Wonder Land: When Nancy Pelosi, Adam Schiff and the other House impeachment managers invoke the Founding Fathers, one needs to look closer at their idea of democracy. Images: Getty Images Composite: Mark Kelly
The U.S. stock-market rally is unraveling, with a period of historic gains coming to a screeching halt, as fear that the coronavirus epidemic may reach America rattles Wall Street. The Dow Jones Industrial Average (DJIA)was off 929.92 points, or 3.3%, at its Tuesday nadir, at 27,030.88, a day after the blue-chip benchmark suffered a drop of more than 1,000 points, representing the third worst one-day point drop in the index's 124-year history. The Dow finished Tuesday down nearly 880 points to mark its sharpest-ever two-session slide in point terms, losing about 1,910 points, according to Dow Jones Market Data.
Dow Jones futures jumped Tuesday, along with S&P 500 futures and Nasdaq futures, after the coronavirus stock market sell-off continued Tuesday. Disney CEO Bob Iger will step down immediately, ahead of schedule. Salesforce.com, Virgin Galactic, Insulet, Toll Bros.
Economist Mohamed El-Erian on Tuesday reiterated his call to resist automatically buying the dip after coronavirus-inspired stock-market selloffs. That was the widely followed investor and chief economic adviser to Allianz in an interview with CNBC ahead of Tuesday's opening bell. Stocks opened moderately higher, but then turned south, a day after the Dow Jones Industrial (DJIA) tumbled more than 1,000 points, with the blue-chip gauge and the S&P 500 (SPX) both falling more than 3% for the biggest one-day drop since February 2018.
George Soros may be a lightning rod for political controversy, but everyone can agree that he's a market and financial genius. In recent years, Soros has made public predictions on the move to regulate internet giants Facebook and Google as public utilities, on the 'bubble' nature of cryptocurrency, and on the Democrats' off-year victory in the 2018 elections. Soros has a positive genius for finding them, and reaping their gains.
Stock market investors are watching the coronavirus spreading far beyond China. It is no longer mostly in Asia. Italy has reported six coronavirus deaths and an accelerating number of cases.
Author and personal-finance expert Suze Orman had a simple two-word answer to the question of how to react to the Dow Jones Industrial Average that just shed more than 1,000 points on Monday on the back of growing uncertainties, including the spread of the coronavirus outbreak. Orman said Monday on CNBC that investors should stay the course and explained why she thought investors worried about their retirement savings after a historic downturn for the Dow should welcome such selloffs.
Martin Currie Head of Investment Strategy Kim Catechis joins Yahoo Finance's Seana Smith to discuss the market reaction as stocks plunge for a second day in a row amid renewed coronavirus concerns on The Ticker.
What's the difference between a 401(k) and a Roth 401(k)? A deep look into the different retirement accounts available - 401(k), Roth 401(k), IRA, Roth IRA - and how to tell what's best for you. It's also important that you use this time to make a budget and see where you can make larger cuts in your spending to free up as much cash as you can, Bruggeman adds.
Disney CEO Bob Iger, who steered the company's absorption of Star Wars, Pixar, Marvel and Fox's entertainment businesses and the launch of a Netflix challenger, is stepping down immediately, the company said in a surprise announcement Tuesday. The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney's parks, experiences and products business. "Did not see this coming -- Wowza," tweeted LightShed media analyst Rich Greenfield.
As markets reel from coronavirus fears, investor and ex-White House advisor Anthony Scaramucci said on Tuesday that he's never been more defensive on equities. Speaking to Yahoo Finance's “On The Move,” the founder of SkyBridge Capital and 31-year Wall Street veteran gave a laundry list of concerns — from the repo market's seizing up last fall, to the big banks having less liquidity — as to why the trading environment is so volatile. Scaramucci famously served less than 2 weeks as President Donald Trump's Communications Director, before becoming his former boss' most outspoken critic.
Subscribe The story is now much bigger than China The stock market on Monday got slammed. All three major indexes fell more than 3%. The Dow dropped more than 1,000 points for just the third time in its history.
The coronavirus was first identified in January in China, but investors in U.S. stocks paid it little mind. Just last week, both the S&P 500 (SPX) and the Nasdaq Composite (COMP) hit all-time highs, a feat the Dow Jones Industrial Average (DJIA) had achieved the week before. But after reports that highly contagious COVID-19, the disease caused by a new strain of coronavirus, had spread beyond China to Japan and South Korea, stocks began to slip.
