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Why China Has a New Stock Exchange in Beijing

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5:47 a.m. Nov. 26, 2021 - By Mark Decambre
Dow's Black Friday plunge puts blue-chip stock gauge at risk of closing below 50-day moving averageU.S. stocks were facing their worst Black Friday trade in recent memory and the decline was putting the Dow Jones Industrial Average at risk of closing below its 50-day moving average for the first time since mid October, as markets wrestle with reports of a new coronavirus variant.The Dow was down 826 points, or 2.3%, to trade at 34,969, which is below its 50-day MA at 35,261.93. Scientists say the coronavirus strain has a high number of mutations that may make it more transmissible and allow it to evade some of the immune responses triggered by previous infection or vaccination. Meanwhile, the S&P 500 index , and the Nasdaq Composite Index were both trading sharply lower but holding above their short-term MAs. Moving averages are used by technical analysts to gauge short-term and long-term momentum in an asset.
10:19 p.m. Nov. 25, 2021 - By Barbara Kollmeyer
Chinese regulators ask Didi Global to delist from NYSE: reportChina's regulators are asking technology watchdog has asked Didi Global Inc. to delist from the New York Stock Exchange, on Friday. over concerns the mobile transportation company could leak sensitive information. Citing sources, the report said the Cyperspace Administration of China, which looks after data security, has made the request. Plans would include either privatization at the $14 per share IPO price when it listed in June, or a Hong Kong share float that would be at a discount, those sources added. Neither Didi nor the China tech agency responded to requests by Bloomberg for comment. Didi shares closed Wednesday at $8.11. Shares of stakeholder Softbank slumped 5% on Friday, with global markets also weighed by news of a new COVID variant discovered in South Africa.
8:37 a.m. Nov. 23, 2021 - By Mark Decambre
Gold's 4th straight decline matches longest skid in nearly 7 monthsGold futures settled lower Tuesday for a fourth straight session, with the precious metal falling to the lowest value in about three weeks, breaching the psychologically significant value at $1,800 again. December gold shed $22.50, or 1.2%, to settle at $1,783.80 an ounce, marking the lowest finish for a most-active contract since Nov. 3, FactSet data show. The four-day slide also matched the longest string of declines for the contract for the precious metal since the period ended April 30.
4:38 a.m. Nov. 23, 2021 - By Mark Decambre
Dow industrials trade under pressure and broader market slumps early Tuesday U.S. stock benchmarks traded mostly lower Tuesday morning, with pressure again seen on the technology sector as investors continue to consider what the reappointment of Federal Reserve Chair Jerome Powell may mean for monetary policy tightening. The Dow Jones Industrial Average declined 17 points, or less than 0.1%, to around 35,604, the S&P 500 index fell 0.2% to reach 4,674 and the Nasdaq Composite Index retreated 0.5% to 15,774, as a rise in Treasury yields continued, with the 10-year Treasury note yielding around 1.64%. In corporate news, shares of Zoom Video Communications were in focus after company executives detailed falling revenue on a conference call late Monday. U.S. markets will be closed on Thursday in observance of Thanksgiving and will end early on Friday.
1:15 a.m. Nov. 23, 2021 - By Tomi Kilgore
XPeng's stock jumps after big revenue beat, upbeat outlookShares of XPeng Inc. rallied 4.2% in premarket trading Tuesday, after the China-based electric vehicle maker reported a wider-than-expected third-quarter loss but revenue that rose well above forecasts and provided an upbeat fourth-quarter outlook. The net loss widened to RMB1.59 bln ($249.7 million), or RMB1.89 per American depositary share (ADS), from a loss of RMB1.15 billion a year ago. Excluding nonrecurring items, the adjusted loss per ADS came to RMB1.77, compared with the FactSet consensus of RMB1.30. Revenue jumps 187.4% to RMB5.72 billion ($895.5 million) to beat the FactSet consensus of RMB5.03 billion, as deliveries rose 199.2% to a record 25,666 vehicles, including 217.7% growth in P7 model deliveries. Gross margin improved to 14.4% from 4.6%. Looking ahead, the company expects fourth-quarter deliveries of between 34,500 and 36,500 vehicles, representing growth of 166.1% to 181.5%, and revenue between RMB7.1 billion and RMB7.5 billion, compared with the FactSet consensus of RMB6.09 billion. The stock has surged 19.4% over the past three months through Monday, while the iShares MSCI China ETF has edged up 0.6% and the S&P 500 tacked on 4.5%.
