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Showing posts from September, 2020

Wall Street Closing Report: Dow rebounds more than 300 points on stimulus hope to end first losing month since March

  Yun Li, Fred Imbert 5-7 minutes - Source: CNBC U.S. stocks climbed in volatile trading on Wednesday amid rising hopes for further coronavirus stimulus, paring steep losses for September. The Dow Jones Industrial Average last traded up 390 points, or 1.4%, after jumping 550 points at its session high. The S&P 500 gained 1.0%, while the tech-heavy Nasdaq Composite climbed 0.9%. Stocks cut gains after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal during a more than 90-minute meeting Wednesday. The pair will continue discussions as they try to craft an elusive fifth relief package that could pass both chambers of Congress. The market soared earlier in the session after Mnuchin said lawmakers were giving the bill “a serious try.” Sentiment was helped by better-than-expected economic data.  ADP’s monthly private-sector jobs count showed growth of 749,000 in September,

Currencies | The Dollar: Dollar slides as risk sentiment rises on U.S. stimulus hopes

  4 minutes U.S. dollar banknotes. Liu Jie | Xinhua via Getty The dollar fell against most currencies in choppy trading, as risk sentiment improved after U.S. government officials expressed hope that another stimulus package could be passed to help ease the economic impact of the coronavirus-induced recession. The greenback slid against the yen and weakened versus currencies associated with higher risk appetite such as the Australian, New Zealand, and Canadian dollars. U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough on additional COVID-19 relief on Wednesday, as they prepared to resume talks aimed at hammering out a bipartisan deal. “Renewed hopes for stimulus have whetted appetite for risk at the dollar’s expense,” said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington. “It’s encouraging to hear the rhetoric, but until it is signed,

Energy | Oil Price Report: Oil jumps more than 2% on optimistic inventory data

  3-4 minutes - Source: CNBC The silhouette of an oil pump is seen at sunset. Pramote Polyamate | Getty Images Oil prices erased losses and closed higher on Wednesday following optimistic inventory data. However, worries over rising coronavirus cases heading into the northern winter would lead to further restrictions on activity and curb demand for fuel capped gains. The U.S. Energy Information Administration said Wednesday that inventory for the week ending Sept. 25 declined by 2 million barrels. According to estimates from FactSet, analysts had expected a 400,000 barrel build.  West Texas Intermediate settled 93 cents, or 2.37%, higher at $40.22 per barrel.  Brent crude fell 8 cents to $40.95 per barrel. The benchmarks fell more than 3% on Tuesday as global Covid-19 cases passed 1 million, having doubled in three months. “The resurgence in Covid-19 cases more recently in some regions, is clearly not great for market sentiment,” ING Economics said in a

Commodities | Gold Price Report: Gold set for worst month in nearly 4 years on dollar bounce-back

  2-3 minutes - Source: CNBC A worker tends to gold bars at a precious metals plant. Andrew Rudakov | Bloomberg | Getty Images Gold edged down on Wednesday, as a chaotic first U.S. presidential debate drove investors to the safety of the dollar and raised concerns over the next stimulus bill, leading the metal towards its worst month in nearly four years. Spot gold was 0.3% lower at $1,892.33 per ounce and down about 4% in September, on track for its worst monthly performance since Nov. 2016. U.S. gold futures settled down 0.4% at $1,895.50. “It seems like after last night’s debate, a wedge might have formed between the two parties again and a possibility for any kind of stimulus may have diminished,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. The first U.S. presidential debate between President Donald Trump and Democratic rival Joe Biden turned investors cautious and drove them to seek refuge in the dollar, reduc

European Markets at Close: European markets close mixed as U.S. president debate weighs on sentiment

Elliot Smith,Holly Ellyatt 3 minutes - Source: CNBC European stocks closed slightly higher on Wednesday as investors reacted to the U.S. presidential debate, and gauged the investment landscape amid the coronavirus crisis. TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME .FTSE FTSE 100 FTSE 5888.0 6 -9.44 -0.16 465892970 .GDAXI DAX DAX 12824.64 -1.18 -0.01 41375317 .FCHI CAC 40 Index CAC 4833.38 1.31 0.03 61883817 The pan-European Stoxx 600  provisionally marginally in positive territory, having fluctuated since the open, with banks adding over 1%, while industrials slipped 0.5%. The first U.S. presidential debate between incumbent President Donald Trump and Democratic nominee Joe Biden  could be weighing on investor sentiment worldwide, with the two constantly exchanging sharp remarks in a face-to-face challenge.  Hardly a minute went by in the 90-minute brawl without one of the candidates angrily interrupting the other, whether

News | Business | Economy | US: U.S. economy plunges 31.4% in the second quarter but a big rebound is expected

  3-4 minutes - Source: CNBC The U.S. economy plunged at a record rate in the spring but is poised to swing to a record increase in the quarter that is just ending. The Commerce Department reported Wednesday that the gross domestic product, the economy’s total output of goods and services, fell at a rate of 31.4% in the April-June quarter, only slightly changed from the 31.7% drop estimated one month ago. The new report, the government’s last look at the second quarter, showed a decline that was more than three times larger than the previous record-holder, a fall of 10% in the first quarter of 1958 when Dwight Eisenhower was president. Economists believe the economy will expand at an annual rate of 30% in the current quarter as businesses have re-opened and millions of people have gone back to work. That would shatter the old record for a quarterly GDP increase, a 16.7% surge in the first quarter of 1950 when Harry Truman was president. The governm

Futures Indicator Update: S&P 500 futures cut losses, turn slightly higher on stimulus hopes

