Wall Street edged lower on Wednesday as President Donald Trump's threat to "substantially" raise tariffs if China did not make a trade deal with the United States as well as escalating tensions in Hong Kong kept investors away from riskier assets. Trump on Tuesday dangled the prospect of completing an initial deal with China "soon," but offered no new details on negotiations and largely repeated well-worn rhetoric about China's "cheating" on trade. Technology stocks had lifted the benchmark S&P 500 and Nasdaq to all-time highs in the run up to Trump's speech on Tuesday, but the indexes pulled back slightly after his address at the Economic Club of New York.
Berkshire Hathaway picked up RH and Occidental Petroleum in the third quarter, but Warren Buffett soured on Apple, the latest quarterly 13F filings with the SEC show. Hedge funds also disclosed their top Q3 stock buys and sells. Individual investors use the regulatory data to gauge where the "smart money" is placing its bets.
Boomers, or the generation born between 1944 and 1964, have been riding a 10-year bull market into retirement, steadily upping bets on stocks to boost 401(k) returns and exposing them to unnecessary risk. More than a third of the generation had crossed over Fidelity's recommended allocation to stocks, which is 70% for those 10 years from retirement. By comparison, almost a quarter of all savers had too much devoted to stocks.
What is the size of the average retirement nest egg? A 2019 analysis of more than 30 million retirement accounts by Fidelity Investments found that the average balance in corporate-sponsored 401(k) plans at the end of 2018 was $95,600. As you might expect, young workers tend to have less money saved for retirement than older workers do, in part because their salaries are usually lower and they haven't had as many years to contribute to their retirement accounts.
Julia Wang, greater China economist at HSBC, discusses China's October industrial output and retail sales data and what they mean for the economy. She speaks on “Bloomberg Markets: Asia.
This article originally appeared on MarketWatch, a sister publication of Barron's. We publish articles from other sites when we think our readers will enjoy them. BRKA) (ticker: BRK.B) revealed new stakes in furniture maker (RH)(RH) and energy company (OXY) (OXY), according to a filing on Thursday.
Goldman Sachs has an interesting idea… Move toward US companies with high exposure to international sales. Goldman points out that such companies are on an upswing in 2H19, and that a basket of such stocks has been outperforming both the firm's other portfolios and the broader S&P 500. Stephanie Cohen, Goldman Sachs' chief strategy officer, in an interview last week talked down fears that the US-China trade tensions are unwinding long-established economic cooperation between the two countries.
Dow Jones futures rose modestly Thursday, along with S&P 500 futures and Nasdaq futures. Trump economic adviser Larry Kudlow said a China trade deal is "close," catnip for the stock market rally. Chip leaders Nvidia and Applied Materials reported earnings after the close.
The country has experimented with both wealth taxes and very high top income taxes, with disappointing results. France had a wealth tax from 1982 to 1986 and again from 1988 to 2017. The top rate was between 1.5% and 1.8%, with the total tax rate on fortunes larger than 13 million euros ($14.3 million) hovering at about 1.4%.
Cisco Systems Inc. shares dropped Thursday after analysts slashed price targets in response to a disappointing outlook from the networking giant, but most said the problems appear to stem from a slowdown in the larger tech-spending environment. Cisco (CSCO) shares touched an intraday low of $44.60 Thursday morning, or 8% lower than Wednesday's closing price. Cisco issued a disappointing outlook late Wednesday after the San Jose, Calif.-based company said a slowdown in big deals had become more pervasive.
Every October the Social Security Administration (SSA) announces its annual changes to the Social Security program for the coming year. Here are the Social Security changes that were announced in October 2018 and took effect on Jan. 1, 2019, according to the SSA's annual fact sheet. Keep them in mind when you update your social security information.
A General Electric joint venture signed a big jet-engine deal amid delays at rival United Technologies. GE stock fell and United Technologies stock was unchanged. Qatar Airways announced it has ordered Leap-1A engines from CFM International to power a new fleet of 50 Airbus A321neos.
While Americans are buying more diamond jewelry than ever before, most polished diamonds are getting steadily cheaper. The lower prices and a glut of the type of stones that go into a discount-store engagement ring or pair of earrings have pushed the global diamond trade into crisis. At the center of the pain are the middlemen who cut, polish and trade the world's diamonds.
Amid the rapidly changing video landscape and uncertainty over T-Mobile US Inc.'s pending merger with Sprint, only one U.S. telecommunications name still has room for upside, according to HSBC. Analyst Sunil Rajgopal downgraded shares of Altice USA (ATUS) , AT&T Inc. (T) , T-Mobile (TMUS) , and Verizon Communications Inc. (VZ) to hold from buy on Thursday, leaving Comcast Communications Inc. (CMCSA) as the only telecom stock that still warrants a bullish rating from HSBC.
