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shares of boeing co ba shed 492 to 19874 tuesday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 101 to 430476 and dow jones industrial average djia falling 142 to 3359661 this was the stocks third consecutive day of losses boeing co closed 7983 short of its 52week high 27857 which the company achieved on march 15th the stock underperformed when compared to some of its competitors tuesday as honeywell international inc hon rose 024 to 18256 lockheed martin corp lmt fell 007 to 38620 and northrop grumman corp noc fell 013 to 39073 trading volume 103 m eclipsed its 50day average volume of 95 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of visa and home depot are seeing declines friday morning sending the dow jones industrial average into negative territory shares of visa v and home depot hd are contributing to the indexs intraday decline as the dow djia was most recently trading 89 points or 03 lower visas shares are off 561 24 while those of home depot are off 816 22 combining for a roughly 91point drag on the dow also contributing significantly to the decline are 3m mmm caterpillar cat and walgreens boots wba a 1 move in any of the indexs 30 components equates to a 659point swing editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of ebay inc ebay rose 406 to 5209 monday on what proved to be an allaround mixed trading session for the stock market with the dow jones industrial average djia rising 000 to 3294524 and the sp 500 index spx falling 074 to 417311 the stocks rise snapped a fiveday losing streak ebay inc closed 2910 short of its 52week high 8119 which the company reached on october 22nd the stock outperformed some of its competitors monday as amazoncom inc amzn fell 252 to 283706 walmart inc wmt rose 139 to 14405 and costco wholesale corp cost fell 028 to 52595 trading volume 90 m eclipsed its 50day average volume of 74 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

the art deco facade of the original toronto stock exchange building is seen on bay street in toronto ontario canada january 23 2019 reuterschris helgren feb 14 reuters canadas main stock index fell on monday weighed down by energy stocks as crude prices fell after ukraine hinted at possible concessions to russia that could ease tensions between the two countries at 943 am et 1443 gmt the toronto stock exchanges sptsx composite index gsptse was down 14328 points or 066 at 2140556 and was on track for its worst session in over a week were definitely setting up for a volatile week markets are swinging back and forth depending on russian headlines taking people into more defensive position said gregory taylor portfolio manager at purpose investments the energy sector sptten dropped 10 as us crude prices fell 07 a barrel while brent crude lost 08 ukrainian ambassador vadym prystaiko said his country was prepared to make some concessions to russia easing investor concerns that have rattled global equities following us comments that russia could invade ukraine at any time read more in energy we could see some profit taking because it has been the best performing sector the other day but it wont go down too much taylor said healthcare stocks fell 1 with major pot producers including canopy growth corp weedto cronos group inc cronto aurora cannabis inc acbto down between 15 and 31 investors await earnings reports from major companies this week including shopify restaurant brands canadian tire air canada and several big miners the materials sector gspttmt which includes precious and base metals miners and fertilizer companies added 01 as gold futures rose 14 to 1866 an ounce the tsx posted two new 52week highs and two new lows across canadian issues there were nine new 52week highs and 32 new lows with total volume of 5063 million shares reporting by amal s in bengaluru editing by vinay dwivedi

hong kong march 4 reuters cambodian hotel and casino complex operator nagacorp ltd 3918hk said it would suspend its gaming and resort development project in the eastern russian city of vladivostok indefinitely amid uncertainties surrounding the project the company would like to suspend the development of the project indefinitely until the circumstance is clearer the phnom penhbased company said in a filing to the hong kong bourse late on thursday it gave no further details nagacorp shares fell as much as 55 to hk641 early on friday their lowest since feb 4 that compared with a 26 drop in the benchmark hang seng index hsi western governments are shutting off russias economy from the global financial system after its invasion of ukraine pushing international companies to halt sales cut ties and dump investments worth tens of billions of dollars read more

