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US stocks retreat after mixed economic data

Benchmark US indices drifted lower on Thursday September 16 after mixed economic data showed that retails sales rose in August but unemployment benefits…

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This article was originally published by Kalkine Media - Canada

Benchmark US indices drifted lower on Thursday, September 16, after mixed economic data showed that retails sales rose in August, but unemployment benefits claims also increased last week.

The S&P 500 fell 0.16% to 4,473.75. The Dow Jones shed 0.18% to 34,751.32. The NASDAQ Composite rose 0.13% to 15,181.92, and the small-cap Russell 2000 was down 0.07% to 2,232.91.

Retail sales rose by 0.7% to US$618.7 billion in August after declining 1.8% to US$613.3 billion in the previous month, the Census Bureau reported. Retail sales increased by 15.1% YoY in the month. The data indicated the economic recovery is on track despite Delta virus concerns.

The unemployment benefits claims rose by 20,000 to 332,000 in the week ended Sep 11 after rising 2,000 to 312,000 in the previous week, the Labor Department data revealed. The spike in benefits claims suggested the labor market could still be under stress. Investors also took cues from the Chinese markets, where stocks sharply retreated amid fears of economic slowdown.

Real estate and consumer discretionary stocks were the biggest gainers on the S&P 500 on Thursday. Nine of the 11 index segments stayed in the red. Materials and energy stocks were the bottom movers.

Stocks of DoorDash, Inc. (DASH) rose 5.84% after analysts upgraded the stock to a buy rating. Beyond Meat, Inc. (BYND) stock fell 4.21% in intraday trading after investment banking company Piper Sandler downgraded the stock to an underweight rating.

Also, shares of mobile application developer Asana Inc rose by 8.84% after analysts gave a buy rating to the stock. The company bagged the 9th spot in the Best Workplaces for Women list issued by Great Place to Work and Fortune. It is among the top 10 companies for the second consecutive year.

Lucid Group, Inc. (LCID) stock gained 6.60% after analysts provided a bullish outlook for the stock. In addition, the company said it received the longest-range rating from the US Environmental Protection Agency (EPA) for its Air Dream Edition luxury sedan’s 520-mile coverage.

In the consumer discretionary sector, Target Corporation (TGT) rose 1.16%, Dollar General Corporation (DG) gained 2.11%, and The Kraft Heinz Company (KHC) rose 1.26%. Sysco Corporation (SYY) and Archer-Daniels-Midland Company (ADM) advanced 1.00% and 1.01%, respectively.

In material stocks, BHP Group (BHP) declined by 3.86%, Rio Tinto Group (RIO) fell by 4.57%, and Vale S.A. (VALE) fell by 4.91%. Freeport-McMoRan Inc. (FCX) and Southern Copper Corp (SCCO) ticked down 6.38% and 4.67%, respectively.

In energy stocks, Royal Dutch Shell plc (RDS-A) declined 1.21%, PetroChina Company Limited (PTR) declined by 1.37%, and BP plc (BP) fell 1.34%. China Petroleum & Chemical Corporation and Equinor ASA (EQNR) declined 1.34% and 2.19%, respectively.

Also Read: IronNet (IRNT), Sphere 3D (ANY) stocks draw huge attention Thursday

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Also Read: SBUX, BYND & APRN: Three trending food, restaurant stocks Thursday

Top Gainers

Top performers on S&P 500 included ETSY Inc (3.10%), American Airlines Group Inc (2.63%), Align Technology Inc (2.53%), Dexcom Inc (2.44%). On NASDAQ, top performers were Aeye Inc (36.53%), Elite Education Group International Ltd (33.33%), Leap Therapeutics Inc (31.09%), Tuesday Morning Corp (28.32%). On Dow Jones, Salesforce.Com Inc (1.64%), Mcdonald’s Corp (0.93%), Home Depot Inc (0.91%), American Express Co (0.80%) were the leaders.

Top Losers

Top laggards on S&P 500 included Freeport-McMoRan Inc (-6.64%), Newmont Corporation (-3.95%), L3harris Technologies Inc (-3.35%), Aptiv PLC (-3.30%). On NASDAQ, Vera Therapeutics Inc (-26.54%), MacroGenics Inc (-23.76%), Silverback Therapeutics Inc (-23.08%), Aerie Pharmaceuticals Inc (-21.40%). On Dow Jones, Goldman Sachs Group Inc (-1.31%), Dow Inc (-1.21%), Merck & Co Inc (-1.15%), Caterpillar Inc (-1.04%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (15.32M), Bank of America Corp (13.83M), Ford Motor Co (12.29M), AT&T Inc (8.41M), Lucid Group Inc (13.42M), Leap Therapeutics Inc (13.39M), Vinco Ventures Inc (12.36M), SoFi Technologies Inc (10.40M), Farmmi Inc (9.55M), ContextLogic Inc (8.79M).

