Finance News
US futures are rising after facing another day of declines.
US Futures Climb Following Another Day of Decreases,
On Wednesday, US futures showed a positive trend before the opening bell.
The S&P 500, Dow Jones Industrial Average, and Nasdaq 100 all closed lower on Tuesday, marking the third consecutive day of declines for the S&P 500.
Investors are eagerly awaiting the release of PCE inflation data on Friday.
US futures showed a slight increase on Wednesday amidst a cautious week for investors ahead of Friday’s PCE data.
S&P 500 futures rose 0.33% shortly before 6 a.m. ET, while Dow Jones Industrial Average futures were up 0.35%, and Nasdaq 100 futures climbed 0.36%.
Stocks closed lower on Tuesday after last week’s market rally retreated further into the rear-view mirror.
The S&P 500 fell for the third consecutive day, ending 0.28% lower. The Nasdaq Composite also underperformed, losing 0.42%, while the Dow slipped 0.08%.
“Many investors seem a little wary as New York indexes hang near record levels, trade tensions between the US and China bubble, and key data out on Friday threatens to show US inflation is still stubborn,” said Susannah Streeter of Hargreaves Lansdown in a morning note.
In London, the FTSE 100 index fell 0.37% in morning trading, with energy stocks down 1.2% reflecting the jump in oil inventories.
Despite the dip, equities are still enjoying a strong start to the year and are set to end the month in the green.
US Dollar Index, which measures the strength of the greenback against six other currencies, was up 0.15%
Brent crude oil fell below $85 a barrel as traders balanced continuing supply concerns against data showing US stockpiles increased by more than expected.
Investors are gearing up for the latest PCE data due out on Friday and comments from Fed Chair Jerome Powell.
Median forecasts of core PCE, the Federal Reserve’s preferred inflation gauge, expect a 2.8% rise.
Until then, traders will be looking for insight from Federal Reserve Board Governor Christopher Waller’s comments on the economic outlook due later.
FAQ:
Q: What is the significance of the PCE data release on Friday?
A: The PCE data release is closely watched by investors as it provides insight into inflation trends, which can impact monetary policy decisions and market sentiment.
Q: How are US Dollar Index movements influencing market dynamics?
A: Movements in the US Dollar Index can affect global trade, commodity prices, and investment flows, making it a key indicator for market participants to monitor.
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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