trading dynamics in the oil markets have been topsyturvy since early in the pandemic when us prices briefly fell below zero oil prices have since rebounded strongly and are holding above 80 a barrel their highest level since 2018 now a new oddity has cropped up the two most closely watched gauges of oil prices are acting in unusual ways brent crude the international benchmark tends to trade at a premium of several dollars to west texas intermediate crude oil the us benchmark that’s because there has historically been a glut of oil in the us and too few pipelines to transport it high supply and steady demand have kept prices low but in the past few days brent and wti prices have converged rapidly at monday’s closing prices wti was just 61 cents cheaper than brent at 8405 to 8471 the main reason behind the move is that demand has risen while supply has remained about flat about a month ago when the brentwti spread was above 4 overseas crude buyers paid for tankers to come to the us and buy us crude at a discount said robert yawger director of energy futures at mizuho securities supplies of us crude in storage fell sharply to the point where the amount of crude held in storage at cushing okla dropped by eight million barrels from oct 1 to oct 22 a 23 decline the drop in supply has caused prices to rise nearly to the same level as brent the 61cent gap is the lowest since july the last time wti was higher than brent was in may 2020 on the one hand the spread doesn’t matter that much to users of oil products like gasoline it’s still expensive to fill your tank today no matter the spread but for us refiners the narrowing of the spread has been a problem refiners like marathon petroleum ticker mpc and phillips 66 psx benefit from the spread because they can buy crude cheap and then refine it into products that they ship overseas at higher rates because crude is an input cost they can take advantage of wti prices to boost profits when the spread narrows however they lose that edge margins right now are at extremely low levels yawger said in the long run low margins tend to sort themselves out if refiners can’t make enough money they’ll simply reduce capacity eventually margins will rise again “it’s the circle of life and death in the crude markets“ yawger said

oil refiners entered 2022 in strong shape poised to benefit from a rebound in areas that have not fully recovered from the pandemic like jet travel the last week however has dimmed some of those hopes as refiners’ stocks have slumped along with other parts of the market in the past week the vaneck oil refiners etf ticker crak is down 76

shares of cadence design systems inc cdns slid 012 to 19294 tuesday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 030 to 397015 and dow jones industrial average djia falling 071 to 3265670 this was the stocks third consecutive day of losses cadence design systems inc closed 1002 short of its 52week high 20296 which the company reached on february 15th the stock demonstrated a mixed performance when compared to some of its competitors

shares of nrg energy inc nrg inched 022 higher to 4148 wednesday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 016 to 435946 and the dow jones industrial average djia rising 026 to 3439072 the stocks rise snapped a twoday losing streak nrg energy inc closed 462 short of its 52week high 4610 which the company reached on august 26th the stock underperformed when compared to some of its competitors wednesday as nextera energy

shares of manpowergroup inc man jumped 38 in premarket trading thursday after the staffing services company reported thirdquarter profit that beat expectations even as revenue fell a bit short as demand for labor remained solid net income rose to 1113 million or 213 a share from 977 million or 177 a share in the yearago period excluding nonrecurring items such as integration costs related to the us experis acquisition adjusted earnings per share came to 221 above the factset consensus of 217 revenue fell 66 to 480 billion below the factset consensus of 487 billion as the stronger us dollar flipped revenue growth to negative from up 54 cost of revenue fell 85 as gross margin improved to 183 from 166 labor markets remain resilient and we see continued solid demand as we begin the fourth quarter said chief executive jonas prising the stock has dropped 78 over the past three months through wednesday while the sp 500 spx has lost 67

relx plc rel shares inched up 083 to £2307 tuesday on what proved to be an allaround positive trading session for the stock market with the ftse 100 index ukx rising 137 to 755409 relx plc closed £167 below its 52week high £2474 which the company reached on april 8 trading volume 26 m remained 16 million below its 50day average volume of 41 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

trade desk stock was falling thursday after a benchmark analyst downgraded the advertising technology company citing risks to the ad industry mark zgutowicz downgraded shares of trade desk ticker ttd to sell from hold thursday the analyst wrote in a research note that shares are “priced to perfection in an imperfect market” he gave the stock a 38 price target which implies a 35 decline from wednesdays closing price