4:35 a.m. Nov. 19, 2021 - By Mark Decambre
Dow, S&P 500 slump Friday but Nasdaq Composite edges higher in early Friday actionU.S. stock benchmarks headed lower Friday morning, amid growing concerns over rising cases of COVID-19 in the U.S. and a national lockdown in Austria, with Germany threatening similar action to mitigate the spread of the infectious disease COVID-19 that has plagued the globe for two years. The Dow Jones Industrial Average was down 0.5%, the S&P 500 index was off less than 0.1%, while the Nasdaq Composite Index gained 0.2%. Friday marks the final full week of trading in November before the Thanksgiving holiday in the U.S., with the markets closed on Thursday and ending early in the following session.
2:43 a.m. Nov. 18, 2021 - By Tomi Kilgore
Boeing's stock gets a boost after J.P. Morgan gets bullish againShares of Boeing Co. got a 1.6% boost in premarket trading Thursday, after the aerospace and defense contractor was upgraded at J.P. Morgan, with analyst Seth Seifman saying, "a deep breath and diving in." Seifman raised his rating to overweight, after downgrading it to neutral in March 2020. He raised his stock price target to $275 from $260. "With the market near a record, we like that BA has company-specific catalysts that should help, provided we avoid a recession or eternal COVID-19 waves," Seifman wrote in a note to clients. "[B]oeing's position at the center of global air travel offers confidence that it will recover financially over time and we believe risk-reward now skews favorably." He said China's certification of Boeing's 737 MAX planes is "critical," and recent reports suggest it is approaching. Another overhang is the 787 delivery halt, which Seifman said seems likely to persist in to the first quarter of 2022. Boeing's implied stock price gain would add about 24 points to the Dow Jones Industrial Average's price, while Dow futures gained 35 points, or 0.1%.
1:42 a.m. Nov. 17, 2021 - By Tomi Kilgore
Bitcoin miner Iris Energy's IPO prices above the expected range, to value company at more than $1.5 billionIris Energy Ltd. is set to go public Wednesday, after the initial public offering priced overnight at $28 a share, above the expected range of between $25 and $27 a share. The company raised $231.5 million as it sold 8.27 million shares in the IPO. With 55.45 million shares outstanding after the IPO, the pricing values the company at about $1.55 billion. The stock is expected to start trading on the Nasdaq some time after the open under the ticker symbol "IREN." J.P. Morgan, Canaccord Genuity and Citigroup were the lead underwriters. The company said it has been mining bitcoin since 2019, but doesn't hold any bitcoin on its balance sheet because it liquidates all the bitcoin mined. The company reported a net loss of AUD79.7 million ($57.6 million) on bitcoin mining revenue of AUD10.4 million ($7.5 million) in the year ended June 30, after a loss of AUD3.4 million on revenue of AUD3.3 million in the same period a year ago. The company is going public at a time of relatively strong investor interest in IPOs, as the Renaissance IPO ETF has rallied 9.7% over the past three months while the S&P 500 has gained 5.7%.
9:44 a.m. Nov. 16, 2021 - By Mark Decambre
VanEck's 'lowest-cost' bitcoin linked ETF is down Tuesday but it's outperforming ProShares and Valkyrie funds down 5%The VanEck Bitcoin Strategy Fund on Tuesday is seeing its first day of trading, with the bitcoin futures-pegged exchange-traded fund, which bills itself as the "lowest-cost" option, compared against rivals, outperforming "spot" bitcoin values . VanEck's ETF was down less 1%, at last check, on Tuesday afternoon, in its first day of trading on Cboe Global Markets Inc.'s Cboe BZX exchange. By comparison, spot bitcoin was down more than 5%, in line with the ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF , which also are pegged to bitcoin futures traded on the CME Group's Chicago Mercantile Exchange . The VanEck offering has billed itself as a cheaper option to ProShares and Valkyrie funds, which came out before it. The VanEck's expense ratio is 0.65%, which translates to an annual cost of $6.50 for every $1,000 invested, compared with 0.95% for its two rivals. VanEck also claims that its ETF can be more tax-efficient than its rivals due to its C-corp structure. The outperformance of XBTF on Tuesday may provide some modest solace to the folks at VanEck who saw a spot bitcoin ETF rejected last week by the Securities and Exchange Commission on the grounds that it doesn't properly prevent fraud and market manipulation. However, first-mover advantage on bitcoin futures may ultimately carry the day, with ProShares boasting assets of around $1.4 billion, Valkyrie's bitcoin futures market looking after $60 million and VanEck likely to end Tuesday's session well below that, even considering its outperformance.
