News archive

US stocks notched a third straight week of gains, despite a sluggish Friday. The S&P 500 has had its best first three quarters since 1997 with a 20% rise so far in 2024. We are pleased to be fully invested.

In company news, Dell fell 4.9% on Friday after ordering its employees to come back to the office 5 days a week. Elsewhere, Brazilian authorities fined Elon Musk's social media platform, X (Xhitter?), $1.9 million. Finally, Nvidia shares dropped 2.1% after reports that China is encouraging local firms to avoid using its chips.

On Friday, the JSE All-share was up 0.29%, the S&P 500 fell 0.13%, and the Nasdaq dropped 0.39%.

US stocks moved higher yesterday, thanks to more firm US jobs data. On top of that, the Chinese government committed to boosting fiscal spending, which is also market-positive. The commies are really rolling out the stimulus bazooka this week. The S&P 500 notched its 42nd record close of the year, and the Nasdaq also finished in positive territory.

In company news, chip designer Super Micro dropped 12.2% after the US Justice Department said it would probe the San Jose, California-based company. Elsewhere, Swedish fast-fashion giant H&M dropped 4.6% following an announcement that it would miss a key profitability target for the year due to rising costs, which impacted its third-quarter earnings as it battles with Shein and Temu.

Izolo, the JSE All-share was up 1.59%, the S&P 500 rose 0.40%, and the Nasdaq was 0.60% higher. Good times!

US markets went sideways yesterday. The S&P 500 pulled back from a record high set the previous day while the Nasdaq managed a slight gain, buoyed by strength in semiconductor stocks. Crude oil got crushed because Libya's eastern and western factions agreed to increase output. Haha, what a mess.

In company news, Micron Technology jumped 14.7% in late trading after delivering an unexpectedly strong sales and profit outlook. They say there's rising demand for AI-related memory chips. Elsewhere, "shopping as a service" company Stitch Fix had a major fashion emergency on Wednesday. It reported an earnings miss and its stock price plummeted nearly 40%. Its market value is now down at $277 million, a far cry from its $10 billion peak.

In conclusion, the JSE All-share was up 1.40%, the S&P 500 gave up 0.19%, and our favourite, the Nasdaq was 0.04% higher.

US markets closed in positive territory again yesterday, still enjoying the afterglow of recent rate cuts. The S&P 500 hit another all-time high, thanks to gains in major tech names like Nvidia (+4.0%), Uber (+3.6%), Salesforce (+2.4%), and Netflix (+2.4%). Other sectors like financials, utilities, and the energy sectors lagged behind.

In company news, Visa dropped 5.5% after the US Department of Justice filed a lawsuit, accusing the company of stifling competition to maintain its dominance in the debit card market. Oh for goodness sakes! Another annoying lawsuit from the Feds that will go nowhere. Elsewhere, copper miner Freeport-McMoRan gained 7.9% after the desperate-looking Chinese government announced new economic stimulus measures.

On Monday, the JSE All-share was up 1.13%, and yesterday the S&P 500 rose 0.25%, and the Nasdaq was 0.56% higher.

US markets had a great week, reaching all-time intraday highs on Friday, thanks to the Fed interest rate cut. In the closing moments of trade, the rally fizzled out, and both the S&P 500 and Nasdaq Composite finished slightly lower on the day.

In company news, Lennar dropped 5.3% after its new-home orders for the quarter ahead came in below Wall Street forecasts. Elsewhere, Intel gained 3.3% amid reports that Qualcomm might be considering a takeover. That would be a remarkable turn of events for a storied company that has fallen on hard times. Qualcomm was down 2.9% on the news.

On Friday, the JSE All-share was up 0.08%, the S&P 500 fell 0.19%, and the Nasdaq dropped 0.36%. Big picture - we are looking good.

US markets surged higher yesterday, as the Fed's hefty rate cut boosted sentiment. The S&P 500 hit its 39th record high of 2024, extending its year-to-date gains to 20.5%. The tech-heavy Nasdaq also had a standout day, with major players like Tesla (+7.4%), Nvidia (+4.0%), Meta (+3.9%), and Apple (+3.7%) leading the way. We expected this positive turn of events, and it's gratifying to see it come to pass.

