Finance News
The Dow and S&P 500 are expected to open lower, with movers including Trump Media, Tesla, Walgreens, and more. Bitcoin is on the rise, while the Federal Reserve rates remain unchanged.
Dow and S&P 500 to open lower; Trump Media, Tesla, Walgreens among top movers; Bitcoin on the rise as Fed rates remain unchanged.,
U.S. stock futures dipped early Thursday after the S&P 500 closed at a new record high, snapping a three-day losing streak.
Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures all pointed 0.1% lower ahead of the open on the last trading day of the quarter.
Investors are still awaiting Friday’s core personal consumption expenditure (PCE) data for a potentially significant update in the Federal Reserve’s battle against inflation. Markets are pricing in three rate cuts this year, beginning in June, but the data could shift those expectations, particularly if inflation comes in hot.
Ahead of core PCE, markets were given a reality check regarding those rate aspirations as Fed Governor Christopher Waller said there was “no rush” to cut rates. Waller even suggested fewer rate cuts may be needed in light of strong labor market and inflation data in recent months.
“It is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data,” Waller said in a speech at the Economic Club of New York.
However, investors appear to be seeing the positives of the economic strength, and potential boost it brings to corporate earnings as the S&P 500 notched a new all-time closing high–its 21st of the year.
“Despite the fact that inflation has remained stubbornly high, investors are more impressed with the state of the economy and the resilient consumer than they are worried about Fed rate cuts being pushed farther into the future,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance said Wednesday.
“If the economy continues to expand and corporate profits keep growing with it, the stock market will keep moving higher, even in the absence of rate cuts,” he added.
It’s been a stellar quarter of the stock market, the S&P 500 has climbed 10% and is on pace for its best first quarter since 2019, according to Dow Jones Market Data. It’s up a remarkable 22.4% over the past two quarters–the largest two-quarter gain since late 2020.
### FAQ:
1. **What impact could the core personal consumption expenditure (PCE) data have on the Federal Reserve’s decisions regarding interest rates?**
– The core PCE data could potentially shift market expectations for rate cuts, especially if inflation comes in higher than anticipated.
2. **How is the stock market reacting to Fed Governor Christopher Waller’s comments about rate cuts?**
– Investors seem to be focusing more on the strength of the economy and corporate earnings potential rather than immediate rate cut expectations.
3. **Why is the S&P 500 reaching new record highs despite concerns about inflation?**
– The market is reflecting confidence in the economy’s growth and corporate profitability, driving the S&P 500 to continue its upward trend.
4. **What milestones has the S&P 500 achieved in recent quarters?**
– The S&P 500 has seen significant gains in the past two quarters, marking its largest two-quarter gain since late 2020.
Bespoke Investment Group co-founder Paul Hickey breaks down the current volatility in the market and discusses his current favorite investment opportunities on ‘Making Money.’
JPMorgan CEO Jamie Dimon still isn’t a fan of Bitcoin but he’s not letting his personal feelings get in the way of business at the bank.
“When I look at the Bitcoin universe, the leverage in the system, the misuse,” he said at the company’s annual investor day Monday in New York. Noting that bad actors can use it for sex trafficking and terrorism.
“I am not a fan of it. We are going to allow you to buy it. And we’re not going to custody it. We’re going to do is put it on statements for clients. So, you know, I don’t think we should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin, go at it”, he added.
JPMorgan Chase CEO Jamie Dimon Speaks at Investor Day 5/19
At JPMorgan’s Investor Day, Dimon said the bank will now allow clients to buy Bitcoin but that policy hasn’t changed his view on the cryptocurrency. (JP Morgan)
Bitcoin, the largest crypto by market value, is just shy of its all-time high of $106,734.51 reached last year.
DIMON SOUNDS OFF ON HIGH MORTGAGE RATES, LAYS BLAME
Dimon has long been a critic of Bitcoin, including these remarks from 2021:
“I personally think that Bitcoin is worthless,” Dimon said while speaking at a virtual event hosted by the Institute of International Finance. “But I don’t want to be a spokesman for that, I don’t care. It makes no difference to me.” Dimon has also likened the crypto to “fools gold.”
Shares of JPMorgan Chase are up over 10% outperforming the S&P 500 which is flat for the year.
In January 2024, the Securities and Exchange Commission greenlighted the first Bitcoin exchange-traded fund, prompting a slew of firms to launch their own, making the asset class more accessible for both institutional and retail investors.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBIT | ISHARES BITCOIN TRUST – USD ACC | 60.66 | +0.68 | +1.13% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC | 93.14 | +0.98 | +1.06% |
| GBTC | GRAYSCALE BITCOIN TRUST ETF – USD ACC | 84.12 | +0.88 | +1.06% |
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iShares Bitcoin Trust ETF, Fidelity Wise Origin Bitcoin ETF and Grayscale Bitcoin Trust ETF are currently the largest funds by assets under management, as tracked by ETF.com.
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Hooters CEO Sal Melilli joins ‘Fox & Friends’ to discuss plans to return the brand to its roots as a ‘neighborhood restaurant.’
Italian restaurant chain Bertucci’s is closing more locations after filing for bankruptcy again to mitigate losses.
The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain’s third bankruptcy since 2018.
Bertucci’s also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.
RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION
Italian restaurant chain Bertucci’s has filed for bankruptcy for the third time since 2018. It has also closed seven restaurants to mitigate losses, according to an April 24 bankruptcy filing. (WFXT)
The company cited the “deterioration” of the U.S. economy and “lack of consumer demand for legacy casual-dining brands” as reasons why the restaurant chain has been operating at a loss, according to the filing.
FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS
“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as stated in the bankruptcy documents.
Bertucci’s has assets and liabilities between $10 million and $50 million, according to the filing.
TGI FRIDAYS’ US FOOTPRINT HAS SHRUNK TO 85 RESTAURANTS ACROSS THE COUNTRY
The restaurant chain hopes bankruptcy will provide the business with a “breathing spell” so it can “determine the best path forward and formulate an overall reorganizational plan,” it said in the filing.
In April 2018, Bertucci’s filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.
Bertucci’s previously filed for bankruptcy in 2018 and 2022. (WFXT)
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Bertucci’s did not respond to FOX Business’ request for comment.
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