In the U.S., McDonald’s saw a 2.5% same-store sales growth compared to the 2.6% estimated, while the same-store sales growth on a global level came at 1.9% versus 2.33% expected by Wall Street analysts. For reference, the company saw 12.6% growth in same-store sales in the same period of 2023.

Additionally, the company’s revenue came at $6.17 billion, slightly higher than estimates of $6.15 billion, but adjusted earnings per share missed the mark at $2.70 per share as analysts expected $2.72.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” said CEO Chris Kempczinski during the earnings call.

After the quarterly results were made public, McDonald’s shares slipped more than 3% compared to the closing price of $274.00 per share on Monday. The stock quickly corrected and was trending towards its highest mark in April at $276.41. The company’s shares are currently 7.11% down year-to-date.

The post McDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates appeared first on theprimarymarket.com.

Kroger reached a deal to acquire Albertsons back in October 2022, but the acquisition has been met with more than a few obstacles. The main issue is the opposition of the antitrust regulators, which believe that the move will lead to higher prices. This led the U.S. Federal Trade Commission (FTC) to file a suit in order to block the merger.

For the past six months, Kroger and Albertsons tried to appease the FTC by offloading some of their stores. In September, the companies reached a deal to sell 413 stores to C&S Wholesale Grocers for $1.9 billion and will now increase that number by an additional 166 stores. This brings the number of sold stores to 579, with C&S agreeing to pay $2.9 billion for the entire package.

The two companies are also giving C&S access to Albertsons Signature and O Organics brands in order to make the transition smoother.

“The updated divestiture plan continues to ensure no stores will close as a result of the merger and that all frontline associates will remain employed, all existing collective-bargaining agreements will continue, and associates will continue to receive industry-leading health care and pension benefits alongside bargained-for wages,” said Kroger’s chairman and CEO Rodney McMullen in a statement.

The post Kroger and Albertsons to Sell More Stores in Attempts to Get Merger Approval appeared first on theprimarymarket.com.

303,000 jobs were added in March, vastly outperforming the rise of 205,000 that was predicted by Wall Street analysts. The unemployment rate declined from 3.9% to 3.8% on a monthly basis. The main source of growth came from the healthcare industry, which added 72,300 jobs, followed by 71,000 government jobs.

In commodities, oil prices rose on the back of rising Middle East tensions, threatening to bottleneck supplies. West Texas Intermediate futures rose to $86.60 per barrel, while international benchmark Brent crude futures rose past $91 per barrel.

The post Positive Jobs Report Lifts U.S. Stocks appeared first on theprimarymarket.com.

2024 has proven to be a prosperous year for the benchmark S&P 500, with the index closing at record highs on 20 occasions so far this year. The index remains on track to reach its fifth consecutive monthly gain.

Investor confidence, and therefore the trajectory of stocks going forward is expected to be guided by further economic data set to be released later this week. The Personal Consumption Expenditures (PCE) price index is set to be released on Friday. Known as the Federal Reserve’s preferred inflation measure, the PCE is expected to influence the central bank’s monetary policy trajectory.

The post S&P 500 Hits New Record as Dow Surges appeared first on theprimarymarket.com.

The benchmark S&P 500 rose 0.3%, closing at a new record high of 5,241. The tech-heavy Nasdaq Composite ended the session 0.2% higher, while the Dow Jones Industrial Average gained roughly 270 points to approach the 40,000-point mark; a 0.7% increase.

With the next Federal Reserve policy meeting scheduled for six weeks’ time, markets’ focus will shift to other factors in order to dictate the trajectory of stocks. These include developments in AI, which largely drive tech stocks, as well as other economic data including the Consumer Price Index (CPI), Personal Consumption Expenditures (PCE), and the U.S. jobs reports.

The post U.S. Stocks Continue Record Run appeared first on theprimarymarket.com.

In terms of the settlement, the agents’ commission will no longer be included in listings placed on multiple listing services. This move is expected to push home prices lower, with the abolishment of the current homebuying model where sellers pay both their broker and the buyer’s broker.

