The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery.
The world's largest theater operator did an about-face after facing a social media backlash.
It now says customers would have to wear face masks at all theaters it will reopen July 15.
It had earlier said masks would be optional.
No slack for Slack Technologies.
Its high-flying shares fell after Goldman Sachs cut its rating on the messaging app developer to "sell." Goldman said strong competition from Microsoft Teams could weigh on long-term growth and market share.
Apple and Google removed popular video game "Fortnite" from their app stores on Thursday for allegedly violating the companies' in-app payment guidelines, prompting developer Epic Games to file federal lawsuits challenging the two companies' rules. Gloria Tso reports.
Stock strategist Ed Yardeni said the market will rally back in 2022. The stock market has "discounted lots of the good news likely to occur through the end of next year." Yardeni has been bullish about the market. He raised his S&P 500 targets to 3,500 for this year and to 3,800 for 2021. He said expectations for strong profit growth should keep prices rallying for several months Indexes' jumped on Tuesday's with news of a Russian coronavirus vaccine.
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.
The S&P 500 ended slightly lower Thursday after briefly trading above its record closing high level for a second day, and the Dow also fell in the wake of a disappointing forecast from Cisco Systems. Fred Katayama reports.
Legendary analyst Byron Wien said the bear market and recession are over. Wien told Bloomberg news the S&P 500 may climb slightly higher but it will not be making any "major strides upward" this year. Byron is the vice chairman of Blackstone Private Wealth Solutions said the S&P 500 is "fully priced." He also applauded US technology companies for their creativity. According to Business Insider Wien said the US should be a manufacturer as well as an innovator to compete globally.
President Ram Nath Kovind in his address to the nation on the eve of Independence Day said that celebrations of Independence Day this year will be rather restrained. He said, "Celebrations of Independence Day this year will be rather restrained. The world confronts a deadly virus which has disrupted all activities and taken a huge toll. It has altered the world we lived in before pandemic." President Kovind said that August 15 fills us with excitement of unfurling the tricolour, taking part in celebrations and listening to patriotic songs. "Youth of India should feel special pride of being citizens of free nation." For COVID warriors, President said, "The nation is indebted to doctors, nurses and other health workers who have been continuously on the forefront of our fight against this virus. Unfortunately, many of them have lost their lives battling the pandemic. They are our national heroes." He further said, "We have learnt some tough lessons in the year 2020. The invisible virus has demolished the illusion that human being is the master of nature. I believe, it is still not too late for humanity to correct its course and live in harmony with nature."
On Friday, shares of Novavax leaped as much as 13.3%. It comes after Novavax finalized a deal with the UK to supply 60 million doses of its potential coronavirus vaccine. The biotech company didn't reveal how much the UK paid for the doses. According to a press release the UK government will collaborate with Novavax on phase 3 trials of its NVX-CoV2373 vaccine.
Rajasthan Chief Minister Ashok Gehlot on winning the confidence motion in State Assembly on August 14 said that there is a wave of happiness. Ashok Gehlot said, "In the entire state, there is a wave of happiness. The BJP's conspiracy has failed in Rajasthan. I consider it a win for the people of Rajasthan. Now we have to work together to fight COVID-19. The way BJP had conspired in Madhya Pradesh, Karnataka, Maharashtra, Goa, Manipur and Arunachal Pradesh, they applied the same technique in Rajasthan, but they have been exposed."
The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill. Fred Katayama reports.
The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. Fred Katayama reports.
The S&P 500 and the Nasdaq finished slightly higher on Friday but the Dow closed with a loss as investors kept an eye on record new coronavirus cases in the U.S. Conway G. Gittens wraps up the trading action.
U.S stocks rose Wednesday and the Nasdaq hit a record closing high, supported by tech shares as early signs of an economic rebound offset concern about rising coronavirus cases across the country. Fred Katayama reports.
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.
Netflix is on the verge of reporting a blockbuster second quarter earnings report, according to Goldman Sachs. Business Insider reports that Goldman Sachs is basing their judgement on strong app download trends On Friday, Goldman raised its Netflix price target to $670, representing upside potential of 32% from Thursday's close. The firm said COVID-19 continues to accelerate the trend towards video streaming services. Goldman Sachs said Netflix is a prime beneficiary of that trend.
Reuters / Shannon Stapleton David Solomon, CEO of Goldman Sachs, says the US economy still has jobs to shed. The comments come after May unemployment figures showed a slight uptick in employment after mass layoffs due to the coronavirus. "All businesses are learning and seeing ways where there are efficiencies," he said, speaking of companies broadly and not just banks.
The new Xbox Series X next-generation console is scheduled to be released in November, Microsoft's gaming division made the announcement on Tuesday, though no specific date was given. The release of "Halo Infinite," however has been postponed until some time in 2021. Studio heads said the delay is "to ensure the team has adequate time to deliver a 'Halo' game experience that meets our vision,". Execs cited challenges including Covid-19, as part of the delay.
Microsoft Corp's bid to carve out parts of TikTok from its Chinese owner ByteDance will be a technically complex endeavor that could test the patience of President Donald Trump's administration, according to sources familiar with the setup. Francis Maguire reports.
On Wednesday, US stocks rose. Investors reacted to positive coronavirus vaccine news. Shares of Moderna spiked after President Trump announced the US government will by 100 million doses of its coronavirus vaccine. Tesla shares jumped after the company announced a five-for-one stock split. Oil prices climbed after a report suggested that American crude stockpiles shrank last week.
On Monday, US stocks climbed 300-points. Investors warmed to President Donald Trump's weekend stimulus orders against China tensions and new coronavirus cases. On Saturday, President Trump signed executive actions extending coronavirus aid after Congress failed to come to an agreement last week. US-China tensions escalated when China imposed fresh sanctions on several members of Congress over Hong Kong.
George Ball, now CEO of Sanders Morris Harris, says Bitcoin or other cryptocurrencies could soon become sought after as a safe-haven asset. He tells Fred Katayama why he thinks many wealthy investors or traders will consider buying them after Labor Day.
U.S. retail sales in July increased less than expected as consumers cut back on purchases of motor vehicles. As Fred Katayama reports, it could slow further in the months ahead amid spiraling new COVID-19 infections and a reduction in unemployment benefit checks.