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4:54 a.m. Sept. 8, 2021 - By Steve Gelsi
Providence Energy and Oaktree team up to launch Sierra EnergyProvidence Energy Ltd. and Oaktree Capital Management L.P said Wednesday they committed $500 million to form Sierra Energy Holdings LLC, a new mineral and royalty acquisitions company. Kaj Vazales, co-head of North America for Oaktree's global opportunities strategy, said the Providence management team offers "extensive experience in acquiring and managing mineral and royalty assets." Oaktree is a unit of Canada Pension Plan Investment Board.
9:55 p.m. April 19, 2021 - MarketWatch
Rio Tinto Australian iron-ore shipments up 7%SYDNEY--Rio Tinto PLC said first-quarter iron-ore shipments from its Australian mines were 7% higher than a year ago despite weaker quarterly output, as the company sold from stockpiles. The world's second-largest miner by market value said it shipped 77.8 million metric tons of iron ore from Australia's Pilbara region in the three months through March, even as output declined by 2% to 76.4 million tons.
6:26 a.m. April 6, 2021 - By Tomi Kilgore
Hudbay Minerals stock surges toward 7th-straight gain, after double upgrade at BofA amid bullish copper viewThe U.S.-listed shares of Hudbay Minerals Inc. shot up 8.4% in morning trading, putting them on track for a seventh straight gain, after BofA Securities analyst Lawson Winder swung to bullish from bearish on the Toronto-based copper producer, citing a "greatly improved outlook" for the copper business given expectations that copper prices will rise. A seven-day win streak would be the longest since it rose for nine straight days through Dec. 28, 2017. Winder double upgraded Hudbay to buy from underperform, while boosting his price target by 15% to $9.50. The stock has soared 35.0% during its current win streak, to trade just shy of its Feb. 24 three-year closing high of $8.33. "We see a greatly improved outlook for the copper business and BofA is bullish copper prices," Winder wrote in a note to clients. "2022-2023 copper production guidance was better than expected, while copper, gold and silver reserves were more than replaced." Continuous copper futures fell 0.7% on Tuesday, but has shot up 16.7% year to date. In comparison, Hudbay shares have rallied 17.9% this year while the S&P 500 has gained 8.7%.
8:18 a.m. March 18, 2021 - By Michael Ashbaugh
Charting market rotation: Dow industrials take flight amid surging Treasury yields Focus: 10-year yield continues to take flight, TNX, NDAQ, DHI, XPO, VNOMU.S. stocks are mixed early Thursday, vacillating as market rotation persists after the Federal Reserve’s Wednesday policy statement. Against this backdrop, the Dow Jones Industrial Average has extended a break atop the 33,000 mark, as the Nasdaq Composite vies to simply maintain a posture atop its 50-day moving average.
7:54 a.m. March 17, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 digests breakout ahead of Fed Focus: Metals & mining sector sustains break to six-year highs, Facebook’s stealth trendline breakout, XME, FB, SIMO, SBUX, ANU.S. stocks are mixed early Wednesday, vacillating ahead of the Federal Reserve’s policy statement, due out this afternoon.
8:53 a.m. March 16, 2021 - By Michael Ashbaugh
Charting rotational breakouts, S&P 500 rallies to record highs Focus: Transports digest March breakout, McDonald’s stages trendline breakout, IYT, MCD, VIRT, CROX, SAVETechnically speaking, the S&P 500 and Dow industrials have staged tandem breakouts — tagging all-time highs — though amid March price action that remains uneven, writes Michael Ashbaugh.
8:28 a.m. March 16, 2021 - By Michael Ashbaugh
Charting rotational breakouts, S&P 500 rallies to record highs Focus: Transports digest March breakout, McDonald’s stages trendline breakout, IYT, MCD, VIRT, CROX, SAVEBroadly speaking, the major U.S. benchmarks are acting well technically, though the March price action remains uneven. Amid the cross currents, the S&P 500 and Dow industrials have staged tandem breakouts — tagging all-time highs — while the Nasdaq Composite has sustained a break to firmer technical ground, though it remains far from record territory.
8:15 a.m. March 15, 2021 - By Michael Ashbaugh
Charting a slow-motion breakout attempt, S&P 500 nails the range top Focus: Retail sector tags record close, General Motors reaches uncharted territory, XRT, GM, LKQ, ANTM, JWNU.S. stocks are mixed early Monday, vacillating ahead of the Federal Reserve’s mid-week policy meeting. Against this backdrop, the Dow Jones Industrial Average is digesting an aggressive break to record territory, while the S&P 500’s slow-motion breakout attempt remains underway.
