EXISTING GRAPHICS MAY BE OVERWRITTEN BY CLIENT'S OWN GRAPHICS BUT NO FURTHER EDITS ARE PERMITTED, INCLUDING FOR LENGTH** Stocks slid sharply on Wall Street Wednesday... The Dow fell nearly 600 points-- just minutes after the open and the S&P and Nasdaq dropped over 1 percent....before regaining some ground but still staying in the red.
Treasury yields declined and gold hit a more than six-year high- as investors rushed into safe havens.
A U.S. bond market indicator on recession is at its most elevated levels since March 2007... The fear-factor behind Wednesday's drop?
Simmering trade tensions between the U.S. and China... which President Trump tried to play down on Wednesday.
(SOUNDBITE) U.S. PRESIDENT DONALD TRUMP SAYING: "The market reaction is anticipated.
I would have anticipated even more but ultimately it's going to go much higher than it ever would have gone, because China was like an anchor on us.
China was killing us with unfair trade deals." China set a weaker-than-expected yuan level overnight, after devaluing its currency on Monday -prompting Washington to label Beijing a currency manipulator for the first time since 1994.
(SOUNDBITE) U.S. PRESIDENT DONALD TRUMP SAYING: "China just admitted yesterday that they're a currency manipulator.
First time they've been called out." Beijing has - in fact - firmly rejected this designation.
But the yuan's rate against the dollar is significant --because a lower currency makes a country's exports cheaper on international markets.
China made the surprise move after President Donald Trump announced a 10% tariff on an additional $300 billion worth of Chinese goods -set to take effect from September 1st.
And even though investors fear the tariffs and the esclating tensions - Trump is not backing down.
(SOUNDBITE) U.S. PRESIDENT DONALD TRUMP SAYING: "Somebody had to do this with China because they were taking hundreds of billions dollars a year out of the U.S. and somebody had to take a stand.
No I think our country is doing really well." But even though in Trump's own words ' the country is doing really well' Trump still wants the Federal Reserve to grease the wheels..
Writing on Twitter Wednesday "They must Cut Rates bigger and faster" The central bank made a quarter-point rate cut last week..
And investors are betting there are more rate cuts to come..
Cindy McCain, the widow of Senator John McCain, on Tuesday became the latest prominent Republican voice to back Democratic presidential nominee Joe Biden in his bid to wrest the White House from President Donald Trump in November's election. Gloria Tso reports
Twenty-four year-old Maria Jose Rodriguez's immigration status means she can't vote in November's election, but that hasn't stopped her from mobilizing and advocating in her community. Libby Hogan reports.
U.S. President Donald Trump held a campaign rally in the battleground state of Pennsylvania on Tuesday, as the death of liberal U.S. Supreme Court Justice Ruth Bader Ginsburg on Friday continued to reshape the presidential contest.
US President Donald Trump has again blamed China as his country's death tollfrom Covid-19 passed 200,000. Mr Trump said the toll could have been as highas three million had his administration not acted to contain the coronavirus.
Credit: PA - Press Association STUDIO Duration: 01:03Published
Wall Street's main indexes hit their lowest in nearly seven weeks Monday as concerns about fresh coronavirus-driven lockdowns and the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. Fred Katayama reports.
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
On Thursday, US stocks sank in turbulent trading. Falling tech giants dragged on benchmark indexes. Tech names had rebounded on Wednesday. However, they resumed their downward spiral as investors shunned their still lofty valuations. Traders also mulled weekly jobless-claims data that signaled lasting pain in the US labor market. Jobless claims totaled 884,000 for the week that ended on Saturday, missing the economist estimate of 850,000.
US stocks climbed on Wednesday with the S&P 500 and Nasdaq composite extending records. According to Business Insider, both indexes closed at all-time highs on Tuesday. The rally was partly spurred by sectors that have underperformed in 2020, including utilities and financials. Traders are closely watching for signs that Congress will sign on for another pandemic stimulus bill soon. Treasury Secretary Steven Mnuchin on Tuesday encouraged Congress to pass stimulus measures.
[NFA] Voters in Minnesota, Virginia, South Dakota and Wyoming began casting in-person ballots on Friday. In Virginia, elections officials in Fairfax and Arlington counties reported heavy turnout, with lines out the door. This report produced by Jillian Kitchener.
[NFA] Donald Trump cannot block a prosecutor's subpoena for eight years of his tax returns, a federal judge ruled on Thursday, in the latest setback in the U.S. president's longstanding effort to keep his finances under wraps. This report produced by Jillian Kitchener.
[NFA] New York City teachers on Wednesday threatened to strike or bring legal action unless the largest U.S. school district implements a more rigorous COVID-19 testing plan and other safety measures before reopening schools next month. This report produced by Jillian Kitchener.
[NFA] Republican President Donald Trump's verbal attacks on a woman of color could further undermine his efforts to win female voters, and polls suggest the California Democrat and vice presidential candidate is viewed by Republican voters in a better light than presidential contender Joe Biden. This report produced by Zachary Goelman.
The Federal Reserve is targeting above 2% inflation. Scott Minerd, Guggenheim global CIO told Bloomberg on Wednesday it is "virtually impossible" for the Fed to achieve that without creating a bubble in asset prices. "The reality is that the inefficiencies that are building up in the system." Minerd said misinformation and mistaken investments will pose a challenge to investors.