Radhika Rao, senior vice president and economist at DBS Bank, talks about India's economy, monetary and fiscal policies. The country's retail inflation quickened for the third straight month in October, breaching the central bank's 4% medium-term target and possibly slowing the pace of monetary policy easing. Rao speaks with Haslinda Amin and Rishaad Salamat on "Bloomberg Markets: Asia."
Indeed, the number of 401(k) and IRA millionaires hit a record high at the end of the third quarter, Fidelity found. The number of people with $1 million or more in their 401(k) increased to a record 200,000, up from 196,000 at the end of Q2, while the number of IRA millionaires increased to 182,400, also a record high and an increase from 179,700 last quarter,” the report revealed. What's more, employee savings rates hit a record high: As of the 12-month period ending in the third quarter, 32.3% of workers increased their 401(k) contribution rate — a record high; by comparison, for the 12-month period ending in the third quarter of 2009, only 12% percent of workers increased their contribut...
Sam Zell, the real estate mogul, has acquired oil assets across the United States at 'fire-sale' prices, as U.S. drillers sell assets to raise cash which is scarce in the oil patch these days, the billionaire told Bloomberg TV in an interview on Thursday. Zell, founder and chairman of Equity Group Investments, has bought assets of oil companies in Texas, Colorado, and California at advantageous prices because firms are increasingly looking to have cash buffers, anticipating potential further slowdown in drilling and cash available to the oil sector. “The amount of capital available in the oil patch is disappearing,” Zell told Bloomberg, comparing the U.S. oil industry now with the early-1990s real estate sector when no one had cash and there were empty real estates everywhere.
It's no secret that the overall cannabis market has been going through a correction, with many of the well-known names like Canopy Growth (CGC) and Aurora Cannabis (ACB) getting hammered. Of the three companies covered in this article, Cresco Labs is projected to be the industry leader for revenue in 2020, although it also comes with the caveat of needing to close its deal with Origin House to achieve its projected sales numbers. Also, if the deal does pass regulatory scrutiny, another issue will be the timing of the approval and closing of the deal, which will determine how much of Origin's sales will be included in the performance of Cresco Labs in fiscal 2020.
The company reached a separation agreement with Stuart Spence, who was McDermott's CFO until Nov. 4, that provides him some severance benefits, according to a filing with the U.S. Securities and Exchange Commission. The severance bonus Spence is picking up as part of the agreement finishes out the two remaining awards under a retention bonus he and other McDermott executives won in October, according to the SEC filing. On top of that, any outstanding awards for Spence under McDermott's long-term incentive program will vest in March at the latest, according to the filing, though he forfeited all other unvested performance awards.
Reports from the U.S. Census Bureau show the average national retirement age in 2019 was 63—64 for men and 62 for women, according to a 2015 report by the Center for Retirement Research. A 2015 paper published by the National Bureau of Economic Research, for example, found that “retirement improves both health and life satisfaction,” in part by factoring in the number of people who are forced to retire due to health issues. Relatively few people have the financial resources to support an extended retirement.
On Tuesday, the chip maker announced Tencent (TCEHY) will use its latest server processors. Amarin Corp. PLC (AMRN) followed through on Wednesday, up 55 cents to $21.49 after popping 23% on Tuesday. An FDA advisory committee is scheduled to meet today to help decide the fate of the company's fish-derived cardiovascular drug.
Chief Technology Officer Kevin Scott will take over Shum's duties effective immediately. Shum, a 23-year Microsoft veteran with a doctorate in robotics, was one of the founding members of Microsoft's research lab in Beijing and also ran Bing search engine product development.
Asian stocks jumped on Friday, propelled by a record S&P 500 finish and White House comments suggesting Washington and Beijing were close to striking a trade deal, reviving hopes the tariff war may near an end. However, analysts said investor sentiment remained fragile after weak data from China reinforced concerns about the global economy and amid increasing caution about false signs of progress in Sino-U.S. trade talks. White House economic adviser Larry Kudlow said on Thursday that Washington was getting close to a trade agreement with China, providing a fillip to investor confidence.
When investors thought Canopy Growth (CGC) couldn't report any worse numbers, the company shocked the market with another big miss. Digging into the numbers, the underlying trends were better than the headlines, but the leading Canadian cannabis LP has a long way to go before the business is supportive of the current valuation still around $5.2 billion. The company officially reported FQ2 revenues of C$76.6 million.
While a decline in share prices is often interpreted as a signal to steer clear, Wall Street pros remind investors that this doesn't always hold true. Buying stocks on recent weakness can be a solid investing strategy as it provides investors with the opportunity to snap up shares before they take off on an upward trajectory. It gets even better as all the tickers have racked up considerable love from the Street in the last three months, enough to add up to a “Strong Buy” consensus rating.