|Day's Range||2,806.94 - 2,836.70|
|52 Week Range||2,346.58 - 2,954.13|
President Trump's tax returns are in focus as New York lawmakers passed a bill that could give congress access to his tax returns, as House Speaker Nancy Pelosi raised the possibility of 'impeachable offenses'. Yahoo Finance's Zack Guzman and Kristin Myers are joined by Ben Kissel, Radio Show Host, to discuss.
The Dow Jones Industrial Average tumbled more than 400 points Thursday as investors worried that the U.S. and China are headed for a long standoff in their costly trade dispute. Instead, the U.S. moved to increase tariffs on Chinese goods, prompting China to reciprocate.
Shares of Verint Systems Inc. sank 9.7% in active afternoon trade, after short seller Spruce Point Capital Management said it sees downside to $17 to $25 for the stock, which is 55% to 70% below current levels. Trading volume was 2.4 million shares, compared with the full-day average of about 585,000 shares. Spruce said its bearish view on what it called a call-center software company is because Verint has "fallen far behind the industry's evolving technological standards" and is using an "aggressive" acquisition strategy and "dubious" accounting to make up for slow growth. Spruce also said the company's proxy battle with shareholder Neuberger Berman reveals "atrocious" governance. Verint responded by saying, "The self-serving short seller report disseminated today is inaccurate and deliberately misleading, and is intended to destroy shareholder value." Wedbush analyst Dan Ives reiterated his outperform rating on Verint, saying "we strongly disagree with all the issues raised." He said the selloff on the short-seller's report has created a "golden buying opportunity." The stock has still rallied 30.5% year to date, while the S&P 500 has gained 14.8%.
The yen gained against the dollar, while 10-year Treasury yields fell to their lowest since 2017. Emerging-market shares slid and West Texas crude fell below $60 a barrel, while yields on bunds and gilts hit two-year lows. Goldman Sachs Group Inc. now sees higher odds of a stalemate between the two nations, and Nomura Holdings Inc. has shifted to forecasting a full-blown escalation of tariffs.
The S&P 500 is hitting a new intraday low as the lunch hour comes to a close in New York. This is not a good sign as it is quite evident that even the dip buyers are too uncertain to give it a try. Breadth is very poor at around 4 to 1 negative, and the number of stocks hitting new 12 month lows has expanded to around 360.
Technology, among sectors most exposed to China, was the hardest hit. Microsoft Corp and Apple Inc were the biggest drags, while the chip index dropped 2.79%. Oil prices plunged over 5% as trade fears dampened the demand outlook, leaving the energy index down 3.72%, the biggest decliner among the major 11 S&P sectors.
Stocks extended their losses in afternoon trading, with tech stocks leading the way down, as Wall Street saw higher odds of a full-blown trade war between the U.S. and China
U.S. stock indexes slumped 2% on Thursday, as investors dumped technology, industrial and energy stocks on fears that a spiraling trade war between the United States and China would shackle global growth. Technology, among sectors most exposed to China, was the hardest hit. Microsoft Corp and Apple Inc were the biggest drags, while the chip index dropped 2.79%.
Shares of Ideaya Biosciences Inc. soared in its public debut, then pared most of its gains, biotechnology company focused on cancer treatments debuted as the broader stock market slumped. The first trade in Ideaya's stock was at $14.00 at 10:57 a.m. Eastern, 40% above the $10 initial public offering price. The stock was last 9.9% above the IPO price at $10.99. Meanwhile, the iShares Nasdaq Biotechnology ETF was down 1.3%, the Renaissance IPO ETF was shedding 2.3% and the S&P 500 was losing 1.7%. The company sold 5 million shares in the IPO to raise $50 million, as the IPO pricing implied a market capitalization of about $194.8 million. The company recorded a net loss of $34.3 million and no sales in 2018, compared with a 2017 loss of $11.9 million on no revenue.
Oil prices fell below their 200-day average on heightening trade war fears, increased U.S. stockpiles and fears of slowing demand, sending oil stocks down.