In company news, Nike is up 7.6% in pre-market trading because the company announced that longtime executive Elliott Hill will come out of retirement to take over as CEO, replacing John Donahoe. Elsewhere, FedEx shares dropped 11% after the company issued a bearish outlook, but relax, because that company has notoriously volatile revenues from quarter to quarter.

In summary, the JSE All-share was up 1.26%, the S&P 500 rose 1.70%, and the Nasdaq rallied 2.51%. You love to see it.

The Fed went big yesterday, cutting US interest rates by half-a percentage-point. After the announcement the S&P 500 hit a new all-time high, briefly, before retreating and ending the day slightly lower. In his comments at the press conference, Jay Powell declared that inflation had been vanquished, and while the job market is cooling, the economic outlook is still very positive. Hurrah, we are out of the woods!

In company news, Google closed up 0.3% after securing a legal victory against the European Union, overturning a $1.7 billion fine for the way it runs its online advertising business. The biggest loser in the index was ResMed (-5.1%), the maker of medical devices to treat obstructive sleep apnoea, on an analyst note citing future competition from Eli Lilly's GLP-1 medication.

At the end of an exciting day, the JSE All-share was down 0.38%, the S&P 500 fell 0.29%, and the Nasdaq lost 0.31%. The good news was largely priced in.

US markets made modest gains yesterday, after an uptick in retail sales. Stocks in the financial sector stood out, particularly asset management firms. The S&P 500 briefly touched an all-time high. Year-to-date, the S&P 500 and the Nasdaq Composite have gained 18.8% and 19.4%, respectively. The Vestact model portfolio is up 25.1%, after costs.

Today is finally Fed day. Futures markets predict a 55% chance of a 50-basis-point rate cut. So now a 25-basis-point-cut might be a disappointment to the market?

In company news, Microsoft closed up 0.9% after announcing a 10% increase in its quarterly dividend and a $60 billion stock-buyback program. Meanwhile, Salesforce slipped 0.7% following a shift in its artificial intelligence strategy revealed at its annual Dreamforce conference. Lastly, JPMorgan Chase is in talks with Apple to take over a credit card portfolio that Goldman Sachs has been looking to offload.

In summary, the JSE All-share was up 1.24%, the S&P 500 rose a tiny 0.03%, and the Nasdaq added a slim 0.20%.

US markets were quiet yesterday with the S&P 500 edging up, and the tech-focused Nasdaq slipping back. Banks traded higher, fuelled by hopes of a soft economic landing which outweighed concerns about profit margins. We will be treading water until tomorrow, when the Fed will make its call.

In company news, Apple dipped 2.8% after an analyst warned that initial demand for the iPhone 16 Pro model was lower than expected. Elsewhere, Intel is up 8% pre-market as it scored a major win, securing up to $3.5 billion in federal grants to produce semiconductors for the Pentagon. They also unveiled a plan to spin off their foundry business and struck a new agreement with Amazon AWS. The company is in deep trouble, so this is a bounce from very depressed levels.

In summary, the JSE All-share eked out a 0.04% gain, the S&P 500 rose 0.13%, and the Nasdaq fell by 0.52%.

US markets ended the week on a high note, with both the S&P 500 and Nasdaq enjoying their fifth consecutive session of gains on Friday. It was the best week of 2024 so far.

The first interest rate cut of the cycle is finally here. In the US, the debate isn't if, but by how much. We will find out what the Fed decides on Wednesday, but there is a growing feeling that a 50 basis point adjustment is possible. Locally, the SARB should cut rates on Thursday, most likely by 25 basis points.

In company news, Uber accelerated 6.5% higher thanks to a deal with Waymo to offer driverless taxi rides in Austin and Atlanta next year. Elsewhere, Trump Media shares surged 11.8% following Donald Trump's statement that he has "absolutely no intention of selling" his stake, despite the upcoming expiration of a lockup period. Finally, Boeing is facing the potential loss of its investment-grade credit rating, as the company braces for a prolonged workers' strike that could further hinder production and strain cash flow. When it rains, it pours.

On Friday, the JSE All-share was up 0.38%, the S&P 500 rose 0.54%, and the Nasdaq climbed another 0.65% higher. Great stuff.

US markets surged again yesterday and all major S&P 500 sectors ended in positive territory. Both mega-cap and small-cap stocks did well, with the so-called Mag-7 up 1.4%, and the Russell 2000 up 1.2%. Excitement is building ahead of the Fed rate cut next week.

