Fox News foreign policy analyst and Carnegie Mellon University professor Kiron Skinner discusses how hacking, robotics and artificial intelligence have become so important in developing the U.S.’s economy and protecting its national interests.
Fox News foreign policy analyst and Carnegie Mellon University professor Kiron Skinner discusses how hacking, robotics and artificial intelligence have become so important in developing the U.S.’s economy and protecting its national interests.
(Reuters) -State Street Corp agreed to pay a $115 million criminal penalty and enter a deferred prosecution agreement to resolve charges the bank defrauded customers by secretly overcharging them for back-office expenses, the U.S. Department of Justice said on Thursday. According to settlement papers, State Street admitted that from 1998 to 2015 its executives defrauded customers out of more than $290 million through hidden markups. The Boston-based company also admitted that its executives tried to conceal the markups by leaving the details off invoices and "actively" misleading customers who questioned them.
All aboard McDonald's stock following its surprising minimum wage hike?
Burberry sales in China have remained strong despite a backlash following a string of accusations from the West about forced labour in Xinjiang, its chief executive has insisted. Marco Gobbetti told analysts he was pleased with the start of the new financial year in the region as the company updated the City on its performance for the year to March 27. Shares fell as much as 9pc despite sales jumping by almost a third in the last quarter after strong demand from rich shoppers in Asia and America, and the dividend being restored. The recent US sanctions over forced labour conditions in Xinjiang triggered a series of rebuttals from Chinese state media followed by a wider boycott of western retailers including Burberry, H&M, Nike, adidas and Zara. In March, the FTSE 100 company lost a Chinese brand ambassador and its hallmark tartan design was ditched from a popular video game as part of a wider tie-up with Chinese technology giant Tencent.
(Bloomberg) -- Chinese corporations are defaulting on local bonds at the fastest pace on record, as authorities ramp up efforts to introduce more financial discipline and transparency in the world’s second-largest debt market.Firms so far this year have failed to make payments on 99.8 billion yuan ($15.5 billion) of onshore bonds, according to Bloomberg-compiled data. While 2021 is set to be the fourth straight year the 100 billion yuan level has been topped, it previously hadn’t happened before September. For all of 2015, when China’s stock market crashed, defaults totaled just 8.9 billion yuan.Missed payments are running at a record pace this year, following the late 2020 defaults of some state-linked firms which affirmed convictions that authorities in China are increasingly willing to not bail out weak firms. The recent tumult surrounding bad debt manager China Huarong Asset Management Co. raised fresh questions about support for central state-owned firms, even as the risk of contagion remains relatively contained. Signs of a maturing credit market have helped Chinese officials’ effort to refocus on financial risks in areas like asset prices and debt levels.Ultimately, more defaults are part of a healthy credit market with a genuine high-yield onshore sector and adequate pricing of risk, according to Jean-Charles Sambor, head of emerging-market debt at BNP Paribas Asset Management.“Policy makers are willing to draw a line in the sand between what is systemic and what is not,” he said. “They want to inject more credit risk in the system and change the mindset of investors, forcing them to look more at stand alone credit risk rather than speculating on the likelihood of support from the central government.”Delinquencies are crucial in helping develop a mature and efficient market that improves transparency, reduces moral hazard and prompts a reassessment of risk. Increased financial discipline for companies and improved credit ratings serves Beijing’s longer-term goal of attracting more foreign cash to the country’s capital markets-- especially from more stable sources like pension funds and insurers instead of hot money flows.Payment failures also help deepen regulation, as well as create a more standardized process and better assumptions in terms of recovery rates, Sambor said. “This short-term pain will translate into medium-term gain.”China’s central bank, in its first-quarter monetary report published Tuesday, urged establishing a mechanism that holds local party and government leaders accountable for major financial risks.Developer DefaultsReal estate firms are leading this year’s surge in onshore bond defaults, as authorities tighten access to funding in the debt-laden sector. Developers have made up about 25% of those missed payments with the government’s “three red lines” policy increasingly weighing on these borrowers. Payment failures at China Fortune Land Development Co. and Tianjin Real Estate Group Co. topped 10 billion yuan in the first quarter, according to Bloomberg-compiled data. They also did for chipmaker Tsinghua Unigroup Co. and Hainan Airlines Holding Co.Defaults on offshore bonds have also ramped up -- logging a combined $3.7 billion in January and February but none since, according to Bloomberg-compiled data. Still, that’s nearly half of 2020’s full-year $8.3 billion.(Adds quote in the seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Three asset classes that will help you beat the inflation heat or at best help you hedge the growing risk at a time when global inflationary pressures are looming as major economies recover from the COVID-19 pandemic.
