The stock market has reached a bottom following a tumultuous 10 weeks that's seen the S&P 500 in and out of correction territory, Raymond James' Jeff Saut says. The U.S. economy is not going to slow as much as expected and earnings will be strong next quarter, he adds. The stock market has reached a bottom following a tumultuous 10 weeks that's seen the S&P 500 in and out of correction territory, longtime strategist Jeff Saut told CNBC on Thursday.
Two of the major equity indices closed below their support levels Thursday keeping their near-term trends negative while another closed above its near-term downtrend line, turning its trend to neutral. The indices closed mixed Thursday with negative internals on the NYSE and NASDAQ but on lighter volume. Negative signals came from the Dow Transports and S&P MidCap 400, which broke below their support levels.
One of the things that struck me was that the study’s author – for the first time in his career – urged California businesses to relocate out of state. “Of all of the research reports that I’ve issued over the years, this is the first time I’m openly recommending that companies relocate out of California," wrote Joseph Vranich, president of Pennsylvania-based Spectrum Location Solutions LLC. “Admittedly, that is a rather brazen statement for a business-analysis document, but it is well justified.
And if your house is at the higher end of the price range in your market, you should expect less buyer interest than before. Ron notes the combination of rising mortgage rates and home prices exceeding buyers' budgets are what has caused the slowing of homebuyer activity in recent months. But with available housing inventory remaining low, even with rising interest rates, buyers who are ready to make a purchase will still shop for homes.
shares plunged the most in more than 15 years Friday following a report that said the company knew for decades that its iconic baby powder sometimes contained asbestos and failed to alert authorities. Reuters reported Friday that Johnson & Johnson knew both its raw talc and finished powder tested positive for traces of asbestos, a carcinogen, citing documents linked to a court case that saw a jury in Missouri award $4.7 billion to 22 women who said that the products contained asbestos and caused them to develop ovarian cancer. Reuters also said the company tried, unsuccessfully, to influence plans by U.S. regulators to reduce the amount of asbestos that could legally remain in some cosmetic talc products.
Almost 50% of those polled believe stocks are going to go down. The last time we had such a reading it was a terrific buying opportunity but you didn't know that then any more than you might know now. I would love to tell you that you should buy the market because it is so hated.
To avoid a nasty surprise, taxpayers should make a date with their financial planners or accountants before the end of the year to huddle about any last-minute strategies and review their most recent tax return. "The big change for individuals is with deductions," says Craig Richards, managing director and director of tax services at Fiduciary Trust Company International in New York. Although the standard deduction nearly doubled to $12,000 for single tax filers and $24,000 for married couples filing jointly, key deductions like state and local taxes and mortgage interest were capped at $10,000.
Fundstrat's Tom Lee says investors should buy stocks hand over fist here. With CNBC's Melissa Lee and the Fast Money traders, Carter Worth, Tim Seymour, Dan Nathan and Guy Adami.
Boeing is offering a top young U.S. engineer a dream 2019 internship opportunity: A job working on its New Mid-maket Airplane (NMA) program, which some call the 797. The engineering students would start on Boeing's developmental NMA airplane program sometime between January and April next year. The intern would "engage early in our development cycle on the production system of the future" and "interact directly with our company leaders to discuss strategy and the future of Boeing." The job posting comes at a pivotal time for the new airplane program and also as aerospace companies in the Puget Sound region are grappling with a talent shortage.
With the U.S. unemployment at its lowest level in decades, a growing portion of the workforce is opting to “ghost” their employers and leave their jobs without a word. “A number of contacts said that they had been ‘ghosted,’ a situation in which a worker stops coming to work without notice and then is impossible to contact,” the Federal Reserve of Chicago said in the December edition of the Beige Book, which tracks U.S. employment. The unemployment has held at 3.7 percent since September, marking the lowest level in roughly five decades.
U.S. stock funds bled $27.6 billion in the days through Dec. 12, which includes last Friday’s plunge in the S&P 500 Index that capped the worst week for the gauge since March, according to BofA’s note, which cited EPFR Global data. The turmoil in stocks, which has erased as much as $4 trillion in U.S. equities since the end of September, continued this month as traders feared that a global economic slowdown will curb earnings growth and end the equity bull run. Instead of U.S. equities, market players flocked to Japanese and emerging-market equity funds, in addition to government bonds as global equity funds saw a record weekly outflow of $39 billion, according to BofA.
Robinhood's new high-interest, zero-fee checking and savings feature seems to be too good to be true. The CEO of the Securities Investor Protection Corporation, a non-profit membership corporation that insures stock brokerages, tells TechCrunch its insurance would not apply to checking and savings accounts the way Robinhood claims. "Robinhood would be buying securities for its account and sharing a portion of the proceeds with their customers, and that's not what we cover" says SIPC CEO Stephen Harbeck.
Income investors seek reliable, not flashy. Many investors in the market for dividend stocks first peruse a fairly short list of popular companies, thinking that these big-name corporations are inherently more stable than their peers. What dividend investors should look for instead is a long history of consistent dividend payments and steady dividend increases -- even if the stock paying them isn't as flashy or well known.