8:32 a.m. March 12, 2021 - By Michael Ashbaugh
Bull case strengthens amid statistically unusual technical events Focus: Currency cross currents surface amid March volatility, FXE, UUP, WBA, IP, APA, VLOU.S. stocks are mixed early Friday, vacillating as Treasury yields vie to extend a strong March start. Against this backdrop, the Dow Jones Industrial Average has taken flight — rising amid a two standard deviation technical breakout — while the S&P 500 continues to challenge major resistance.
8:11 a.m. March 11, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt: S&P 500 rattles cage on record highs Focus: Europe tags three-year highs amid ECB actions, Boeing’s recovery attempt morphs to key breakout, IEV, BA, MMM, CME, WLKU.S. stocks are firmly higher early Thursday, rising after strong weekly jobs data and amid largely easing sovereign bond yields following the ECB’s policy statement. Against this backdrop, the Dow Jones Industrial Average has extended a break to all-time highs, while the S&P 500 has tagged a nominal record high early Thursday.
8:19 a.m. March 10, 2021 - By Michael Ashbaugh
Charting bullish follow-through: Nasdaq reclaims the breakdown point Focus: Homebuilders challenge record highs, XHB, LUV, CENX, PKG, MXU.S. stocks are higher early Wednesday, rising after a relatively tame reading on consumer price inflation eased concerns regarding a potentially overheating economy. Against this backdrop, the Dow Jones Industrial Average has tagged its latest all-time high, while perhaps more importantly (from a technical standpoint), the Nasdaq Composite has extended a rally atop key resistance.
9:00 a.m. March 9, 2021 - By Michael Ashbaugh
Charting a bullish reversal: Nasdaq ventures atop the breakdown point Focus: Airlines sustain decisive 2021 breakout, Materials challenge record highs, JETS, XLB, V, UA, ALK, BIGTechnically speaking, the S&P 500 and Dow industrials have retained a bullish intermediate-term bias — even amid recent volatility — while the Nasdaq Composite is vying to repair a more damaging March downdraft, writes Michael Ashbaugh.
8:35 a.m. March 9, 2021 - By Michael Ashbaugh
Charting a bullish reversal: Nasdaq ventures atop the breakdown point Focus: Airlines sustain decisive 2021 breakout, Materials challenge record highs, JETS, XLB, V, UA, ALK, BIGTechnically speaking, the U.S. benchmarks’ bigger-picture backdrop remains uneven as a March divergence persists. On a headline basis, the S&P 500 and Dow industrials have retained a bullish intermediate-term bias — even amid recent volatility — while the Nasdaq Composite is vying Tuesday to repair a more damaging March downdraft.
8:09 a.m. March 8, 2021 - By Michael Ashbaugh
Market cross currents persist: Nasdaq hesitates at the breakdown point Focus: Crude oil rises amid reflation trade/geopolitics, USO, CAT, STT, AEO, ICHRU.S. stocks are mixed early Monday, vacillating amid a familiar March divergence. Against this backdrop, the Dow Jones Industrial Average has rallied within striking distance of record highs, while the recently lagging Nasdaq Composite has balked early Monday at its breakdown point.
8:50 a.m. March 5, 2021 - By Michael Ashbaugh
Charting a technical question mark, S&P 500 violates the 50-day average Focus: 10-year Treasury note yield continues to take flight, Sector leaders remain in divergence mode, TNX, XLF, IYT, QQQU.S. stocks are mixed early Friday, vacillating after a stronger-than-expected monthly jobs report. Against this backdrop, the S&P 500 has ventured under its 50-day moving average for the first time since November, though amid a downturn that gets low marks for bearish style. The prevailing bigger-picture technicals are not one-size-fits-all.
8:34 a.m. March 4, 2021 - By Michael Ashbaugh
Charting a volatile March start: S&P 500, Nasdaq reach key technical tests Focus: Charting a still bullish-leaning sector backdrop, IYT, XLF, QQQ, XLV, XLU, XLP, XLE, XLI, AMZNU.S. stocks are mixed early Thursday — though well off the session’s worst levels — vacillating amid a volatile March start. Against this backdrop, the S&P 500 is back for its latest crack at the 50-day moving average, currently 3,820, while the Nasdaq Composite has whipsawed Thursday at last-ditch support matching the 2020 peak (12,973).
8:08 a.m. March 3, 2021 - By Michael Ashbaugh
Market divergence persists, Nasdaq whipsaws at 50-day average Focus: Materials sector approaches record highs, XLB, AA, HES, SATS, BZHU.S. stocks are mixed early Wednesday, vacillating after a mixed batch of economic data. Against this backdrop, the major U.S. benchmarks remain in divergence mode, as the Nasdaq Composite continues to underperform amid relative strength elsewhere.
8:50 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots, writes Michael Ashbaugh.
