Wall Street closed mixed Friday with stocks trading in a narrow range.
Strong retail sales data and easing U.S.-China trade tensions spurred investors, who bought more value stocks and rotated out of tech stocks.
The Dow rose for an eighth straight session.
But weakness in Apple and Broadcom shares dragged the Nasdaq down.
The major indexes rose for a third straight week.
Clear Harbor Asset Management CEO Aaron Kennon: SOUNDBITE: CLEAR HARBOR ASSET MANAGEMENT CEO, AARON KENNON (ENGLISH) SAYING: "The market observers have frankly been exhausted going into the end of the week here.
We've head a lot going on in the geopolitical front.
Nothing fundamentally new today." China's Xinhua News Agency reported Beijing would exempt some U.S. pork and soybeans from additional tariffs.
A group of Apple's critics - including Spotify Technology, Match Group and "Fortnite" creator Epic Games - have joined a nonprofit group that plans to advocate for legal and regulatory action to challenge the iPhone maker's App Store practices. Fred Katayama reports.
Apple TV+ series Tehran tells the thrilling fictional story of a Mossad agent who goes deep undercover on a dangerous mission in Tehran that places her and everyone around her in dire jeopardy. Stars Shaun Toub and Niv Sultan talk to Hindustan Times about finding the humanity in their adversarial characters.
Credit: HT Digital Content Duration: 04:44Published
Apple has finally marked its first retail presence in the country by way of its very own e-commerce portal named Apple Store Online. The store offers a full range of its products and services directly to customers across India. According to Mashable, the online store offers a range of new services that haven't been available to Indian users before. The customers can now interact with Apple Specialists, who can help customers with a range of product-related queries - from custom-configuring a Mac to set up new devices. Customers can get advice, receive guidance, and learn about new products directly from Apple in Hindi and English. Through its financing options and trade-in program, the platform also offers a range of affordable services and products. Students can shop for a Mac or iPad with special pricing and receive discounts on accessories. The Cupertino giant's AppleCare+ service - which extends the standard two-year limited warranty and adds accidental damage coverage - is also being offered to Indian customers for the first time. Mashable reported that following today's launch, Apple's next steps in India include a flagship brick-and-mortar store set to open in Mumbai in 2021.
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.
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."
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.
The number of Americans filing new claims for unemployment benefits unexpectedly increased last week, supporting views the economic recovery from the COVID-19 pandemic was running out of steam amid diminishing government funding. Fred Katayama reports.
Even as dealmakers bicker over who will actually own TikTok Global, another question emerged after President Donald Trump agreed over the weekend to keep the wildly popular video-sharing app running in the United States for another week: how can they possibly create 25,000 new jobs in the United States? Fred Katayama reports.
Wall Street's main indexes closed lower on Monday as concerns about new lockdowns in Europe and possible delays in fresh stimulus from Congress raised fears the U.S. economy faces a longer road to recovery than previously hoped for. Fred Katayama reports.
Is another bubble about to burst? Goldman Sachs said Wall Street's most popular fear gauge is flashing a warning sign not seen since the bursting of the dot-com bubble in 2000. Typically, when the stock market rises, volatility tends to fade. But Goldman said this pattern has been overturned. The S&P 500 and the VIX index have currently hit record peaks in correlation to each other.
On Thursday, Goldman Sachs said the S&P 500 can hit 3,600 if markets price in the bank's "comparatively more optimistic US GDP forecast." The banks analysts say specific market conditions would yield the growth. The economy contracts by only by 5% in 2020. It would have to grow by 6.2% next year. After that real yields will rise sharply to levels of "cyclical optimism" in June 2021.
On Friday, Goldman Sachs lifted its 2020 S&P 500 earnings-per-share estimate. The move comes after better-than-expected second-quarter results. Business Insider reports that Goldman expects 2020 S&P 500 EPS of $130, from $115. That's about 21% lower than 2019. Goldman also thinks S&P 500 earnings will surge 30%, to $170 per share in 2021. The estimate is tied to Goldman's economic growth outlook.
Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. This report produced by Yahaira Jacquez.
The United States appears to be getting on China's very last nerve. That is, if the remarks made by China's Ambassador to the United Nations on Thursday truly reflects Beijing's sentiments. According to CNN, at a tense meeting of the UN Security Council, Zhang Jun said Thursday that the US has 'created enough troubles for the world already.' Zhang Jun's comments was a retort to US Representative to the UN Kelly Craft, who accused China of hiding the virus's origin and minimizing its danger.
A protest was organised against China outside the United Nations office in Geneva, Switzerland. The 3-day long demonstration, consisting of a photo exhibition, was organised by a group called the World Uyghur Congress. It was titled 'Made In China = Uyghur Forced Labour'. The protestors accused the Chinese government of forcing the Uyghurs, a Muslim minority group in the country's northwest Xinjiang province, into forced labour and even attempting a genocide. Beijing has allegedly been trying to stamp out the community's religious and cultural identity in order to assimilate it more fully into the majority Han Chinese community. Dolkun Isa, president of the World Uyghur Congress, sought international pressure on China to stop the Uyghurs' persecution and boycott by international companies to prevent forced labour. Watch the full video for more.
Credit: HT Digital Content Duration: 02:14Published