News

Wall Street slammed by rotation out of Big Tech

  • Tech, communication services lead sectoral declines
  • Merck up on COVID-19 pill, Tesla lifted by record deliveries
  • Fresh round of U.S.-China trade talks eyed
  • Indexes down: Dow 1.02%, S&P 1.38%, Nasdaq 2.26%

Oct 4 (Reuters) – Wall Street’s main indexes tumbled on Monday as investors shifted out of technology stocks in the face of rising Treasury yields, while fresh U.S.-China concerns over trade offered another reason for caution.

U.S. Treasury yields have been supported by recent data showing increased consumer spending, accelerated factory activity and elevated inflation growth, fuelling bets that the Federal Reserve could start tightening its accommodative monetary policy

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Why Wall Street Backs China Despite Beijing’s Tighter Grip

This year has been unsettling for Chinese business. The ruling Communist Party has gone after the private sector industry by industry. The stock markets have taken a huge hit. The country’s biggest property developer is on the verge of collapse.

But for some of the biggest names on Wall Street, China’s economic prospects look rosier than ever.

BlackRock, the world’s biggest asset manager, urged investors to increase their exposure to China by as much as three times.

“Is China investable?” asked J.P. Morgan, before answering, “We think so.” Goldman Sachs says “yes,” too.

Their bullishness in the

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Tech lifts Nasdaq to record close but Wall Street mixed on jobs report

A person waits on the Wall Street subway platform in the Financial District of Manhattan, New York City, U.S., August 20, 2021. REUTERS/Andrew Kelly

  • Dismal August jobs report calms taper fears
  • Leisure, retail employment disappoint; cruise liners slump
  • Banking stocks slide, shrug off jump in bond yields

Sept 3 (Reuters) – The Nasdaq closed Friday at a fresh record but Wall Street’s main indexes headed into the Labor Day weekend in mixed fashion, reacting to a disappointing U.S. jobs report which raised fears about the pace of economic recovery but weakened the argument for near-term tapering.

A majority of the

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Stocks Shake Off Bad News to Rally for Seventh Straight Month

Bad news doesn’t seem to bother Wall Street these days.

Deaths and hospitalizations related to the coronavirus are soaring, and many businesses have shelved plans to return to the office. Staffing shortages and supply-chain bottlenecks linger, while consumer confidence has fallen.

And yet, the stock market continued its quietly remarkable year in August, posting its seventh straight monthly rise. The S&P 500 index is up over 20 percent for 2021 and has more than doubled in value since it hit bottom in March 2020. The market has closed at a record high 53 times — the most by this

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Asian stocks mixed after Wall Street hits new high

BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street hit a new high as investors looked ahead to a Federal Reserve gathering for an update on U.S. stimulus.

Shanghai advanced while Hong Kong declined. Tokyo was unchanged.

Wall Street’s benchmark S&P 500 index rose 0.2% after a quiet day in the market.

Investors are betting on an “absence of aggressive taper signals” when Fed officials speak Friday at their annual Jackson Hole meeting, said Mizuho Bank’s Venkateswaran Lavanya in a report.

Some Fed officials say the U.S. central bank needs to start winding down bond purchases and

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Wall Street Is Looking to Reddit for Investment Advice

Wall Street professionals tell everyday investors what stocks to buy. But now they have to follow some of these amateurs for signs of where the market is headed next.

Venerable institutions Goldman Sachs Group Inc. and Morgan Stanley are tracking the retail trading frenzy, and hedge funds in New York and London have employees combing through the internet forum of Reddit, Twitter or chat startup Discord in search of trading opportunities. They turned to these sources following a period of market mayhem dominated by amateurs on Reddit’s WallStreetBets and the Robinhood Markets Inc. trading app who collectively boosted the shares

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Wall Street usually shrugs off jobs report

By Stephen Culp 

  NEW YORK (Reuters) – Markets always look to the Labor Department’s monthly employment report with great anticipation. But whether the data disappoints or surprises to the upside often has only a modest effect on overall stock index moves. 

  Friday’s report missed consensus by a mile, for example, showing the economy added a paltry 235,000 jobs instead of the 728,000 expected by economists. 

  But Wall Street seemed to largely shrug off the disappointment. The S&P 500 was essentially flat. 

  “Today it’s as simple as ‘bad news is good news’ because the weak number gives the Fed cover to

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5 Reasons Moderna May Prove Wall Street Wrong

Most Wall Street analysts recommend buying or holding Moderna (NASDAQ:MRNA) shares. But they don’t necessarily expect big gains in the coming 12 months. The average analyst estimate for that period is about $130 lower than Moderna’s share price today.

It’s true that Moderna’s shares have climbed at the speed of light. The stock has increased nearly 300% so far this year. And that’s on top of last year’s 434% gain. It’s logical to believe there may be a pullback from time to time or a slowdown in the pace of gains. But I’m not expecting a huge decline in this

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Main Street Pensions Take Wall Street Gamble by Investing Borrowed Money

Many U.S. towns and cities are years behind on their pension obligations. Now some are effectively planning to borrow money and put it into stocks and other investments in a bid to catch up.

State and local governments have borrowed about $10 billion for pension funding this year through the end of August, more than in any of the previous 15 full calendar years, according to an analysis of Bloomberg data by Municipal Market Analytics. The number of individual municipalities borrowing for pensions soared to 72 from a 15-year average of 25.

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