Katie Stockton charts dogecoin and bitcoin technicals
(Bloomberg) -- Heightened inflation fears are threatening to do something to computer and software makers that hasn’t happened in two decades: make them the worst stocks in the market.They haven’t, however, made them anything close to cheap. With a three-week drubbing of the Nasdaq 100 Index showing no signs of easing up, a few analysts are asking what happens if super-high valuations in companies like Alphabet Inc. and Facebook Inc. revert and drag everything back to average levels?You almost don’t want to know the answer.According to Leuthold Group, the S&P 500 Index is at risk of falling 37% should its multiples to sales and earnings return to their mean levels since 1995, a starting point picked to capture a broad upward shift in valuations.The tech giants known as the Faamgs could face a similar fate, according to Bloomberg Intelligence’s Gina Martin Adams and Michael Casper. In their model, the group’s premium over the market could shrink by another 24% if it goes back to the mean over the seven years before the 2020 pandemic.To be sure, these calculations are more exercises than predictions, intended to show how stretched prices have become after years of relentless tech gains. Valuations like those explain the market’s hair-trigger volatility lately, as every economic report is combed for its implications on Federal Reserve policy.It’s a reason Leuthold’s core portfolio this week trimmed its equity holdings by 3 percentage points to 55%.“With our cap-weighted S&P 500 valuation work looking nearly as extreme as it did at the tech bubble peak, we certainly could have elected to take even more chips off the table,” said Doug Ramsey, Leuthold’s chief investment officer, adding that the firm refrained from turning more bearish because more stocks were participating in the latest advance.The anxiety created by stretched valuations is on display all over. As surging commodity prices and a tightening labor market sparked concern inflation could persist and force the Federal Reserve to roll back its stimulus sooner than expected, richly-valued technology stocks sold off, driving the Nasdaq 100 toward its worst month since the start of the pandemic in March 2020.At the same time, the specter of rising interest rates makes elevated multiples harder to justify. A basket of unprofitable tech firms has plunged 37% from its February peak.Read more: Hedging Gets Frantic as Puts Soar Amid Stock Market HammeringTech megacaps such as Microsoft Corp. and Apple Inc. are examples of how sentiment may be shifting. Both saw mediocre share reactions to strong earnings reports.While the Faamg group has seen its price-earnings multiple shrink from its peak, it still fetches a 24% premium relative to the rest of the S&P 500. That compared with a P/E spread of just 7.3% five years ago, according to data compiled by Bloomberg Intelligence.“The Faamg bubble is deflating and should continue to do so as risk-tolerance heals and investors position for sustainable recovery,” said Martin Adams at Bloomberg Intelligence. “Valuations have dropped, but there is room for the group’s premium to fall.”For years, one pillar of support for equity valuations has been the rock-bottom interest rates that the Fed put in place to spur growth. Now, as the economy reopens, many investors see the only path for rates is up. That’s a problem, because relative to bonds, stocks are already less attractive than any time in a decade.Based on a methodology sometimes called the Fed model, the S&P 500’s earnings yield -- how much profits you get relative to share prices -- is about 1.7 percentage points above the yield on the 10-year Treasuries. That’s close to the smallest advantage since 2010. Should 10-year yield climb to 2%, the S&P 500 would have to fall by 8% to keep the equilibrium, all else equal. The 10-year yield recently sat near 1.7%.Valuations are never a great timing tool as expensive stocks can get even more expensive. Yet for many tech stocks, the recent rout hasn’t made them cheap and yet the momentum is turning against them.“We would like to buy tech -- we think it’s fundamentally a great sector -- but we need to buy it at more attractive prices,” said Kevin Caron, portfolio manager for Washington Crossing. “We may have reached the point where momentum can only take the group so far, and we are now pushing up against the limits of valuations. It’s hard to say it’s fully been washed out.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Will the man who forecast bitcoin's price rise to $50K last year be heeded or ignored?