LinkedIn just published its U.S. Emerging Jobs Report for 2018, measuring the fastest growing jobs and skills nationwide. Banking off an economic boom, the takeaways from the professional social network’s latest report tout big numbers for wage growth matched by a strong job market. LinkedIn says the race to recruit highly-skilled talent is especially competitive going into 2019.
WASHINGTON/NEW YORK (Reuters) - T-Mobile US Inc and Sprint Corp believe their foreign owners' offer to stop using Huawei Technologies equipment will help with the United States clearing their $26 billion merger deal, sources said, underscoring the lengths to which Washington has gone to shut out the Chinese company. Like all major U.S. wireless carriers, T-Mobile and Sprint do not use Huawei equipment, but their majority owners, Germany's Deutsche Telekom AG and Japan's SoftBank Group Ltd, respectively, use some Huawei gear in overseas markets.
The U.S. company was responding to a Chinese court that ruled this week Apple infringed two Qualcomm patents and issued injunctions against the sale of six older versions of the iPhone. Apple, which has filed a request for consideration, argues the decision harms China’s interests by potentially raising the royalties and fees that phonemakers pay Qualcomm. Apple’s response underscores the importance of the Chinese market, as well as Qualcomm’s crucial role as a technology provider to the likes of Huawei Technologies Co. and Xiaomi Corp. On Friday, Apple said it will push out a software update for its Chinese users early next week, to address functions covered by the patents in question.
Do you want to make additional income in retirement? First though, a word of caution: If you’re already collecting Social Security, the amount you earn from these side jobs can potentially affect how much of your benefits are taxed. If your individual combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits, whereas if your income is more than $34,000, then up to 85% of your benefits may be taxable.
It’s getting harder to argue that the American economy’s showing signs of trouble, but judging by stocks, things don’t look so well. The divergence is getting to be historic. Data Friday showed retail sales excluding autos and gasoline grew by more than economists expected in November, prompting Scotiabank Economics to declare -- in all caps -- that “the U.S. consumer is alive and kicking.
Before long, rumors swirled: Was the billionaire Mohammed Al Amoudi even alive? Al Amoudi, is "still alive" and will stand trial at some point for corruption and bribery, according to a Saudi official, who asked not to be identified. What’s remarkable about his situation is that despite his prolonged detainment, a result of Crown Prince Mohammed bin Salman’s crackdown on graft in the Kingdom, the bulk of Al Amoudi’s global business empire has boomed.
Using pulsed microwaves to ignite fuel rather than spark plugs or glow plugs, the engineers behind MWI Micro Wave Ignition AG say they can cut consumption of gasoline and diesel by as much as 30 percent, and emissions by as much as 80 percent, because the fuel burns at a lower temperature. Among its shareholders is Wendelin Wiedeking, the former chief executive officer of Porsche AG credited with reviving the iconic German sports-car maker. MWI has mandated Macquarie Capital to look for a buyer and international partner that can help to promote the new system and increase MWI’s financial firepower, according to people familiar with the matter.
Baby boomers should be aware of how a rising rate environment may affect their retirement income strategies. "Although rates have been rising this year, we don't expect a significant move higher from this point, especially if market volatility continues and investors reallocate from risky stocks to safer bond investments," says David Spika, president at GuideStone Capital Management in Dallas. "However, it may be prudent to allocate a portion of your portfolio to asset classes that offer safety, but also mitigate the risk of rising interest rates."
Long-time investment bank CEO Richard Handler, who’s led Jefferies (JEF) since 2001, called out men working on Wall Street who are afraid to be alone with a female colleague in the #MeToo era. “As calendar 2018 comes to a close, it’s not only the painful market volatility and collapsing asset values on our mind. The thing that vexes us is the thoughtless, paranoid and fundamentally wrong reaction that many people in our industry are expressing about the #MeToo movement and many other efforts to assure fairness and decency in the workplace,” Handler wrote in a firmwide memo.
Bloomberg News reported in September 2017 that documents unsealed in a lawsuit showed that J&J has known for decades that its talc products include asbestos fibers and that the exposure to those fibers can cause ovarian cancer. The last time shares of the New Brunswick, New Jersey-based drugmaker came under this much pressure was due to asbestos concerns back in February, after traders circulated a blog post focused on worries about what might be uncovered during litigation. Susquehanna litigation analyst Tom Claps said in an email that “today’s Reuters story about JNJ’s talc litigation is not ‘new news.”’ In July, a jury ordered the company to pay $4.69 billion to women who claimed asbestos in the products caused them to develop ovarian cancer.
China's November retail sales grew at their weakest pace since 2003 and industrial output rose the least in nearly three years as the economy lost further momentum, heaping pressure on Beijing to defuse its trade dispute with the United States. The world's second-largest economy has been losing momentum in recent quarters as a multi-year government campaign to curb shadow lending put increasing financial strains on companies in a blow to production and investment. The stresses on broad activity have been compounded by a sharp escalation in China's trade row with the United States, which has threatened to fracture global supply chains, chill investment, exports and growth.