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Market News

Location American Market News for 14 July 2023
Mistakes in ITR filing: Be alert, wrong deductions and exemptions in income tax returns can land taxpayers in trouble Mistakes in ITR filing: Taxpayers must accurately report income and claim eligible deductions to avoid penalties and legal action. Wrongful claims can be considered tax evasion.
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Chinese Oil Demand Doesn't Make Sense

Wall Street Journal - 14 Jul 2023 14:16
China's economy is having a rough summer, but the country is churning out record amounts of diesel and importing vast amounts of crude oil.
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Exxon Makes 'Green' Move With $5 Billion Purchase Of Denbury The key driver of the acquisition is Denbury's 1,300 miles of CO2 pipeline, which will allow Exxon to bolster their carbon capture and storage business
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The U.S. Virgin Islands filed the lawsuit last year alleging that the bank ignored red flags about Jeffrey Epstein's behavior because he was bringing in wealthy clients.
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Stocks Rise for Week as Inflation Fears Calm

Wall Street Journal - 14 Jul 2023 22:37
The S&P 500 edged lower for the day as bank earnings season kicked off, but finished the week with a broad-based 2.4% gain.
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IRS Delays New Payout Rules for IRAs Again

Wall Street Journal - 14 Jul 2023 21:14
Inheritors subject to a new 10-year payout window don't have to take required minimum distributions for 2023.
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What's Behind the Stock Market Rally (It's Not Just Big Tech)

Wall Street Journal - 14 Jul 2023 20:16
Many companies are adding to the S&P 500's rise after Microsoft, Apple, Nvidia and others led the charge this spring. The breadth signals stocks could keep climbing.
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The results eased investor concerns after UnitedHealth Group flagged a surge in demand for non-urgent surgeries and outpatient services last month.
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Binance Lays Off Over 1,000 Employees

Wall Street Journal - 14 Jul 2023 18:30
The crypto exchange is cutting a big chunk of its workforce as it grapples with federal investigations and regulatory crackdowns in the U.S. and abroad.
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A returning appetite for debt among consumers is making life a lot easier for big banks such as JPMorgan Chase.
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Big Banks Beat On Earnings As Higher Interest Payments Roll In Titans like JPMorgan are making billions of dollars more in interest income than they were before the Fed considerably hiked rates.
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Johnson & Johnson Poised For A Muted Q2?

Forbes - 14 Jul 2023 16:00
Johnson & Johnson Poised For A Muted Q2? We expect the company's revenues to come in at $24.6 billion, marginally below the consensus estimate of $24.7 billion.
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Weaker Inflation And A Positive Start To Earnings Season Has Stocks Looking To Add To Gains Stocks have been on a tear this week following encouraging data on inflation and hopes earnings season will show continued strength.
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Citigroup on Friday reported its second-quarter earnings.
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Wells Fargo beat Wall Street estimates on the top and bottom lines for the second quarter, sending its stock higher in premarket trading.
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Charles Schwab Stock To Post Mixed Result In Q2 We expect it to post mixed results, with revenues beating the consensus estimates but earnings missing the mark.
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JPMorgan's Profit Jumps 67% After First Republic Rescue

Wall Street Journal - 14 Jul 2023 13:51
Net interest income hit a third straight record, with the bank able to charge more on loans.
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What To Expect From Freeport's Q2 Results

Forbes - 14 Jul 2023 13:00
What To Expect From Freeport's Q2 Results Freeport-McMoRan (NYSE: FCX), one of the largest producers of copper, is expected to publish its Q2 2023 results around July 20th.
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Xpeng Stock Looks Expensive Despite Recovery In Deliveries Chinese electric vehicle maker Xpeng stock has surged by 47% over the past month, outperforming rivals Nio and Li Auto which remain up by about 16% and 20%, respectively.
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JPMorgan has been a port in the storm for bank investors this year. But can the bank's hot streak continue?
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The online broker is getting into the retirement business--which calls for a very different kind of trading than its customers usually mean when they 'YOLO.'
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EPFO news: How EPF account holders can update exit date online after changing jobs Employees can now update their date of exit on the EPFO site after quitting their job. They need to log in to the Member Sewa portal using their UAN and password
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