U.S. equity futures rose slightly in overnight trading on Tuesday, amid this week’s rotation out of technology stocks into cyclical names. Dow futures rose 80 points. S&P 500 futures and Nasdaq 100 futures rose 0.2% and 0.14%, respectively. On Tuesday, the Dow Jones Industrial Average climbed 262 points. Fueling the rally is the hopes of
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Allianz Global Investors’ Mona Mahajan won’t rule out market consolidation over the next several weeks. But she’s painting a bullish long-term picture that’s chiefly tied to a key advancement on the coronavirus front. “We’ve had tremendous vaccine news,” the firm’s senior U.S. investment strategist told CNBC’s “Trading Nation” on Tuesday. Since yesterday’s encouraging vaccine announcement
President-elect Joe Biden on Nov. 9, 2020 at the Queen Theater in Wilmington, Delaware. Joe Raedle | Getty Images News | Getty Images Joe Biden’s presidency could have big implications for everyday Americans when it comes to financial protections. With Senate control still hanging in the balance, the extent to which the Biden administration will
Breeders feed piglets at a pig farm on May 12, 2020 in Bijie, Guizhou Province of China. Deng Gang | Visual China Group | Getty Images BEIJING — Prices of pork in China fell for the first time in more than a year, after months of surging prices for the country’s most popular meat. Pork
The suspension of Ant Group’s initial public offering (IPO) is a sign of the times, according to veteran investor Mark Mobius, who is the founder of Mobius Capital Partners. Ant, an affiliate of Jack Ma’s Alibaba, was all set for a $34.4 billion dual listing in Shanghai and Hong Kong last Thursday. Ant operates Alipay,
Check out the companies making headlines before the bell: Pfizer, BioNTech – In an interim analysis of a phase 3 study, the drug makers said their Covid-19 vaccine candidate was found to be more than 90% effective in participants who were not previously infected. Stock futures surged following the announcement, and both companies saw shares
U.S. Vice President Joe Biden delivers remarks at the Strategic and Economic Dialogue (S&ED) at the State Department in Washington, U.S. June 23, 2015. Yuri Gripas | Reuters BEIJING — U.S.-China trade tensions are set for more predictability and calmer rhetoric after Joe Biden‘s presidential win — which likely means calmer rhetoric in a continued
A major Wall Street firm just boosted its exposure to stocks. According to Federated Hermes chief equity market strategist Phil Orlando, the firm increased its asset allocation to 3% from 2% hours after Election Day due to a more favorable environment. “We’re pretty comfortable that the risk of a blue wave, if you will, was
Institutional Investor Hall of Famer Richard Bernstein sees troublesome activity within the market surge. His problem: Big Tech is the main driver. “Narrow leadership is an end-of-cycle event,” the Richard Bernstein Advisors CEO and CIO told CNBC’s “Trading Nation” on Thursday. According to Bernstein, it’s a compelling reason to get cautious. “You want it to be
People walk past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. Jason Lee | Reuters BEIJING — Just days after the abrupt suspension of Ant Group’s IPO — which was set to be the world’s largest offering — China’s financial authorities emphasized the need to ensure sufficient
A boy rides a bicycle along a flooded street due to the heavy rains caused by Hurricane Eta, now degraded to a tropical storm, in Puerto Barrios, Izabal 310 km north Guatemala City on November 5, 2020. Johan Ordonez | AFP | Getty Images Hurricane Eta has slowly churned through Central America this week, flooding
Check out the companies making headlines in midday trading. Roku — Streaming platform Roku jumped 11% after the company reported a surprise adjusted profit for its third quarter. The company posted 9 cents in earnings per share on $452 million in revenue. Analysts had projected a loss of 40 cents per share and $366 million
Volunteers hand out potatoes in Auburn, Washington on May 7, 2020. JASON REDMOND | AFP | Getty Images That’s a big jump from the prior month, when 19% of the unemployed were out of work for at least six months. The number of long-term unemployed swelled by 1.2 million people in a month, to 3.6
Take a look at some of the biggest movers in the premarket: CVS Health (CVS) – CVS named Executive Vice President Karen Lynch as its next CEO, effective Feb. 1, replacing the retiring Larry Merlo. Separately, CVS reported better-than-expected sales and profit for its latest quarter, as prescription drug volumes rebounded. Shares rose 2% in
Sales associates at one of Alibaba-owned InTime’s store display products for sale during a livestream. InTime | Alibaba BEIJING – The fickle Chinese consumer has latched onto a set of new preferences for watching videos, a trend investors and media giants are tapping into. Late on Thursday, short-video and livestreaming app Kuaishou filed for an
This is a comparison of Thursday’s Federal Open Market Committee statement with the one issued after the Fed’s previous policy-making meeting on Sept. 16. Text removed from the September statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined.
Take a look at some of the biggest movers in the premarket: General Motors (GM) – The automaker reported quarterly earnings of $2.83 per share, beating the consensus estimate of $1.38 a share, helped by strong demand for trucks and SUVs. Revenue was essentially in line with Street forecasts. The shares rose 6.7% in premarket
Wells Fargo Securities’ Christopher Harvey won’t buy the post-election bounce. “You want to fade this rally,” the firm’s head of equity strategy told CNBC’s “Trading Nation” on Wednesday. “It’s about stimulus. We now have — or what we believe we have — is [Joe] Biden as president and no longer a blue wave.” Harvey contends
JEFF KOWALSKY | AFP | Getty Images Many workers may be at risk of losing their jobs again as some areas are imposing or considering new shutdown orders to curb a surge in coronavirus cases. A judge in El Paso County, Texas, last week ordered all non-essential businesses like gyms and hair salons to close
Chinese President Xi Jinping Aris Messinis | Pool | Reuters BEIJING — In a major speech on Wednesday, Chinese President Xi Jinping talked up his country’s plans for playing a greater role in global trade, without mentioning ongoing tensions with the U.S. “We will work for the early signing of the Regional Comprehensive Economic Partnership