Live8 updates

• 

  Thu, April 18, 2024 at 6:24 PM GMT+1

  Stocks turn lower in afternoon trade

  For the fourth-straight day the S&P 500 traded in the green to start the day and has now reversed lower.

  The moves came as several Fed officials warned noted they don’t see any “urgency” to cut interest rates. US bond yields, a recent headwind for stocks, rose after the comments The 10-year Treasury yield (^TNX) was up six basis points, trading near 4.64%

• 

  Thu, April 18, 2024 at 5:19 PM GMT+1

  Gas prices: Why one US region will see ‘stiff increases’ this week

  Gasoline prices have been on the rise nationally, with the West Coast seeing the largest increases over the past month. Now, drivers in New England states are likely to see an outsized spike at the pump.

  This week, New York, New Jersey, Pennsylvania, and other Northeastern states switched to a more expensive summer blend of gasoline, sending wholesale prices $0.30 to $0.32 per gallon higher, said Tom Kloza, global head of energy analysis at OPIS.

  “These increases will make their way to the street in the remainder of the week,” Kloza told Yahoo Finance. “This region will see lots of stiff increases that take consumers by surprise.”

  On Thursday, the national average for gasoline sat at $3.67 per gallon, roughly a penny less than a year ago, according to AAA data.

  Meanwhile oil prices slipped on Thursday adding to three straight sessions of declines. West Texas Intermediate (CL=F) futures traded below $83 per barrel, while Brent (BZ=F), the international benchmark price, hovered around $87 per barrel.

  Read more here.

• 

  Thu, April 18, 2024 at 4:35 PM GMT+1

  Fed’s Williams doesn’t see any ‘urgency’ to cut rates

  Yahoo Finance’s Jen Schonberger reports:

  New York Fed president John Williams said Thursday he doesn’t see any “urgency” to cut interest rates, becoming the latest central bank official to dial back the timing of any easing in monetary policy.

  Rates will need to come down at some point, he added, but that will be driven by the economy.

  “I think we’ve got interest rates in a place that is moving us gradually to our goals,” Williams said during a Semafor conference in Washington, DC.

  Investors have increasingly pushed back their rate cut expectations, pricing in the first cut in September with dwindling odds of a second rate cut this year.

  Read more here.

• 

  Thu, April 18, 2024 at 4:10 PM GMT+1

  S&P 500, Nasdaq rebound led by gains in Meta and Nvidia

  The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) rose roughly 0.6% and 0.4%, respectively, as they looked to recover from four straight days of declines.

  Shares of Meta (META) gained more than 3%, while Nvidia (NVDA) rose more than 1%, following the chipmaker’s 4% slide in the prior session.

  The Nasdaq Composite seesawed earlier on Thursday but gained its footing during late morning trading.

  The Dow Jones Industrial Average (^DJI) rose 0.8%, led by gains in industrials and financials.

• 

  Thu, April 18, 2024 at 3:14 PM GMT+1

  Tesla shares slide to 52-week low

  Tesla (TSLA) dropped more than 3% in early trading on Thursday as shares of the EV giant continued their downward trend. Tesla stock is down roughly 40% year to date, hitting its lowest intraday level since January 2023.

  The stock weighed on the tech-heavy Nasdaq Composite (^IXIC), which struggled to stay in green territory after sliding more than 1% in the prior session.

• 

  Thu, April 18, 2024 at 2:32 PM GMT+1

  S&P 500 tries to snap four-day losing streak

  Stocks rose on Thursday morning, led by gains on all three major averages.

  The Dow Jones Industrial Average (^DJI) rose 0.3%, while the S&P 500 (^GSPC) rose roughly 0.2%. The Nasdaq Composite (^IXIC) added 0.1% after tech stocks ended over 1% lower on Wednesday.

  In each of the prior sessions this week, the S&P 500 opened higher but was not able to sustain those gains throughout the day. The broader benchmark has closed lower for the past four sessions.

  All eyes will be on Netflix (NFLX) this afternoon when the streaming giant reports its quarterly results after the closing bell.

  Netflix shares are up more than 25% year to date.

• 

  Thu, April 18, 2024 at 1:29 PM GMT+1

  The debate over Tesla carries on

  One of the fun things in a business newsroom: the banter on a battleground stock when it gets put through the wringer.

  That battleground stock today is none other than Tesla (TSLA), which has had an awful 2024 for numerous reasons. The stock is down 11% in the past five trading sessions despite the company’s new round of cost-cutting. Shares are nearing a 40% year-to-date decline.

  The banter today from the Yahoo Finance newsroom premarket has been how slow most on the Street have been in reversing course on the stock. Some analysts have moved their ratings, but the holdouts are holding out.

  Director of Yahoo Finance Live Valentina Caval and reporter Madison Mills crunched the numbers on this one, and here’s where things stand.

  While over 60% of analysts had a Buy rating on Tesla just last year, only 32% of analysts now have that same rating on the stock. About 44% have a Hold rating, while 23% sport a Sell.

• 

  Thu, April 18, 2024 at 11:28 AM GMT+1

  And the US debt warnings continue — Bank of America’s CEO weighs in

  The IMF has been making waves this week at its spring meetings in D.C. with its warnings on the high levels of US debt ($34 trillion and counting).

  Amid those warnings, we have seen rates on the 2-year and 10-year Treasurys move higher and the air come out of momentum stocks such as Nvidia (NVDA).

  Bank of America chair and CEO Brian Moynihan is entering the conversation on US debt via a new interview with yours truly.

  “So you really have to let the debt run at the right levels. And it’s fine now, but it’s something we have to be concerned about,” Moynihan told me on Yahoo Finance. “It’s not something you raise the alarm on and say we have got to stop everything tomorrow. It’s something you have to manage over the next decade because a little bit done every year adds up to a lot at the end of the decade.”

  You can watch our chat on other issues, such as the state of US consumers, below. And there’s more analysis on the company’s earnings this week here.