4:39 a.m. Nov. 9, 2021 - By Mark Decambre
S&P 500 and Nasdaq Composite drift higher early Tuesday but Dow under pressureU.S. stock indexes opened mixed Tuesday, with the S&P 500 and Nasdaq Composite aiming to extend lengthy winning streaks, while the Dow dipped at the start of trade. The Dow Jones Industrial Average was down 0.2% at 36,368, while the S&P 500 index advanced 0.1% at 4,704, and the Nasdaq Composite Index rose 0.2% at 16,019. On Monday, the S&P 500 scored its the eighth straight gain, its longest winning streak since April 2019 and its longest string of record closes since 1997. The Nasdaq Composite produced, on Monday, notched its 11th straight gain, which marked its longest stretch of advances since December of 2019. Trading for equity markets on Tuesday come after a report on wholesale inflation, the October producer price index, rose 0.6%, in line with expectations. The pace of wholesale inflation over the past 12 months was flat at 8.6%, but marking the highest level since the index was reconfigured in 2009, and likely one of the highest readings since the early 1980s. In corporate action, shares of General Electric Co. were up after the industrial conglomerate announced plans to split into three publicly traded companies.
1:17 a.m. Nov. 8, 2021 - By Steve Goldstein
U.S.-listed Chinese education companies jump on report of tutoring licensingU.S.-listed Chinese education companies jumped after a report from The Wall Street Journal . The report said Gaotu Techedu and Yuanfudao, a unit of Tencent , have held talks about resuming tutoring to students in the ninth grade and below, the report said. The license rules would allow them to operate after-school tutoring on a nonprofit basis and allow profit making on tutoring adults, the report added. Gaotu Techedu jumped 36% and New Oriental Education & Technology jumped 27%.
7:18 a.m. Nov. 1, 2021 - By Tomi Kilgore
LianBio stock opens below the IPO price, reversing early indications of a rallyLianBio got off to a rocky start as a public company, as the first trade of the shares of biotechnology company with operations in the U.S. and China was 3.1% below the initial public offering price, reversing early indications of an upbeat open. The company said Sunday evening that , or in the middle of , as the company sold 20.31 shares to raise $325.0 million. The earliest indications of the stock's open was as high as around $18.50, which would have been 15.6% above the IPO price, but indications took a quick and steady turn south and fell to a low of about $13.50 before bouncing a bit. The stock's first trade was at $15.50 at 12:13 p.m. Eastern for 618,154 shares. At that price, the company would be valued at $1.63 billion, down from expectations of up to $1.79 billion before the pricing. The stock fell further since the open, to trade recently down 10.4% at $14.34. The stock's downbeat open comes on a day of relatively good investor interest in IPO shares, as the Renaissance IPO ETF rose 0.2% in midday trading while the S&P 500 inched up less than 0.1%.
2:38 a.m. Nov. 1, 2021 - By Tomi Kilgore
LianBio to go public as IPO prices in middle of expected range, as the biotech was valued at about $1.7 billionLianBio is set to go public Monday, after the biotechnology company with operations in the U.S. and China said its initial public offering priced at $16 a share, in the middle of . The company offered 20.31 million American depositary shares in the IPO to raise $325.0 million. The IPO pricing values the company at about $1.68 billion. The stock is expected to begin trading on the Nasdaq some time after the open under the ticker symbol "LIAN." The company has recorded a net loss of $161.9 million on no revenue during the six months ended 2021, after a loss of $6.7 million on no revenue in the same period a year ago. The company is going public at a time that the Renaissance IPO ETF has climbed 9.3% over the past three months while the S&P 500 has gained 4.8%.
1:20 a.m. Nov. 1, 2021 - By Tomi Kilgore
XPeng's stock rallies after October deliveries update, Li Auto's slipShares of XPeng Inc. rallied 2.7% in premarket trading Monday, after the China-based electric vehicle maker reported a more than tripling in October deliveries as it surpassed the 10,000 mark despite the challenges faced by the semiconductor shortage. The company delivered 10,138 EVs, up 233% from a year ago, including 6,044 P7 sports sedans, 3,657 G3 and G31 SUVs and 437 P5 family sedans. Year to date, the company said it has delivered 66,542 EVs, up 289% form a year ago. Separately, Li Auto Inc. said October deliveries rose 107.2% to 7,649, bringing the year-to-date deliveries to 62,919. Li's stock slipped 2.6% ahead of the open. The deliveries increases for XPeng and Li was in contrast with fellow China-based EV maker Nio Inc. , which saw %. XPeng's stock has rallied 15.1% over the past three months through Friday and Li Auto shares have declined 2.3%, while the S&P 500 has gained 4.8%.
