Shares waver after key information as Micron slides

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• Thu, Jun 27, 2024 at 7:08 am MST

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  Decline in pending house sales in May

  Prime home prices and inflated mortgages are keeping potential consumers away from the housing market.

  According to data from the National Association of Realtors, pending home sales – a forward-looking indicator of home sales according to word signing – declined 2.1% in May from the previous year. They fell 6.6% year-on-year, data from Immun showed on Thursday.

  The Midwest and South posted a Shed in Word signing to mark the occasion in May. Gains were recorded in the Northeast and West. Losses in the process were recorded on an annual basis in all sectors across the country.

  “The market is at an interesting point with rising inventory and low demand,” NAR chief economist Lawrence Yun said in an observation. “Supply and demand movements suggest that house price increases will moderate in the coming months. Essentially, more inventory in a job-creating economy will lead to more home buying, especially when mortgage rates fall.

  Loan rates are at their lowest in three months, but that is still not enough to woo consumers. According to Goldman Sachs data, approximately 95% of loan borrowers have interest rates below wave market rates, and approximately 80% have rates more than 2 percentage points below market rates.

  Looking ahead, Yun expects “mortgage rates will remain modestly low, home sales will increase and home prices will stabilize.”

• Thu, Jun 27, 2024 at 7:05 am MST

  Walgreens drops guidance by 24% due to “challenging” pharmacy specialties, weak customers

  Walgreens fell 24% to its lowest level since 1997, after the pharmacy chain cited “challenging pharmacy industry trends and a worse-than-expected U.S. consumer environment” to lower its fiscal 2024 profits. done.

  “Our customers have become increasingly selective and price-sensitive in their purchases,” Tim Wentworth, CEO of Walgreens Boots Alliance, said in the company’s profit headline Thursday morning.

  Control indicated that 25% of the company’s stores were not contributing to the long-term strategy recently and that “changes are imminent.”

  Walgreens noted that it plans to close a “significant portion” of its underperforming stores over the next three years.

  He expects prorated profit for the year to come in between $2.80 and $2.95, down from his prior forecast of $3.20 to $3.35.

• Thu, Jun 27, 2024 at 6:48 am MST

  Netflix, Meta help lift Nasdaq into the green

  Conversation Shares led the Nasdaq Composite (^IXIC) up a 0.3% gain after some time in the market Thursday.

  Netflix (NFLX) and Meta (META) are both up more than 1%, helping lift the tech-heavy gauge that had fallen slightly below the flatline.

  The S&P 500 (^GSPC) rose 0.2%, with the Dow Jones Industrial Average (^DJI) rising slightly.

  Meanwhile, shares of chip giant Nvidia (NVDA) were fractionally lower after Micron’s (MU) sales forecast failed to get investors excited about the AI ​​craze that has fueled the broader market rally this year.

• Thu, Jun 27, 2024 at 6:35 am MST

  As traders evaluate financial information, shares waver on discovery, Micron puts a halt to tech rally

  Stocks opened relatively lower Thursday as investors took stock of the financial news ahead of the bell.

  The S&P 500 (^GSPC) was little changed, with the Dow Jones Industrial Average (^DJI) slipping 0.1%. The tech-heavy Nasdaq Composite (^IXIC) fell just below the flatline.

  Real gross domestic product (GDP) grew at a better-than-expected 1.4% annual rate in the first quarter of 2024, according to the third estimate from the Bureau of Financial Construction Immune released Thursday morning. The print was higher than the previous reading of 1.3%, but still the slowest growth seen since 2022.

  A study of initial weekly jobless claims found 233,000, 6,000 fewer than the previous generation, according to data from the Hard Work Branch.

  On the corporate front, chipmaker Micron’s (MU) sales forecast for the wave quarter met expectations, but failed to satisfy investors looking for stellar performance from AI-linked companies. The holding fell nearly 4% in early buying and selling. AI chip giant Nvidia (NVDA) also slipped about 1% on Searchable.

• Thu, Jun 27, 2024 2:24 am MST

  Why does Levi’s quarter bother me?

  LEVI shares are down 15% in pre-market after profit-taking.

  And I believe this is appropriate for two reasons.

  First, China’s gross sales decreased by 10% compared to last year. I have been talking to a lot of people who have visited China recently. One theme is that Chinese consumers are feeling depressed and not spending like they did in boom years. This mood is affecting demand for Levi’s jeans, Starbucks (SBUX) espresso and – the name of Common Turbines’ (GIS) past days of profits – Häagen Dazs ice cream.

  It is difficult to see the level of inflection in China.

  The same is true for Levi’s wholesale business, or the business that sells into area stores. Gross sales fell 4% from the previous year. The company’s comments suggest wholesale demand probably won’t be impacted until 2025.

  I plan to present some of my thoughts to Harmeet Singh, CFO of Levi, today at 10:30 a.m. on Yahoo Finance. in music!