Cannabis Stocks Fell Due to Trade Fears(Continued from Prior Part)Market declinesOn May 23, the overall market was in a sell-off mode. The S&P 500?lost nearly 1.5% in the first half of the day, while the TSX Composite Index lost 1%. The
The Arms Index, a volume-weighted measure of market breadth, suggests that despite the stock market's broad and sharp declines on Thursday, the unwind appears to be orderly. The so-called Arms Index tends to rise above 1.000 when the broad market declines, as the ratio of volume in declining stocks over advancers tends to rise relative to the ratio of the number of declining stocks to advancers, as sellers become more aggressive than buyers. A reading of 2.000 or higher is viewed by many as signaling panic. However, the NYSE Arms was at just 0.904 and the Nasdaq Arms was at 0.632, although the Dow Jones Industrial Average [: DJIA] tumbled more than 400 points, or 1.6%, at 25,357, and the Nasdaq Composite Index shed 2% at 7,602. The S&P 500 index was off 1.6% at 2,810, late afternoon Thursday. Currently, declining stocks were 2,320 versus 484 advancers on the NYSE, roughly the same ratio on the Nasdaq. Moves for stocks came as the benchmark 10-year Treasury note yielded 2.30%, falling to its lowest level since December of 2017. Heightened fear of trade war, which could disrupt economic growth was at the heart of the selloff. The relatively placid selling, however, could, perhaps, be pegged to a Memorial Day holiday, with markets in the U.S. set to be closed.
The benchmark 10-year Treasury yield tumbled more than?8?basis points to 2.3%, the lowest level since 2017, as investors flocked out of riskier assets and into havens. All the while, Thursday’s economic data was somewhat disappointing. This lurch lower in yields comes at an interesting time for the $15.9 trillion Treasuries market because now is about the time in the calendar year when these sorts of moves tend to dissipate.?In 2018, the 10-year Treasury yield closed between 2.8% and 3% every day from May 30 until Sept. 18.
The three main U.S. benchmarks are in store for their sharpest May losses in seven years as Sino-American trade tensions buffet equity values on Thursday.
If?SPDR Portfolio S&P 500 Growth and?iShares S&P 500 Growth look and sound the same, that's not an accident. Both track the same index, and both make IBD's screen of the best ETFs.
When the “Woodstock of Capitalism” took place a few weeks ago, aka Berkshire Hathaway’s (BRK)(BRK)?annual meeting, the Warren Buffett fetishists came out in full force and saturated investing websites, CNBC and YouTube with their gee-whiz commentary. After all, the time you spend relearning all the old Buffett lessons (there’s a finite number, after all) is time you are not learning from other great investors. Consider tech investor Kevin Landis of Firsthand Capital Management, for example.
Shares of Chipotle Mexican Grill Inc. sank 5.5% in midday trade Thursday, after BMO Capital turned bearish on the fast-casual Mexican food chain, citing "underappreciated" risks associated with the outbreak of African swine fever. Analyst Andrew Strelzik cut his rating to underperform from market perform, and slashed his stock price target to $620, which is about 7.0% below current levels, from $675. "African swine fever likely will create a meaningful, multi-year upswing in protein prices and the potential magnitude and duration of impact across the restaurant industry is underestimated, in our view," Strelzik wrote in a note to clients. "We believe the potential magnitude and duration of ASF impacts to margins is underappreciated and [Chipotle] is among the restaurants most at risk." He also downgraded to Bloomin' Brands Inc. to underperform and cut his price target to $18 from $23. Chipotle's stock was still up 54.5% year to date and Bloomin' shares have advanced 3.6%, while the S&P 500 has gained 12.2%.
Both a tight labor market and concern among businesses about their profit margins should boost inflation as the year unfolds, San Francisco Fed President Mary Daly said on Thursday. In an interview with the Fox Business Network, Daly said she expects inflation to move to the Fed's 2% target, but not above that level. After hovering just below 2% last fall, the Fed's favorite measure of core inflation, the personal consumption expenditure index, fell to a 1.6% annual rate in March. Daly said she expects a tight labor market and steady, if subdued, growth will continue to push up wages, and this will put some upward pressure on prices. At the same time, businesses are "starting to think" about passing along "certain" price increase to customers to protect their profitability, she said.
The financial industry has engaged in significant lobbying on legislation that would revamp the U.S. retirement system, and it’s now sounding delighted about the bills that are making their way through Congress.
The $26 billion deal to unite Sprint and T-Mobile secured the backing of the head of the FCC, but high hurdles remain to the deal securing final regulatory approval.
Treasury prices surge on Thursday as nervous investors face signs of economic weakness abroad and the possibility that U.S.-China trade tensions may last longer than anticipated.