1:07 a.m. Nov. 1, 2021 - By Tomi Kilgore
Nio stock sinks after October deliveries fallShares of Nio Inc. sank 4.1% in premarket trading Monday, after the China-based electric vehicle company reported October deliveries that fell 27.5% from a year ago, as restructuring, upgrading of manufacturing lines and preparation of new products acted as drag. The company delivered 3,667 vehicles in October, consisting of 218 ES8 six- or seven-seater SUVs and 2,528 ES6 five-seater SUVs. Nio said given the restructuring and upgrade scheduled, ES8 production resumed toward the end of the month. The company said despite the production and supply chain challenges, the company said new orders reached a record during the month. The stock has tumbled 11.8% over the past three months through Friday, while the iShares MSCI China ETF has lost 2.9% and the S&P 500 has gained 4.8%.
2:23 a.m. Oct. 29, 2021 - By Ciara Linnane
Novavax files for provisional approval of COVID-19 vaccine in Australia Novavax Inc. said Friday it has filed for provisional approval of its COVID-19 vaccine in Australia. "The company's application to the TGA marks the first complete application for provisional approval of a protein-based COVID-19 vaccine in Australia," the company said in a statement. The move comes just days after Novavax filed for approval of the vaccine in the U.K. with the completion of a rolling submission to the U.K. Medicines and Healthcare products Regulatory Agency. The submission was based on late-stage data from about 45,000 patients that the company said showed high efficacy and well-tolerated safety, including against variants of Covid-19. The company is planning to submit filings to other regulators in key markets, including Europe, Canada, New Zealand and the World Health Organization, as well as other markets around the world. In the U.S., Novavax expects to submit the complete package to the FDA by year-end. Shares were down 0.7% premarket, but have gained 35% in the year to date, while the S&P 500 has gained 22%.
9:29 a.m. Oct. 28, 2021 - By Tomi Kilgore
Nintendo's stock bounces off 16-month low after Wedbush analyst turns bullishThe U.S.-listed shares of Nintendo Co. Ltd. bounced 2.1% in afternoon trading Thursday, after Wedbush analyst Michael Pachter turned bullish on the Japan-based videogame and game console maker, citing "valuation and a favorable holiday setup." The rally comes after the stock closed Wednesday at the lowest price since June 10, 2020. Pachter raised his rating to outperform, after being at neutral since June 24, 2020, saying the recent selloff has provided a "compelling entry point" for investors. "Nintendo is well-positioned to have a strong holiday season and fiscal year end driven by multiple factors that should drive material upside to full-year guidance," Pachter wrote in a note to clients. He said Nintendo's Switch hardware continues to perform well at retail, and the launch of the Switch OLED (organic light-emitting diode) model is likely to boost hardware momentum. And heading into the holiday season, Pachter said Nintendo should have some of the industry's most popular games, including "Metroid Dread," "Pokémon Brilliant Diamond," and "Pokémon Shining Pearl." The company is scheduled to report fiscal second-quarter results on Nov. 4. The stock has tumbled 19.7% over the past three months, while the S&P 500 has gained 4.3%.
9:20 a.m. Oct. 27, 2021 - By Mark Decambre
Long-dated Treasury yields on track for biggest daily drop in over 3 monthsLong-dated Treasury yields on Wednesday were experiencing the biggest slide in months, with buying in long-dated bond yields fueled by concerns about the economic outlook, against expectations that the Federal Reserve will commence the reduction of monthly asset purchases, as early as next week, with an eye toward eventually hiking interest rates, which currently stand at a range between 0% and 0.25%. The 10-year Treasury note yield was 8.3 basis points lower at around 1.538% at last check Wednesday, compared with its 3 p.m. Eastern Time levels. The daily slide for the benchmark Treasury rate, used to price everything from mortgages to car loans, would mark the steepest one-day slide since July 19, according to Dow Jones Market Data. Meanwhile, the 30-year Treasury bond rate was at 1.953%, off 9.8 basis points, which would also mark its sharpest yield slide since July 19.
4:36 a.m. Oct. 27, 2021 - By Mark Decambre
Dow, S&P 500 struggle to deepen ascent into record territory early WednesdayU.S. stock benchmarks were fighting to gain further traction towward record heights, as investors absorbed a clutch of earnings from McDonald's Corp , Boeing Co. and among others. Meanwhile, tensions between Washington and Beijing were also in focus after U.S. regulators banned China Telecom Corp. from operating in the U.S. The Dow Jones Industrial Average were trading 0.1% lower at 35,739, the S&P 500 index was down less than 0.1% at 4,572, while the Nasdaq Composite Index was up 0.3% at 15,275. Data showed U.S. durable goods orders fell 0.4% in October, compared with expectations for a 1% decline. "Core" orders rose by 0.8%. Separately, the government said the trade deficit widened in September. Elsewhere, Sino-U.S. tensions were in focus after the Federal Communications Commission gave China Telecom 60 days to leave the U.S. market. Regulators cited a potential national security threat from the company, such as the disruption of U.S. communications, amid rising tensions between the countries.
