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    US stocks fall as post-election momentum begins to fade; Disney and Tapestry shares surge

    • November 15, 2024
    • admin

    US stocks fell on Thursday as investors sought to regain the postelection momentum that had previously driven major indexes to record highs.

    The Dow Jones Industrial Average dropped 165 points, or 0.3%. The S&P 500 declined by 0.4%, and the Nasdaq Composite retreated by 0.5%.

    The market downturn deepened after Federal Reserve Chairman Jerome Powell stated at an event in Dallas that the central bank was not in a rush to cut interest rates.

    Investors are deliberating whether a post-election rally following Donald Trump’s win in the 2024 US presidential election has any more room to run. 

    All three equity benchmarks in the US rallied to fresh record highs after Trump’s win last week. 

    Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC:

    I don’t think the rally is necessarily ending any time in the short term, but with that new money to add, I think there’s a lot of other areas of opportunity that still have room to run.

    Producer prices rise, dollar hits 1-year high

    The producer price index for October rose 0.2% on Thursday from the previous month. The rise was, however, in line with forecasts. 

    However, the annual rise in the index of 2.4% was a touch higher than expectations. 

    Meanwhile, jobless claims dropped 4,000 to a seasonally adjusted 217,000 for the week ended November 9, lower than forecast. 

    The dollar index rose 0.3% to 106.79, its highest level since November 1, 2023. 

    Since the outcome of the US elections where Trump won comfortably, the dollar has appreciated 2.8%.

    The appreciating dollar has weighed on commodities such as gold, silver, and industrial metals. 

    Disney and Tapestry surge

    Shares of Disney popped more than 9% on Thursday after the company’s fiscal fourth-quarter results beat expectations. 

    Disney earned $1.14 per share after adjustments on revenue of $22.57 billion. 

    Analysts at LSEG were expecting earnings of $1.10 per share on revenue of $22.45 billion, according to CNBC. 

    Additionally, shares of Tapestry jumped 8% on Thursday after the company called off its merger with Capri. 

    The two US-based luxury apparel brands agreed to “mutually agreed” to terminate their planned merger as they were unlikely to get regulatory approval. 

    Shares of Capri slid more than 5% on Thursday. 

    Super Micro plummets

    Shares of Super Micro plummeted more than 11%, extending losses from the previous session. 

    On Wednesday, the stock fell 6% after the company said it would delay the filing of its report for the period ended September 30. 

    Additionally, shares of Cisco Systems dropped nearly 3%. The company topped Wall Street’s quarterly estimates and lifted its full-year guidance. 

    However, the company was poised for its fourth consecutive quarter of declining revenue. 

    Gold falls to near two-month low

    Gold prices fell to near a two-month low on Thursday as the dollar continued to rise. 

    A stronger dollar makes commodities priced in the greenback more expensive for overseas buyers, limiting demand for the precious metal. 

    The market also closely monitored the comments of US Fed officials. 

    Commenting on the inflation report, Dallas Fed President Lorie Logan said that the US central bank has worked to bring down inflation, but should proceed cautiously. 

    St. Louis Fed President Alberto Musalem noted that risks to higher inflation remained, and that sticky inflation makes it difficult for the bank to cut rates further. 

    At the time of writing, the gold contract on COMEX was $2,577.90 per ounce, down 0.3% from the previous close. 

    The post US stocks fall as post-election momentum begins to fade; Disney and Tapestry shares surge appeared first on Invezz


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      Popular Topics
      • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars
      • Brent crude oil price forecast after the OPEC+ supply cut
      • Adobe stock price is cheap: is it a good buy?
      • USD/CNY forecast: China renminbi to surge as death cross forms
      • USD/CAD forecast as Canada prepares for Trump 50% steel tariffs

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