In company news, grocery chain Kroger's shares rose 7.2% after it raised its full-year sales guidance. Elsewhere, Adobe fell 9% after issuing a revenue outlook that disappointed, despite its potential to deploy more AI image-creation tools. Finally, drug-developer Moderna fell 12.3% after announcing plans to cut research spending.

In summary, the JSE All-share closed down 1.04%, but the S&P 500 rose 0.75%, and the Nasdaq ended a very decent 1.00% higher. This has turned into a good week.

US markets opened on the back foot yesterday, before rebounding strongly thanks to encouraging inflation data. It was the first time since October 2022 that major indices erased an intraday loss of at least 1.5%. As usual the technology sector was the lead steer, chipmakers Nvidia and Arm surged 8.2% and 10.3%, respectively.

In company news, after 155 years, Campbell Soup Company is rebranding by dropping "Soup" from its corporate name to become "The Campbell's Company" because they also sell lots of snacks. Elsewhere, OpenAI is reportedly in discussions to raise $6.5 billion from investors, which could value the company at $150 billion. Finally, First Solar rose 15.2% as renewable energy companies rallied following the US presidential debate last night.

At the end of it all, the JSE All-share closed down 1.00%, the S&P 500 rose 1.07%, and the Nasdaq stormed 2.17% higher.

US markets had another good day yesterday. Most of the gains came from big tech as the Magnificent Seven rose 1.5% with Oracle (+11.4%), Tesla (+4.6%), and Amazon (+2.4%) leading the charge. The energy sector was the worst performer, down 2% after OPEC trimmed its oil demand forecast. The price of that stinky commodity is below $70 a barrel for the first time since 2021.

In company news, JPMorgan's shares dropped 5.2% after an executive at the bank warned that investors might be underestimating their upcoming expenses while overestimating their interest income, as rates come down. Elsewhere, Bank of America announced that its investment-banking results are likely to fall short of expectations. The biggest loser in the S&P 500 was Hewlett Packard (-8.5%), as it scratched around to fund its acquisition of Juniper Networks.

At the close, the JSE All-share was up 0.25%, the S&P 500 rose 0.45% and the Nasdaq was 0.84% higher. That's more like it.

US markets have been on a roller-coaster ride recently, and rebounded strongly yesterday. Last week was dreadful, and now we are recovering. The gains were broad-based, with all eleven sectors of the S&P 500 closing in the green. Big tech names like Nvidia (+3.5%), Tesla (+2.6%), and Amazon (+2.3%) underpinned the move higher.

In company news, Apple unveiled the fresh iPhone 16, with CEO Tim Cook emphasising that it's designed specifically for artificial intelligence "from the ground up." The updated Apple Watch Series 10 looks good too. Elsewhere, Oracle shares surged 9% in after-hours trading following stronger-than-expected earnings. Finally, discount retailer Big Lots filed for bankruptcy protection and is preparing to sell its assets and ongoing operations through a court-supervised process.

Izolo, the JSE All-share closed up 0.09%, the S&P 500 rose 1.16%, and the Nasdaq was also 1.16% higher.

US markets ended Friday in the red, capping a very sloppy week, the worst since March 2023. Almost every major sector in the S&P 500 dropped. The grumpy mood was due to a marginally soft monthly jobs report, which reignited fears that the US economy is slowing down, and consensus that the Federal Reserve has taken way too long to cut excessively high interest rates.

Nonfarm payrolls increased by 142 000 last month, bringing the three-month average to its lowest level since mid-2020. To keep things in perspective, the unemployment rate dipped to 4.2%, which is really rather low. Come on folks, let's all just be patient.

In company news, Darktrace CEO Poppy Gustafsson is set to step down after orchestrating a $5 billion sale of the British cybersecurity company to private equity firm Thoma Bravo. Meanwhile, Boeing has proposed a four-year deal with a union representing over of its 32 000 workers, offering a 25% wage increase to avert a strike. This is a notable win for Boeing, as the union's initial demand was a 40% raise.

On Friday, the JSE All-share closed down 0.95%, the S&P 500 tanked by 1.73%, and the Nasdaq was punished by 2.55%. A very unseemly end to the week.