CompaniesBIO

Traders on the floor of the NYSE, Oct. 12, 2022. Source: NYSE The first crop of earnings reports was a disappointment, but most of the early bank reports on Friday were decent, and Bank of America also reported earnings above expectations Monday morning. Thirty- five companies have reported third -quarter earnings so far. Of that group, 68.5% have beaten estimates, lower than the prior four -quarter average of 78.1% but higher than the historic average of 66.2%, according to Refinitiv. Like the second quarter, many have been anticipating an earnings apocalypse — a dramatic collapse in earnings. The evidence so far suggests a contraction but not a collapse. The third-quarter estimated earnings growth rate for the S&P 500 is now 3.6%, down from 11.1% on July 1. Excluding energy, however, the growth rate drops to minus-3.1%. Those huge oil profits have concealed that nine of 11 S&P sectors have already seen downward earnings revisions. Technology has seen a substantial downwa...

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 31, 2018. Brendan McDermid | Reuters A measure of fear in stocks just hit the highest level in three months amid mounting fears over rising rates, a possible currency calamity and a recession. The Cboe Volatility Index, known as the VIX, jumped nearly 3 points to 32.70 on Monday, hitting its highest level since mid-June when the stock market last hit its bear bottom. The VIX, which tracks the 30-day implied volatility of the S&P 500, hasn't closed above 30 since June 16. The index looks at prices of options on the S&P 500 to track the level of fear on Wall Street. Zoom In Icon Arrows pointing outwards The jump latest jump in the VIX also comes in the midst of currency market turmoil and the dollar continuing to climb to a 20-year-high . Investors started dumping risk assets as the Federal Reserve vowed to tame inflation with aggressive rate hikes, risking an economic slowdown. The Do...

Stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy . The Dow Jones Industrial Average dropped 306 points, or 1%. The S&P 500 and Nasdaq Composite slid 1.2% and 1.6%, respectively. Shares of FedEx plunged 24% after the shipments company withdrew its full-year guidance and said it will implement cost-cutting initiatives to contend with soft global shipment volumes as the global economy “significantly worsened.” Transport stocks are typically seen as a leading indicator for the stock market as well as the economy, and FedEx pointed to weakness in Asia as one of the main reasons for its negative outlook. Shares of shipping rivals UPS and XPO Logistics dropped 4% and 7%, respectively, and Amazon’s stock fell 3% . FedEx’s announcement comes soon after a hotter-than-expected inflation report in the U.S. on Tuesday, which raised concerns that the Federal Reserve will be forced to cause a re...