(Bloomberg) -- Brookfield Asset Management Inc. said it plans to raise $100 billion for its next round of flagship funds after it delivered first-quarter earnings buoyed by share sales and asset divestitures.The Toronto-based alternative asset manager sold $13 billion of assets during the quarter, resulting in $6.4 billion in profit for Brookfield and its clients, the company said Thursday. Brookfield’s share amounted to $1.8 billion. Chief Executive Officer Bruce Flatt called it an “exceptional” result.“In the current low interest-rate environment, demand for the type of assets we own is strong,” Flatt said in a letter to shareholders. “Many of our businesses are critical infrastructure assets that are underpinned by long-dated, contracted or regulated cash flows. With the capital markets being highly accommodative, we have been monetizing assets.”During the quarter, Brookfield took public its Shoals Technologies Group Inc. solar products business, sold a life-sciences real estate portfolio and completed two secondary offerings of shares in Graftech International Ltd. It also unloaded a portion of its holdings in Brookfield Renewable Corp. and West Fraser Timber Co., a Canadian firm that’s enjoying the benefit of soaring lumber prices.Flatt said the combination of strong markets and asset sales means there’s enough capital on hand for its planned $6.5 billion privatization of Brookfield Property Partners LP, and the repurchase of its own shares, to soak up some of the new equity being issued in the transaction.Brookfield said it had a record quarter, with its funds from operations reaching $2.8 billion and its distributable earnings hitting $2.5 billion. Total assets under management grew to $609 billion.The company has about $80 billion in capital available, Flatt said in the letter, including $18 billion on its own balance sheet. Brookfield has started raising money for its fourth flagship real estate fund and its new Global Transition Fund, which will focus on environmentally and socially responsible investments.It’s also in the midst of closing a new debt fund and aims to launch new infrastructure and private equity funds in the next 12 months as part of its plan to raise $100 billion across its flagship funds, Flatt said.“The sustained low interest-rate environment combined with institutions’ need to earn returns from alternatives has created a very constructive fundraising environment,” Flatt said.Brookfield remains confident that commercial real estate will rebound as Covid-19 vaccinations take hold. Flatt said he believes many people survived in the short term without an office, but in the long run most companies won’t prosper without the interaction that comes from people working in close proximity to one another.“The tone in the market for commercial property assets is very negative at the moment. Real estate stocks have been trading as though no company will ever occupy an office again, no person will ever set foot in a store and nobody will ever travel again, for either business or leisure,” Flatt wrote. “We do not believe that any of these will be the case, and so we are investing accordingly.”‘Outsized Gains’Andrew Kuske, an analyst with Credit Suisse, said he expects Brookfield’s transactional activity to accelerate in the back half of 2021 and into 2022.“On balance, the quarter is positive on continued growth in the underlying asset management business along with the validation of past investments with outsized gains being realized -- even with some operating weakness,” Kuske said in a note to clients.Flatt said he believes there’s an opportunity to pick up infrastructure assets because governments have borrowed heavily to launch stimulus programs to combat the pandemic. That could open an opportunity for government infrastructure assets to come to market to raise funds.Brookfield shares were up 1.2% to $45.28 at 11:59 a.m. in New York.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Earlier, the three major indexes rebounded after declining sharply earlier this week.
A global business tax hike masterminded by Joe Biden and Brussels could wipe out almost €6bn (£5.2bn) of state revenues in Ireland in a major blow to the country's economy, the International Monetary Fund has warned. In an "extreme scenario", Ireland's 10 largest corporation tax contributors could leave the country in response to White House plans for a 21pc minimum rate on the international earnings of US companies, the fund (IMF) said. The change could cut Ireland's €11.8bn of corporate tax revenues in half. The plan to tackle tax havens has been backed by the European Union, which has said that minimum taxation levels should be decided by the Paris-based Organisation for Economic Cooperation and Development. It is likely to hit Ireland particularly hard because the country's low rates have made it a popular destination for major firms such as Google, Apple and Amazon. The proposals threaten to drive a wedge between Ireland and large EU countries such as France and Germany - as well as cooling its attitude towards US President Biden, who has often trumpeted his Irish heritage. Ireland's headline corporate tax rate is 12.5pc, considerably below the proposed minimum, and foreign companies are often able to pay an effective tax rate of between 2.2pc and 4.5pc on global profits shifted to Ireland. The IMF said the Irish government needs to raise taxes to fund education, housing and childcare. Sustained growth in the Irish economy will require more investment in social and physical infrastructure, it said. There are fears that the introduction of a minimum global corporate tax rate could spark an exodus of international businesses from Dublin, causing a dramatic drop in income for the Irish government, although the IMF said it was sketching out a worst case scenario rather than what is thought most likely to happen.
