Dow dips 50 points to start the week as tech weakness continues

Persistent weakness in technology stocks led the major indexes lower on Monday after last week’s hotter-than-expected inflation readings sparked a downturn in equity markets.

The Dow Jones Industrial Average dipped 54.34 points, or 0.2%, to 34,327.79. The S&P 500 lost 0.3% to 4,163.29 as the tech sector pulled back 0.7%. The Nasdaq Composite fell 0.4% to 13,379.05.

Big Tech came under pressure to start the week, with Apple and Netflix each down 0.9%. Microsoft shed 1.2%, while Tesla dropped more than 2% as famed investor Michael Burry revealed a big short position on the electric carmaker. Traders have punished the

Read More

Bankers Flee Wall Street, Head Home to Virus-Free Australia

For a fresh perspective on the stories that matter for Australian business and politics, sign up for our weekly newsletter.

On Wall Street, it might sound like a 9,929-mile ticket to nowhere. And yet here was Catherine McCormack, trading a plum job at Goldman Sachs Group Inc. in New York for a finance job back home — in Australia.

That might seem like a career-killer, but McCormack, 39, says the pros outweigh the cons in a world still crippled by the lasting impact of the pandemic.

She isn’t alone — for the first time since the Second World War, more

Read More

Stocks week ahead: Has Wall Street missed the boat on cryptocurrencies?

One reason banks are hesitant: Cryptocurrencies are still in regulation purgatory.

The US government, for example, can’t decide what they are. As currencies they face very little regulation. But as securities, such as stocks and other investments, they would face a different level of scrutiny.

In December 2020, the US Securities and Exchange Commission filed a lawsuit against crypto platform Ripple and its leadership for the alleged illegal selling of unregistered securities — in form of its cryptocurrency XRP — worth $1.3 billion.

The case, which is ongoing, suggests XRP is a security and not a currency, because otherwise securities

Read More

US STOCKS-Wall Street rises as megacap stocks bounce; Dow hits record high

* Boeing falls after 737 MAX electrical grounding issue

* U.S. private payrolls increase solidly in April – ADP

* Energy, materials lead sectoral gains on S&P 500

* Indexes up: Dow 0.46%, S&P 0.54%, Nasdaq 0.63% (Adds comments, updates prices to early afternoon)

By Shreyashi Sanyal and Sruthi Shankar

May 5 (Reuters) – Wall Street’s main indexes and the Dow hit a record high on Wednesday, as growth stocks bounced from a steep selloff in the previous session and a survey showed private jobs rose in April.

Technology-related companies including Apple Inc, Microsoft Corp, Inc, Facebook Inc and

Read More

Wall Street Banks’ Back to Office Plans, Dates to Know

  • Some Wall Street banks are gearing up to get more workers back to office this summer. 
  • Goldman Sachs is reopening its US offices on June 14 and its UK offices a week later.
  • Here’s the latest on what big banks are telling employees. 
  • See more stories on Insider’s business page.

Some Wall Street banks are pushing ahead to get employees back in the office by mid-summer. 

After more than a year at home, during which bankers and traders had to adjust to dealmaking over Zoom and trading remotely, firms are setting timelines and procedures to bring employees back to the

Read More

Home Depot and Lowe’s Stocks Get More Wall Street Love Ahead of Earnings

Text size

Home Depot reports earnings later this month.

Robyn Beck / AFP via Getty Images

Home improvement retailers

Home Depot



will report first-quarter earnings later this month, and analysts are scrambling to raise their price targets on the stocks ahead of the results.

Wells Fargo’s Zachary Fadem is the latest to get more bullish on the shares. On Tuesday, he reiterated Overweight ratings on both stocks, while raising his price target on Home Depot (ticker: HD) to $360 from $330, and his target on Lowe’s (LOW) to $225 from $210.

Home Depot is up 0.6% to $334.91

Read More

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

Read More

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

Text size

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

Read More

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

Read More