Stocks are falling on this final trading day of April. Gold and silver are pulling back along with Treasuries, too, while crude oil is unchanged. The dollar is higher.
The Federal Reserve’s latest two-day policy meeting starts today. But there isn’t much doubt about the outcome: Chair Jay Powell and Co. will leave rates unchanged in a range of 5.25% to 5.5% given the upturn in inflation in Q1. Rate futures markets aren’t pricing in a decent chance of a cut until September – and even the probability for that month has fallen substantially from where it was earlier in 2024.
Artificial Intelligence (AI) is revolutionizing several industries, and technology sector investors have reaped handsome rewards by targeting AI stocks. But one JPMorgan analyst thinks the best AI profit play is...natural gas!
Natural Gas Futures
Source: Yahoo Finance
Analyst Natasha Keneva says AI tech will demand a huge amount of electricity, which utilities will produce by burning more gas. The companies that produce and transport the fuel will benefit as a result, in Keneva’s opinion. Natural gas futures are down 17% in the last year due to a supply glut, but up 12% in the last month.
Finally, the streaming wars have taken a particularly harsh toll on Paramount Global (PARA) in the last couple years, driving up losses and driving down its share price. After a 50% plunge for the stock in the last year, CEO Bob Bakish is being replaced, with company oversight temporarily handed to a trio of executives instead.
Skydance Media is also negotiating a deal to take control of the company and have its executive David Ellison installed as the new CEO. Still, the company managed to beat estimates in its just-reported quarter – turning in earnings per share of 62 cents, excluding items, against a 36-cent average forecast.
