil in 2022, will rely heavily on her endurance in Miami, and will have to hope her strong swim-bike combination will be enough to keep her away from some of the lightning quick runners in the field.
Sara Perez Sala (ESP) and Haley Chura (USA) are also likely to be to the fore from the outset.
Perez Sala, who won the Challenge Championship in 2022, before also finishing second at CLASH Daytona behind Angelica Olmo, will be hoping to build an insurmountable lead over the swim and the bike this Friday, with athletes such as Chura and Sif Bendix Madsen (DEN) the likely candidates to contribute to an early break.
Bacardi Cup Invitational Regatta 2023
After a one-hour postponement ashore waiting for breeze, followed by a general recall, race 1 got under way at 1320 hrs in a light 7-9 knots southerly. The breeze increased at the first windward mark to 10 knots, before easing to remain between 7-9 knots for the rest of the 8nm race.
Impressive form from Denmark’s Jørgen Schönherr/Markus Koy, who found the formula to convert their position outside the top ten at the first mark to nail a decisive opening win.
We are feeling great”, smiled Koy. “I mean winning a race is always like, it couldn’t be better.”
“We feel confident, because we won the last two Bacardi Cup Races”, added Schönherr, in reference to winning the final race of the 2022 Bacardi Cup and today’s opening race.
Leading off the start and upwind were two big name teams in the Star, defending Bacardi Cup champions Mateusz Kusznierewicz/Bruno Prada and Austria’s Hans Spitzauer/Christian Nehammer. Between them they have more Olympic history than fits on two hands, counting thirteen appearances in total. Add to that multiple World and Continental Championships appearances and podium finishes across different classes and we have serious talent. The last time the two teams faced each other was at the 2021 Star Worlds, where it was advantage to Spitzauer/Nehammer who secured bronze, with Kusznierewicz/Prada in fifth.
McDaniel Discusses Coaching Staff Moves
Mike McDaniel explained the decision to make a change with his offensive line coach but retain special teams coordinator Danny Crossman after a tough year in the kicking game.
INDIANAPOLIS — The hiring of Vic Fangio as defensive coordinator has been the big move of the offseason so far for the Miami Dolphins, but it’s been far from the only news involving the coaching staff.
One item involved the switching of offensive line coaches (from Matt Applebaum to Butch Barry) and another involved the escision to retain Danny Crossman as special teams coordinator after a difficult 2022 season in the kicking game — with the idea element that Crossman is a coach who was retained from Brian Flores’ staff.
McDANIEL ALWAYS IN CROSSMAN’S CORNER
The decision to retain Crossman raised eyebrows in part because McDaniel made the move to replace Josh Boyer as defensive coordinator and Boyer also was a holdover from Flores’ staff.
But McDaniel said Wednesday the idea of removing Crossman never really crossed his mind.
“That just comes as a result of daily evaluations of all coaching involved in the building,” McDaniel said. “I think that the Miami Dolphins fan base, the players and Danny and myself would all agree that the desired results, we have more to achieve, but if I would have determined that that was solely his … if I thought that we couldn’t get to where we need to get to go with Danny Crossman, I would have made a move. I definitely didn’t feel that way. And that just comes as a result of daily investment into the coaching staff and what he brings to the table.”
As we have suggested before, Smith was heavily involved with coaching the offensive line last season after Applebaum was hired out of Boston College. McDaniel said that needed to change and the implication clearly was that Applebaum was ready to be a full-time NFL offensive line coach.
“Realistically, from the way the staff was orchestrated the previous year, I really needed to get more offensive coordinator work out of Frank Smith and he was devoted a little too much to the offensive line,” McDaniel said. “And I needed more selfishly to alleviate some stuff off my plate. And so that was the motivating factor to make that move was to facilitate Frank Smith being able to appropriate his time more as a coordinator and less in the offensive line room.”
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