shares of inovio pharmaceuticals inc ino slid 784 to 141 tuesday on what proved to be an allaround mixed trading session for the stock market with the dow jones industrial average djia rising 011 to 3324156 and the nasdaq composite index comp falling 138 to 1035323 this was the stocks third consecutive day of losses inovio pharmaceuticals inc closed 432 short of its 52week high 573 which the company achieved on december 28th the stock underperformed when compared to some of its competitors tuesday as johnson johnson jnj fell 003 to 17743 statera biopharma inc stab rose 379 to 009 and pfizer inc pfe fell 135 to 5113 trading volume 59 m remained 92656 below its 50day average volume of 60 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of essex property trust inc ess shed 035 to 21168 monday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 009 to 413704 and the dow jones industrial average djia rising 020 to 3387540 essex property trust inc closed 14351 short of its 52week high 35519 which the company reached on april 27th

oilfield services provider halliburton beat analysts’ expectations for earnings in the first quarter even after oil prices declined halliburton ticker hal earnings per share came in at 72 cents compared with the analysts’ consensus of 67 cents among those surveyed by factset revenue was 57 billion compared with expectations for 55 billion

pilgrims pride corp said its board has approved a 200 million sharerepurchase plan the greeley colo chicken processor said the buyback reflects continued confidence in the growth potential of its business and a strong balance sheet pilgrims pride which has about 2439 million shares outstanding sports a market capitalization of more than 5 billion based on tuesdays closing price of 2154 brazils jbs sa owns more than 80 of pilgrims pride and last month dropped plans to buy the rest of the company

shares of edison international eix inched 025 higher to 6113 wednesday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 146 to 378999 and the dow jones industrial average djia rising 100 to 3066853 the stocks rise snapped a twoday losing streak edison international closed 1219 below its 52week high 7332 which the company achieved on april 21st the stock outperformed some of its competitors wednesday as american electric power co inc aep rose 023 to 9065 xcel energy inc xel fell 005 to 6585 and sempra sre fell 006 to 14474 trading volume 19 m eclipsed its 50day average volume of 19 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

clevelandcliffs inc said it was adapting effectively to changing demand for steel our fourthquarter 2021 results demonstrate the disciplined approach to supply that is fundamental to us said chairman president and chief executive lourenco goncalves during q3 of last year we realized that our automotive clients would not be able to resolve their supply chain issues in q4 and therefore demand pull from the sector would be weak that would come on top of the widely expected lighter demand from service centers in q4 mr goncalves said we elected not to chase weak demand and instead accelerated maintenance forward to q4 at several of our steel production and finishing facilities based on our recently renewed contracts we are now selling the vast majority of our fixedprice contractual volumes at substantially higher selling prices he said even at the steel futures curve as of today we would expect to see higher average selling prices for our steel in 2022 than in 2021 clevelandcliffs average net selling price in the fourth quarter was 1423 per net ton of steel products up from 880 per net ton in the yearago quarter