Also Read: Top betting stocks to watch amid NFL craze, Macau casino review

Futures & Commodities

Gold futures were down 2.35% to US$1,752.55 per ounce. Silver decreased by 3.86% to US$22.883 per ounce, while copper fell 2.90% to US$4.2787.

Brent oil futures increased by 0.24% to US$75.64 per barrel and WTI crude was down 0.04% to US$72.58.

Bond Market

The 30-year Treasury bond yields was up 0.66% to 1.881, while the 10-year bond yields rose 2.46% to 1.336.

US Dollar Futures Index increased by 0.34% to US$92.847.











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Precious Metals

Stocks, Bonds, Bitcoin, & Bullion All Bid As Billionaire Tax Threat Builds

Stocks, Bonds, Bitcoin, & Bullion All Bid As Billionaire Tax Threat Builds

First things first, when is a wealth tax not a wealth tax?…

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Stocks, Bonds, Bitcoin, & Bullion All Bid As Billionaire Tax Threat Builds

First things first, when is a wealth tax not a wealth tax? When Janet Yellen says so…

The proposal under consideration from Senate Finance Committee Chairman Ron Wyden (D., Ore.) would impose an annual tax on unrealized capital gains on liquid assets held by billionaires, Treasury Secretary Janet Yellen said Sunday on CNN.

“I wouldn’t call that a wealth tax, but it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals and right now escape taxation until they’re realized,” Ms. Yellen said.

But House Speaker Nancy Pelosi told CNN:

“We probably will have a wealth tax.”

But markets either a) don’t believe a word of it (given the relationship between all these billionaires as benevolent overlords of the political class), or b) don’t give a shit as The Fed will always be there…

And nowhere is this craziness more obvious than here. While Trump’s SPC (DWAC) stalled today (after rallying 800% in 2 days), TSLA and BKKT took over the crown of momentum-driven insanity kings

TSLA topped the trillion-dollar market-cap level for the first time (TSLA was up more than 1 GM today) on headline about HTZ ordering 100,000 TSLA vehicles…

Surpassing FB (ahead of tonight’s earnings) to join the ‘cuatro comas’ club…

Source: Bloomberg

All on the back of a massive gamma bomb.

@Stalingrad_Poor exclaimed:

“TSLA call options strikes up $10,000 in a single day. I’ve never seen this in my life”

NOTE: If unrealized gains are taxed as income (as several Democrats have indicated), Elon Musk would face a $30 billion tax bill for his gains this year!!

And BKKT soaring over 160% on its partnership with Mastercard on crypto rollout…

Bitcoin and Ethereum were both up today on the Mastercard news (and Neuberger Berman has linked up with BlockFi).

Bitcoin topped $63,500…

Source: Bloomberg

And Ethereum rallied back above $4200…

Source: Bloomberg

All the major US equity indices were higher today, led by Nasdaq and Small Caps. The Dow lagged but still closed green…

Record intraday (and closing) highs for The Dow and S&P today.

On a side-note, the S&P/TSX Composite rose again today – a record 14th straight daily gain (a record that stood for 102 years)…

All thanks to yet another major short-squeeze….

Source: Bloomberg

Utes and Financials lagged today while Consumer Discretionary and Energy ripped…

Source: Bloomberg

Treasuries were mixed today with yields lower across the curve aside from 30Y…

Source: Bloomberg

The yield curve (5s30s) steepened back into its recent range…

Source: Bloomberg

The dollar rallied on the day to the top of its recent narrow range…

Source: Bloomberg

WTI hit a new 7-year-high today above $85 before fading back into the red…

Gold jumped back above $1800…

Real yields dropped a little today, leaving room for a considerable move higher in gold still (to around $2000)…

Source: Bloomberg

Finally, the level of “greed” in the market is back at 2021 highs…

Source

“probably nothing” – oh and don’t forget that the last time capital gains taxes were hiked significantly was 1987 (from 20% to 28%) and that didn’t end so well eh?

Tyler Durden
Mon, 10/25/2021 – 16:00



Author: Tyler Durden

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Economics

Crypto news: BlockFi partners with $437 billion investment fund; EY sponsors Chainlink ‘hackathon’ event

Cryptocurrency lending firm BlockFi has partnered with Neuberger Berman to offer crypto-based products to the US investment manager’s customers. BlockFi,…

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Cryptocurrency lending firm BlockFi has partnered with Neuberger Berman to offer crypto-based products to the US investment manager’s customers.

