|Bid||116.60 x 2900|
|Ask||116.80 x 1400|
|Day's Range||116.72 - 117.27|
|52 Week Range||116.09 - 128.59|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.15%|
Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Alexis Christoforous to break down the latest market moves. Here's the performance of select trending stocks as of 11:30 am EDT: HMNY(HB,F) Helios and Matheson Analytics 25.00% GERN(HB) Geron Corp 7.78% CHK Chesapeake Energy Corp 4.17% TRXC(HB) TransEnterix Inc 4.10% NKTR(0) Nektar Therapeutics 3.08% SDRL(HB) Seadrill Limited 3.04% NFLX Netflix Inc 2.70% SRPT Sarepta Therapeutics Inc 2.54% AMD Advanced Micro Devices Inc 2.39% TVIX(HB) VS 2X VIX Short Term 2.27% CGC(HB) Canopy Growth 2.17% SQ Square Inc 1.93% UVXY ProShs Ultra VIX Short-Term 1.90% ARWR(0) Arrowhead Pharma Inc 1.91% CRM salesforce.com Inc 1.76% DIS Disney (Walt) Co 1.60% XOM Exxon Mobil 1.54% MU Micron Tech 1.52% TWTR Twitter Inc 1.42% ABBV AbbVie Inc 1.37% VXX iPath S&P 500 VIX Short-Term 1.24% PBR Petroleo Brasileiro S.A. ADR 1.22% ACBFF(HB) Aurora Cannabis Inc 1.06% X U.S. Steel Corporation 1.06% FB Facebook Inc 0.99% ORCL Oracle Corp 0.88% BP BP P.L.C. ADS 0.87% SHOP Shopify Inc 0.85% ADBE Adobe Systems 0.76% AAPL Apple Inc 0.76% CVX Chevron Corporation 0.54% PFE Pfizer Inc 0.22% GILD Gilead Sciences 0.15% SOGO(HB) Sogou Inc 0.13% AVGO Broadcom Inc 0.09% INTC Intel Corp 0.10% T AT&T Inc 0.06% AMZN Amazon.com Inc 0.04% MSFT Microsoft Corp 0.02% NVDA Nvidia Corp -0.03% CELG Celgene Corp -0.05% CSCO Cisco Systems -0.23% DBX Dropbox Inc -0.23% GOOG Alphabet Inc Cl C Cap Stock -0.25% GOOGL Alphabet Inc Cl A -0.27% QQQ Invesco QQQ Trust Series 1 -0.30% BB BlackBerry Ltd -0.34% SPY SPDR S&P 500 ETF -0.37% V Visa Inc -0.38% WFC Wells Fargo -0.45% LRCX Lam Research -0.45% QCOM Qualcomm Inc -0.50% BA Boeing Co -0.49% ROKU Roku Inc Cl A -0.55% JPM JPMorgan Chase & Co -0.55% TSLA Tesla Inc -0.59% KMI Kinder Morgan Inc -0.61% SBUX Starbucks Corp -0.64% PYPL PayPal Hldgs Inc -0.64% WMT Wal-Mart Stores -0.74% NKE Nike Inc Cl B -0.80% BAC Bank of America Corporation -0.84% IBM Intl Business Machines Corp -0.91% C Citigrp Inc -1.02% HD Home Depot Inc -1.19% BIDU Baidu Inc -1.20% RAD Rite Aid -1.20% AMAT Applied Materials -1.22% CAT Caterpillar Inc -1.29% VZ Verizon Communications -1.26% KO Coca-Cola Co -1.30% WBA Walgreen Boots Alliance Inc -1.45% CVS CVS Health Corp -1.46% PG Procter & Gamble Cc -1.62% JNJ Johnson & Johnson -1.67% TEVA Teva Pharm Indus ADR -1.68% BABA Alibaba Group Holding Ltd -1.71% MO Altria Grp -1.77% IQ IQIYI Inc ADS -2.21% F Ford Motor -2.54% SNAP Snap Inc -2.84% HUYA(HB) HUYA Inc -3.40% JCP(HB) Penney (J.C.) -3.47% GEVO(HB) Gevo Inc -3.52% FIT Fitbit Inc -3.87% GE General Electric Co -4.27% JD JD.com Inc -4.44% NIO(HB) NIO Inc -6.52% CMCSA Comcast Cl A -6.75% SIRI Sirius XM Hldgs Inc -7.66% TLRY(HB) Tilray Inc -12.51%
stock fascinated many market players Wednesday, and helped to cover up some interesting shifts in the broader market. This rotation into stocks that benefit from higher rates and a steeper yield curve could have a dramatic impact on the character of the market if it gains traction from here.