shares of advance auto parts inc aap shed 149 to 14698 wednesday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 156 to 392886 and dow jones industrial average djia falling 181 to 3329696 this was the stocks fourth consecutive day of losses advance auto parts inc closed 9598 short of its 52week high 24296 which the company achieved on january 19th the stock underperformed when compared to some of its competitors wednesday as oreilly automotive inc orly fell 058 to 80508 and autozone inc azo fell 046 to 234493 trading volume 653931 remained 458106 below its 50day average volume of 11 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of kellogg co k rose 110 to 6901 wednesday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 021 to 418396 and the dow jones industrial average djia rising 019 to 3330193 the stocks rise snapped a threeday losing streak kellogg co closed 120 below its 52week high 7021 which the company achieved on april 22nd the stock outperformed some of its competitors wednesday as pepsico inc pep rose 089 to 17485 mondelez international inc cl a mdlz rose 002 to 6405 and general mills inc gis rose 046 to 7136 trading volume 32 m eclipsed its 50day average volume of 24 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of exxon mobil corp xom climbed 15 toward an 8year high in afternoon trading friday boosted by rising oil and gas prices and an upbeat analyst comment crude oil futures cl00 rose 14 in afternoon trading while natural gas futures ng00 advanced 05 analyst phil gresh at jp morgan reiterated the overweight rating hes had on the oil and gas giant since january 2021 and kept his stock price target at 108 saying the companys rerating story still has legs gresh said he believes the stock still has room for increased investor interest following the derating that took place in the 2020 downturn in which the stock suffered a record yearly decline of 409 given concerns over a heavy debt burden with the company now fully shifted towards a mantra of capital discipline and the balance sheet back to a strong position exxon mobil is in much better shape to return more capital back to shareholders while still pursing attractive growth opportunities at key assets gresh wrote in a note to clients he believes investors have given the company only partial credit for this change particularly when compared with peer chevron corp cvx which gresh has rated underweight since earlymarch 2022 exxon mobils stock which is headed for the highest close since september 2014 has run up 619 year to date while chevron shares have hiked up 516 and the sp 500 spx has dropped 135

singapore may 24 reuters the us dollar held near a twomonth high on wednesday on safeharbour demand as negotiations over raising the us debt ceiling dragged on with no imminent resolution in sight treasury secretary janet yellen has warned that the federal government could no longer have enough money to pay all its bills as soon as june 1 raising the risk of a damaging default investors largely shunned riskier investments as another round of talks between the white house and the republicans to raise the borrowing limit ended on tuesday with no sign of progress progress on a deal is proving difficult and market jitters are increasing said harry ottley an economist at commonwealth bank of australia noting that markets sentiment is closely aligned with progress on the negotiation the dollar index which measures the us currency against six key rivals was fetching 10351 in early asian hours just under the 10365 twomonth peak it touched overnight the index is up roughly 2 in may the yen was flat at 13858 per dollar having touched a sixmonth low of 13891 overnight while sterling was last trading at 12424 up 011 on the day hawkish rhetoric from federal reserve officials has also buoyed the dollar with traders anticipating interest rates to stay elevated for longer markets are pricing in a 27 chance of a 25 basis point hike in june cme fedwatch tool showed to follow up the feds quarter point increase earlier this month investors will get more clues on policy from the minutes of the fed’s may meeting due later in the global day we suspect the base case among the leadership of the committee is that the tightening cycle is probably over said kevin cummins chief economist at natwest markets recent rhetoric from a few officials seem interested in additional hikes and this sentiment may well have been reflected in the tone of the minutes the kiwi was 003 higher at 06249 ahead of the policy rate decision from the reserve bank of new zealand due around 0200 gmt despite being 20 months into its tightening cycle we expect the rbnz to deliver yet another outsized 50 bp hike today said carol kong a currency strategist at cba even if the rbnz opts for a 25 bp hike it will likely signal more tightening and revise up its cash rate forecasts the australian dollar was steady at 06610 currency bid prices at 0110 gmt all spots tokyo spots europe spots volatilities tokyo forex market info from boj

shares of travelers cos inc trv slipped 156 to 17212 tuesday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 028 to 456746 and the dow jones industrial average djia rising 008 to 3543807 travelers cos inc closed 2239 short of its 52week high 19451 which the company reached on january 25th the stock demonstrated a mixed performance when compared to some of its competitors tuesday as chubb ltd cb fell 250 to 19552 progressive corp pgr fell 135 to 12355 and american international group inc aig fell 061 to 5989 trading volume 12 m remained 106235 below its 50day average volume of 13 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of kimco realty corp kim shed 204 to 2109 monday on what proved to be an allaround rough trading session for the stock market with the sp 500 index spx falling 008 to 389209 and dow jones industrial average djia falling 034 to 3351765 kimco realty corp closed 548 below its 52week high 2657 which the company achieved on april 28th the stock underperformed when compared to some of its competitors monday as realty income corp o rose 097 to 6470 regency centers corp reg fell 167 to 6253 and federal realty investment trust frt fell 129 to 10290 trading volume 40 m remained 70917 below its 50day average volume of 41 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