11:06 a.m. Oct. 26, 2021 - By Mark Decambre
Dow, S&P 500 book back-to-back record closes but stock market's gains fade in Tuesday's final minutesU.S. stocks eked out a fresh round of record highs Tuesday, as better-than-expected third-quarter results from American corporations appeared to produce sufficient loft for a second record close for the S&P 500 and the Dow Jones Industrial Average. The Dow closed up less than 0.1% higher at around 35,755, with an intraday record high at 35,892.92; the S&P 500 edged up 0.2% to about 4,575, following a jaunt near 4,600. Meanwhile, the Nasdaq Composite index finished up less than 0.1% at 15,235, putting the technology-laden index closer to eclipsing its Sept. 7 record close at 15,374.33. However, the day's gains might have been kept in check by persistent worries about inflation and fears of a global growth slowdown. On top of that the Federal Reserve meets next week, Nov. 2-3, to discuss implementing policies that would be viewed as less accommodative for stock buying.
6:46 a.m. Oct. 25, 2021 - By Tomi Kilgore
Silicon Motion raises dividend, boosting yield to more than double that of the S&P 500Shares of Silicon Motion Technology Corp. shot up 5.2% in midday trading Monday, after the supplier of NAND flash controllers raised its dividend by 43%. The Taiwan-based company said it will pay an annual cash dividend of $2.00 per American depositary shares, up from a previous annual dividend of $1.40 a share. The payout of the dividend will be spread out as quarterly payments, to shareholders of record on Nov. 10, and on Feb. 14, May 12 and Aug. 11 of 2022. Based on current share prices, the new annual dividend rate implies a yield of 2.81%, which compares with the implied yield for the S&P 500 of 1.33%. The stock has rallied 47.7% year to date, while the PHLX Semiconductor Index has advanced 21.7% and the S&P 500 has gained 21.4%.
4:16 a.m. Oct. 25, 2021 - By Tomi Kilgore
Remark's stock rockets again, is set to open with an 8-fold gain in 2 daysShares of Remark Holdings Inc. skyrocketed 240.1% on massive volume in premarket trading Monday, putting them on track to open with an 8-fold gain in two days. Trading volume spiked to 69.3 million shares ahead of the open, making the artificial intelligence products developer's stock the most actively traded ahead of the open, and well above the full-day average volume of about 8 million shares. On Friday, the stock soared 138.4% on volume of 198.5 million shares, after closing Thursday at 91 cents. The company told MarketWatch it did not comment on daily trading fluctuations of its stock. The company confirmed that it's last news release was an late Thursday, in which the company said it was offering up to $50 million worth of securities for sale. In the filing, the company, which said it was incorporated in Delaware and was "not a Chinese operating company," but said it conducts a "significant part" of its operations through subsidiaries and through contractual agreements with variable interest entities (VIEs) based in China. The latest exchange data showed that . The stock has gained 14.2% year to date through Friday, while the S&P 500 has gained 21.0%.
3:27 a.m. Oct. 25, 2021 - By Steve Gelsi
Citigroup expects 'significant' charges from shuttering Korea consumer banking unitCitigroup said Monday it'll incur "significant" charges for winding down its Citibank Korea Inc. unit, and that it'll likely provide more details in the next four business days. The bank said the move is part of its previously announced plans to exit its consumer franchises in 13 markets across Asia, Europe, the Middle East and Africa. The charges will be incurred through the end of 2023 and will include cash expenditures related to voluntary termination benefits and related charges. Citibank Korea Inc. has begun negotiation of the voluntary termination benefits and related charges with employee unions. Shares of Citi rose 0.3% in pre-market trades. The stock is up 15.8% so far this year, compared to a jump of 21% by the S&P 500.
5:10 a.m. Oct. 22, 2021 - By Mark DeCambre
Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gainShares of Phunware Inc. surged more than 1,000% early Friday, as a special-purpose acquisition company, or SPAC, called Digital World Acquisition Corp. , . Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump's 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal, which apparently represents the former president's latest attempt to launch a social-media platform. Meanwhile, shares of DWAC were up 190% on Friday, contributing to a 1,345% weekly gain for the entity. Trump announced that he expects to upend Silicon Valley via a new app called TRUTH Social, which will be a property of the newly formed social-media company Trump Media & Technology Group. Digital World closed up 356.8% on Thursday, marking the best first day of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's market value is just $116 million, FactSet data show, even with the surge in its stock on Friday.
