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    Oct 16, 2024
    • Morgan Stanley increased 7.5% to $120.50 after the financial services company reported better-than-expected revenue and earnings in the third quarter. 

      Revenue increased to $15.4 billion from $13.3 billion, net income advanced to $3.2 billion from $2.4 billion, and diluted earnings per share rose to $1.88 from $1.38 a year ago. 

      Revenue in the institutional securities division increased to $6.8 billion from $5.7 billion, wealth management jumped to $7.2 billion from $6.4 billion, and investment management advanced to $1.5 billion from $1.3 billion a year ago. 

      The wealth management unit attracted $64 billion in new assets, increasing total client assets to $6 trillion. 

      Investment management unit received a net long-term asset flow of $7 billion, and assets at the end of the quarter increased to $1.6 trillion. 
      • Oct 15, 2024
      • Goldman Sachs increased 2.6% to $536.55 after the investment banker reported better-than-expected quarterly results. 

        Revenue in the third quarter increased 7% to $12.7 billion from $11.8 billion, net income advanced 45% to $2.99 billion from $2.06 billion, and diluted earnings per share rose 54% to $8.40 from $5.47 a year ago. 
        • Bank of America advanced 2.7% to $43.06 after the financial service provider reported better-than-expected earnings. 

          Revenue in the third quarter increased to $25.3 billion from $25.2 billion, net income eased to $6.9 billion from $7.8 billion, and diluted earnings per share fell to 81 cents from 90 cents a year ago. 

          Provision for credit losses was flat at $1.5 billion from the previous quarter and higher than $1.2 billion a year ago. 
          • Citigroup decreased 1.5% to $65.01 after the global bank reported third quarter results that fell short of investor expectations. 

            Revenue increased 1% to $20.3 billion from $20.1 billion, net income fell 9% to $3.2 billion from $3.5 billion, and diluted earnings per share fell to $1.51 from $1.63 a year ago. 

             
            • UnitedHealth Group declined 9.1% to $549.99 after the health insurer reported higher-than-expected medical costs. 

              Revenue in the third quarter increased to $100.8 billion from $92.4 billion, net income attributable to shareholders advanced to $6.1 billion from $5.8 billion, and diluted earnings per share rose to $7.15 from $6.56 a year ago. 

              Medical costs jumped to $66 billion from $59.6 billion, and total operating costs rose to $92.1 billion from $83.8 billion a year ago. 

              The company lowered its full-year net income per share outlook to between $15.50 and $15.75. 
              • Oct 4, 2024
              • The U.S. economy added 254,000 jobs in September from the upwardly revised 159,000 in August, the U.S. Bureau of Labor Statistics said in its monthly report. 

                Job additions in September were the strongest in the last six months and higher than the average over the prior 12 months. 

                Employment in food services and drinking places increased by 69,000, in healthcare by 45,000, in government by 31,000, and in social assistance by 27,000. 

                Employment changed little in financial activities, professional and business services, and transportation and warehousing. 

                In September, average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents, or 0.4%, to $35.36, and average hourly earnings increased by 4.0% over the last 12 months.

                The change in total nonfarm payroll employment for July was revised up by 55,000 to 144,000, and the change for August was revised up by 17,000 to 159,000.

                With these revisions, employment in July and August combined is 72,000 higher than previously reported.

                The unemployment rate increased to 4.1% from 3.8% a year ago, and the number of unemployed people rose to 6.8 million from 6.3 million, respectively. 

                Both the jobless rate and the number of unemployed people were changed little in September.
                • Oct 1, 2024
                • The number of job openings increased 329,000 to 8.04 million in August from an upwardly revised 7.71 million in July, the U.S. Bureau of Labor Statistics reported Tuesday. 

                  The number of job openings increased in construction by 138,000, in state and local government excluding education by 78,000, and in accommodation and food services by 88,000. 

                  However, job openings declined in finance insurance by 41,000 and in other services by 93,000. 

                  In August, the total number of hires and total separations changed little, at 5.3 million and 5.0 million, respectively. 

                  Within separations, the number of quits trended down to 3.1 million, the lowest since August 2020, indicating workers are holding on to jobs as it gets harder to find a new job. 

                   
                  • Sep 26, 2024
                  • The second quarter GDP growth estimate was unrevised at 3.0% in the third estimate and higher than the 1.6% increase in the first quarter, the Bureau of Economic Analysis reported Thursday. 

                    The GDP update primarily reflected upward revisions to private inventory investment (8.3% from 7.5%) and federal government spending (4.3% from 3.3%) that were offset by downward revisions to nonresidential fixed investment (3.9% from 4.6%) and exports (1% from 1.6%). 

                    Imports, which are a subtraction in the calculation of GDP, were revised. 

                    The government agency also revised its GDP growth estimate in the first quarter to 1.6% from the previous estimate of 1.4%, primarily reflecting an upward revision to consumer spending that was partly offset by downward revisions to private inventory investment and residential fixed investment.
                    • Initial weekly jobless claims decreased 4,000 to 218,000 at the end of the last week, the U.S. Department of Labor reported Thursday. 

                      Jobless claims dropped to a 4-month low, and continuing claims rose 13,000 to 1.834 million in the previous week.

                      Despite the recent decline in jobless claims, labor market conditions have softened from a year ago and earlier months in the year as employers avoid adding new staff. 

                      Investors are now awaiting the release of monthly nonfarm payroll data, which could provide additional insights into the current conditions of the labor market. 
                      • New orders for manufactured durable goods were nearly unchanged from the previous month in August, the U.S. Census Bureau reported Thursday. 

                        New order growth slowed sharply from the 9.8% surge in July, which was the highest rate of growth in four years. 

                        The better-than-expected orders contrasted with the growing pessimism about manufacturing sector activities, suggesting that the current slowdown may be temporary. 

                        New orders excluding transportation increased 0.5%, and excluding volatile defense goods eased 0.2%. 

                        On an annual basis, new orders for durable goods declined 1.3%. 

                        Non-defense capital goods orders declined 1.3% from the previous month in August, and excluding volatile aircraft orders rose 0.2%. 

                        From the previous year, non-defense capital goods orders dropped  6.5%, and excluding aircraft rose 0.3%.