Latest news with #RSP
CNBC
7 hours ago
- Business
- CNBC
The index to watch to decide if we are entering a new bull phase
Wall Street has its eye on the S & P 500 Equal Weight Index — which treats every stock equally — to gauge if the current market rally is a head fake or the start of a serious bull run. The Invesco S & P 500 Equal Weight ETF , known by its RSP ticker symbol, closed Friday at an all-time high. That sent the equal-weighted version of the broad market index — which gives less weight to buzzy technology names than the classic S & P 500 — to its first record since late November. "It will be an important chart to watch over the coming week," Rob Ginsberg, technical analyst at Wolfe Research, wrote in a note to clients over the weekend. "A breakout to new highs in the face of overbought conditions is something we would have to respect." RSP 5D mountain RSP over the last 5 days Because the RSP isn't concentrated in megacap technology names, investors see it as a better gauge of the health of the entire economy and stock market than the regular S & P 500. Given that, the RSP rising to an all-time closing high in tandem with the S & P 500 — which itself has marked a series of new all-time highs lately — gives some traders confidence that the current rally is more than a blip. "New highs for this ETF is a simple way to suggest price based market breadth is starting to improve," said Paul Ciana, Bank of America's technical strategist, in a Monday note to clients. The fund has a tailwind thanks to the head-and-shoulders formation etched out in its price chart, Ciana added. Similarly, Roth MKM chief technical strategist JC O'Hara said the equal-weighted index's recent performance is constructive for equity investors, even though the stock market may be due for a pause after the run up to record highs. The RSP pulled back about a half of 1% even after the trade deal President Trump reached with the European Union in Scotland on Sunday. "The expansion of breadth in the middle of earnings season widens the playing field for stock selection," O'Hara wrote to clients. That "should be seen as bullish behavior." Wolfe's Ginsberg also raised the idea of the playing field shifting. Outperformance of sectors that are considered more defensive, for example, can show a market leadership rotation is in the cards, he said. The RSP surpassing its November record close can signal a return to broadly bullish market conditions. Investors sent stocks soaring that month in the wake of Trump's re-election, which many saw as heralding an era of business deregulation. With Friday's record-setting move, the RSP is higher by more than 8% on the year. Yet the S & P 500 has outperformed, rising more than 9% in the same period.
Time of India
2 days ago
- Time of India
Youth held with 31 grams of heroin
Rourkela: Plantsite police in Rourkela arrested a 22-year-old man on Saturday for allegedly carrying and transporting heroin. Around 31 grams of the contraband was seized from them. Police intercepted the suspect, Md. Sohail, at the RSP parking area near Bania Gate. Police also seized Rs 1,540 cash, a mobile phone, and a two-wheeler from the accused.
The Diplomat
3 days ago
- Politics
- The Diplomat
Rabi Lamichhane, Nepal's Anti-system Star, Meets the System
Even by the colorful standards of Nepali politics, Rastriya Swatantra Party (RSP) Chair Rabi Lamichhane, 50, has led an eventful life. In the early 2000s, after dabbling in various radio and television roles in Nepal, he left the country in his early 20s to pursue higher studies in the United States. While in the U.S., he was reportedly involved in financial misconduct like tax evasion. Lamichhane returned to Nepal later that decade and joined a television network. In 2013, the ever-ambitious Lamichhane entered the Guinness Book of World Records by hosting the longest-broadcast talk show (his record has since been broken). After that, in 2016, he started a combative current affairs TV program that made him wildly popular, as he quickly mastered the art of dressing down senior politicians and bureaucrats live on camera. Then Lamichhane entered politics. Since founding his party, not a day has gone by without him being linked to this or that controversy – and now, he is in jail. Lamichhane founded the RSP just over three months before the November 2022 national elections. At its heart, the party is a one-man show, with populist slogans of anti-corruption and good governance as its central planks. Using his celebrity, Lamichhane tried to tap into the growing public antipathy toward Nepal's three major parties: the Nepali Congress, the Communist Party of Nepal-Unified Marxist-Leninist (CPN-UML) and the CPN Maoist Center. For a party with no ideology or organizational structure, the RSP did remarkably well in its electoral debut, winning 20 seats in the 275-member national parliament in 2022. Its candidates, relatively young and picked from across the professions, came as a breath of fresh air against the old parties and their tried-and-tested leaders. Then, in December 2022, the RSP got into the government and Lamichhane became the deputy prime minister and home minister. But he soon had to give up the post after he was found to be neck-deep in a controversy over dual citizenship. The court stripped him of his parliamentarian status. Yet he bounced back to be re-elected from the same constituency in a by-election, this time with an even bigger mandate, and in March 2024 again became the deputy prime minister and home minister. There was more drama to follow. He lost his ministerial berth when the Pushpa Kamal Dahal government collapsed in July 2024, soon after which he was taken into custody. Lamichhane has been implicated in the embezzlement of millions of rupees from various cooperatives and pumping the money into a television station where he once served as the managing director. To his critics, the legal evidence against him is overwhelming, enough to end his compromised political career. To his supporters, this beacon of hope