|Day's Range||3,320.04 - 3,337.77|
|52 Week Range||2,612.86 - 3,337.77|
Skybridge Capital co-CIO Troy Gayeski weighs in on the markets from inside the World Economic Forum.
(Bloomberg) -- For a fresh perspective on the stories that matter in Australian business and politics, sign up for our new weekly newsletter.Asian stocks resumed declines, with Chinese shares bearing the brunt of losses amid ongoing efforts to control the widening coronavirus outbreak. The yen strengthened and Treasuries ticked higher.A bout of risk aversion returned to markets Thursday, with China’s CSI 300 Index sliding 2%, set for the worst loss since July on the final day of trading for mainland Chinese stocks before the weeklong Lunar New Year holiday. Shares also fell in Hong Kong, South Korea, Japan and Australia, while U.S. futures were little changed. The Chinese city at the center of the outbreak suspended outbound flights and rail service, as the country ramps up efforts to contain the illness. The Australian dollar rose with the country’s bond yields after better-than-forecast jobs data lifted sentiment on the economy.With global equities still close to record highs, investors are on high alert for any developments that could derail the momentum. Caution has returned this week on concerns the coronavirus that has killed at least 17 people could turn into a global pandemic.“Markets have gotten a little bit ahead of themselves and they have probably gotten a little bit complacent,” Burns McKinney, portfolio manager at Allianz Global Investors, told Bloomberg TV in New York. “We have seen policy makers this time move quickly and take it very seriously.”Meanwhile, the European Central Bank later decides on policy when its two-day meeting concludes., followed by a press conference with President Christine Lagarde. The pound climbed on Wednesday after U.K. Prime Minister Boris Johnson’s Brexit deal cleared its final hurdle in Parliament.Elsewhere, oil extended declines from its lowest close in seven weeks on speculation China’s coronavirus outbreak may dent demand as the market tackles a glut of global crude supplies.Here are some events to watch out for this week:Companies including Intel Corp. and Procter & Gamble Co. will post results.Policy decisions are due from central banks in Indonesia and the euro region.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.These are the main moves in markets:StocksFutures on the S&P 500 Index were flat as of 12:28 p.m. in Tokyo. The underlying gauge rose less than 0.1% on Wednesday in New York.Japan’s Topix index retreated 0.5%.Hong Kong’s Hang Seng declined 1.4%.The Shanghai Composite lost 1.5%.South Korea’s Kospi index declined 0.8%.Australia’s S&P/ASX 200 Index fell 0.7%.CurrenciesThe yen rose 0.2% to 109.67 per dollar.The offshore yuan held at 6.9137 per dollar.The Aussie rose 0.5% to 68.76 U.S. cents.The British pound was at $1.3134.The euro remained at $1.1090.BondsThe yield on 10-year Treasuries fell two basis points to 1.75%.Australia’s 3-year yield advanced four basis points to 0.73%.CommoditiesWest Texas Intermediate crude dropped 1.4% to $55.96 a barrel.Gold slid 0.1% to $1,556.57 an ounce.\--With assistance from Scarlet Fu and Joe Weisenthal.To contact the reporter on this story: Adam Haigh in Sydney at firstname.lastname@example.orgTo contact the editors responsible for this story: Christopher Anstey at email@example.com, Cormac Mullen, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Futures: After Wednesday's stock market rally pause, Texas Instruments, Teradyne, Citrix moved on earnings. PayPal and Paycom Software rose on other news.
U.S. equity markets have experienced muted trade in the past few sessions as investors keep one eye trained on a deadly flu outbreak in China, which could soon be declared a public health emergency by the World Health Organization within the next 24 hours.
New Boeing CEO Dave Calhoun spoke to the media Wednesday, taking public questions for the first time since taking on the new role.
For the year to date, IBM shares have rallied a solid 7.4%. Steve Milunovich, tech strategist at Wolfe Research, took a look at IBM shares (ticker: IBM) in a research note Wednesday morning and advised investors to put the fourth-quarter performance into perspective. Ten years later, Microsoft’s valuation is 10 times higher than IBM’s.
Paycom Software Inc. is set to join the S&P 500 index , S&P Dow Jones Indices said late Wednesday. Paycom is replacing Wellcare Health Plans after its acquisition by Centene Corp. [s:cnc]. Paycom shares rose 4.9% in the extended session.
The main U.S. stock indexes closed near the break-even line on Wednesday, after an early rally faded. Worries over a Chinese virus and positive U.S. housing-market data seems to have offset each other.
Investing.com – The S&P; closed about flat Wednesday as news of more deaths from the deadly flu-like virus that originated in China soured investor sentiment, but losses were kept in check by ongoing momentum in tech.
One analyst called out “downside risks” for Boeing suppliers, including General Electric, Honeywell International, and Parker Hannifin.
Tesla shares jumped to $586.35 Wednesday afternoon, giving the auto maker a market value of about $106 billion and leaving previous No. 2 Volkswagen in the dust.
Wall Street is weighing in after Boeing announced another delay in bringing the 737 MAX jet back into service. Another analyst downgraded shares on Wednesday.
MetLife Inc. said late Wednesday that Toby Srihiran Brown will become its executive vice president and chief auditor effective March 1. Brown, currently the chief operating officer of MetLife Japan, will have "a direct and independent reporting relationship" with the board of directors' audit committee and report Chief Executive Officer Michel Khalaf. "As chief auditor, Brown will lead the team responsible for providing assurance over MetLife's risk management, control and governance processes across MetLife's global business operations," the company said in a statement. Brown succeeds Karl Erhardt, who will "continue to oversee a data management initiative that focuses on improving the quality and consistency of data capture to reduce risk and foster innovation," MetLife said. Shares of MetLife were flat in the extended session after ending the regular trading day up 0.3%.
