30.36 0.00 (0.00%)
After hours: 5:14PM EST
|Bid||30.34 x 300400|
|Ask||30.36 x 301800|
|Day's Range||30.28 - 30.46|
|52 Week Range||22.05 - 30.46|
|PE Ratio (TTM)||N/A|
|YTD Daily Total Return||27.75%|
|Beta (3Y Monthly)||1.16|
|Expense Ratio (net)||0.13%|
Semiconductors act as key drivers of strength in equity markets. Chaikin Analytics Chief Market Strategist Dan Russo and Bulleye Brief Author and Publisher Adam Johnson join Yahoo Finance’s Adam Shapiro, Julie Hyman and Heidi Chung to discuss on On The Move.
Cryptocurrency is offering younger generations new ways to managing their money. Global Chair of the Financial Services Sector at Edelman Deidre Campbell joins Yahoo Finance’s Zack Guzman, Heidi Chung and Julie Hyman to discuss on YFi PM.
The Financial Times reports some Trump administration officials are debating whether to remove some tariffs on Chinese goods, as a concession to solidifying a partial trade deal. Allianz Global Investors’ Mona Mahajan and Payne Capital Management’s President Ryan Payne join Yahoo Finance’s Akiko Fujita to break down the market impact on The Ticker.
U.S. stocks close sharply higher Friday after employment report for November beat expectations, while investors remain optimistic about the chances of a U.S.-China trade deal.
Financial stocks suffered a broad selloff in morning trading Tuesday, as trade-war fears sent the 10-year Treasury yield toward the biggest decline in over three years. The SPDR Financial Select Sector ETF slid 2.0%, with 65 of 67 equity components losing ground. That financial ETF (XLF) was the weakest of the ETFs tracking the S&P 500's 11 key sectors. The S&P 500 dropped 1.2%. Among the XLF's most active components, shares of Bank of America Corp. lost 2.5%, Citigroup Inc. shed 2.5%, J.P. Morgan Chase & Co. gave up 2.1%, Wells Fargo & Co. dropped 2.5% and Morgan Stanley declined 3.1%. The 10-year Treasury yield fell 13.2 basis points (0.132 percentage points) to 1.704%, putting it on track for the biggest one-day basis-point decline since it fell 16.0 basis points on June 24, 2016, according to FactSet data. The yield decline comes after President Donald Trump said it might be better to hold off a trade deal with China until after the presidential election. Lower long-term rates can hurt bank earnings, as that could cause the spread between what banks earn from funding longer-term assets, such as loans, with short-term liabilities.
Shares of Wells Fargo & Co. fell 0.2% in premarket trading Monday, after Raymond James analyst David Long returned to being bearish on the bank, citing expectations of weak earnings and a fourth-straight year of revenue declines next year. Long cut his rating to underperform from market perform. He had upgraded Wells Fargo market perform in March, after being bearish for 2 1/2 years. Long expects revenue to fall 6.8% in 2020, the steepest decline among Wells' peers, and projects loan growth of a peer-worst 0.5%. He also expects profitability metrics, which have been on a consistent downtrend since 2013 despite an improving economy, to "deteriorate further" in 2020, and remain below the peer average through at least 2021. "Stigma around Wells' account scandal still lingers, as anecdotal evidence suggests the bank continues to lose customers and revenue-producing bankers, and struggles to recruit quality talent," Long wrote in a note to clients. "Additionally, we expect [net interest margin] pressure to remain intense as lower [shorter-term] rates pressure its asset yields, while deposit costs have little room to come down." The stock has climbed 18.2% year to date through Friday, while the SPDR Financial Select Sector ETF has rallied 26.6% and the S&P 500 has climbed 25.3%.
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Shares of Charles Schwab Corp. slumped 1.7% in premarket trading Tuesday, after the discount broker was downgraded by Raymond James analyst Patrick O'Shaughnessy, citing concerns over valuation and a lack of confidence in the advisory outlook. O'Shaughnessy cut his rating to market perform from outperform. "We are not sold on the notion that Schwab can meaningfully pivot towards a more advisory-type business model in a zero commission world," O'Shaughnessy wrote in a note to clients. "Furthermore, while Schwab enjoys the most scale and arguably best competitive positioning in the industry, it also is highly levered to interest rates and is an unlikely acquisition candidate due to its size." Therefore, he said he believes there are more attractive valuations within the online brokerage industry. The stock has run up 23% since closing at a 3-year low of $35.10 on Oct. 3, through Monday. It has gained 4.1% year to date, while the SPDR Financial Select Sector ETF has rallied 23.3% and the S&P 500 has advanced 22.8%.