5:03 a.m. Oct. 22, 2021 - By Mark Decambre
Valkyrie bitcoin ETF sinks in Friday debut on Wall Street, but trailblazer ProShares fund still bouncyShares of the Valkyrie Bitcoin Strategy exchange-traded fund were trading flat to lower on Friday as the U.S's second ETF linked to bitcoin made its debut on Wall Street. The launch of the Valkyrie Bitcoin fund comes days after the ProShares Bitcoin Strategy ETF became the first U.S. ETF linked to bitcoin on Tuesday, in a watershed moment for the crypto sector. Both Valkyrie and ProShares's funds are futures based, which Gary Gensler, chairman of the Securities and Exchange Commission has said provides better protections for individual investors. Gensler's statements about futures-pegged bitcoin ETFs, made in the summer have paved to way for fund providers to propose a parade of futures-linnked products. Futures are derivative financial contracts that provide investors exposure to price moves in an underlying asset. However, the value of futures contracts sometimes diverge from the underlying asset, which is one of a number of criticisms of a bitcoin futures ETF. The ProShares ETF were up 0.7% early Friday, however. Both Valkyrie and ProShares carry expense ratios of 0.95%, which means that investors annually pay $9.50 for every $1,000 invested in the fund.
11:12 a.m. Oct. 20, 2021 - By Mark Decambre
Dow, S&P 500 end higher but narrowly miss closing highs as Fed's Beige Book shows inflation pressures remainThe S&P 500 index and Dow industrials closed higher on Wednesday, barely missing a finish at record closing highs as investors parsed the Federal Reserve's latest Beige Book showing the U.S. economy is growing at a modest to moderate pace, but remains under pressure from inflation and labor shortages. Strong third quarter corporate earnings are helping investors overcome some doubts about the impact of the coronavirus delta variant, supply-chain disruptions and the Federal Reserve's likely move to start withdrawing some of its easy-money policies. The Dow Jones Industrial Average close 0.4% higher at 35,609, missing its Aug. 16 closing high at 35,625.40. The S&P 500 index closed up 0.4% to end at around 4,536, coming within a hair's breadth of its Sept. 2 closing high at 4,536.95. The Nasdaq Composite Index , however, ended down slightly, less than 0.1% to end at about 15,121, ending its win streak at five straight sessions. Investors were focused on results from electric-vehicle maker Tesla Inc. , which rolled out after Wednesday's close. Meanwhile, the Fed's latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.
6:22 a.m. Oct. 19, 2021 - By Mark Decambre
ProShares Bitcoin Strategy ETF trades up 2.6% in Tuesday debut on the NYSE The ProShares Bitcoin Strategy ETF was trading higher Tuesday morning, in its debut on the New York Stock Exchange, marking a milestone for the nascent crypto sector. The ProShares fund, up 2.6%, is the first ETF that offers exposure to bitcoin , a virtual asset that has only existed since 2009. The offering from ProShares comes after a number of proposals to launch a bitcoin ETF that were rejected by the Securities and Exchange Commission. Comments in the summer from SEC Chairman Gary Gensler, suggesting that he might be receptive to approving an ETF that was pegged to futures contracts, paved to way for fund providers to propose a futures-linnked ETF. Gensler has said that futures offer investors greater protections than a fund that is linked to bitcoin directly. Futures are derivative financial contracts that provide investors exposure to price moves in an underlying asset. However, the value of futures contracts sometimes diverge from the underlying asset, which is one of a number of criticisms of a bitcoin futures ETF.
5:03 a.m. Oct. 19, 2021 - By Mark Decambre
Grayscale Bitcoin Trust rises 2.4% as largest bitcoin fund says it has formally kicked off plan to convert into an ETF Grayscale Investments said on Tuesday that it has formally applied with the Securities and Exchange Commission to convert its Grayscale Bitcoin Trust into an exchange-traded fund that is pegged directly to the world's No. 1 digital asset rather than focus on creating a futures-linked ETF. The announcement comes as The ProShares Bitcoin Strategy ETF began trading on Tuesday under the ticker "BITO" on the New York Stock Exchange as a futures-linked ETF, which is being hailed as a major milestone in crypto. GBTC's aim to convert its trust, would allow the largest bitcoin product to retain its dominance as a crypto investment vehicle, with some $33 billion in assets. However, it isn't clear that SEC Chairman Gary Gensler, who has said he prefers a futures-based ETF because it offers better investor protections, will approve a bitcoin ETF that is directly pegged to bitcoin. Futures allow investors to indirectly bet on an underlying asset. Critics say that futures-based ETFs are vulnerable to divergences in the prices of the futures and the underlying assets they track. "At Grayscale, we believe that if regulators are comfortable with ETFs that hold futures of a given asset, they should also be comfortable with ETFs that offer exposure to the spot price of that same asset," wrote Dave LaValle, global head of ETFs at Grayscale Investments, in a statement.
