Stock futures fall Wednesday as investors await fresh inflation data this week: Live

6 Hours Ago

Hong Kong scraps property curbs in budget announcement; real estate stocks rally

People walk through a neighbourhood in the Kowloon district of Hong Kong on February 27, 2024. (Photo by PETER PARKS/AFP via Getty Images)

Peter Parks | Afp | Getty Images

Hong Kong announced its budget on Wednesday and said it will scrap plans to tighten its property market with immediate effect.

The measures included cancellation of all buy-side property tightening measures for residential properties and waiving of stamp duties payable on the transfer of REIT units.

The Hang Seng Property index jumped nearly 2%, while the broader Hang Seng index dipped 0.3%. New World Development shares jumped nearly 6%, while Hysan Development added 1.4%.

Financial Secretary Paul Chan also said he expected the economy to grow in a range of 2.5% to 3.5% this year.

— Shreyashi Sanyal

8 Hours Ago

Bank of Japan says likelihood of achieving inflation target ‘not sufficiently high’

The likelihood of achieving the Bank of Japan’s 2% inflation target is “not sufficiently high” yet, said the central bank’s executive director Seiichi Shimizu at a parliament session.

Shimizu added he would review the bank’s monetary easing when the achievement of the inflation target is in sight, and will continue to keep an eye on wage trends and price data.

Japan’s core consumer prices rose at a slower pace in January compared with a year earlier, but the reading was still above Reuters poll expectations of a 1.8% year-over-year increase.

—Reuters, Lee Ying Shan

9 Hours Ago

Reserve Bank of New Zealand holds interest rate at 15-year high

The Reserve Bank of New Zealand (RBNZ) building in Wellington, New Zealand, on Wednesday, Feb. 22, 2023.  Mark Coote/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

The Reserve Bank of New Zealand kept its main lending rate steady on Wednesday, according to its monetary policy statement.

New Zealand’s central bank held its official cash rate at 5.50% — a 15-year high.

“Headline inflation remains above the 1% to 3% target band, limiting the committee’s ability to tolerate upside inflation surprises,” RBNZ governor Adrian Orr said in the statement.

Inflation in the fourth quarter of last year was at 4.7%, far above the central bank’s target range.

— Shreyashi Sanyal

11 Hours Ago

Investors should eye emerging markets and small caps outside of the ‘Magnificent 7’ stocks, Richard Bernstein says

Investors should turn their attention to alternative investments including small caps and emerging markets outside of the “Magnificent 7” stocks, according to Richard Bernstein Advisors chief Richard Bernstein.

“There’s no sound wealth building strategy that says put all of your eggs in seven stocks, there has to be some opportunities outside the U.S. and in some smaller cap stocks,” Bernstein told CNBC’s “Power Lunch” on Tuesday.

“It’s such an amazing bearish view of the world to say there’s only seven companies we can invest in,” he added.

— Brian Evans

11 Hours Ago

Small-cap Russell 2000 notches four-day win streak

The Russell 2000 captured its fourth consecutive winning day in what had been a very tepid session for the major averages.

The small-cap index advanced more than 1% on Tuesday, outpacing the S&P 500‘s roughly 0.2% gain and the Nasdaq Composite‘s nearly 0.4% jump.

The last time the Russell 2000 notched four straight winning sessions was in late December 2023.

Though the small-cap index has been having a strong month – up 5.6% in February – it remains sharply behind the three major averages on the year. In 2024, the Russell 2000 is up only 1.4%, while the S&P 500 has already gained nearly 6.5%.

Darla Mercado, Chris Hayes

11 Hours Ago

Stocks making the biggest moves after hours

Packages of Beyond Meat brand plant-based jerky in Lafayette, California, December, 2022.

Gado | Getty Images

Check out some of the companies making headlines in extended trading.

  • Beyond Meat — Shares skyrocketed more than 78% after the plant-based meat company beat revenue estimates in the fourth quarter. Beyond Meat reported revenue of $73.7 million, while analysts polled by LSEG, formerly known as Refinitiv forecast $66.7 million.
  • eBay — The online marketplace added 4% after announcing a dividend raise of 2 cents a share and an additional share buyback of $2 billion. Ebay’s fourth-quarter results beat Wall Street estimates on the top and bottom lines, while guidance for first-quarter earnings per share was above analysts’ estimates.
  • First Solar — The solar company gained more than 3% after full-year guidance met Wall Street estimates. Fourth-quarter earnings of $3.25 per share beat analysts’ estimates of $3.13 per share, according to LSEG.

Read the full list here.

— Brian Evans

11 Hours Ago

First Solar stock jumps after earnings beat

First Solar‘s stock popped nearly 5% in extended trading after the company beat Wall Street’s earnings expectations.

The solar panel manufacturer booked net income of $349.2 million for the fourth quarter, an increase of 30% compared to the year-ago period.

First Solar posted a profit of $3.25 per share, beating Wall Street’s expectations of $3.13 per share. The company generated revenue of $1.16 billion for the quarter, missing Street expectations of $1.31 billion.

First Solar expects net sales of $4.4 billion to $4.6 billion in 2024 and adjusted earnings of $13 to $14 per share this year, which is largely in line with expectations.

— Spencer Kimball

12 Hours Ago

Stock futures are little changed

Stock futures were little changed on Tuesday, with investors turning their attention to fresh inflation data later this week.

Futures tied to the Dow Jones Industrial Average slipped 32 points, or 0.08%. S&P 500 Futures hovered near the flatline, while Nasdaq 100 futures fell 0.04%.

— Brian Evans

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