in the longer term higher interest rates could exacerbate any inflation caused by global supply factors by deterring capital investment mahesh agrawal assistant director at financial consultants acuity knowledge partners said in an interview with dow jones newswires higher borrowing costs help bring down inflation by dampening domestic demand but they have limited impact on supplyside inflation he said supplyside inflation includes increases to prices of food and energy—which in turn lifts manufacturing costs—due to reduced supply following events such as the war in ukraine sanctions against russia and poor harvests “what interestrate hikes can do is weigh on domestic demand but they can’t increase the supply” agrawal said “it can even possibly exacerbate the supply shock because capital investments can come down” in this way central banks could risk adding to the problem rather than solving it he said this is more of a longerterm rather than a shortterm risk it could take two to three years to become evident because decisions on capital investments are longterm and take time to implement he said in the short term agrawal thinks inflation will come down from current very high levels but it won’t fall sharply lower food and energy prices compared to a year ago have helped to bring down inflation but core inflation—which excludes these volatile elements—have been slow to come down he said eurozone annual core inflation stood at 53 in may the latest figures for the uk showed core inflation at 68 in april “we believe inflation will be stickier in many of the locations especially in the eu where it is still highly dependent on russian energy although they have diversified quite a lot over the last year” europe was lucky that last winter was relatively warm but if the coming winter turns out to be cold it could lead to another jump in energy prices a protracted war in ukraine could also bring back high energy and food inflation “we can’t absolutely rule out those possibilities” he said “if this winter turns out to be cold it would be again energy shortages and energy prices spiking up to the kind of prices we have seen last year” high inflation will mean interest rates will have to stay high in the eurozone and the uk while only the us may be in a position to cut rates this year as it’s less reliant on other countries for raw materials “the maximum we can expect this year from the ecb and the boe is a pause there is absolutely no possibility of rate cuts this year” agrawal said however there is a high chance of the us federal reserve starting to cut rates this year he said this backdrop doesn’t favor the dollar which is “significantly higher compared to historical levels” and agrawal expects the us currency to fall over the next two to three years although in the short term it could continue to appreciate “the dollar looks a bit overvalued currently and it would be a good strategy to keep your fx portfolio towards safer havens” he said “there’s a lot of uncertainty about inflation and a lot of uncertainty about economic growth” he said adding that it makes sense to buy the swiss franc the japanese yen or gold us debt and even eurozone and uk debt is also a good investment he said emergingmarket debt has higher risk however as diminishing rate differentials cause investors to move back into developedmarket bonds “safe havens are a good avenue for investments potentially this year and next year”

