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Wednesday, April 17, 2024
HomeFinance NewsToday's live updates on the stock market, keeping it concise in 13...

Today’s live updates on the stock market, keeping it concise in 13 words.

Bearish sentiment among individual investors is at an above-average level for the first time in three months, according to a survey from the American Association of Individual Investors (AAII). The percentage of bearish investors rose to 35.9% from 30.1% the previous week, surpassing the historical average of 31.0%. Conversely, bullish sentiment decreased to 32.3% from 35.9%, falling below the historical average of 37.5% for the second consecutive week. The weakening neutral camp suggests that risk assets could regain popularity once bearishness reaches extreme levels.

Marvell Technology saw its stock fall over 3% in premarket trading despite exceeding Wall Street’s expectations for the recent quarter. Affirm, an online payment firm, experienced a more positive reaction from investors, with its stock increasing over 8% before the opening bell after reporting stronger-than-expected fiscal fourth-quarter results and guidance for the first quarter. Hawaiian Electric, however, faced a significant decline of 18% in its share price following news of Maui County suing the utility company for damages related to wildfires.

Ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium, market participants have increased the probability of a Fed rate hike in November to 50.8%, up from 49.3% the previous day. Traders remain confident in a hold on rates in September, with an 80.5% likelihood. Despite a sell-off on Thursday, the S&P 500 and Nasdaq Composite are still on track to end the week in positive territory, while the Dow is down 1.2% for the week. European markets made a subdued start to trading, with the Stoxx 600 remaining relatively flat as tech stocks dipped and oil and gas shares gained.

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