8:29 a.m. March 2, 2021 - By Michael Ashbaugh
Charting a bullish March start: S&P 500, Nasdaq maintain major support Focus: Industrials hold the breakout point, Intel’s stealth recovery attempt, Boeing builds on trendline breakout, XLI, INTC, BA, ETSY, MABroadly speaking, the major U.S. benchmarks are acting well technically despite persistently uneven price action in spots. Against this backdrop, the S&P 500 has knifed from its 50-day moving average — registering its biggest daily gain since June — to punctuate a second consecutive late-month retest.
8:09 a.m. March 1, 2021 - By Michael Ashbaugh
Charting successful technical tests: S&P 500, Nasdaq knife from major support Focus: Gold’s technical breakdown, Starbucks tags record highs, GLD, SBUX, MXL, OII, GRPNU.S. stocks are firmly higher early Monday, rising after a strong batch of economic data and amid stabilizing Treasury yields. Against this backdrop, the S&P 500 and Nasdaq Composite have knifed from major support amid an unusually strong March start.
8:15 a.m. Feb. 26, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 holds 50-day average (again) Focus: 10-year yield takes flight, Charting a largely bullish sub-sector backdrop, Apple, Facebook and Amazon test key thresholds, TNX, IYT, XLF, QQQ, XLE, XLI, AAPL, FB, AMZNU.S. stocks are mixed early Friday, vacillating as a late-month market whipsaw persists. Against this backdrop, the major U.S. benchmarks remain in divergence mode — amid uneven price action — though the bigger-picture technical backdrop remains bullish, on balance.
8:10 a.m. Feb. 25, 2021 - By Michael Ashbaugh
Charting market cross currents: Late-month divergence persists Focus: 10-year yield matches S&P 500’s dividend yield, Financials take flight, TNX, XLF, F, ETN, ZG, HDU.S. stocks are lower early Thursday, pressured as persistently surging U.S. Treasury yields present a market headwind. Against this backdrop, the major U.S. benchmarks have largely weathered the recent market whipsaw, though amid increasingly uneven price action.
8:14 a.m. Feb. 24, 2021 - By Michael Ashbaugh
Charting market rotation: S&P 500 maintains the breakout point Focus: Nasdaq 100 holds 50-day average, Industrials tag record highs, Airlines take flight, QQQ, XLI, JETS, UAL, ORCL, WIXU.S. stocks are higher early Wednesday, rising in the wake of a pronounced market whipsaw. Against this backdrop, the S&P 500 and Dow industrials have maintained major support, rising amid rotational, and still largely bullish, late-month price action.
8:40 a.m. Feb. 23, 2021 - By Michael Ashbaugh
Charting a market divergence, Nasdaq violates the breakout point Focus: Energy and Metals & Mining sectors take flight, Apple ventures under major support, XLE, XME, AAPL, NUE, SIGTechnically speaking, the major U.S. benchmarks have extended a downturn from recent record highs, pressured amid increasingly uneven price action, writes Michael Ashbaugh.
8:10 a.m. Feb. 23, 2021 - By Michael Ashbaugh
Charting a market divergence, Nasdaq violates the breakout point Focus: Energy and Metals & Mining sectors take flight, Apple ventures under major support, XLE, XME, AAPL, NUE, SIGTechnically speaking, the major U.S. benchmarks have extended a downturn from recent record highs, pressured amid increasingly uneven late-month price action.
8:17 a.m. Feb. 22, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500 traverses the range Focus: Japan sustains February break to record territory, EWJ, NTAP, SCCO, ODFL, KSSU.S. stocks are mixed early Monday, vacillating as tech stocks turn lower, pressured at least partly amid recently surging Treasury yields. Against this backdrop, the S&P 500 and Dow industrials have maintained bullish holding patterns, asserting trading ranges underpinned by familiar support.
8:03 a.m. Feb. 19, 2021 - By Michael Ashbaugh
Charting successful technical tests, U.S. benchmarks nail first support Focus: Biotech sector pulls in toward key support, Charting Apple’s bull-bear debate, XBI, AAPL, STX, GOOS, WMTU.S. stocks are higher early Friday, rising amid optimism over stimulus-package prospects. Against this backdrop, each big three U.S. benchmark has registered a bullish reversal from well-defined support. The S&P 500 has nailed its range bottom (3,885) while the Nasdaq Composite and Dow industrials have rallied from their breakout points.
