|Day's Range||2,820.19 - 2,841.36|
|52 Week Range||2,346.58 - 2,954.13|
It will be a short week with markets close Monday, but trade-related news and several retail earnings will take the spotlight this week.
Is the U.S.-China trade war — roiling markets worldwide and threatening the outlook for growth —rooted in economics, or something far more ominous and long-lasting?
Stock futures: Software names have fared OK in the stock market correction. Workday, Zscaler, Palo Alto Networks, Veeva Systems, Okta and VMware report earnings this week.
The euro steadied as mainstream European Union parties held their ground against populists in elections for the bloc’s Parliament. Japan’s Topix index edged higher, while main equity gauges in Australia and South Korea opened flat. On a visit to Tokyo, President Donald Trump said the U.S. is making “great progress” in trade negotiations with Japan even though a deal could come only after the country’s elections in July.
Cash is still king for investors heading into the summer slowdown. Global funds on average allocated 6.4% of their portfolios to cash in the first quarter, the highest on records going back to 2013, according to Reuters' survey.
The New York Stock Exchange, Nasdaq, and bond markets will be closed on Monday, May 27, as the U.S. observes Memorial Day and commemorates the men and women who lost their lives serving in the military. The markets are open the Friday before the federal holiday, but the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite will be at standstills on Monday. The Nasdaq has added 15%.
Expectations for a painless resolution of the U.S.-China trade fight is giving way to fears of a prolonged battle that could dent global growth.
Warren Buffett, one of the most successful stock pickers of all time, really wants you to stop picking stocks. Asked whether he would recommend investing in the S&P 500 (SPX) or his own company, Berkshire Hathaway (BRK)(BRK) Buffett called it a draw. “I think the financial result would be very close to the same,” Buffett said.
Most people think they’re above average in intelligence, relationship status and professional achievement. Social scientists call this “illusory superiority.” My business partner Scott Puritz, has found the one area where even above-average people, objectively smart, rich, successful professionals, seem to wave the white flag and admit to not understanding — money and investing. “One of the most shocking things is the low-level financial literacy throughout our culture,” Puritz told the Washington Post.
The U.S. stock market will close Monday in observance of Memorial Day to honor and remember the brave men and women who died serving their country.
Data compiled by Ned Davis Research shows the S&P 500 would be 19% lower between 2011 and the first quarter of 2019 without buybacks. The other options for companies to deal with that cash — holding it, reinvestments and dividends — would have also led to lower returns. "Without focusing too much on numbers, we can say that the S&P 500 index would probably be lower today if not for buybacks versus other uses of cash," says Ed Clissold, chief U.S. strategist at Ned Davis Research.
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.
Slack Technologies Inc. is looking for a better direct-listing fate than Spotify Technology SA. The music-streaming service reminded tech unicorns late last year that companies don’t have to issue new shares or raise money through a traditional offering if they wish to go public, and now Slack is following in its footsteps. The business-chat company filed direct-listing paperwork on Friday.
The live-action “Aladdin” film starring Will Smith is expected to lead the box office over the Memorial Day holiday weekend, but estimates for receipts have been scaled back following some bruising reviews.
“The Section 232 aluminum tariffs are a $350 million annual tax on beer,” Beer Institute President Jim McGreevy tells Barron’s. “That’s a drag on beer that wine and other spirits don’t have. McGreevy is referring to Section 232 of the Trade Expansion Act of 1962, which says a U.S. president can impose tariffs on foreign goods in the interest of national security. President Donald Trump imposed tariffs on imported steel and aluminum in March 2018, leading to a 35% increase in the price of aluminum shortly thereafter.
U.S. pension funds that rebalance their holdings on a monthly basis will need to buy more than $7 billion of American shares to return to prior asset-allocation levels following the latest market rout, according to estimates from Credit Suisse Group AG. The benchmark index has declined 4.1% this month, trailing a 0.9% gain in the Bloomberg Barclays U.S. Aggregate Bond Index. With U.S. stock exchanges closed Monday for Memorial Day, the market may be susceptible to a bigger-than-expected impact as funds try to settle trades in a holiday shortened week amid thin liquidity, according to JPMorgan.
The easiest headline to write last week was in the neighborhood of “Market Down on U.S.-China Trade Relations”. That may have been true per se, but the biggest reaction by stock market investors was to weaker-than-expected U.S. economic data.
Annuities have their place—but not in young teachers’ retirement accounts. These advisors are trying to fix a broken system that puts teachers at a big disadvantage.
The S&P is on track for its worst month of the year. Trading a potential 'summer slump.' With CNBC's Scott Wapner and the Fast Money traders, Tim Seymour, Karen Finerman, Steve Grasso and Dan Nathan.