for the new generation is being framed so that the traditional parties can continue to rule. In their reckoning, even the judiciary is biased and serves the old guard. Lamichhane himself admits to making some errors of judgment but maintains that he was not involved in any organized effort to transfer cooperative funds into his media company's accounts. The public is divided as five courts have charged him across as many districts, and the Supreme Court has upheld his custody. His supporters point out how those who have committed similar crimes in big parties have not been prosecuted. They argue that Lamichhane's real crime was that, as the home minister, he dared to investigate the financial conduct of powerful politicians from old parties. Most notably, there were rumors that the home minister was looking into the possible involvement of Arzu Rana Deuba, wife of five-time Prime Minister Sher Bahadur Deuba, in a scam involving the sending of Nepali citizens to the U.S. in the guise of Bhutanese refugees. With Lamichhane in jail since April, the RSP is now in the middle of a signature campaign to build public pressure for his release. The party claims to have collected over 2.5 million signatures to date. The RSP appears determined to make the most of the jailing of Lamichhane, perhaps using the same controversy to rally voters in future elections. As with most populist forces around the world, Lamichhane's legal troubles do not seem to have decreased his support among his core voters, especially among the millions of Nepali migrant workers. Disillusioned with old parties, many Nepalis also reject regressive forces like the now-abolished monarchy, which also partly explains the RSP's support. The question is: Can this party, centered on a personality cult and without a binding ideology, survive their leader's prolonged stint behind bars? (There are no signs that Lamichhane will be released anytime soon.) The old parties and their old leaders face unprecedented scrutiny as people's yearning for change continues to grow. For their continued relevance, these parties must revitalize themselves by electing fresh leaders and come up with ideas that resonate with younger Nepalis. Otherwise they may be outmaneuvered even by a compromised populist like Rabi Lamichhane. He may be in jail, but the political vacuum that enabled his rise remains intact.
New Indian Express
4 days ago
- Business
- New Indian Express
Top officials meet to discuss expansion of RSP, Rourkela airport
ROURKELA: Senior officials of the Odisha government, Union Ministry of Steel and SAIL met here on Thursday to discuss issues related to the expansion of Rourkela Steel Plant (RSP) and the city airport. The meeting, presided over by joint secretary of the Union Steel Ministry Abhijit Narendra, also discussed rehabilitation of displaced persons of RSP and generation of employment. Ways for amicable and peaceful solutions to acquire land for expansion of RSP from the current 4.5 MTPA to 9.3 MTPA along with pending rehabilitation issues of the displaced persons were discussed. For its expansion, RSP requires around 1,200 acre of land which it claims was technically acquired 65 years ago, but is in occupation of about 300 families in eight hamlets. Narendra also interacted with some displaced persons of RSP, their representatives and affected villagers and heard their grievances and demands. He assured them to collectively find solutions. After the meeting, Revenue Divisional Commissioner (North) Sachin Ramchandra Jadhav informed mediapersons about the expansion plan of RSP with investment of about Rs 30,000 crore. It would create new employment opportunities and also help in growth of the Rourkela city. Jadhav said those affected by the upcoming expansion project of RSP would be rehabilitated. The old pending issues of displaced persons would also be addressed. Among others, Sundargarh collector Manoj S Mahajan, DIG (Western Range) Brijesh Rai, Rourkela ADM Ashutosh Kulkarni, SP Nitesh Wadhwani and RSP director-in-charge Atul Verma attended the meeting. Notably on June 26, Union Steel Minister HD Kumaraswamy, Union Tribal Affairs Minister and Sundargarh MP Jual Oram and Union Education Minister Dharmendra Pradhan had held a high-level meeting at Delhi with officials of the Odisha government, Steel Ministry and SAIL to discuss expansion of RSP and the Rourkela airport.
CNBC
7 days ago
- Business
- CNBC
Tech is growing problematically big for Wall Street
Tech is giving dotcom bubble vibes. Goldman Sachs' trading desk pointed out that the S & P 500 tech sector makes up more than a third of the index's total market cap — matching a record going back to 1999 and early 2000. "In total, the subsector boasts a market cap of ~$18.5trn – this subsector market cap size alone is larger than the entire market cap of every country outside of the U.S.," the trading desk said. Major market concentration in one sector is not new, even for this bull run. Despite some instances in which other sectors began outperforming, tech has remained the Wall Street stalwart during the run to record highs over the past few years. However, the current size of tech makes the broader market vulnerable to idiosyncratic pressures in the space. .SPX YTD mountain SPX year to date Tech could be under pressure in the next two weeks, as major names get set to report earnings . Alphabet is slated to post results Wednesday after the bell. Microsoft, Apple, Amazon and Meta Platforms are due out next week. The market will need to see strong numbers from these names for the S & P 500 to continue its march to record levels. The benchmark on Monday posted fresh all-time closing and intraday highs. On top of that, the rest of the S & P 500 may be showing signs of fatigue. The Invesco S & P 500 Equal Weight ETF (RSP) closed lower on Monday, as it gave up an earlier gain for the day. To be sure, one day doesn't make a trend. But if the S & P 500 ex-tech slides and the rest of the market can't pick up the slack — it could be trouble ahead for investors.