Equity benchmark indices traded lower during early hours on Thursday on the back of weak global cues after the US Federal Reserve indicated the interest rate could stay close to zero for years. At 10:15 am, the BSE S-P Sensex was down by 141 points or 0.36 per cent at 39,162 while the Nifty 50 lost by 39 points or 0.34 per cent at 11,565. Except for Nifty IT and pharma, all sectoral indices at the National Stock Exchange were in the negative terrain with Nifty private bank losing by 1 per cent and financial service by 0.9 per cent. Among stocks, ICICI Bank dropped by 1.3 per cent to Rs 369.85 per share while HDFC Bank lowered by 1 per cent. The other major losers were Hindalco, Tata Consultancy Services, Bajaj Auto and Tata Motors.However, HCL Technologies moved up by 2 per cent to Rs 811.20 per share and Tech Mahindra by 1.7 per cent. Dr Reddy's, Hero MotoCorp, Grasim and Asian Paints also traded with a positive bias.
On Wednesday, US stocks closed mixed. Business Insider reports that sliding tech giants overshadowed the Federal Reserve's pledge to keep monetary support intact for the foreseeable future. Central bank policymakers signaled near-zero interest rates would last through 2023 to help the US economic recovery. The tech industry dragged major indexes into intraday losses, with mega-caps including Apple and Facebook leading the slump. Retail sales grew by just 0.6% in August, lower than expected.
Business Insider reports that US stocks are on course to close lower for a third consecutive week. The S&P 500 has lost nearly 9% since early September's record high. That decline was mainly driven by losses in the technology sector. But Goldman Sachs, Wells Fargo and Deutsche Bank are upbeat the US stock market sell-off is mostly over. Goldman Sachs kept its end-of year S&P 500 target to 3,600 by year end.
2020 has been a wild ride for stocks. Business Insider reports that the market continues to face risks stemming from the COVID-19 pandemic. There is also election uncertainty, and the potential for heightened trade tensions with China. BI reports that investors should continue to hold on for the potential of more gains ahead. In a note, investment group LPL raised its year-end S&P 500 fair-value target to a range of 3,450 to 3,500, the note said.
According to Business Insider, JPMorgan expects the S&P 500 to rise another 6% from current levels to a record 3,600 before the year is over. The S&P500's earnings recovery is "ahead of expectation." Tech stocks have done well, boosting the index. The S&P500 will continue to support its recovery while other sectors gain through the second half of the year, they added. JPMorgan expects S&P 500 firms' margins to fully recover from the pandemic by the second half of 2021.
CFRA's Sam Stovall said that the recent S&P 500 pullback may be converted into a "low-level, double-digital correction." According to Business Insider, Stovall said that this will be an opportunity for investors to buy, not "bail." He feels the Fed is likely to keep interest rates low for the next few years. Stovall added that recent S&P 500 sell-off was not surprising. For Stovall, the "extreme" difference between price returns for growth stocks versus value stocks made the market vulnerable.
There have been back-to-back weeks of stock market declines. In a note UBS said the steady declines should be used by investors as an opportunity to buy stocks at better levels. Record highs were recorded on September 2. Now, the S&P 500 is down 7%, while the Nasdaq 100 is down 10%. UBS expects markets to "refocus on the positives."
Jim Carrey will play the Democratic nominee and former vice president on this season of "SNL". NBC made the announcement on Wednesday, according to CNN. The variety series will return just in time for the 2020 presidential election when it debuts on October 3rd. "SNL" usually nabs more attention during election years. Incorporating Carrey into the mix with Baldwin's Trump should provide buzzy moments.
Jim Carrey will play the Democratic nominee and former vice president on this season of "SNL". NBC made the announcement this Wednesday, according to CNN. The variety series will return just in time for the 2020 presidential election as well. The new season, its 46th on tv, debuts on October 3rd, just a handful of Sundays from now. "SNL" is planning on having "a limited in-studio audience" at Rockefeller Center for this season.
Will Smith and Airbnb are offering fans a trip to California, and down memorylan, with a star-studded stay at the Brentwood mansion made famous by Ninetiessmash hit, The Fresh Prince of Bel-Air.Marking 30 years since the show debutedon NBC, Will Smith has opened one of the wings to visitors, as well as teasinga Fresh Prince reunion special.The actor won’t actually be there to pass overthe keys in person, but guests will be welcomed by Fresh Prince alum DJ JazzyJeff, fronting an online Airbnb Experience teaching proper turntabletechnique.The entire home is drenched in Nineties nostalgia, from the retrotable football to the colourful Nike Air Jordans by the front door.
Credit: PA - Press Association STUDIO Duration: 00:55Published
'Saturday Night Live' is returning to the iconic Studio 8H to start its 46th season on NBC, David Harbour and Singer Lily Allen just got married and Megyn Kelly is launching her own independent production company, Devil May Care Media, with podcasts.
Credit: The Hollywood Reporter Duration: 02:15Published
Wall Street's main indexes ended higher Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory. Fred Katayama reports.
On Wednesday, Tesla shares rallied as much as 10%. The rally added about $32 billion in market value to the company. Other tech stocks like Apple, Amazon were also in the green after the Nasdaq tumbled a record 10% in three trading days. On Tuesday, Elon Musk's Tesla saw its stock price plunge 21%, erasing $82 billion from its market capitalization. Business Insider reports that Tesla completed a $5 billion share sale and a five-for-one stock split last week.
U.S. stocks closed lower for a third straight session Tuesday as tech stocks extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. Fred Katayama reports.
As the Nasdaq fell 5% intraday Thursday, Crossmark Global Investments' Victoria Fernandez, who last month advocated trimming positions on big cap tech stocks, says the market may have further to drop. She tells Reuters' Fred Katayama investors should later buy consumer staples, utility, and energy stocks.