The Chinese EV pioneer announced a deal for more cash from the local government in Hefei, where it operates. “Under the framework agreement, Hefei government expects to provide resources and funding support for the long-term growth of NIO in Hefei,” reads the company's news release. There is limited cash flow detail provided in NIO's quarterly updates.
Those forms, called information returns, typically are records of certain payments you received or made during the tax year that you usually need to report on your tax return. Some of the most common information returns are W-2s, which report wages earned from a job, and 1099s, which report money received for things such as freelance work, dividends or interest. But other money moves you make could put information returns in the IRS' mailbox, too, says Ignatius Jackson, a certified public accountant in Phoenix.
Stocks in Asia fell in heavy trading Wednesday after another epic rout on Wall Street, while U.S. equity futures rose and the yen dipped, taking back some of their strong recent moves. The won fell toward its weakest since 2016 after South Korea reported a further escalation in coronavirus cases. Stock benchmarks came off their session lows in Seoul, Hong Kong and Tokyo.
How bad can financials of companies get? Well, the strategy team at investment bank Jefferies attempts to unpack the situation, listing several worse-case scenarios: Companies may be forced to cut prices to clear product, which is deflationary and not favorable to profit margins (and profits). Unsold inventory raises the potential for working capital issues.
If there were any doubts in the crowd about that statement, Hackett underscored it by discussing the early retirement of Joe Hinrichs, a Ford president whom many had seen as a potential successor to the CEO. The comment was a surprising display of force from a man who had just overseen another disappointing quarter that deepened the sell-off in Ford stock during his almost three-year tenure. The reason for such confidence: Hackett, 64, retains the backing of Executive Chairman Bill Ford.
Beyond Meat is set to report quarterly earnings after the bell on Thursday. Yahoo Finance's Heidi Chung breaks down what to expect. Dan Roberts and Payne Capital Management President Ryan Payne join in on the conversation.
Cincinnati native James Michael Lafferty, a former Procter & Gamble Co. executive who is now CEO of Fine Hygienic Holding, said his company has just begun selling a reusable face mask designed to guard against the deadly new strain of coronavirus. Procter & Gamble was among the first companies to buy the Fine Guard brand of masks to equip its employees in China, where the coronavirus originated, Lafferty said. P&G, the Cincinnati-based maker of consumer goods such as Pampers diapers and Bounty paper towels (NYSE: PG), has more than 8,000 employees in Greater China.
But in light of the partnership, the company said it plans to raise more than 10 billion yuan ($1.43 billion). NIO shares soared as much as 34% to $5.19 shortly after the open of regular trading Tuesday in New York. The stock had been slumping since last year, as heavy spending on marketing and splashy showrooms failed to generate demand for its ES8 and ES6 electric sport utility vehicles.
Your retirement is safe in the hands of Warren Buffett. At least that's the message former hedge-fund manager Whitney Tilson, who now runs Empire Financial Research, has for investors approaching their golden years, according to a note published by ValueWalk this week.
Instead, the real-world effects are already happening, and they will materially affect supply chains, company earnings and your investment portfolio. Value investors over history have generated superior returns by focusing on buying existing streams of cash flow rather than promises of a bright future from growth companies currently burning cash. Sometimes in investing, if you focus on the here-and-now, you can mitigate the risks of an uncertain future.
Shares of Palo Alto Networks Inc. are sliding toward their worst single-day percentage drop in three years after the cybersecurity company posted disappointing results that shook investor confidence. At least five analysts lowered their rating on Palo Alto Networks shares (PANW) after the report, according to FactSet, as shares traded down 15.5% in Tuesday's session.
We say “hypothetically” as mRNA vaccines have yet to be tested on humans and it's still unclear how effective the new coronavirus vaccine will be. Piper Sandler's Edward Tenthoff is bullish on Moderna and notes that the company is “the leader in developing mRNA medicines. The 5-star analyst expounded, “Moderna and VRC finalized sequences to be used in mRNA-1273 and manufacture of the first clinical batch was completed on February 7th.
Walt Disney Co. CEO Bob Iger on Tuesday said he would step down from that post, effective immediately, an unexpected move that ends a 15-year run during which the company transformed into a movie and digital-media powerhouse that now competes with Netflix and HBO. Disney stock was down in afternoon trade. Iger hands the reins to Bob Chapek, effective immediately, making Chapek only the seventh chief executive of the company.