Citrix Systems Inc. shares rose 4% in after-hours trading Wednesday after the software company reported better-than-expected fourth-quarter earnings. Citrix reported net income of $207 million, or $1.56 share, compared with net income of $166 million, or $1.15 a share, in the year-ago period. Revenue grew 1% to $810 million from $802 million a year ago. Analysts surveyed by FactSet had expected $1.07 a share on revenue of $803 million. Citrix shares are up about 10% over the last 12 months. The S&P 500 index has gained about 26% the last year.
U.S. stocks ended steady Wednesday helped by good earnings reports from technology stocks and news that Chinese authorities were taking steps to contain a possible coronavirus pandemic, relieving investor fears about a threat to global economic growth.
(Bloomberg) -- Hedge funds suffered almost $98 billion in net outflows in 2019, the most in three years, as managers trailed the stock market rally.Investors pulled more than $16 billion from the industry in December alone, capping a year that saw the longest stretch of monthly client withdrawals since the 2008 financial crisis, according to data compiled by eVestment. The redemptions equal about 3% of industry assets and are almost triple the $37.2 billion in outflows seen in 2018.Hedge funds are under pressure as investors revolt after years of high fees and lackluster performance. Closures have outpaced openings in a difficult fundraising environment, and marquee names including billionaire Louis Bacon have shut funds or returned client capital.The spike in redemptions came as the industry lagged behind the S&P 500 Index, which returned 31% last year with dividends reinvested. Hedge funds on average gained 9.2%, according to data compiled by Bloomberg.Even the year’s top-performing strategy, equity funds, ended 2019 with outflows of $27.5 billion. Two strategies to see inflows were event-driven and mortgage-backed securities, bringing in $16.5 billion and $10.9 billion for the year, respectively.To contact the reporter on this story: Melissa Karsh in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Mamudi at email@example.com, Josh Friedman, Dan ReichlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
U.S. stocks closed virtually unchanged Wednesday, giving up strong early gains even as investors weighed reports about the Chinese flu outbreak. The Dow Jones Industrial Average closed about 9 points, less than 0.1%, higher, at about 29,187, while the S&P 500 was up a point, less than 0.1%, at about 3,322. The Nasdaq closed up 13 points, or 0.1%, at about 9,384. The Dow was dragged down by shares of Boeing which on Tuesday confirmed the 737 Max would not return to service until mid-year. Netflix, Inc. was one of tech's biggest losers, slumping nearly 4% after reporting quarterly earnings Tuesday.
(Bloomberg) -- U.S. stocks edged higher in volatile trading as investors considered the potential for a virus that emerged in China to eventually dent economic growth. Oil tumbled on concern the market is oversupplied.The S&P 500 Index ended the day up less than 0.1%, lifted by gains in technology shares and positive earnings reports but held back by concern that the deadly respiratory illness could spread, even as China moved to contain the outbreak. IBM rose the most in four months after revenue beat estimates. Tesla Inc.’s market value soared past $100 billion.With stocks trading near records, investors are on alert for any developments that could derail the momentum. They have taken a cautious stance amid concern the coronavirus that has already killed 17 people could turn into a global pandemic.“The fear is that it could hurt growth, that this could continue to have an impact on global markets that are already reeling from the impacts of trade,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors.Elsewhere, the Stoxx Europe 600 Index dipped as Italian banks slumped amid a fresh bout of political turmoil.West Texas oil fell below $58 a barrel as ample global supplies offset the loss of exports from Libya. The pound strengthened after Prime Minister Boris Johnson’s Brexit deal cleared its final hurdles in Parliament.Here are some events to watch out for this week:Companies including Texas Instruments Inc., Intel Corp. and Procter & Gamble Co. will post results.Policy decisions are due from central banks in Indonesia and the euro region.The World Economic Forum, the annual gathering of global leaders in politics, business and culture, continues in Davos, Switzerland.These are the main moves in markets:StocksThe S&P 500 Index rose less than 0.1% at the close of trade in New York.The Stoxx Europe 600 Index fell 0.1%.The MSCI Asia Pacific Index added 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The British pound jumped 0.6% to $1.3134.The euro rose 0.1% to $1.109.The Japanese yen was little changed at 109.87 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.77%.Germany’s 10-year yield dipped one basis point to -0.26%.Britain’s 10-year yield was little changed at 0.63%.CommoditiesWest Texas Intermediate crude dropped 2.9% to $56.67 a barrel.Gold was little changed at $1,558.55 an ounce.\--With assistance from Christopher Anstey, Andrew Janes, Adam Haigh, Todd White, Robert Brand, Sheela Tobben, Vildana Hajric and Sarah Ponczek.To contact the reporter on this story: Claire Ballentine in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Potter at email@example.com, ;Jeremy Herron at firstname.lastname@example.org, Brendan WalshFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The stock market rose Wednesday as it shook off its fears of a deadly new virus from China and focused on earnings and industry turnarounds instead.
U.S. Treasury yields struggled for direction on Wednesday as investors attempted to shake off fears the China’s coronavirus may spread to other countries and affect global economic growth
The U.S. market bounced back on Wednesday despite fears over the Wuhan coronavirus. The most notable previous coronavirus outbreak happened back in 2003 with the Severe Acute Respiratory Syndrome (SARS) virus.
“Where else are you going to put your money?” the Dallas Mavericks owner asked, adding that low interest rates are like universal basic income, but for rich people.
Sustainable funds known as ESG can make investors feel good as well as nab good returns as big companies like Apple and JPMorgan Chase get added to these funds, says Kevin Mahn, chief investment officer of Hennion & Walsh and SmartTrust.