Inflation fears are dogging Wall Street at a time when the U.S. rebound is picking up speed.
(Bloomberg) -- Volvo Cars said it’s considering an initial public offering months after calling off earlier plans to merge with Geely Automobile Holdings Ltd., the Chinese manufacturer owned by its parent.The board of the Swedish carmaker has decided to evaluate a possible listing on the Nasdaq Stockholm stock exchange later this year, according to a statement. Bloomberg News reported in March that owner Zhejiang Geely Holding Group Co. was considering an IPO that could value the business at around $20 billion.Volvo’s more than a decade under Chinese control has been a success story. While pandemic disruptions snapped a six-year streak of record sales, demand came roaring back and fueled record deliveries and profit in the second half. Geely has been a supportive owner, helping fund construction of the company’s first-ever U.S. car plant and the investment it will take to go fully electric by the end of the decade.“We have supported the transformation and growth of Volvo Cars for the last 10 years, enabling the company to become a true premium brand with improved profitability,” Eric Li, Geely Holding’s chairman, said in the statement. “Volvo Cars is especially well positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous drive functions.” Geely Holding would remain a major shareholder of Volvo, which also announced that it has extended the contract of Chief Executive Officer Hakan Samuelsson to the end of next year. He’s led Volvo since 2012, two years after Geely acquired the company from Ford Motor Co. for just $1.8 billion.For all its success boosting Volvo’s value, Geely has struggled to cash in on its investment. It pursued an IPO in 2018 but shelved the idea after investors balked at its proposed valuation of as much as $30 billion, people familiar with the matter said at the time.(Updates with context in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The Bank of Canada is closely monitoring recent gains in the nation’s currency, to ensure the appreciation doesn’t create headwinds for the nation’s economic outlook, according to the central bank’s head.At a press conference Thursday, Governor Tiff Macklem said the recent appreciation reflects in part higher commodity prices, which are good for the nation’s economy. Still, a continuation of the gains could begin to pose a risk to the central bank’s most recent forecasts released last month, which assumed an exchange rate of $0.8 per Canadian dollar.The Canadian dollar is up 4.9% so far this year, the best performing major currency. It weakened after Macklem’s comments, falling to C$1.2179 per U.S. dollar, or $0.8211 per Canadian dollar at 1:12 p.m. in Toronto trading.“If it moves a lot further that could have a material impact on our outlook and it’s something we’d have to take into account in our setting of monetary policy,” Macklem said Wednesday. “If the dollar were to continue to move -- particularly if its not reflecting good developments for Canada -- that could become more of a headwind on our export projection.”The Canadian dollar has been tracking resource prices higher this year. The Bank of Canada commodity price index -- a gauge that tracks movements of commodities produced in the country -- has hit the highest since 2014 after gaining 30% so far this year. Excluding energy, the index is at an all-time high.But the currency also appears to have gotten a lift from Macklem’s messaging, after the Bank of Canada last month accelerated the timetable for a possible interest-rate increase and pared back its bond purchases.“Macklem only said that if the currency were to appreciate absent fundamental reasons, then they’d be more concerned about competitiveness implications but that so far that’s not the case,” Derek Holt, an economist at Bank of Nova Scotia, said by email.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Russia’s debt chiefs are working on a mechanism that will allow the government to retire costly ruble bonds sold to raise emergency funds during the coronavirus pandemic.“The goal is to restore the right structure of the portfolio so that in the next crisis, government debt can be used to conduct an active economic policy again,” Deputy Finance Minister Timur Maksimov said in an interview. The ministry is considering possible funding sources for the buybacks, he said, without elaborating on the timing or the amount of money that might be earmarked.Russia doubled its borrowing plan last year to help shield the economy from the pandemic as oil prices collapsed and the U.S. weighed sanctions on ruble debt sales. In a series of blowout auctions dominated by local banks, the Finance Ministry sold floating-rate bonds offering a coupon that climbs with the central bank’s key rate.Now that inflationary