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Asia markets mixed after Wall Street decline | Business

BEIJING — Asian stock markets were mixed Wednesday in light trading while China and Japan were closed for holidays.

Hong Kong declined while Sydney and India advanced following Wall Street’s overnight fall. New Zealand and Southeast Asian markets retreated.

Wall Street’s benchmark S&P 500 index lost 0.7%, dragged down by more declines for tech stocks including Apple and Microsoft.

The Hang Seng in Hong Kong lost 0.6% to 28,397.29 while the S&P-ASX 200 in Sydney rose 0.4% to 7,094.90.

India’s Sensex opened up 0.4% at 48,454.09. New Zealand’s benchmark lost 0.4%, Singapore shed 1% and Bangkok tumbled 1.8%.

“With relatively

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Peloton Treadmill Recall Sank the Stock. What Wall Street Is Saying.

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Peloton Tread


Courtesy of Peloton


Peloton Interactive

‘s treadmill recalls hammered the company’s stock price, sending shares to their lowest levels since September. Not every analyst sees it as a buying opportunity.

Peloton stock (ticker: PTON) sank nearly 15% to $82.62 on Wednesday. That’s the stock’s lowest close since Sept. 16. Peloton shares are down more than 50% from their closing high of $167.42 on Jan. 13. It was the worst performer in the Nasdaq 100, according to Dow Jones Market Data.

The company announced voluntary recalls for its Tread and Tread+. The U.S. Consumer Product Safety Commission

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Wall Street embraces bitcoin and ethereum with the launch of new crypto indexes | Currency News | Financial and Business News




Investors can add bitcoin and ethereum to their portfolios through new cryptocurrency indexes available on Wall Street trading floors.

S&P Dow Jones on Tuesday announced the launch of three new indices tracking the performance of the two digital currencies – the S&P Bitcoin Index, S&P Ethereum Index, as well as its S&P Cryptocurrency MegaCap Index.

Additional cryptocurrencies will be added in the future, S&P Dow Jones said in a statement. The listed crypto indexes will track data from New-York based virtual-currency company Lukka.

The S&P Global division first announced

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Wall Street can’t keep up with the market: Morning Brief

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

Tuesday, May 4, 2021

Price targets and economic forecasts fall behind

Readers of the Morning Brief know investor expectations were high ahead of earnings season, that companies have topped expectations at a record rate, and that the economy is firing on all cylinders. 

And these events have pushed Wall Street strategists back into another theme we’ve written about in this space for the last few months — trying to keep up with the market. 

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Wall Street slides after Biden undermines Covid jab patents

Wall Street gave away its early gains on Wednesday after the White House triggered a late sell-off in some of the largest pharmaceutical companies by announcing it would support a suspension of intellectual property rights for Covid-19 vaccines.

The S&P 500 closed just 0.1 per cent higher for the day, having traded up by as much as 0.6 per cent earlier in the session. The Nasdaq Composite gave up its gains after it had battled back from a near 2 per cent loss on Tuesday, finishing the day down 0.4 per cent.

The sell-off was led by some of the

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As Meme Stock Mania Fizzles, Wall Street Sees ‘Big Reckoning’

The day-trading Reddit crowd turned the first quarter of 2021 into one of the wildest periods of stock market mania in modern history. Books — plural — will undoubtedly be dedicated to the topic in years to come.

But after these small-time speculators banded together to drive up dozens of obscure stocks by hundreds or even thousands of percent — and in the process burned a few hedge-fund barons betting on declines — the movement appears to be petering out. An index that tracks 37 of the most popular meme stocks — 37 of the 50 that Robinhood Markets banned

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Wall Street beware: the SEC’s Gensler carries a big stick

The last time Gary Gensler ran an American financial regulator, he was charged with cleaning up the mess left by the 2008 crash. Now the new chair of the US Securities and Exchange Commission faces a rather different task: policing volatile and frothy markets that may be hiding all kinds of misbehaviour.

Frenzied dealmaking and trading, cheap financing and hybrid working have created a perfect storm of opportunities for fraudsters. The pressure is on Gensler and his enforcement chief Alex Oh to clamp down and deflate any bubbles before they burst.

They take over an SEC that is struggling with

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Big Tech’s surging growth stuns Wall Street

After the world’s largest tech companies enjoyed a boom during the coronavirus pandemic, the expectation was that life would gradually return to normal.

It certainly is not turning out that way.

Big Tech this week reported a surge in growth and profits that stunned Wall Street, delivering powerful evidence that the digital dependence forced on a large part of the world’s population over the past year could have an enduring effect.

The outsized figures amount to a reset in the business world, some tech investors and analysts said. According to this view, the leading digital powers have consolidated their gains

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Pinterest Tanks Despite a Strong Quarter. What Wall Street Is Saying.

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Pinterest’s outlook for second-quarter growth was below Wall Street’s expectations.


Gabby Jones/Bloomberg


Pinterest

stock shed much of its 2021 gains Wednesday after the social media firm reported first-quarter results the evening before. Though the company’s earnings and revenue figures beat expectations, Wall Street honed in on disappointing user growth.

Shares of

Pinterest

(ticker: PINS) were down 13% to $67.49 in mid-day trading, while the S&P 500 index was flat. The drop cut the stock’s year-to-date gains to 2.5% and one-year gains to 223%.

Citi Research analyst
Jason Bazinet
noted that the company’s adjusted earnings and revenues were all

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