  Fred Imbert,Yun Li 5-6 minutes - Source: CNBC U.S. stock futures erased earlier losses and turned higher on Wednesday amid rising hopes for further fiscal stimulus. The market headed for its first negative month since March. Disney added to the negative sentiment after saying it would lay off 28,000 people in its theme parks division . The shares lost more than 2% in premarket trading. Dow Jones Industrial Average futures dipped 50 points, or 0.1%. The move indicated a slight gain of about 30 points at the open. S&P 500 futures fell 0.1%. Nasdaq 100 futures lost about 0.2%. Futures cut their losses after better-than-expected jobs data.  ADP’s monthly private-sector jobs count showed growth of 749,000 in September, ahead of the 600,000 expected from a Dow Jones economist survey. The S&P 500 is down 4.7% in September, on pace for its first monthly losses since March. The Nasdaq Composite is down 5.9% in September, while t

What the debate means for the markets, according to Wall Street political analysts?

  Thomas Franck 2 minutes - Source: CNBC People watch the first presidential debate between U.S. President Donald J. Trump and Former U.S. Vice President Joe Biden, on September 29, 2020, in Hoboken, New Jersey, United States. Tayfun Coskun | Anadolu Agency | Getty Images (This story is only for CNBC Pro subscribers ) The raucous first presidential debate left many on Wall Street unnerved about President Donald Trump’s unwillingness to accept a loss in November and the prospect of a protracted court battle to settle a close election. The Tuesday evening debate, the first of three scheduled between Trump and former Vice President Joe Biden , was riddled with interruptions and attacks . I “disagree with notion that debate was a dumpster fire: by definition, dumpster fires are contained,” Cowen analyst Chris Krueger wrote in a note to clients titled “Crazy Train.” “Further debates aren’t set in stone. Debate was too chaotic to do anyt

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Disney, Micron, Dow Inc., GM & more

  Peter Schacknow 4-5 minutes - Source: CNBC Take a look at some of the biggest movers in the premarket: Walt Disney (DIS) – Disney is cutting 28,000 jobs in its theme parks division, as the coronavirus impacts park visits and as the company’s flagship Disneyland resort remains closed for the foreseeable future due to restrictions imposed by California. Palantir (PLTR) – Palantir will begin trading on the New York Stock Exchange today in a direct listing , with the NYSE setting a reference price of $7.25 per share for the data analytics company’s stock. That values Palantir at $15.8 billion ahead of its market debut. Asana (ASAN) – Asana will also begin trading today on the NYSE, with a reference price of $21 per share for the software company. Palantir and Asana are only the third and fourth companies to go public via direct listing, following Spotify (SPOT) and Slack (WORK). Micron Technology (MU) – Micron beat estimate

Bonds: Treasury yields mixed; debate, coronavirus treatment, stimulus in focus

  Elliot Smith 2-3 minutes - Source: CNBC U.S. government debt prices  were mixed Wednesday morning as investors digested the first presidential debate and positive coronavirus treatment news, with a host of economic data due shortly. At around 2:10 a.m. ET, the yield on the benchmark  10-year Treasury note  was lower at 0.6413% and the yield on the  30-year Treasury bond  was higher at 1.4129%. Yields move inversely to prices. Treasurys TICKER COMPANY YIELD CHANGE %CHANGE US3M U.S. 3 Month Treasury 0.096 0.00 0.00 US1Y U.S. 1 Year Treasury 0.114 -0.003 0.00 US2Y U.S. 2 Year Treasury 0.125 0.00 0.00 US5Y U.S. 5 Year Treasury 0.252 0.002 0.00 US10Y U.S. 10 Year Treasury 0.648 0.003 0.00 US30Y U.S. 30 Year Treasury 1.421 0.015 0.00 Investors watched the fiery opening debate between the two presidential candidates closely, with markets looking for signs of a clear winner emerging over the course of the election cycle in order to avoid a

Analysis | The Cybersecurity 202: Trump made a slew of false claims about mail voting during the first debate

Joseph Marks 8-10 minutes - Source: The Washington Post with Tonya Riley President Trump closed the first 2020 presidential debate with a barrage of false claims about mail voting that are sure to give heartburn to officials trying to run an orderly election amid extremely difficult circumstances. He claimed without evidence that mail voting will produce “fraud like you’ve never seen” and that 30 or 40 percent of mail ballots are traditionally lost in elections. Those claims have all been rebutted by election officials and leaders at Trump’s own FBI and Department of Homeland Security who say mail voting fraud is exceptionally rare and extremely difficult to pull off.  He also refused to say he’d accept the results of the election or that he won’t preemptively declare victory before all the ballots are counted. “If I see tens of thousands of ballots being manipulated, I can't go along with that,” he said. The president’s ma

DealBook: Takeaways From the Shoutfest

13-17 minutes - Source: NYT Credit...Saul Loeb/Agence France-Presse — Getty Images ‘Highlights’ from the ‘hot mess’ What to make of last night’s chaotic presidential debate? The Times’s Jonathan Martin and Alexander Burns called it an “ugly melee,” CNN’s Jake Tapper dubbed it “a hot mess inside a dumpster fire inside a train wreck” and The Washington Post’s Dan Balz described it as “an insult to the public.” But in between the shouting, the invective and the trampling of the debate moderator — one transcript noted 73 instances of “[crosstalk]” — there was some discussion of issues that matter to business. The highlights (if you can call them that): • The Affordable Care Act: President Trump disputed Joe Biden’s claim that 100 million people with pre-existing conditions might lose their health care if the law is overturned, before falsely claiming that as president he has promoted a comprehensive replacement for Obamacare. Mr. Trump also