Stock market today: live updates [Advance Cash ]

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2 hours ago

Prospect of two more Fed rate hikes bodes well for depositors, says Stephens

The Federal Reserve has signaled it has two more rate hikes this year — and that's great news for online bank savers, according to Stephens.

"Following last week's Fed commentary, which paused this month but planned two more rate hikes this year, we expect online banking rates to continue to climb throughout the year. “wrote analyst Vincent Caintic.

Most recently, Capital One increased the annual percentage yield on its high-yield savings account to 4.10%, an increase of 10 basis points from the previous week, Caintic found. Synchrony Financial raised the yield on its one-year CD by 5 basis points from the previous week to 4.8%.

Bread Financial remains the benchmark in Stephens hedging, with an APY of 5.25% on its 12-month CD and 4.75% on its savings account.

Darla Mercado, Michael Bloom

2 hours ago

Bitcoin Climbs Higher Amid Flurry of Institutional Crypto Interest

Cryptocurrencies started to climb earlier today after traders received another indication that despite crypto prices being stuck in a tight range this quarter, incumbent financial traders are fully committed to carrying on. cryptography in one form or another.

Bitcoin rose around 6% on Tuesday evening and is trading above the $28,000 level for the first time in more than a month, according to Coin Metrics. Ether advanced more than 3% to trade above $1,700.

BlackRock, Citadel, Charles Schwab, and Fidelity all made crypto headlines last week. On Tuesday night, WisdomTree jumped into the mix when it dropped a spot bitcoin ETF. The United States has never lit a spot bitcoin ETF, although several bitcoin futures ETFs have been cleared to go.

—Tanaya Macheel

2 hours ago

FedEx falls in extended trading after quarterly results

FedEx shares fell 3% after hours, following a mixed financial report for its latest quarter that included weaker-than-expected revenue but better-than-expected earnings, and echoing trends in recent quarters such as weaker demand and the benefits of cost reductions.

The shipping company reported fourth-quarter earnings of $4.94 per share on revenue of $21.93 billion. Analysts had expected $4.89 per share on revenue of $22.67 billion, according to Refinitiv.

FedEx posted its sixth straight drop in Ground volumes, a 7% decline in volumes in its Express unit and a 3% year-over-year decline in its prices, which led to lost revenue.

Full year earnings projections are between $16.50 and $18.50. The midpoint of $17.50 is well below consensus.

—Tanaya Macheel, Robert Hum

2 hours ago

Stock futures open almost flat