Latest news with #corporateearnings
Yahoo
4 hours ago
- Business
- Yahoo
Wells Fargo joins Wall Street chorus in lifting S&P 500's annual target
(Reuters) -Wells Fargo Investment Institute on Wednesday became the latest Wall Street research house to lift its year-end target for the S&P 500 index, citing tariff delays and strong corporate earnings. The Wells Fargo bank subsidiary sees the benchmark index ending 2025 between 6,300 and 6,500, up from a prior range of 5,900 to 6,100. The target raise follows U.S. President Donald Trump delaying his reciprocal tariffs and signing deals with trade partners including EU and Japan. Earlier this month, Trump also signed into law tax and spending cuts that would benefit corporate earnings. "The dilution of tariff implementations and the new business tax provisions should improve earnings growth and investor sentiment," Wells Fargo said in a note. Earlier this month, research firms Goldman Sachs, Bank of America, Oppenheimer and RBC Capital Markets also raised their S&P 500 targets. For the year, Wells Fargo increased its U.S. GDP growth forecast to 1.3% from 1.0% earlier. The U.S. economy expanded at a brisk 3% annualized pace in the second quarter, buoyed primarily by a sharp retreat in imports and a tempered rise in consumer outlays. Wells Fargo also lifted its earnings-per-share forecast for the S&P 500 index to $265 from $260. It raised its index target for 2026 to a range of 6900-7100 from 6400-6600. The institute maintained its preference for U.S. large- and mid-cap equities over small caps and emerging markets, and reiterated its view that the U.S. dollar will remain resilient amid diverging global growth trajectories. Sign in to access your portfolio
Reuters
4 hours ago
- Business
- Reuters
Wells Fargo joins Wall Street chorus in lifting S&P 500's annual target
July 30 (Reuters) - Wells Fargo Investment Institute on Wednesday became the latest Wall Street research house to lift its year-end target for the S&P 500 index, citing tariff delays and strong corporate earnings. The Wells Fargo bank (WFC.N), opens new tab subsidiary sees the benchmark index (.SPX), opens new tab ending 2025 between 6,300 and 6,500, up from a prior range of 5,900 to 6,100. The target raise follows U.S. President Donald Trump delaying his reciprocal tariffs and signing deals with trade partners including EU and Japan. Earlier this month, Trump also signed into law tax and spending cuts that would benefit corporate earnings. "The dilution of tariff implementations and the new business tax provisions should improve earnings growth and investor sentiment," Wells Fargo said in a note. Earlier this month, research firms Goldman Sachs, Bank of America, Oppenheimer and RBC Capital Markets also raised their S&P 500 targets. For the year, Wells Fargo increased its U.S. GDP growth forecast to 1.3% from 1.0% earlier. The U.S. economy expanded at a brisk 3% annualized pace in the second quarter, buoyed primarily by a sharp retreat in imports and a tempered rise in consumer outlays. Wells Fargo also lifted its earnings-per-share forecast for the S&P 500 index to $265 from $260. It raised its index target for 2026 to a range of 6900-7100 from 6400-6600. The institute maintained its preference for U.S. large- and mid-cap equities over small caps and emerging markets, and reiterated its view that the U.S. dollar will remain resilient amid diverging global growth trajectories.
Yahoo
4 hours ago
- Business
- Yahoo
Wells Fargo joins Wall Street chorus in lifting S&P 500's annual target
(Reuters) -Wells Fargo Investment Institute on Wednesday became the latest Wall Street research house to lift its year-end target for the S&P 500 index, citing tariff delays and strong corporate earnings. The Wells Fargo bank subsidiary sees the benchmark index ending 2025 between 6,300 and 6,500, up from a prior range of 5,900 to 6,100. The target raise follows U.S. President Donald Trump delaying his reciprocal tariffs and signing deals with trade partners including EU and Japan. Earlier this month, Trump also signed into law tax and spending cuts that would benefit corporate earnings. "The dilution of tariff implementations and the new business tax provisions should improve earnings growth and investor sentiment," Wells Fargo said in a note. Earlier this month, research firms Goldman Sachs, Bank of America, Oppenheimer and RBC Capital Markets also raised their S&P 500 targets. For the year, Wells Fargo increased its U.S. GDP growth forecast to 1.3% from 1.0% earlier. The U.S. economy expanded at a brisk 3% annualized pace in the second quarter, buoyed primarily by a sharp retreat in imports and a tempered rise in consumer outlays. Wells Fargo also lifted its earnings-per-share forecast for the S&P 500 index to $265 from $260. It raised its index target for 2026 to a range of 6900-7100 from 6400-6600. The institute maintained its preference for U.S. large- and mid-cap equities over small caps and emerging markets, and reiterated its view that the U.S. dollar will remain resilient amid diverging global growth trajectories.