BlockFi, along with Celsius and Nexo, is one of the crypto industry’s big three lending services. It made the announcement on  Monday and revealed the joint venture will include the development of exchange-traded funds (ETFs) and “other traditional structures.

The partnership’s products and strategies will be formulated and delivered by a newly created entity called BlockFi Nb.

With the Mastercard and Bakkt collab news barely a day old, it seems we’re in institutional crypto adoption season, although that’s pretty much been the case for the past 12 months.

“We are witnessing a significant shift in investor sentiment towards digital assets, and we believe that digital assets should be considered in modern portfolios,” said Greg Collett, president of the joint venture.

Neuberger Berman is a New York-based, 82-year-old independent investment management firm that looks after US$437 billion in client assets as of September 30. The firm’s main holdings reside in equities, fixed income, hedge funds and real estate.

 

Also making news: EY, Chainlink, GBTC, Uniswap, Rand Paul

• “Big Four” accounting firm Ernst & Young is sponsoring the Chainlink Fall 2021 Hackathon, running until Nov 28. The event gives crypto startups pitching opportunities with VCs.

• Grayscale’s GBTC (which is as close to a Bitcoin ETF as you’ll get in the US without actually being one), delivered better returns last week than the market’s new BTC ETFs.

• Decentralised exchange Uniswap is set to gain more exposure. Swiss digital asset issuer Valour is launching the first ever exchange-traded product (ETP) tracking the UNI token.

• US Republican Senator Rand Paul has stated that he thinks it’s possible Bitcoin could become the world reserve currency if more people lose faith in governments.

 

 

 

The post Crypto news: BlockFi partners with $437 billion investment fund; EY sponsors Chainlink ‘hackathon’ event appeared first on Stockhead.


Author: Rob Badman

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Economics

Oil in wait-and-see mode, gold moves up

Oil consolidates at the highs Oil markets probed the upside overnight, helped along by another large spike in natural gas prices. However, oil lacked the…

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Oil consolidates at the highs

Oil markets probed the upside overnight, helped along by another large spike in natural gas prices. However, oil lacked the momentum to maintain those intra-day highs as the US dollar started strengthening. With a lack of new headline drivers to sustain the moves. Brent crude finished 0.28% higher at USD 85.95 and WTI finished 0.50% lower at USD 83.75 a barrel, having traded as high at USD 85.35 intra-day. Asia has adopted a wait-and-see approach this morning, possibly on China nerves, leaving both contracts almost unchanged.

The US API Crude Inventories will be oil’s next volatility point, with a low print likely to lead to more price gains. However, the price action overnight does suggest that short-term upward momentum is waning as the trade gets ultra-crowded and the RSI indicators on both contracts remain overbought. Another 3 million barrel jump in inventories could spur some short-term long covering and see oil’s long-predicted sharp move lower finally occur to wash out some of the weak speculative longs. Once again though, I will reiterate that the overall environment for oil remains very constructive and any sharp sell-off is likely to see an equally sharp recovery. Of the two, WTI looks more vulnerable as it is more heavily traded by specs and Brent crude is more aligned to the international physical market.

The overnight highs at USD 86.70 and USD 85.40 a barrel for Brent and WTI form initial resistance. Trendline support at USD 83.40 and USD 79.70 a barrel should be the limit for any downside correction. Only a daily close below those levels suggests a deeper correction is possible.

Gold’s price action remains constructive

Gold staged another impressive rally overnight and there is no doubt that its price action is becoming more constructive towards further gains. Gold rose 0.85% to USD 1807.80 an ounce before some long-covering saw it fall 0.25% to USD 1803.20 an ounce in Asia. The rally is made more impressive by the fact that the US dollar has continued strengthening against the major currencies overnight. In contrast, US bond yields eased across the curve, and it looks like gold is taking its cues from them for now.

Gold has now recorded a daily close above USD 1800.00, and more importantly, the 100 and 200-day moving averages at USD 1793.50 and USD 1790.25 an ounce. One must respect the price action in these circumstances, especially when it appears not to be driven by fast-money gnomes. Therefore, gold has formed a nice layer of support between USD 1790.00 and USD 1800.00 now followed by USD 1780.00 an ounce. Initial resistance is at USD 1814.00 followed by the formidable zone of daily highs between USD 1832.00 and USD 1835.00 an ounce.

Gold continues to slowly but surely, form what appears to be the second shoulder of a longer-term inverse head and shoulders pattern. In the bigger picture, a rise through USD 1835.00 an ounce, would trigger the multi-month inverse head-and-shoulders technical pattern and swing gold’s outlook back to positive, targeting a move back above USD 2000.00 an ounce.




Author: Jeffrey Halley

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