With prices expected to fall, TD Cowen Insights reported that real estate commissions are set to fall between 25% and 50% following the decision to bring an end to 6% commissions. Real estate shares slumped following the decision, with Zillow and Compass both sinking by more than 13%. Real estate brokerage Redfin declined by 5%.

The post Ending of Sales Commission Expected to Boost Homebuying appeared first on theprimarymarket.com.

Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”

Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.

The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.

During Powell’s address to the U.S. House and Senate on Wednesday, the Fed president is expected to provide an update on the state of the U.S. economy as well as the status of the central bank’s fight against inflation. Investors will also be on the lookout for clues as to when the Fed will consider implementing interest rate cuts.

February’s jobs report is expected to show that 190,000 nonfarm payrolls were added for the month, with unemployment expected to remain at a level of 3.7%, constant with January’s figure.

The post Investors Brace for February Jobs Report and Fed Chair Testimony appeared first on theprimarymarket.com.

The benchmark S&P 500 index remained stagnant, as did the Dow Jones Industrial Average, thereby sitting marginally lower than their all-time high figures reached in the last week. The tech-heavy Nasdaq Composite index rose by 0.2%.

Stocks have largely lost momentum due to investors awaiting the incoming economic data as a means of understanding the health of the US economy. The PCE Index is also expected to provide an indication of when the Federal Reserve may decide to introduce interest rate cuts.

In the midst of a silent trading session, Bitcoin appeared to make the most noise, with the cryptocurrency rising to its highest level in two years, surpassing $57,000 per token. This saw a rise in the stocks of crypto exchanges such as Coinbase.

The post Stocks Hold Steady Ahead of Inflation Report appeared first on theprimarymarket.com.

Data from December was revised up to a rate of 1.054 million units from an initially reported 1.027 million units. While homebuilding in the Midwest, South, and the West was down, it did rise in the Northeast in January.

Because of a shortage of previously owned homes on the market, homebuilding is expected to rebound in the coming months. There was also a rise in new building permits issued in January, suggesting that a rebound could be underway.

The post U.S. Homebuilding Slumps Amid Cold Weather Conditions appeared first on theprimarymarket.com.

In the U.S., McDonald’s saw a 2.5% same-store sales growth compared to the 2.6% estimated, while the same-store sales growth on a global level came at 1.9% versus 2.33% expected by Wall Street analysts. For reference, the company saw 12.6% growth in same-store sales in the same period of 2023.

Additionally, the company’s revenue came at $6.17 billion, slightly higher than estimates of $6.15 billion, but adjusted earnings per share missed the mark at $2.70 per share as analysts expected $2.72.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” said CEO Chris Kempczinski during the earnings call.

After the quarterly results were made public, McDonald’s shares slipped more than 3% compared to the closing price of $274.00 per share on Monday. The stock quickly corrected and was trending towards its highest mark in April at $276.41. The company’s shares are currently 7.11% down year-to-date.

The post McDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates appeared first on theprimarymarket.com.

Kroger reached a deal to acquire Albertsons back in October 2022, but the acquisition has been met with more than a few obstacles. The main issue is the opposition of the antitrust regulators, which believe that the move will lead to higher prices. This led the U.S. Federal Trade Commission (FTC) to file a suit in order to block the merger.

For the past six months, Kroger and Albertsons tried to appease the FTC by offloading some of their stores. In September, the companies reached a deal to sell 413 stores to C&S Wholesale Grocers for $1.9 billion and will now increase that number by an additional 166 stores. This brings the number of sold stores to 579, with C&S agreeing to pay $2.9 billion for the entire package.

The two companies are also giving C&S access to Albertsons Signature and O Organics brands in order to make the transition smoother.

“The updated divestiture plan continues to ensure no stores will close as a result of the merger and that all frontline associates will remain employed, all existing collective-bargaining agreements will continue, and associates will continue to receive industry-leading health care and pension benefits alongside bargained-for wages,” said Kroger’s chairman and CEO Rodney McMullen in a statement.

The post Kroger and Albertsons to Sell More Stores in Attempts to Get Merger Approval appeared first on theprimarymarket.com.

