Skip to main content

Featured

New Energy Partnership to Be Announced in Calgary

  Prime Minister Mark Carney and Alberta Premier Danielle Smith, seen here together last month, have been discussing a potential agreement focused on the energy sector for months.  Former Bank of England governor Mark Carney and Alberta Premier Danielle Smith are expected to unveil a major energy deal in Calgary this Thursday, according to a source familiar with the matter. The agreement is anticipated to focus on advancing clean energy initiatives while balancing Alberta’s traditional oil and gas strengths. Carney, who has been a vocal advocate for sustainable finance and climate-conscious investment, is set to join Smith in highlighting how the deal could position Alberta as a leader in energy transition. While details remain under wraps, the announcement is expected to emphasize collaboration between government and industry, aiming to attract investment, create jobs, and strengthen Canada’s role in global energy markets. The Calgary event underscores the growing importa...
Post a Comment
Read more

article

Labels

Stock Market Today: Dow Nears 40,000 as Stocks Regroup Near Record Highs


US stocks remained relatively unchanged on Thursday following a record-setting rally. Signs of cooling inflation have fueled expectations for a Federal Reserve rate cut in September. Here are the key highlights:

  1. Market Performance:

    • The S&P 500 (^GSPC) edged slightly higher after closing above 5,300 for the first time.
    • The Dow Jones Industrial Average (^DJI) and the tech-heavy Nasdaq Composite (^IXIC) were trading near the flatline.
    • All three major indices ended Wednesday at all-time highs, leaving the Dow less than 100 points away from breaking through the 40,000 mark.

  2. Inflation and Rate Cut Speculation:

    • April’s tepid consumer inflation reading brought relief to a market anticipating higher interest rates. Trader bets on a Fed rate cut in September rose to over 70%, according to the CME FedWatch Tool.
    • Investors also turned to bonds, pushing the 10-year Treasury yield (^TNX) down to near one-month lows at around 4.33%.

  3. Corporate News:

    • Walmart (WMT) posted better-than-expected quarterly profit, revenue, and same-store sales. The US retail giant’s shares surged over 5% as it raised its full-year forecasts.
    • Warren Buffett’s Berkshire Hathaway (BKR-B) revealed a $6.7 billion stake in Chubb (CB), ending months of suspense over a position kept concealed in regulatory filings. Chubb’s shares climbed about 8%.

  4. Insights from Walmart’s CFO:

    • Walmart’s CFO, John David Rainey, highlighted deflation in certain product categories but not disinflation. Sales in May started strong, benefiting from investments in same-day delivery and buy online, pick up in stores technology.
    • Walmart’s market cap crossed the $500 billion level.

In summary, the stock market remains resilient, with investors closely monitoring inflation trends and anticipating further Fed actions. The Dow’s march toward 40,000 continues, fueled by positive corporate earnings and strategic investments.


Labels:

Comments

Post a Comment