data

Wall Street stocks climb as traders look past weak growth data

Equities updates

Stocks on Wall Street rose on Thursday despite weaker than expected US growth data that cemented expectations that the Federal Reserve would maintain its pandemic-era stimulus that has supported financial markets for a year and a half.

The moves followed data showing US gross domestic product grew at an annualised rate of 6.5 per cent in the second quarter, missing the 8.5 per cent rise expected by economists polled by Reuters.

The S&P 500, the blue-chip US share index, closed 0.4 per cent

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Biden to call for greater bank merger scrutiny, customer control of financial data

President BidenJoe BidenAlabama military base orders troops to show vaccination proof amid increased COVID-19 cases Arizona’s Maricopa County approves M for new vote-counting machines On The Money: Democrats reach deal on .5T target | Biden rallies Democrats: ‘We’re going to get this done’ MORE on Friday will ask bank regulators to adopt tighter standards for approving mergers and allow customers to download their financial transaction data from banks.

Biden is set to sign a sweeping executive order intended to boost competition within the U.S. economy, the White House announced Friday. The order includes two provisions intended to slow consolidation

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White House to target bank mergers, financial data with competition order

By Nandita Bose and Michelle Price 

  WASHINGTON (Reuters) – President Joe Biden’s planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines and increase scrutiny of deals, according to a source familiar with the matter. 

  It will also ask the Consumer Financial Protection Bureau (CFPB) to issue rules giving consumers full control of their financial data to make it easier for customers to switch banks, the source said. 

  The planned order, which is expected to be signed by Biden on Friday, is likely to

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Stocks rise, S&P 500 hits record despite hotter-than-expected inflation data

Stocks rose Thursday as traders digested a key print on inflation, which showed consumer prices rose faster than expected as demand surged during the recovery. 

The S&P 500 rose to a fresh all-time high. The Nasdaq topped 14,000 for the first time since May 3, and the Dow also increased.

The Bureau of Labor Statistics’ May consumer price index registered a faster than expected rise in inflation last month. Headline consumer prices were up by 5.0% over last year, topping Wall Street’s estimates for 4.7% and accelerating from April’s 4.2% rise. This also marked the fastest increase in the CPI

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Wall Street stocks drift ahead of US inflation data

Wall Street equities were mixed ahead of US inflation data later in the week that may determine the future direction of central banks’ monetary policies.

The broad-based S&P 500, Wall Street’s dominant equity gauge, closed lower by 0.1 per cent, while the technology-focused Nasdaq Composite index edged up 0.5 per cent.

The Stoxx Europe 600 gained 0.2 per cent to end the session at a high, however, as investors rotated into relatively cheap European equities. The UK’s FTSE 100 climbed 0.1 per cent.

Economists surveyed by Bloomberg expect US inflation data on Thursday to show consumer prices rose 4.7 per

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Our data shows traders are now net-long Wall Street for the first time since May 20, 2021 when Wall Street traded near 34,102.00.

Number of traders net-short has decreased by 8.48% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

Wall Street

BEARISH

50.46%

49.54%

6.61%
Daily

29.84%
Weekly

-4.72%
Daily

-8.48%
Weekly

0.68%
Daily

7.54%
Weekly

Wall Street: Retail trader data shows 50.46% of traders are net-long with the ratio of traders long to short at 1.02 to 1. In fact, traders have remained net-long since May 20 when Wall Street traded near 34,102.00, price has moved 1.19% higher since then. The number of traders net-long is 6.61% higher than yesterday and 29.84% higher

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Futures, Stocks Decline With Jobs Data in View: Markets Wrap

(Bloomberg) — U.S. futures slipped along with European stocks on Monday as traders await fresh catalysts, with the key American jobs data later this week set to provide further clues on the outlook for the world’s biggest economy amid lingering inflation concerns.

Contracts on the S&P 500 and Nasdaq declined, with trading hours curtailed due to the Memorial Day holiday in the U.S. The dollar weakened against a basket of peers. The euro gained after data showed Germany’s inflation rate rose to the highest level since October 2018, while price pick-ups in May were also reported by Spain and Italy.

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Wall Street rises ahead of key economic data this week; AMC soars

The latest leg of a surge in so-called “meme stocks” stood out on Wall Street on Wednesday, with the main stock indexes rising slightly ahead of closely watched economic data this week.

The technology sector rose 0.8%, providing the biggest boost to the benchmark S&P 500, while communication services and materials eased.

A weekly unemployment report and May private payrolls data on Thursday will be followed by monthly jobs numbers on Friday.

Investors are closely tracking the labor market’s recovery after an unexpected slowdown in jobs growth in April fanned inflation worries.

The benchmark S&P 500 has recovered most of

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Wall Street Rebounds on Strong Economic Data; Tech Earnings Take Center Stage

Bloomberg

Saudi Arabia in Talks to Sell Aramco Stake to Global Energy Firm

(Bloomberg) — Saudi Arabia’s crown prince said the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast a rebounding economy in the aftermath of the coronavirus pandemic.The kingdom is looking at the potential sale — which could be worth about $19 billion, based on the company’s market value — as a way to lock in customer demand for the country’s crude, Crown Prince Mohammed Bin Salman said in a rare interview on

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Wall Street rallies on strong economic data; tech in focus

(Reuters) -U.S. stocks rallied on Friday, driving the S&P 500 to a near-record closing high, after factory data and new home sales underscored a booming economy while megacap stocks rose in anticipation of strong earnings reports next week.

The bounceback follows a sell-off on Thursday when reports that U.S. President Joe Biden plans to almost double the capital gains tax spooked investors. Analysts dismissed the slide as a knee-jerk reaction and pointed to the strong outlook.

As the three major Wall Street indexes surged, the CBOE market volatility or “fear” index plunged almost 10% in a sign of tumbling investor

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