reuters the new york stock exchange said on wednesday it will delist three chinese telecom companies confirming its latest uturn on the matter a day after us treasury secretary steve mnuchin told the nyse chief he disagreed with an earlier decision to reverse the delistings the latest move which is effective jan 11 marks the third time in less than a week the big board has ruled on the issue the flipflopping highlights the confusion over which companies were included in an executive order issued by president donald trump in november barring us persons from investing in publicly traded companies washington deems to be tied to the chinese military it also coincides with escalating tensions within washington on china policy in the final days of the trump administration “there is a unique situation where there is an outgoing administration that is disengaged and there are orders sitting out there so something has to be done but no one wants to take on responsibility” said leland miller the ceo of the usbased consultancy china beige book “i think in future that anyone getting these orders will say ‘tell us exactly what you want us to do’ and force administrations to be more focused” the nyse originally on thursday announced plans to delist china mobile ltd china telecom corp ltd and china unicom hong kong ltd on monday it did a uturn after consulting with regulators in connection with the us treasury’s office of foreign assets control and decided to keep them listed wednesday’s decision marks a return to the original plan the decision to keep the companies listed had prompted criticism that treasury was being dovish on china mnuchin has long been seen as seeking to thwart attempts by hardliners in the administration many led by the state department to crack down on chinese companies but sources who asked to remain anonymous due to the sensitivity of the matter said mnuchin had called nyse president stacey cunningham on tuesday to express his concerns over the decision to relist the companies as the exchange sought further confirmation on the matter “the treasury secretary was on the phone with the nyse president now and was told that nyse would reverse their decision” a us official told reuters on tuesday china’s foreign ministry spokeswoman hua chunying when asked about the nyse announcement told a regular news briefing on thursday that washington’s actions would ultimately harm the united states’ interests credibility and image in statements posted on the hong kong stock exchange where their shares are listed china telecom and china unicom hong kong said they expected the multiple reversals of nyse decisions would impact their share prices as well as the trading volumes of their ordinary shares and american depostitory shares china mobile will continue to pay close attention to developments and reserves all rights to protect its legitimate interests the company said in an exchange filing on wednesday the us exchange operator said in a statement its latest decision to move forward with the delistings was based on “new specific guidance received on january 5 2021 that the department of treasury’s office of foreign assets control provided to the nyse” trading in the securities will be suspended at 4 am et 0900 gmt on jan 11 the nyse said a spokeswoman for the exchange operator declined to comment further the flipflopping caused investors to sell positions in the securities the prices of which dropped on the initial announcement then rose on the next and tumbled again on wednesday republican senator ben sasse a member of the senate select committee on intelligence said the decision was the “right call” “chinese firms that reject fundamental transparency requirements and have ties to the chinese military shouldn’t benefit from american investment” sasse said trump’s executive order technically takes effect on jan 11 but does not ban purchases by us investors until november while the directive stops short of forcing a delisting a separate bill signed into law by trump in november will kick chinese companies off us bourses if they do not fully comply with the country’s auditing rules in three years the us state department plans to release as soon as wednesday a fact sheet urging us investors to comply with the executive order according to three people familiar with the matter and a copy of the document seen by reuters the treasury said on wednesday that market intermediaries could help investors divest securities of the blacklisted companies sp dow jones indices which has also made uturns in decisions said late on wednesday it will remove the three telecom companies’ adrs from its benchmarks before jan 11 other index makers including ftse russell and msci inc have cut a dozen chinese companies on the list from their benchmarks but have not removed the three telecom companies all of which have major passive us funds among their top shareholders

the united states vice president kamala harris announced a more than 1 billion initiative to improve womens economic empowerment in africa on wednesday at the end of the first leg of a threenation trip to the continent harris office revealed the programme a mixture of us government funding and private sector commitments while in ghana where she was visiting before travelling to tanzania and zambia the tour follows up on a december summit held by president joe biden in washington with african leaders as the us seeks to balance the growing influence of china and russia on the continent harris has already announced 139 million in development and culture assistance for ghana and a 100 million investment in stability and peacebuilding for coastal west african nations who face the threat of jihadist violence spilling over from the sahel the initiative for economic empowerment includes a 60 million fund for women in the digital economy and nearly 400 million from the private sector to support closing the gender digital divide advancing the economic status of women and girls is not only a matter of human rights justice and fairness it is also a strategic imperative that reduces poverty and promotes sustainable economic growth her office said on wednesday another 528 million in private sector financing will help support womens economic empowerment in africa the statement said closing the digital gap refers to programmes that will improve digital access and affordability for women improve digital literacy and skills as well as promote online security the us vice president on tuesday visited ghanas cape coast castle a unesco world heritage site from where slaves were shipped to north and south america and the caribbean she laid a wreath in honour of those who died during the slave trade saying the horror of what happened there should always be remembered on tuesday in ghanas capital accra harris called for more investments in innovation in africa during a speech underlining her optimism for the continent she noted three areas of focus washington believes could benefit from more investments womens empowerment the digital economy and good governance and democracy we are all in on africa she added repeating what biden said at the usafrica leaders summit last year harris left for tanzania on wednesday and will be in zambia later in the week

