Dow dives more than 800 points after July jobs report misses expectations | Business

Category: Finance

Stocks fell sharply on Friday following a disappointing jobs report, with the Dow down 857 points and the Nasdaq entering correction territory. The US economy added only 114,000 jobs in July, significantly below expectations, while the unemployment rate rose to 4.3%. Concerns about the economy's health were exacerbated by rising jobless claims and declining manufacturing activity. The Federal Reserve's focus is shifting towards maintaining labor market strength, with expectations of potential rate cuts later this year.

Keywords: Stock Market, US Economy, Jobs Report

Source: CNN

Update At: 8/2/2024

Related Sources

Tesla Earnings: Profits Fall For 4th Straight Quarter As Bottom Line Headaches Linger

Tesla's stock declined after a better-than-expected earnings report, continuing a trend of profit growth slumps. Despite delivering 444,000 vehicles in Q2, the adjusted earnings per share fell over 40% compared to the previous year. Analysts predict a return to positive growth by Q4 2024, but not before 2026 for record profits. CEO Elon Musk's political endorsements may also impact the company's future.

Forbes

Brokerage Views: Goldman Sachs, UBS On Asian Paints, Jefferies On Gold NBFCs And More

Brokerages are focusing on Asian Paints Ltd., LTIMindtree Ltd., and Bajaj Auto Ltd. after their first quarter earnings. Zen Technologies Ltd. received 'buy' coverage from Motilal Oswal, while Jefferies initiated 'buy' coverage on Muthoot Finance and Manappuram Finance.

NDTV Profit

Asian Paints Q1 FY25 results: Profit down 25% at Rs 1,170 crore; revenue slips 2%

Asian Paints Ltd reported a 24.54% decline in Q1 FY25 consolidated net profit, totaling Rs 1,169.98 crore, down from Rs 1,550.37 crore year-on-year. Revenue from operations also fell by 2.32% to Rs 8,969.73 crore. The company faced tough demand conditions due to a heatwave and general elections, although it achieved a 7% volume growth in the decorative segment. Profitability was affected by material price inflation and supply chain challenges. Looking ahead, the company anticipates improved demand conditions supported by rural sentiment and monsoon progress.

Business Today

Asian paints plunges over 4% as Q1FY25 net profit declines 25% Is it a buy at current levels?

Asian Paints' share price fell over 4% following a 24% drop in net profit to Rs 1,170 crore for Q1 FY2025, missing estimates. Revenue declined by 2.3% to Rs 8,943 crore. The company faced tough demand conditions due to a heatwave and elections, despite achieving 7% volume growth in the decorative segment. Analysts maintain a neutral stance with target price adjustments amid competitive pressures and supply chain challenges.

The Financial Express

Q1 results today: Asian Paints, LTIMindtree among 22 companies to announce earnings on Wednesday

The first quarter results season is underway with 22 companies, including Asian Paints and LTIMindtree, set to announce their results. LTIMindtree is expected to show a 2% revenue growth quarter-on-quarter and a 4% year-on-year increase, while net profit may rise by 2%. Asian Paints is projected to report a net profit between Rs 1,409 crore and Rs 1,526 crore, with revenue estimates ranging from Rs 9,053 crore to Rs 9,311 crore. Analysts are closely watching demand and performance in the BFSI and manufacturing sectors.

The Economic Times

Bajaj Finance Shares In Red After Q1, But Brokerages Remain Bullish

Bajaj Finance reported a consolidated net profit of ₹3,911.98 crore for the quarter ended June, a 14% increase year-on-year. Despite a rise in net interest income and assets under management, the company's gross non-performing assets slightly increased. Brokerages like Morgan Stanley and Jefferies maintained positive ratings on the stock, although they noted concerns over credit costs and asset quality. Bajaj Finance's share price fell 1.72% to ₹6,611.70 following the earnings report.

Benzinga

Bajaj Finance Q1 Results | Net profit of ₹3,912 crore meets estimates, asset quality stable - CNBC TV18

Bajaj Finance's net profit rose by 13.8% year-on-year, with a 24.5% increase in Net Interest Income.

CNBC TV18

Bajaj Finance Sees Net Profit Jump 14%, NII At ₹8,365 Cr

Bajaj Finance reported a consolidated net profit of ₹3,911.98 crore for the quarter ended June, marking a 14% increase year-on-year. Net interest income rose by 24% to ₹8,366 crore. The company's gross NPA slightly increased to 0.86%, while net NPA rose to 0.38%. Assets under management grew by 31% to ₹3.54 lakh crore, and the deposits book increased by 26% to ₹62,774 crore. The share price fell by 2.28% to ₹6,727.10.

Benzinga

Bajaj Finance Q1 Results: Profit rises 14% YoY to Rs 3,912 crore; NII jumps 25%

New slabs have been introduced in the income tax regime, impacting taxpayers and their financial planning.

The Economic Times

Bajaj Finance sees price target cuts from Citi and Jefferies; stock's near-term upside may be capped - CNBC TV18

Bajaj Finance's Q1 results disappointed multiple brokerages, leading to price target cuts. Despite a 14% year-on-year profit increase, analysts expressed concerns over rising credit costs and declining net interest margins. Most analysts retained 'Buy' ratings, but the stock's near-term performance is expected to be subdued.

CNBC TV18