While fund managers are bullish on US equities (SPY) (VTI), there’s still concern in the market. In the BAML (Bank of America Merrill Lynch) September 2018 survey, trade war concerns were cited as the top concern among global fund managers for five of the past seven months. About 43% of the fund managers surveyed cited a trade war as their top tail risk.
The BAML (Bank of America Merrill Lynch) September survey indicated that investors’ outlook for economic growth has worsened. In August, a net 7% of the managers surveyed expected global growth to slow down next year. In September, the percentage climbed steeply to 24%. That makes it the worst outlook on the global economy since December 2011.
In Could Trade Tensions Support the US Dollar Again? we discussed how the dollar makes a comeback after trade tensions seem to escalate. Year-to-date, gold prices have fallen 8.6% while the US Dollar Index has risen 4.8%. As the news of the new round of trade tariffs hit the market, gold prices fell while the dollar rose.
Hopes of trade talks between the United States and China seem to be waning as Trump intends to go ahead with its planned tariffs of about $200 billion on Chinese imports.
The SPDR Gold Trust ETF (GLD) has fallen ~8.4% year-to-date and ~11.5% from its April peak. September is usually a stronger month for gold after the summer doldrums. In this September, however, investors could remain in a wait-and-see mode until the Federal Reserve’s September 25–26 meeting is over.
ETF investors are hedging their bets with long-term Treasury bonds in a worst case scenario where an escalating trade war could rile markets. Investors continue to pile into ETFs that cover areas that traditionally do well during low-rate environments, like long-term Treasuries, along with real estate investment trusts and utilities, Bloomberg reports. For example, the iShares 20+ Year Treasury Bond ETF (TLT) was among the most popular plays in recent weeks.
A yield curve tracks the yields of Treasury securities maturing at different times. When the yield curve (BND) inverts, it means that the yields of shorter-duration securities become larger than those of longer-term securities. The inversion of the yield curve has been a good indicator of upcoming recessions in the past.
Among the emerging market (VEU) currencies, the Argentinian peso, Turkish (TUR) lira, Indonesia rupiah, and Indian rupee are declining to all-time lows. The US dollar is also strengthening against all major currencies, including those of emerging markets. As the US dollar strengthens and interest rates rise, the cost of servicing US debt for other countries goes up.
The unemployment rate for August came in unchanged at 3.9%, which was higher than economists’ expectations of 3.8%. The Federal Reserve is forecasting unemployment of 3.5% by the end of this year. The most awaited piece of the employment situation, wage growth, didn’t disappoint the economists this time.
The US (IVV)(QQQ) employment data for August was released on September 7. After disappointing in July, the job additions in August rebounded to 201,000 compared to economists’ expectations of 191,000 and last month’s additions of 147,000.
Rising interest rates are hindering long-dated fixed income traded funds, including the iShares 20+ Year Treasury Bond ETF (TLT) , but some yield-hungry investors are renewing their affinity for TLT. The $9.31 billion TLT “seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years,” according to iShares. Despite a tighter monetary policy out of the Federal Reserve with two more interest rate hikes planned later this year, Treasury bonds and related ETFs have been gaining momentum in recent weeks.