shares of henry schein inc hsic inched 004 higher to 7971 thursday on what proved to be an allaround mixed trading session for the stock market with the sp 500 index spx rising 037 to 438189 and the dow jones industrial average djia falling 001 to 3394671 this was the stocks second consecutive day of gains henry schein inc closed 1001 below its 52week high 8972 which the company achieved on february 2nd the stock underperformed when compared to some of its competitors thursday as stryker corp syk rose 011 to 29789 idexx laboratories inc idxx rose 101 to 49072 and mckesson corp mck rose 066 to 41721 trading volume 798059 remained 67078 below its 50day average volume of 865137 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

ottawaannual inflation in canada accelerated at the fastest pace in almost four decades in june as the surging cost of gasoline for the month led price increases canadas consumerprice index increased 81 in june from a year earlier statistics canada said wednesday following a 77 gain the month before the june figure the largest yearly change since january 1983 fell short of market expectations for an 84 rise according to economists at td securities a strong rise in transportation prices particularly for gasoline helped drive inflation excluding gas the cpi rose 65 yearoveryear in june following a 63 increase the month before prices at the pump rose 62 in june largely tracking crude oil which peaked in the first week of june with higher global demand and then eased in the remaining weeks as demand cooled amid concerns of a global economic slowdown the data agency said earlier this month the bank of canada surprised markets with a full percentage point increase to its policy rate lifting the target for the overnight rate to 25 in the biggest single increase since 1998 following consecutive increases of a halfpercentage point in april and in june the central banks mandate is to set rate policy to achieve and maintain 2 inflation on a monthovermonth basis canadas cpi climbed 07 in june on a seasonallyadjusted monthly basis cpi was 06 higher for june meanwhile the average of the bank of canadas preferred measures for underlying core inflation in june rose 46 onyear after a 45 increase in may core inflation provides a measure of price changes that excludes volatile goods such as food and energy

what’s old is new again—if you turn it into an electric vehicle like volkswagen is doing the german automotive giant is bringing back the scout brand and morphing the early offroader into a line of allelectric trucks and suvs—with the goal of wresting away the lucrative north america truck market from ford motor general motors and chrysler

