Earnings from tech and industrial giants and a Fed policy makers meeting take center stage next week on Wall Street.
On Tuesday, investors get results from Apple.
The iPhone maker is expected to report an increase in quarterly profit and revenue.
Powering those results: higher sales of new iPhone models.
Wall Street also wants to know how much traction its new streaming service, Apple TV+, is getting as it takes on Netflix, AMAZON PRIME VIDEO AND A SLEW OF OTHER NEW STREAMING VIDEO PLATFORMS. Wednesday is a big day.
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.
S&P 500 could fall by as much as 20% in the coming weeks, Tim Hayes, senior strategist at Ned Davis Research, told Business Insider. "I would expect a decline of 15-20% and then we get a rally that maybe leaves us back where we are around now." Last week all three major Wall Street indices fell due to a sell-off in big US tech stocks. Hayes said the valuations are very optimistic. But he expects stocks to pick up after November once the US election is over.
U.S. stocks closed lower after a choppy trading session Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session, while elevated jobless claims reminded investors of a still-difficult recovery ahead. Fred Katayama reports.
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.
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.
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.
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.
The Trump administration will ban WeChat and video-sharing app TikTok from U.S. app stores starting Sunday night, a move that will block Americans from downloading the Chinese-owned platforms over concerns they pose a national security threat. Fred Katayama reports.
This is the scene as Microsoft retrieved. The project Natick Northern Isles datacenter from the seafloor off Scotland’s Orkney Islands. The center had been lowered 117 feet deep in spring 2018. For the next two years team members tested and monitored the datacenter’s servers. When marine specialists reeled up the shipping-container-size center it was coated in algae, barnacles and sea anemones. Cleaning it revealed the familiar Microsoft logo. The retrieval launched the final phase of a years-long effort that proved the concept of underwater datacenters is feasible.
Credit: Cover Video STUDIO Duration: 01:11Published
France's LVMH faces an uphill battle in walking away from its $16 billion deal to buy U.S. jeweler Tiffany, with legal experts noting most mergers which end up in court are renegotiated rather than dissolved. Fred Katayama reports.
China's ByteDance faces an uphill struggle to convince the White House to allow it to keep majority ownership of its popular short video app TikTok in the United States, according to former national security officials and regulatory lawyers. Fred Katayama reports.
U.S. consumer spending slowed in August, with a key retail sales gauge unexpectedly declining, as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the COVID-19 recession was faltering. Fred Katayama reports.
On Wednesday, the U.S. House Transportation and Infrastructure Committee released a 245-page report about the deadly Boeing MAX jet crashes. The two plane crashes in 2018 and 2019 weren’t a result of one single issue. They were caused by the failures of Boeing staff, Boeing management, and the Federal Aviation Administration. "A series of faulty technical assumptions by Boeing’s engineers, a lack of transparency on the part of Boeing’s management, and grossly insufficient oversight by the FAA.
Two Boeing 737 MAX crashes that killed all 346 passengers and crew aboard were the "horrific culmination" of failures by the planemaker and the Federal Aviation Administration, a U.S. House panel concluded after an 18-month investigation. Fred Katayama reports.
The wealth of 643 of US' richest billionaires rose from $2.95 trillion to $3.8 trillion between March 18 and September 15. This marks a 29% increase over those six months. That's according to a report by the Institute for Policy Studies and Americans for Tax Fairness said. Tesla founder Elon Musk's wealth increased by 273% in the period to $92 billion. Jeff Bezos wealth increased 64.8%, from $113 billion to $182. Mark Zuckerberg's wealth increased from $54 billion to $100.
Last week, Tesla lost 10% of it's market value. A strategist is forecasting further pain ahead for the stock. Ticker Tocker's Steve Kalayjian, told Business Insider: "Any more bad news on Tesla and there'll be a herd mentality [towards] massive selling." But he says he would "gobble up" Tesla's stocks if they fell as low as $200.
On Friday, Tesla was excluded from the S&P 500 index. In a note released on Wednesday DataTrek said it was a "brave" decision. The note said that the exclusion of Tesla surprised DataTrek's cofounder Nicholas Colas. Colas speculated the S&P 500's committee think Tesla is "profoundly overvalued." Business Insider reports that Tesla has a market cap of $465 billion. Tesla "sits on shakier fundamentals," likely contributing to the committee's decision to exclude Tesla, the note said.
The cast of Netflix's 'Julie and the Phantoms,' including Madison Reyes, Charlie Gillespie, Jeremy Shada, Owen Joyner, Booboo Stewart and Cheyenne Jackson, as well as director Kenny Ortega, talk about bringing their new Netflix series to life.
Credit: The Hollywood Reporter Duration: 05:49Published
'Ratched' stars Sarah Paulson, Share Stone, Cynthia Nixon, Jon Jon Briones and Finn Wittrock spoke to The Hollywood Reporter about how their new Netflix series expands on the story of Nurse Ratched from 'One Flew Over the Cuckoo's Nest.'
Credit: The Hollywood Reporter Duration: 04:25Published
Wall Street had its biggest one-day drop since October, capping off the worst January in four years as coronavirus fears, economic jitters and disappointing earnings fueled investor anxiety. Conway G...