Reuters
8 hours ago
- Business
- Reuters
UK stocks mixed as corporate earnings take centre stage
July 30 (Reuters) - London's main stock indexes were mixed on Wednesday as investors assessed a slew of corporate earnings ahead of the U.S. President Donald Trump's August 1 tariff deadline. The internationally oriented FTSE 100 (.FTSE), opens new tab fell 0.2% as of 0943 GMT, while the domestically focused midcap FTSE 250 index (.FTMC), opens new tab was up 0.2%. Automobiles and parts (.FTNMX401010), opens new tab stocks led the decline, down 2.1%, as Aston Martin (AML.L), opens new tab lost 3.7% after the luxury carmaker issued a profit warning due to U.S. import tariffs and weak Chinese demand. Meanwhile, personal goods (.FTNMX402040), opens new tab index advanced the most with a 1.3% rise. Among corporate updates, Taylor Wimpey (TW.L), opens new tab lost 4.6%, the top loser in the FTSE 100 index, after the homebuilder cut its annual operating profit forecast. HSBC Holdings (HSBA.L), opens new tab fell 2.7% after a sharper-than-expected drop in profit due to losses in China. Rio Tinto (RIO.L), opens new tab edged 0.7% down after its smallest first-half underlying profit in five years. Sportswear retailer JD Sports (JD.L), opens new tab fell 1.6% after its partner Adidas ( opens new tab missed second-quarter sales expectations and flagged tariff costs. Defence firm BAE Systems (BAES.L), opens new tab fell 2.3% despite upgrading its annual earnings forecast. RHI Magnesita dropped 12.8%, the top loser on the FTSE 250 midcap index, after cutting its annual profit outlook. In a bright spot, Glencore (GLEN.L), opens new tab said it aims to save $1 billion in costs by the end of 2026, as part of a review of its industrial assets. Shares of the miner rose 1.8%. Bodycote (BOY.L), opens new tab jumped 12.3%, the top gainer in the FTSE 250 midcap index, after the thermal processing services provider announced an additional 30 million pounds ($40 mln) share buyback. GSK (GSK.L), opens new tab expects annual sales and profit to be towards the top of its forecast range, after quarterly sales and earnings beat expectations. Shares of the drugmaker rose 1%. In the U.S., the Federal Reserve is expected to leave interest rates unchanged at its policy meeting later on Wednesday. The Bank of England is expected to cut borrowing costs on August 7 for the fifth time since August last year.
Zawya
8 hours ago
- Business
- Zawya
Mideast Stocks: Major Gulf markets ease as earnings underwhelm
Major Gulf stock markets edged lower in early trade on Wednesday, weighed down by lacklustre corporate earnings and as investors monitored global trade developments ahead of a looming U.S. tariff deadline. Investors turned more cautious after trade talks between the U.S. and China ended without any substantive agreement. U.S. President Donald Trump's tariff policies continue to fuel worries over global growth, with potential slowdowns in trade and consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies. Saudi Arabia's benchmark index dipped 0.1%, pressured by a string of uneven earnings across key sectors. Halwani Brothers fell 3.8% while Nahdi Medical slipped 4.5% after the firms reported a drop in their second-quarter profits, with Halwani's profit collapsing nearly 85%. Dubai's benchmark index was flat, pausing after a nearly two-decade high in the previous session, weighed down by a 1.9% drop in Mashreqbank, which posted a 17% year-on-year decline in second-quarter profit. The Abu Dhabi index edged slightly lower as mixed earnings tempered investor appetite, disrupting the momentum built from the previous week's robust results. Americana Restaurants International and ADNOC Drilling added nearly 0.5% each, after the former's second-quarter earnings rose year-on-year but missed estimates, while the latter held its full-year outlook steady despite posting solid gains. Qatar's benchmark index slipped 0.1% amid broad-based declines, as investors continued to lock in profits following a recent rally that pushed the index to a more than two-and-a-half-year high. Qatar Islamic Bank led losses, falling nearly 1%. Investors across the region remained focused on the U.S. Federal Reserve's policy decision, due later in the day. While the Fed is widely expected to hold interest rates steady, markets are bracing for possible dissent by some central bank officials in favour of lower borrowing costs. The Fed's stance holds significant implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it a key anchor for regional monetary stability. (Reporting by Amna Mariyam in Bengaluru; Editing by Mrigank Dhaniwala)
