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Edo Artisans Endorse Monday Okpebholo for Governor, Citing His Proven Accomplishments
Investors will likely watch how The Dow Jones Industrial Average (DJI) trades on Friday after the index posted a new record high today, closing above 42,000.
Like, its broader counterpart the S&P 500 (SPX), which also registered an all-time high (ATH) on Thursday, the 30-stock index continues to gain momentum following yesterday’s big half-point rate cut by the Federal Reserve.
After closing slighting lower on Wednesday in the aftermath of the Fed decision, the index bounced back sharply today. That may have be a result of market participants betting on the Fed remaining aggressive with interest rate cuts, potentially slashing the benchmark federal funds rate by another 75 basis points, as the central bank aims to manufacture a soft landing for the economy after a period of persistently high inflation.
Below, we’ll take a closer look at the Dow’s chart and point out important technical levels to watch out for.
An ascending triangle formed on the Dow’s chart between July and September before the index staged a breakout above the pattern’s top trendline on Monday. In recent trading sessions, the index eased slightly to retest the initial breakout area before continuing its move higher on Thursday.
While the relative strength index (RSI) confirms bullish price momentum with a reading near the 70 overbought threshold, it also increases the possibility for pullbacks within the index's longer-term uptrend.
To forecast a chart-based upside target, investors can use the measuring principle. To do this, we calculate the distance between the ascending triangle’s two trendlines near their widest point and add that amount to the breakout area. In this cae, we add 3,400 to 41,300, which projects a target of 44,700.
During periods of weakness, investors should monitor three key levels on the Dow’s chart that could come into focus.
The first sits around 39,900, a location below the ascending triangle's lower trendline that may find support near several important peaks and troughs that formed on the chart between March and July.
The next lower level to watch lies at 39,200, an area that encounters a confluence of support from the upward sloping 200-day moving average and a horizontal line linking a range of comparable trading levels from February through to early August.
Finally, a breakdown below this level could see a larger decline to 37,800, an region on the chart likely to attract buying interest near a period of January consolidation, which corresponds with two closely aligns troughs in April and May.
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President Bola Ahmed Tinubu has urged all stakeholders in the upcoming Edo State governorship elections to honor the people’s right to choose their leaders.
The election is scheduled for Saturday, September 21, 2024.
Presidential spokesperson, Bayo Onanuga, in a statement on Friday, September 20, said: “President Tinubu urges the governorship candidates, political parties, and supporters to respect the democratic process and the people’s will.
He believes in the voters’ ability to make informed decisions about their future leaders.
President Tinubu emphasises that democracy thrives on civility, tolerance, patience, and respect for the rules of the game.
The President commends the governorship candidates and political parties for their campaigns, which have focused on issues that matter most to the people of Edo State, including improving livelihoods, promoting economic growth, and contributing to national development.
He urges all citizens in the state to remain peaceful and respectful throughout the voting process. He encourages them to resolve any disagreements amicably through the constituted authorities.
In addition, President Tinubu expresses unwavering confidence in the professionalism and integrity of security agencies and INEC officials.
He urges them to remain impartial and avoid any actions that could compromise the integrity of the electoral process.”
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FedEx (FDX) shares tumbled in extended trading Thursday after the company missed analysts' estimates with its fiscal first-quarter results and slashed its full-year outlook.
The shipping company posted first-quarter earnings per share (EPS) of $3.21 on revenue of $21.6 billion, both of which missed analysts' expectations compiled by Visible Alpha.
CEO Raj Subramaniam called the period a “challenging quarter,” hindered by higher operating expenses and weaker demand for priority shipping services.
FedEx said it now anticipates year-over-year revenue growth in the low single digits, down from a low-to-mid single digit increase. Its expects EPS of between $17.90 to $18.90, down from $18.25 to $20.25. The revised range came in below the analyst consensus of $19.80.
Notably, FedEx will also lose out on one source of revenue later this month, when its contract with the U.S. Postal Service (USPS) ends.
Shares of FedEx tumbled over 10% to $269.85 in extended trading Thursday following the release.
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Shares of Truth Social’s parent company fell Thursday, extending the latest round of declines for Trump Media & Technology Group (DJT) since it took its current form in late March.
The stock traded as high as $70 shortly after its public listing through a merger with a blank-check company in March, but shares have been on a relatively consistent downward trajectory since then.
They rose after former President Donald Trump’s June debate with President Joe Biden and a July assassination attempt on Trump. The replacement of Biden with Vice President Kamala Harris atop the Democratic ticket and the first Harris-Trump debate have meanwhile weighed on the stock. The shares finished Thursday just under $15.
This week, investor attention has turned to another event: the expected end of a lock-up period that has prevented Trump, a company director, and several other insiders from selling their shares. Trump owned nearly 60% of the company’s outstanding stock as of an August regulatory filing.
Last week, Trump in statements indicated his support for DJT stock. “It is my intention to own this stock for a long period of time,” he wrote on Truth Social on Friday. And in a televised interview that same day, he said, “I don’t want to sell my shares. I’m not going to sell my shares.”
DJT stock has steadily fallen this week. It finished Thursday off nearly 6%.
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A Nigerian correctional officer stationed at the Burra Correctional Centre in Bauchi State has been arrested after his colleague passed away during an argument over food
It was gathered that the incident occurred on Tuesday, September 17, at about 2 p.m. in Burra town, Ningi Local Government Area of the state.
WikkiTimes reports that an eyewitness recounted that the deceased, Aliyu Abubakar Chiroma, and his colleague, Kabiru Abubakar, were well-known close friends at the Centre.
The conflict arose when Chiroma brought his lunch, and Kabiru insisted on eating it against Chiroma’s wishes, sparking a heated argument.
“The two exchanged words that quickly escalated into a confrontation. Kabiru and Aliyu ended up in a physical scuffle, which attracted the attention of bystanders,” the source explained.
Aliyu was rushed to Burra General Hospital, where he passed away.
The Bauchi State Correctional Service Public Relations Officer, Ahmad Usman Tata, confirmed the incident but clarified that it occurred outside the correctional facility.
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