Hello readers,
As we gear up for the day's market activity, there are key events to keep an eye on. Earnings reports from Nike and Walgreens Boots Alliance are set to make an impact. The stock market is in flux, with chip stocks facing challenges and housing prices raising concerns. Here's a closer look at what's happening:
It could be another rough day for chip stocks. A disappointing forecast from Micron Technology weighed on its shares early Thursday, pressuring other semiconductor shares, including Nvidia, AMD, and Intel. Stocks wavered for much of Wednesday. Follow our live coverage throughout the day for the latest news affecting markets.
Meanwhile, Hennes & Mauritz and Levi Strauss reported earnings that missed expectations, impacting their respective shares. Additionally, the Swedish fashion retailer warned that conditions have become more challenging, leading to a 12% decline in shares. Levi Strauss reported lower-than-expected quarterly revenue and left its full-year outlook unchanged, resulting in a 15% premarket drop in shares.
Walgreens Boots Alliance and McCormick are set to report earnings before the opening bell, while Nike is due to report after the close.
On the housing front, homes are as overvalued as they were near the peak of the 2000s bubble, according to various metrics, including a Federal Reserve model. Overvaluation is a predictor of stagnant, even negative, real returns in the coming years, posing a challenge to anyone counting on real estate as a source of wealth.
As we navigate these market movements, it's crucial to stay informed and make well-informed decisions. Keep an eye on these developments as they unfold throughout the day.
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