4:35 a.m. Oct. 19, 2021 - By Mark Decambre
Dow rises tentatively and S&P 500 retakes 4,500 in early Tuesday trade U.S. stock benchmarks rose Tuesday morning, extending gains after the largest four-day rally since late July for both the S&P 500 and Nasdaq Composite. The Dow Jones Industrial Average was up 0.3% at 35,371, the S&P 500 index climbed 0.3% to 4,501, while the Nasdaq Composite Index advanced 0.3% at 15,072. The positive backdrop for equities comes as good corporate earnings have largely overshadowed worries about supply-chain disruptions. In corporate news, Johnson & Johnson shares rose after the drugmaker said it brought in $502 million in world-wide sales of its COVID-19 vaccine in the third quarter of 2021.
4:14 a.m. Oct. 18, 2021 - By Tomi Kilgore
Kulicke & Soffa raises dividend to lift implied yield above the S&P 500'sShares of Kulicke & Soffa Industries Inc. rose 0.6% in premarket trading Monday, after the Singapore-based semiconductor company said it has raised its quarterly dividend by 21.4%. The new quarterly dividend of 17 cents a share, up from 14 cents, will be payable Jan. 10 to shareholders of record on Dec. 23. Based on Friday's stock closing price of $49.20, the new annual dividend rate implies a dividend yield of 1.38%, which compares with the yield for the VanEck Semiconductor ETF's yield of 0.57% and the implied yield for the S&P 500 of 1.35%. The stock's gain bucked the weakness in Kulicke & Soffa's peers and the broader stock market, as the semiconductor ETF dropped 0.8% in premarket trading while futures for the S&P 500 fell 0.5%.
1:11 a.m. Oct. 18, 2021 - By Tomi Kilgore
Toyota to invest $3.4 billion for EV battery production in the U.S., will create 1,750 jobsToyota Motor Corp. announced Monday a big get on the electric vehicle market in the U.S., saying it will make a $3.4 billion investment in EV batteries through 2030. The investment is for developing and localizing EV battery production, and is part of the Japan-based automaker's pledge to invest $13.5 billion in battery development and production globally. As part of the investment, Toyota North America said it will create 1,750 jobs as it establishes a new company and build an automotive batter plant, with an aim to start battery production in 2025. The project includes an investment of $1.29 billion until 2031. Toyota's U.S.-listed shares, which were still inactive in premarket trading, has gained 14.0% year to date while the S&P 500 has advanced 19.0%.
4:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
2:00 a.m. Oct. 13, 2021 - By William Watts
OPEC leaves 2022 forecast for oil-demand growth unchangedThe Organization of the Petroleum Exporting Countries, or OPEC, on Wednesday left its forecast for growth in global oil demand next year unchanged, while trimming its projection for this year. In a monthly report, OPEC said it expects 2022 demand to grow by 4.2 million barrels a day, unchanged from its September outlook, with global demand expected to average 100.8 million barrels a day, "supported by healthy economic momentum in the main consuming countries and better management of the COVID-19 pandemic." OPEC said it now sees 2021 demand growth of 5.8 million barrels a day, down from its previous projection of 5.96 million barrels a day. That's due largely to lower-than-expected actual data for the first three quarter of the year and despite healthy demand assumptions about the current quarter, which is expected to see demand supported by a seasonal uptick in petrochemical and heating fuel demand as well as switching from natural gas to petroleum products due to high gas prices. Non-OPEC liquids supply growth in 2021, meanwhile, was revised down by 300,000 barrels a day to 700,000 barrels a day, due in part to the production outages in the U.S. Gulf of Mexico caused by Hurricane Ida. The non-OPEC supply growth forecast for 2022 was revised up by 100,000 barrels, to 3 million barrels a day, due to the change in the baseline.
1:51 a.m. Oct. 11, 2021 - By Tomi Kilgore
Alibaba stock surges toward 5th straight gain as part of broad rally in China-based tech stocksShares of Alibaba Group Holdings Ltd. surged 5.2% in premarket trading Monday, putting them on track for a fifth-straight gain, as part of a broad rally shares of China-based technology companies. Alibaba's stock had , after closing on Oct. 4 at the lowest price since January 2019. The broad rally comes after reports that Chinese regulators fined food delivery giant Meituan the equivalent of more than $500 million, as that was and it for the company and other tech stocks. Meituan's Hong Kong-listed shares ran up 8.4% toward a three-month high. Among U.S.-listed shares of other China-based tech giants, JD.com Inc. climbed 1.8%, iQIYI Inc. rose 3.2%, Baidu Inc. rallied 2.6% and Bilibili Inc. advanced 3.1%. Meanwhile, the iShares MSCI China ETF gained 1.4% in Monday's premarket, while futures for the S&P 500 slipped 0.4%.
