Stocks fluctuate after key data with Micron falling

He lives6 updates

• Thursday, June 27, 2024 at 5:40 PM GMT+2

  With just a few years to go until retirement, 55-year-olds don’t have nearly enough saved.

  Kerry Hannon, senior columnist at Yahoo Finance, says:

  Fifty-five-year-old Americans have an average retirement savings of less than $50,000.

  That’s grim news for older Gen

  “Too many people are falling behind, and this has important long-term implications for retirement.” David BlanchettHead of Retirement Research at PGIM DC Solutions told Yahoo Finance. “It’s not easy. We can always find things we’d rather spend money on today than save for this thing that’s going to happen in 10, 20, or 30 years.”

  It’s not just the future that looks bleak. They’re just squeaking about for now: More than a third of 55-year-olds say they’d have a hard time coming up with $400 for emergency expenses, compared with 19% of 65-year-olds and 15% of 75-year-olds. year, according to Survey from Prudential Financial.

  Read more here.

• 

  Thursday, June 27, 2024 at 4:08 PM GMT +2

  Pending home sales fall in May

  Rising home prices and higher mortgages keep potential buyers away from the housing market.

  Pending home sales — a forward-looking indicator of home sales based on contracts being signed — fell 2.1% in May from the previous month, according to data from the National Association of Realtors. Data released on Thursday showed that it fell year-on-year by 6.6%.

  The Midwest and South recorded a decline in contract signings in May compared to the previous month. The northeast and west recorded gains. All regions across the country recorded losses in activity on an annual basis.

  “The market is in an interesting phase with rising inventory and falling demand,” Lawrence Yun, chief economist at NAR, said in a statement. “Supply and demand movements point to a decline in home price appreciation in the coming months. More inventory in the economy that creates jobs is bound to lead to increased home buying, especially when mortgage rates decline.

  Mortgage rates are at their lowest average in three months, but that is still not enough to attract buyers. About 95% of mortgage borrowers have interest rates below current market rates, and about 80% have interest rates that are less than 2 percentage points below market rates, according to Goldman Sachs data.

  Looking ahead, Yoon expects “moderately lower mortgage rates, higher home sales, and stable home prices.”

• 

  Thursday, June 27, 2024 at 4:05 PM GMT+2

  Walgreens shares fell 24% on lower guidance due to “challenging” pharmacy trends and weak consumers

  Walgreens stock fell 24% to touch its lowest level since 1997 after the drugstore chain cut its fiscal 2024 earnings guidance, citing “challenging pharmacy industry trends and a worse-than-expected U.S. consumer environment.”

  “Our customers have become increasingly selective and price-sensitive in their purchases,” Tim Wentworth, CEO of Walgreens Boots Alliance, said during the company’s earnings call Thursday morning.

  Management indicated that 25% of the company’s stores are not currently contributing to the long-term strategy, and that “changes are imminent.”

  Walgreens said it plans to close a “significant portion” of its underperforming stores over the next three years.

  It expects adjusted earnings per share for the year to be between $2.80 and $2.95, down from its previous forecast of $3.20 to $3.35.

• 

  Thursday, June 27, 2024 at 3:48 PM GMT+2

  Netflix and Meta are helping push the Nasdaq into the green

  Telecom stocks boosted the Nasdaq Composite Index (^IXIC) into positive territory with a 0.3% rise shortly after the market opened on Thursday.

  Netflix (NFLX) and Meta (META) both advanced more than 1%, helping lift a tech-heavy gauge that had dipped just below the flat line.

  The S&P 500 (^GSPC) rose 0.2% while the Dow Jones Industrial Average (^DJI) was little changed.

  Meanwhile, shares of chip giant Nvidia ( NVDA ) fell slightly after Micron ( MU ) sales forecasts failed to galvanize investors over the AI ​​craze that has fueled the broader market’s rally this year.

• 

  Thursday, June 27, 2024 at 3:35 PM GMT+2

  Stocks swing at open as investors weigh economic data, Micron puts cap on tech rally

  Stocks opened slightly lower on Thursday as investors assessed economic data released before the bell.

  The S&P 500 (^GSPC) was little changed, while the Dow Jones Industrial Average (^DJI) fell 0.1%. The Nasdaq Composite (^IXIC) fell just below the flat line.

  Real GDP growth at an annual rate of 1.4% in the first quarter of 2024 Third estimate It was issued by the Office of Economic Development Thursday morning. The reading was slightly higher than the previous reading of 1.3% but still showed the slowest growth since 2022.

  The initial weekly unemployment claims reading came in at 233,000, a decrease of 6,000 from the previous week. according to Ministry of Labor data.

  On the corporate front, chipmaker Micron (MU)’s current-quarter sales forecast met expectations but failed to please investors looking for a stellar outperformance from AI-related companies. The stock fell about 4% in early trading. AI chip giant Nvidia (NVDA) also fell about 1% at the open.

• 

  Thursday, June 27, 2024 at 11:24 AM GMT+2

  Why does quarter levy bother me?

  Levi’s ( LEVI ) shares were down 15% in the pre-market after earnings.

  I think it’s worth it for two reasons.

  First, China sales were down 10% from the previous year. I recently spoke to a large number of people who recently visited China. One theme is that Chinese consumers are feeling sad and not spending as much as in years past. This mood is impacting demand for Levi’s jeans, Starbucks (SBUX) coffee, and — according to General Mills’ (GIS) earnings call yesterday — Häagen-Dazs ice cream.

  It is difficult to see the turning point in China.

  The same goes for Levi’s wholesale business, or the business that sells in department stores. Sales decreased 4% from the previous year. The company’s comment indicates that bulk order may not continue until 2025.

  I plan to raise some of my concerns with Levi’s CFO, Harmeet Singh, today at 10:30 AM EST on Yahoo Finance. Follow us!