pressures are mounting and the Bank of Russia is back on a tightening path, Maksimov wants to shift away from debt whose servicing costs are set to rise. Floating-rate bonds now account for about 35% of the ministry’s outstanding local debt, and Maksimov said he wants that level cut back to 15% or 20%.It’s unlikely the ministry will rush to reduce the share, according to Dmitry Dolgin, chief economist at ING Bank in Moscow. He predicts such a target would cost 1 trillion to 2 trillion rubles ($13.5 billion to $27 billion) over a three-year span.President Joe Biden’s administration imposed long-feared sanctions on Russia’s debt markets earlier this year, punishing the Kremlin for U.S. elections meddling and hacking.But the penalties were ultimately judged to be mild because they only bar U.S. investors from buying ruble bonds, or OFZs, on the primary market. Bonds and the ruble have strengthened since the limits were announced.Read More: Goldman, Hedge Funds Hail Russia as Winner in Covid Recovery“The imposed restrictions don’t cover the secondary OFZ market, so we don’t expect the share of non-residents to move far from the current levels,” Maksimov said. “International investor interest, which can’t be satisfied on the primary market, may show up as demand on the secondary market.”Foreigners held around 19% of Russia’s sovereign ruble debt as of April 21. The ministry sold more than 45 billion rubles of notes at debt auctions Wednesday.‘Smooth Flow’“If the market situation allows us to borrow more in advance, we may do so, but we’d work on making the borrowing flow more smoothly,” Maksimov said. “Our weekly needs, taking into account the amount raised, are now at 45 billion to 50 billion rubles.”Having the Finance Ministry stick to that lower weekly volume of sales partly offsets the risks of rising global rates, said Dmitry Polevoy, an analyst at Locko-Invest. At the same time, the potential buybacks are “a definite positive” for the floating-rate notes, he said.International flows into local bonds have been positive so far this month, VTB Capital analysts led by Maxim Korovin wrote in a note Wednesday. About 57 billion rubles left the ruble debt market in the week following U.S. sanctions in April, according to the central bank.Still, the picture for local debt remains far from clear, and Rosbank analysts said the ruble-bond market is “in limbo.”Stabilizing global rates and support from local banks are an argument against selling, they said. But the prospect of further rate hikes, as well as some possible rebalancing before sanctions take effect on June 14 are weighing on the bonds for now.(Updates with analyst estimates in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Over and over again, Federal Reserve officials have advised that any pickup in inflation this year was bound to be transitory. Traders in financial markets, however, aren’t so sure.Even before the faster-than-forecast rise in U.S. consumer prices reported Wednesday, investors had become fixated on widespread signs of cost pressures as commodities like copper and lumber surged to records and the bond market’s expectation for inflation over the next decade climbed to an eight-year high. The focus is shaking up the stock market, sending the Cboe Volatility Index to the highest since March.The most-recent round of U.S. corporate earnings calls showed the word inflation was back in vogue, with its usage rising 800% from a year ago, according to Bank of America Corp. Even last week’s payrolls report, which showed the U.S. added only about a quarter of the jobs economists expected in April, is being viewed as a sign that companies will have to boost wages to entice more unemployed workers into the labor force.“Inflation risk is what we want to watch here,” Savita Subramanian, Bank of America’s head of U.S. equity and quantitative strategy, said on Bloomberg Television on Friday. “I don’t know if it’s going to be transitory.”The U.S. consumer price index for April boosted the bond market’s five-year inflation outlook on Wednesday to the highest since 2005. Month-over-month CPI came in at 0.8%, beating economists’ estimates of 0.2%. On a year-over-year basis, CPI rose 4.2%, above estimates of 3.6%. The figures pushed the 10-year Treasury yield up five basis points to 1.67%.The growing inflation fears are a political threat to President Joe Biden’s plans for vast new spending, particularly after a disappointing jobs report on Friday.But policy makers are standing their ground. Even known Fed hawks have chimed in over recent weeks to say that inflation is unlikely to get out of control despite unprecedented government spending in response to the coronavirus pandemic. Both Fed Chairman Jerome Powell and a top Biden administration economic adviser have said that the inflation now apparent in certain pockets of