![]() ![]() Investors tend to reach toward those high-margin technology shares when interest rates are low.Ī relatively strong tech sector helped support the Nasdaq Composite and S&P 500. Low interest rates can push growth stock prices higher because they lift the value of companies' future earnings. "We're at that point where valuations … stopped going up and, in fact, are coming down, while earnings growth is peaking," Jurrien Timmer, director of global macro at Fidelity Investments, said on CNBC's " Squawk on the Street." "That creates a less upward trajectory for the stock market."Īpple shares dipped 0.4% after a Bloomberg News report that said it is likely to cut iPhone 13 production because of chip shortages.ĭespite Apple's retreat, technology stocks enjoyed a lift Wednesday from a lower U.S. However, the airline said higher costs of fuel and other expenses will pressure its fourth-quarter bottom line. The company posted higher-than-expected revenue and its first quarterly profit without counting federal aid since the start of the pandemic. The stock is up more than 26% this year.ĭelta Air Lines also reported financial results before the opening bell on Wednesday. JPMorgan shares fell 2.6% following the report despite the strong earnings report. bank by assets also came in higher than expected. Third-quarter earnings season kicked off on Wednesday with JPMorgan Chase, which said that quarterly profit topped expectations following a boost from better-than-expected loan losses. ![]()
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