1:47 a.m. Oct. 8, 2021 - By Tomi Kilgore
Atlassian stock rises after Mizuho analyst boosts price target after learning of price increasesShares of Atlassian Corp. rose 0.3% in premarket trading Friday, after Mizuho analyst Gregg Moskowitz said he was a little more bullish on the Australia-based software company after learning of price changes to cloud versions of the company's flagship products. Moskowitz said the new pricing will take effect on Oct. 12. He reiterated the buy rating he's had on the stock for at least the past 2 1/2 years, while boosting his price target to $440 from $370. "While the [price] changes feature a series of puts and takes, we believe that the net effect is a clear price increase, and particularly for Jira Service Management and for larger existing cloud customers," Moskowitz wrote in a note to clients. "Looking forward, we reiterated our belief that [Atlassian] will benefit from its strategic actions that should drive much better monetization in [fiscal 2022] and beyond." The stock has run up 68.0% year to date, while the SPDR S&P Software & Services ETF has gained 13.5% and the S&P 500 has advanced 17.1%.
11:18 a.m. Oct. 4, 2021 - By Mark Decambre
Dow falls over 320 points, Nasdaq Composite ends Monday's session 2% lower as Facebook's stock stumbles U.S. markets ended Monday's trade sharply lower, as a selloff in shares of social-media company Facebook and other technology companies rippled through Wall Street, and worries about inflation and a host of other problems combined to sink the broader market. The Dow Jones Industrial Average closed down 323 points, or 0.9% at 34,002, the S&P 500 index closed down 1.3% to 4,300, while the Nasdaq Composite Index closed off 2.1% to 14,255, putting the index down by about 7% from its Sept. 7 peak and bringing the technology-laden index closer to a 10% drop from that peak, which is how market technicians define a correction. Facebook shares were down as its units WhatsApp, Instagram went down and whistleblower, Frances Haugen, was set to testify before Congress on Tuesday, detailing problems within the company partly reported by the Wall Street Journal.
4:34 a.m. Oct. 4, 2021 - By Mark Decambre
Dow inches higher at Monday's open but selling in tech weighs on broader stock market U.S. stock indexes weakened early Monday, resuming a downward path on uncertainties on future policy and concern about the global economy. The Dow Jones Industrial Average was trading 0.1% higher at 34,367, the S&P 500 index traded off 0.1% at 4,351, while the Nasdaq Composite Index wa trading 0.7% lower at 14,468.
3:14 a.m. Oct. 4, 2021 - Barrons.com
Supply Shortages & Rising DemandDavid Beckworth, former economist with the Treasury Department, discusses the Fed's next move amid ongoing inflation concerns. Plus, Anik Sen, Pinebridge's global head of equities, makes the bull case for India and other emerging markets.
4:37 a.m. Oct. 1, 2021 - By Mark Decambre
Dow jumps more than 250 points to start trade in October, 4th quarter on optimism from Merck's experimental COVID drugU.S. stock benchmarks rose Friday morning to kick off the start of a new quarter and month, following heavy selling that closed a bruising September for investors. Some observers were attributing the more optimistic tone at the end of the week to news that Merck's experimental antiviral drug, developed as a treatment for COVID-19 with partner Ridgeback Biotherapeutics, reduced the risk of hospitalization or death in at risk adult patients with mild-to-moderate COVID by about 50% in an interim analysis of data from a Phase 3 trial. The Dow Jones Industrial Average gained nearly 260 points, or 0.7%, to 34,092, the S&P 500 index climbed 0.3% at 4,321, while the Nasdaq Composite Index rose less than 0.1% at 14,459.
4:35 a.m. Sept. 30, 2021 - By Mark Decambre
U.S. stock market gains early Thursday as investors aim to close out downbeat SeptemberU.S. stocks rise Thursday, as Wall Street aims to wrap up the last trading day of September and the quarter, as investors await another appearance by Federal Reserve Chairman Jerome Powell Treasury Secretary Janet Yellen, who will appear before the House Financial Services Committee. The Dow Jones Industrial Average was up 164 points, or 0.5%, at 34,554, the S&P 500 index was climbing 0.5% to 4,381, while the Nasdaq Composite Index was up 0.7% early in the session. For the month, the Dow was headed for a 2.4% decline, the S&P 500 was down 3.2% and the Nasdaq Composite was off 4.3%. For the quarter, the Dow was flat, the S&P 500 was up 1.9% and the Nasdaq Composite was up 0.8%.
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