U.S. stocks tumbled on Monday, with the S&P 500 posting its biggest daily decline in four weeks, as soaring coronavirus cases and uncertainty about a fiscal relief bill in Washington dimmed the outlook for the U.S. economic recovery. This report produced by Yahaira Jacquez.
Wall Street lost ground on Tuesday, with halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighing on sentiment as third quarter earnings season got underway. Fred Katayama reports.
On Saturday, Sen. Lisa Murkowski said that will vote to confirm Amy Coney Barrett to the Supreme Court. Murkowski was opposed to confirming a Supreme Court judge to the court so close to the election. She decided to back Barrett due to her judicial philosophy. "I have concluded that she is the sort of person we want on the Supreme Court," Murkowski said. "I have no doubt about her intellect," she said from the Senate floor. Business Insider reports that Barrett is on the verge of confirmation.
On Monday, Dunkin' Brands surged 18%. The New York Times reported that Dunkin' Brands held preliminary talks to go private in a deal worth at least $8.8 billion. Dunkin' confirmed that it is in talks to go private. Inspire Brands would buy out Dunkin' for $106.50 per share. Business Insider reports that increase represents a potential upside of 20% from Friday's close. Inspire Brands is a private-equity backed firm that owns Arby's, Buffalo Wild Wings, Sonic Drive-In, and Jimmy John's.
America's coronavirus deaths could surpass 511,000 by the end of February. According to Business Insider, the staggering number comes from a new University of Washington model. The model also found that nearly 130,000 of those lives could be saved if 95% of Americans wore masks. The problem officials found is that only 60% of Americans say they always wear a mask in public. Researchers found that mask-wearing could also delay the need for lockdowns.
Former state legislator Jaime Harrison is challenging GOP Sen. Lindsey Graham. He is hoping to take Lindsey Graham's spot for US Senate in South Carolina. Graham is one of the most high-profile Republican Senators and a vocal supporter of Trump. Graham is seeking a fourth term to office in 2020, according to Business Insider. Harrison is putting up a formidable fight in deep-red South Carolina, narrowly outpacing Graham.
If you've managed to get your bachelor's degree, congratulations! And if you're thinking about grad school, get your piggy bank out and start saving. According to Business Insider, getting a master's degree or Ph.D. in your chosen field can be a smart career move, but it can also be a financial time bomb. If you want to go to grad school five years from now, start saving. First, research schools, tuition, and determine your monthly and annual living expenses.
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market. Fred Katayama reports.
Stock market analysts always worry around the time of a Presidential election. The markets can react unpredictably when a certain candidate gets elected. According to Stifel the S&P 500 will sell off initially if the Senate or Presidency remains Republican after the election. Business Insider reports that a note from Stifel says the S&P may fall following this election outcome. With the Republicans in charge hopes of a large fiscal stimulus will fade.
The S&P 500 ended lower on Thursday after a rise in weekly jobless claims compounded worries about a stalling economic recovery and fading hopes for more fiscal aid before the election. Fred Katayama reports.
On Tuesday, JPMorgan's Grace Peters told CNBC's "Squawk Box Europe" the S&P 500 could hit 3,750 by September 2021. Business Insider reports that would represent a 12% premium over Tuesday's closing price of 3,335.47. On the outlook for US stocks, she said, "We can see around a 10% upside over a 12-month view." Peters said investors should look at areas that have seen "structural growth" like construction, healthcare, and digital-transformation.
Irene Jiang/Business Insider This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. McDonald's is a top restaurant pick from analysts at Wells Fargo and Stifel, thanks in part to the chain's successful Travis Scott partnership. Well's Fargo's Jon Tower writes that McDonald's "is the best positioned restaurant to re-capture sales and re-establish habits as consumers resume food-away from home spending.
On Tuesday, Wells Fargo said stock markets should prepare for volatility to balloon after Election Day. Wells Fargo head of rates strategy Michael Schumacher told CNBC's Trading Nation that options are showing greater volatility. "The big takeaway is three month options vol is still quite high, and it has not really come down." According to Business Insider Schumacher thinks investors will flock to US Treasuries due to greater volatility. The US-10 year yield may fall to 0.40% from around 0.68%.
Warren Buffett's Berkshire Hathaway has cut its Wells Fargo. Its stake in Wells Fargo is now at a 17 year low. On Friday, Berkshire Hathaway said it owns 3.3% of the company, its slimmest ownership position since 2003. In 1994, Berkshire owned 13.3% of the bank. It held more than 500 million shares worth more than $27 billion in 2016. Buffett's company now holds fewer than 140 million shares, worth about $3.4 billion.
Regulatory filings show Warren Buffett's Berkshire Hathaway has sold about 101 million Wells Fargo shares in recent weeks. The billionaire investor's company cut its holdings by about 43% to 136 million shares, slashing its stake to 3.3%. The sales come after Berkshire sold 25% of its Wells Fargo position in the second quarter. Berkshire was previously Wells Fargo's largest shareholder. Business Insider reports that Wells Fargo was one of its five most valuable positions earlier this year.