2:21 a.m. Feb. 18, 2021 - By Tomi Kilgore
Barrick Gold's stock bounces off 10-month low after profit, revenue beat expectationsShares of Barrick Gold Corp. surged 2.9% in premarket trading, to bounce off the previous session's 10-month closing low, after the gold miner reported fourth-quarter profit and revenue that beat expectations. Net earnings were $685 million, or 39 cents a share, down from $882 million, or 50 cents a share, in the third quarter. Adjusted earnings per share, excluding nonrecurring, items were 35 cents, above the FactSet consensus of 31 cents. Revenue fell to $3.28 billion from $3.54 in the previous quarter, but topped the FactSet consensus of $3.25 billion. A year ago, the company reported net earnings of $1.39 billion, or 78 cents a share, on revenue of $2.88 billion. Realized gold price per ounce was $1,871, compared with $1,926 in the third quarter and $1,483 a year ago. Free cash flow was $1.09 billion, down from $1.31 billion in the third quarter but up from $429 million a year ago; the FactSet consensus was $720.8 million. The company said while cost per ounce was impacted by the COVID-19 pandemic, total cash costs were contained despite higher royalty expenses from the higher gold price environment. Barrick Gold's stock has declined 14.8% over the past three months through Wednesday, while gold futures have declined 4.8% and the S&P 500 has gained 10.2%.
9:03 p.m. Feb. 16, 2021 - MarketWatch
Rio Tinto profit up 22%, will pay special dividendSYDNEY--Rio Tinto PLC unveiled a surprise special dividend after a sustained rally by iron-ore prices drove a 22% rise in annual net profit. Rio Tinto, the world's second-biggest mining company by market value, on Wednesday reported a net profit of $9.77 billion for 2020. That compared to a profit of $8.01 billion in 2019.
8:25 a.m. Jan. 22, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 retests the breakout point Focus: Solar sector sustains 2021 breakout, Apple tags record close amid stealth breakout attempt, TAN, AAPL, MGA, DE, MDCU.S. stocks are lower early Friday — though off the session’s worst levels — pressured amid virus concerns, and a not well-received batch of influential earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite continue to digest respectable mid-week rallies to record territory, against an otherwise bullish bigger-picture backdrop.
9:25 p.m. Jan. 18, 2021 - MarketWatch
Rio Tinto forecasts a wide range for 2021 exportsSYDNEY--Rio Tinto PLC Tuesday reported a 1% lift in annual shipments of iron ore from its Australian mining hub and forecast a wide range for 2021 exports around a similar level as it deals with uncertainties tied to the pandemic and a review of heritage laws.
8:55 a.m. Jan. 5, 2021 - By Michael Ashbaugh
Charting a bull-trend whipsaw, S&P 500 absorbs pullback from record highs Focus: Gold’s trendline breakout, Semiconductor sector challenges record highs, GLD, SMH, CRUS, FEYE, WPMTechnically speaking, the major U.S. benchmarks have whipsawed to start the new year, though the initial downturn has inflicted limited damage, writes Michael Ashbaugh.
8:21 a.m. Jan. 5, 2021 - By Michael Ashbaugh
Charting a bull-trend whipsaw, S&P 500 absorbs pullback from record highs Focus: Gold’s trendline breakout, Semiconductor sector challenges record highs, GLD, SMH, CRUS, FEYE, WPMTechnically speaking, the major U.S. benchmarks have whipsawed to start the new year, pulling in respectably from recent record highs. Against this backdrop, the S&P 500 has reversed to its former December range, though amid a downturn that has inflicted limited damage in the broad sweep.
7:54 a.m. Dec. 18, 2020 - By Michael Ashbaugh
Bull trend pauses: U.S. benchmarks digest rally to latest record close Focus: Homebuilders edge to record territory, XHB, SHOP, PLUG, CYBR, FLT, APLSU.S. stocks are lower early Friday, pressured to conclude otherwise constructive week-to-date price action. Against this backdrop, each big three U.S. benchmark has pulled in relatively modestly from its latest record close.
1:43 a.m. Oct. 1, 2020 - MarketWatch
Rio Tinto's next CEO faces awkward Africa decisionSYDNEY-- Rio Tinto PLC's next leader will inherit a decision that could define the miner's next decade: whether to partner with China on a potentially lucrative but costly African project that could reshape the iron-ore market.
10:11 a.m. Sept. 25, 2020 - By Myra P. Saefong
Gold ends lower to suffer worst weekly slump since March Silver futures log a weekly drop of nearly 15%Gold futures end lower on Friday, with bullion booking its fourth decline in five sessions, prompting the asset to suffer its worst weekly slide in about six months.
8:20 p.m. Sept. 23, 2020 - By Associated Press
Asian stocks mostly lower early Thursday amid declining confidence in U.S. economy and escalating political turmoilAsian shares were mostly lower Thursday as caution set in after a retreat on Wall Street driven by a decline in technology shares.
10:13 a.m. Sept. 22, 2020 - By Myra P. Saefong
Gold prices suffer back-to-back losses as dollar extends run-upGold prices on Tuesday end lower for a second session as the dollar continues its climb on the back of concerns about fresh COVID-19 lockdowns implemented in London and other parts of Europe, continues.
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