Investors are still ‘licking their wounds,’ Vital Knowledge says
Investors in the US equity market are still recovering from the recent market volatility, according to Adam Crisafulli of Vital Knowledge. Despite a strong performance on Wednesday, Crisafulli believes that the rally wasn’t enough to repair investor confidence. He states that there is still a lot of despair and pain in the market, which is necessary for a sustainable rally. Crisafulli emphasizes that large market advances are born out of adversity, and there is still a long way to go before investors fully regain their confidence.
Hong Kong private sector shrinks for third month in September, partly hit by Typhoon Saola
In September, Hong Kong’s private sector contracted for the third consecutive month, according to PMI data from S&P Global. The S&P Global Hong Kong SAR Purchasing Manager’s Index fell to 49.6 from 49.8 in August. The contraction can be partly attributed to the impact of Typhoon Saola, which hit the region early last month. The data also revealed a decrease in price pressures in September, while employment rose. This indicates that the economy is still facing challenges, but there are some positive signs of recovery.
Student loan payments have resumed. Here’s where borrowers are cutting their budgets
With the end of the pandemic-era pause on federal student loan payments, borrowers are adjusting their budgets accordingly. KeyBanc Capital Markets conducted a survey and found that nearly 7 in 10 borrowers expect to reduce their spending now that loan payments have resumed. The most common categories for expected spending cuts are clothing, restaurants, and travel. However, some expenses such as beauty and cosmetics, footwear, and consumer electronics are less likely to be cut. This data suggests that certain industries, like big-box retailers and athleticwear manufacturers, may continue to see strong sales despite the overall decrease in consumer spending.
Oil suffers worst daily performance in over a year
On Wednesday, West Texas Intermediate crude futures experienced their worst daily performance since September 2022, falling 5.61% to settle at $84.22 a barrel. This decline in oil prices was accompanied by losses in the energy sector, with Devon Energy, Marathon Oil, and Schlumberger all experiencing significant drops in their stock prices. The reasons behind this performance are not mentioned in the given content, but it indicates a volatile market for oil investors.
Clorox slides 2.8% after the bell
Clorox stock declined by 2.8% in after-market trading hours following the company’s weaker-than-expected guidance for its fiscal first quarter. The consumer goods company cited a cybersecurity attack in August that disrupted its operations as a contributing factor to the lowered guidance. Clorox now expects an adjusted loss ranging from 40 cents to zero cents per share, lower than the $1.29 per share in earnings expected by analysts. Additionally, the company revised its forecast for gross margin, anticipating a decrease compared to the previous year’s expectations.
Stock futures open lower Wednesday night
Futures for the major US stock averages opened lower on Wednesday night. S&P 500-linked futures, Nasdaq 100 futures, and Dow Jones Industrial Average futures all experienced declines. The specific reasons for this decline are not mentioned in the given content.