the economy is “transitory.”That description raises an important question: Just how long does “transitory” mean? The answer is probably unknowable at the moment, but past recessions provide some clues.Commodities After RecessionIf the latest rise in prices is largely commodity-driven, then it’s a matter of how long those input prices keep rising. Using the 2009 economic rebound as a road map, demand for raw materials -- and ergo their prices -- soared for two years and pushed up global inflation until commodity markets topped out.Those price increases were largely driven by a massive Chinese infrastructure package. This time, the U.S. may fill the role that China played more than a decade ago as the Biden administration proposes billions of dollars in spending. By this logic, “transitory” could mean two years.Computer-Chip ShortagesHowever, raw materials like lumber and copper aren’t the only factors that potentially will push up inflation. Computer chips used in everything from cell phones to cars and refrigerators are also playing a major role.Honda Motor Co., BMW AG and other automakers have been forced to halt production due to chip shortages. Given how crucial they are, it’s no surprise that the 30-member Philadelphia Semiconductor Index has a positive correlation with 10-year breakevens, a bond-market gauge of inflation expectations that’s based on the difference in yields between nominal Treasuries and inflation-protected securities. The two indexes have been trading in tandem over the past year.It doesn’t stop there.Used CarsThe headwind to new-vehicle manufacturing posed by the shortage of computer chips led to a 10% jump in prices for used cars and trucks in April, the CPI report showed Wednesday. Pent-up demand among those who can’t afford big-ticket items can be seen in the surge in prices of used cars, says Sebastien Galy, a senior macro strategist at Nordea Investment Funds SA in Luxembourg. The Manheim Used Vehicle Value Index, which measures prices at wholesale auctions, shows they’re now 20% higher since the end of last year.“It shows that if you can’t afford a lot, then replacing your car may be the way to splurge,” Galy said.BreakevensThe bond market has sniffed out all the pricing pressure, and the inflation expectations it reflects are influential in setting investor assumptions. Ten-year breakeven rates, a proxy for the inflation expected over the next decade, are near their highest since March 2013 at about 2.57%. Five-year breakevens rose as high as 2.82% on Wednesday, the highest since 2005.To be sure, not all market participants agree with the inflation signals coming from the bond market. Goldman Sachs Group Inc. and Pacific Investment Management Co. estimate that bond traders pricing in annual inflation approaching 3% over the next handful of years are overstating the pressures bubbling up.Read More: Goldman, Pimco Detect Irrational Inflation Mania in BondsWage PressuresMeanwhile, some investors, strategists and politicians have indicated that the real message of the well-below-forecast rate of job creation last month is that costs to entice more unemployed people back to work will rise. That’s in part due to added government unemployment benefits that make their former wages less appealing. Any pressure to increase wages could feed back into the prices of goods and services, further increasing the rate of inflation.“It’s not going to be that easy to pull 8 million people off their sofas and back to work without the price of doing that having to be higher than it was before,” said Mark Holman, chief executive officer at TwentyFour Asset Management. “This is inflation risk,” said Holman who is avoiding duration risk as a result and focused on corporate debt given the growth outlook is good and default risk is low.(Updates throughout with CPI data, market reaction)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Disney reported fiscal second-quarter results after market close, with Wall Street set to closely monitor the entertainment giant's growth in streaming and recovery in its parks businesses as pandemic-era restrictions begin to lift.
Amazon is going on another hiring spree, adding another 75,000 jobs.
All three major U.S. stock indexes notched solid gains, with the Nasdaq, weighed by Tesla Inc, picking up the rear. Recent economic data has prompted inflation fears as scarcity of both materials and workers threatens to send prices surging in the face of a demand boom. "If this is a footrace, supply chains are still tying their shoes," said David Carter, chief investment officer at Lenox Wealth Advisors in New York.
Despite the Colonial Pipeline system getting back online, motorists are still draining gas stations, and it may take ‘weeks’ until gasoline supply returns to normal, warns GasBuddy’s senior petroleum analyst Patrick De Haan.