283.26 +1.51 (0.54%)
Pre-Market: 6:30AM EDT
|Bid||0.00 x 1400|
|Ask||0.00 x 1000|
|Day's Range||280.16 - 282.54|
|52 Week Range||241.83 - 286.63|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.09%|
Alan Valdes of Silverbear Capital joins Yahoo Finance's Seana Smith from the floor of the New York Stock Exchange to discuss the latest market moves.
Yahoo Finance's Jared Blikre joins Seana Smith from the floor of the New York Stock Exchange to discuss the latest market moves.
It's not easy to see from Uber Technologies’ latest financial report why the company was valued earlier this year at $62 billion, making it one of the most valuable private companies. The leading global ride-hailing and delivery company reported a loss of $891 million in the second quarter based on GAAP (generally accepted accounting principles), compared with a profit of $2.456 billion in the first quarter, which reflected a $3 billion gain on asset sales.
For several years, Chinese stocks symbolized the thinking person’s investment category. For instance, because of China’s massive population, Chinese is the most spoken language in the world. As I mentioned back in June, China’s population won’t peak until approximately 2030.
While fund managers are bullish on US equities (SPY), there’s still no lack of concern in the market. In the BAML (Bank of America Merrill Lynch) August 2018 survey, for the fourth month in the last six, trade war concerns were cited as the top concern among global fund managers. A total of 57% of the fund managers surveyed cited trade war risk as what they considered to be the top tail risk.
Metals and mining stocks are deeply in the red today. Freeport-McMoRan (FCX) and Alcoa (AA) have fallen 6.6% and 4.4%, respectively, as of 10:10 AM EST. In the steel space, U.S. Steel Corporation (X) and AK Steel (AKS) have fallen 4.1% and 3.3%, respectively.
It's been a couple months since we've had to update this guide, but a diplomatic row with Turkey saw President Trump hike tariffs on Turkish imports on August 10, 2018. Turkish President Recep Tayyip Erdoğan retaliated just five days later, raising duties on Americans goods like cars, alcohol and cigarettes. These tensions between the United States and Turkey, have made stock investors jittery and compelled us to freshen it up. Stock sell-offs are tough for long-term buy and hold investors to swallow.
BAML (Bank of America Merrill Lynch) conducted a survey that polled 243 global investors with $735 billion in total assets under management from August 3 to 9.
US retail sales rose 0.5% sequentially in July against expectations of just a 0.1% increase. On an annual basis, the retail sales in July grew by 6.4%. The core retail sales (XRT), which exclude automobiles, gasoline, building materials, and food services, grew by 0.5% in July.
The US steel industry has been plagued by higher imports that are allegedly subsidized by foreign governments. US steel companies were relieved when President Trump imposed the Section 232 tariffs on US steel imports earlier this year. The tariffs were tightened more after President Trump refused to extend the temporary exemptions for NAFTA and the European Union. President Trump has authorized doubling the Section 232 tariffs to 50% on Turkish steel.
Deere (DE) is scheduled to announce its third fiscal quarter earnings on August 17 before the market opens. The announcement will be followed by a conference call at 10:00 AM EST. In this series, we’ll analyze Deere’s stock performance since it announced its second-quarter earnings on May 18. We’ll discuss analysts’ earnings and revenue expectations for the third quarter. We’ll also provide insight into analysts’ recommendations and valuations.
As we noted in the previous part, several currencies including the Turkish lira, Iranian rial, and Indian rupee have fallen to all-time lows against the US dollar. Turkey’s leadership lashed out against the US after President Trump’s tweet led to more losses in the Turkish currency.
The stock market has rallied in recent months despite a growing list of negatives that include tariffs, trade tensions, rising interest rates and valuations that are still high by historical standards. Jack Ablin, co-founder and chief investment officer (CIO) of Cresset Wealth Advisors sees the market breaking out to new record highs, based on five indicators, per an interview with CNBC.