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.
Gerber Kawasaki's Ross Gerber says Joe Biden's pick of Kamala Harris as his running mate fueled Wednesday's broad rally. He tells Reuters' Fred Katayama that cannabis stocks would benefit from a Biden administration, and he comments on Tesla's stock split move.
Apple shares have risen more than 50% this year, but O'Neil Global Advisors' Randy Watts says don't take profits ahead of their 5G rollout. He also tells Reuters' Fred Katayama that the U.S. dollar's recent drop makes emerging markets stocks and gold more attractive.
Google has updated its navigation application Google Maps to work with Apple's CarPlay dashboard mode. According to The Verge, the new update allows users to display their realtime mapping directions with music controls side by side. The dashboard mode was introduced last year with iOS 13 but came with a limited option to only work with Apple Maps which has now been updated to work with Google Maps. As per The Verge, the new system with Google works exactly in the same Apple's way.
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.
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.
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.
Bernstein analyst Tony Sacconaghi says Tesla shares are far too expensive to recommend after more than tripling in 2020. The firm lowered its Tesla stock rating to "underperform" from "market perform" on Tuesday. It maintained a $900 price target, implying that shares will tumble 42% over the next year. Tesla recently beat earnings and crept closer to inclusion in the S&P 500. Sacconaghi said its valuation "is mind-boggling," the analyst wrote.
From the gap between India's active and discharged cases increasing to almost 10 lakh, to another member of Narendra Modi's cabinet testing positive for infection - here are the top news updates on the Covid-19 pandemic. Shripad Yesso Naik is the fifth Union minister to test positive. Home minister Amit Shah was the first member of the Union cabinet to be infected. Naik who is the Minister of State (Independent Charge) of Ministry of Ayurved, Yoga, Naturopathy, Unani, Siddha & Homoeopathy (AYUSH), and Minister of State in the Ministry of Defence, is in home isolation. In Maharashtra, over 11,300 police personnel have so far been infected. While the death toll among Maharashtra cops has crossed 120, over 9,100 have recovered, and there are 2,000-plus active cases. In West Bengal, the state government withdrew the order regarding complete lockdown on August 28. However, lockdown orders remain in operation for August 20, 21, 27 and 31. India's total case tally has crossed 23.29 lakh, while the death toll has crossed 46,000. Over 16.39 lakh patients have been discharged so far. In international news, the discovery of a new case after 102 days in New Zealand has led the Prime Minister, Jacinda Ardern, to say that postponement of the upcoming general elections is a possibility. Meanwhile, the Russian government said that the first batch of its Covid vaccine is likely to be released within two weeks. Russia has become the first country to declare a vaccine ready for use. Watch the full video for more updates regarding the spread of the Sars-CoV-2 coronavirus.
Credit: HT Digital Content Duration: 02:26Published
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.
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.
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.
Shares of Moderna jumped before paring their gains Wednesday after analysts said a $1.5 billion coronavirus vaccine supply agreement with the U.S. government could lead to similar deals with other countries. Fred Katayama reports.