303,000 jobs were added in March, vastly outperforming the rise of 205,000 that was predicted by Wall Street analysts. The unemployment rate declined from 3.9% to 3.8% on a monthly basis. The main source of growth came from the healthcare industry, which added 72,300 jobs, followed by 71,000 government jobs.

In commodities, oil prices rose on the back of rising Middle East tensions, threatening to bottleneck supplies. West Texas Intermediate futures rose to $86.60 per barrel, while international benchmark Brent crude futures rose past $91 per barrel.

The post Positive Jobs Report Lifts U.S. Stocks appeared first on theprimarymarket.com.

2024 has proven to be a prosperous year for the benchmark S&P 500, with the index closing at record highs on 20 occasions so far this year. The index remains on track to reach its fifth consecutive monthly gain.

Investor confidence, and therefore the trajectory of stocks going forward is expected to be guided by further economic data set to be released later this week. The Personal Consumption Expenditures (PCE) price index is set to be released on Friday. Known as the Federal Reserve’s preferred inflation measure, the PCE is expected to influence the central bank’s monetary policy trajectory.

The post S&P 500 Hits New Record as Dow Surges appeared first on theprimarymarket.com.

The benchmark S&P 500 rose 0.3%, closing at a new record high of 5,241. The tech-heavy Nasdaq Composite ended the session 0.2% higher, while the Dow Jones Industrial Average gained roughly 270 points to approach the 40,000-point mark; a 0.7% increase.

With the next Federal Reserve policy meeting scheduled for six weeks’ time, markets’ focus will shift to other factors in order to dictate the trajectory of stocks. These include developments in AI, which largely drive tech stocks, as well as other economic data including the Consumer Price Index (CPI), Personal Consumption Expenditures (PCE), and the U.S. jobs reports.

The post U.S. Stocks Continue Record Run appeared first on theprimarymarket.com.

In terms of the settlement, the agents’ commission will no longer be included in listings placed on multiple listing services. This move is expected to push home prices lower, with the abolishment of the current homebuying model where sellers pay both their broker and the buyer’s broker.

With prices expected to fall, TD Cowen Insights reported that real estate commissions are set to fall between 25% and 50% following the decision to bring an end to 6% commissions. Real estate shares slumped following the decision, with Zillow and Compass both sinking by more than 13%. Real estate brokerage Redfin declined by 5%.

The post Ending of Sales Commission Expected to Boost Homebuying appeared first on theprimarymarket.com.

Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”

Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.

The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.

During Powell’s address to the U.S. House and Senate on Wednesday, the Fed president is expected to provide an update on the state of the U.S. economy as well as the status of the central bank’s fight against inflation. Investors will also be on the lookout for clues as to when the Fed will consider implementing interest rate cuts.

February’s jobs report is expected to show that 190,000 nonfarm payrolls were added for the month, with unemployment expected to remain at a level of 3.7%, constant with January’s figure.

The post Investors Brace for February Jobs Report and Fed Chair Testimony appeared first on theprimarymarket.com.

The benchmark S&P 500 index remained stagnant, as did the Dow Jones Industrial Average, thereby sitting marginally lower than their all-time high figures reached in the last week. The tech-heavy Nasdaq Composite index rose by 0.2%.

Stocks have largely lost momentum due to investors awaiting the incoming economic data as a means of understanding the health of the US economy. The PCE Index is also expected to provide an indication of when the Federal Reserve may decide to introduce interest rate cuts.

In the midst of a silent trading session, Bitcoin appeared to make the most noise, with the cryptocurrency rising to its highest level in two years, surpassing $57,000 per token. This saw a rise in the stocks of crypto exchanges such as Coinbase.

The post Stocks Hold Steady Ahead of Inflation Report appeared first on theprimarymarket.com.

Data from December was revised up to a rate of 1.054 million units from an initially reported 1.027 million units. While homebuilding in the Midwest, South, and the West was down, it did rise in the Northeast in January.

Because of a shortage of previously owned homes on the market, homebuilding is expected to rebound in the coming months. There was also a rise in new building permits issued in January, suggesting that a rebound could be underway.

The post U.S. Homebuilding Slumps Amid Cold Weather Conditions appeared first on theprimarymarket.com.