the biotech industry offers investors both potential reward and risk the market this morning isn’t moving much but today’s tepid start is coming on the heels of yesterday’s record closes on the dow the sp 500 and the nasdaq 100 whether the strong start to november will continue is uncertain in this historically strongperforming month but if it does it will be the result of how it fares in the face of earnings results fed policy economic reports and whatever other news we are confronted with for today at least the name of the game is earnings under armour ua beat expectations on the top and bottom line and also raised its fullyear outlook although the overall sales number didn’t wow as much as some would have liked it appears they more than made up for it with their brick and mortar sales pfizer pfe released earnings too the pharmaceutical giant did well and the market is rewarding their numbers in this morning’s premarket trading they reported fiscal q3 adjusted earnings of 134 per share beating the analysts’ consensus estimate of 109 per share that was also a strong increase from the 059 they reported last year revenue also beat expectations dupont de nemours dd also had an earnings beat 115 actual v 111 est but cut its outlook the company is a victim of the “supplychain drain” that we have seen often lately conoco phillips cop also beat estimates turning out a 177 profit after losing 031 a year ago the company benefited from rising oil prices however the stock is mostly unchanged in premarket trading in nonearnings news tesla tsla is down around 4 in premarket trading after elon musk tweeted that the muchhyped deal with hertz global hasn’t actually been signed yet the market’s focus for much of this week will be on a few key events first the fomc is starting its twoday meeting today the culmination of which will be a statement and possibly some additional clarity regarding both bond purchase taper timelines and the fed’s thoughts concerning inflation other big and potentially marketmoving news items to look for in the coming days come in the form of legislation after weeks of wrestling with the details both the bipartisan infrastructure bill and the 175 trillion reconciliation package may be voted on later this week and of course there will be more earnings the almost daily parade of earnings has impacted the markets over the past month but earnings season is starting to wind down so far 23 of the 30 companies in the dow have reported earnings in october still november will see prominent names such as disney dis home depot hd and walmart wmt report a couple of health care stocks are in focus today first off as mentioned above pfizer a company front and center since the pandemic began released earnings this morning after the market closes amgen amgn is set to release amgen unlike pfizer is a company that isn’t currently involved in covid19 drug manufacture but it is a large 120 billion market cap biotechnology company an industry group that has had an everincreasing role in the health care sector despite the high visibility of health care and health care stocks this year the sector has not kept up with the sp 500 spx the sector is up 18 this year as compared to 24 for the spx it has also underperformed since the pandemic began this goes to show that news related to a sector or a specific company doesn’t always translate into great stock performance of course some individual stocks have benefitted greatly from the pandemic moderna mrna being one of them we’ll see how that translates to its earnings results as the company reports this thursday covid optimism there is some good news on the covid19 front according to johns hopkins university data cases have declined around 60 from the midseptember deltavariantcase peak still there is concern that rates of infection could jump back up heading into winter i don’t know the future course of the pandemic but changes in hospitalization rates vaccination rates and the government’s response to the pandemic certainly can affect the economy the financial markets and of course the health care sector speaking of governmental action according to the wall street journal lawmakers are still at odds as to whether a deal can be made that could enable medicare to negotiate with pharmaceutical companies on drug prices even though president biden decided to leave that provision out of the most recent version of the socialspending and climate package this is an example of the type of legislation that can affect the health care sector especially pharmaceutical companies the sp 500 pharmaceutical industry is up more than 14 yeartodate slightly underperforming the health care sector as a whole of late however pharmaceuticals have strengthened up around 6 since the october 13 low new frontiers many investors interested in the health care space consider the biotechnology industry to be the “wild west” it has a welldeserved reputation for volatility but also excitement associated with innovative technology and in our pandemicstricken world reallife applications that have come to the forefront you don’t have to understand the intricacies of mrna technology to see its impact investors in biotechnology need to be cautious however one of the reasons for the aforementioned reputation in the biotech industry is the difficulty in getting its products to market according to an article i recently read on forbescom less than 10 of products that have entered clinical trials will ever receive approval these types of hitandmiss success rates translate to increased risk in exchange for heightened potential reward in the marketplace for all the promise of biotech however the industry has disappointed this year up only 56 yeartodate could this industry reverse direction and outperform in 2022 the answer is “yes” but that will partially depend on earnings strength from not just companies like moderna and biontech bntx that have produced covid19 vaccines but also on other large biotech companies such as abbvie abbv gilead sciences gild regeneron pharmaceutical s regn and biogen biib

turkish stocks are sinking deeper into a bear market defeating an openended attempt by the government to keep equities from falling as investors favor safer assets in the runup to this month’s elections turkey’s sovereign wealth fund has channeled more than 1 billion into the nation’s main bourse bloomberg reported in february using exchangetraded funds run by ziraat portfoy the assetmanagement arm of state lender tc ziraat bankasi as but the effort has faltered as retail investors increasingly look to park their savings in lira deposits where returns are at a twodecade high the benchmark bist100 index dropped as much as 43 on wednesday to the lowest since nov 8 before trading down 2 as of 324 pm in istanbul the gauge is down more than 20 from its peak in january the traditional definition of a bear market “uncertainties for the postelection period have started to weigh down more significantly this week” said mehmet gerz chief investment officer at ata portfoy in istanbul “with deposit rates rising both fxprotected lira deposits and other timedeposit instruments have become safer and alternative investment tools for locals” the setback is especially costly because the sovereign wealth fund’s support for stocks dwarfed earlier measures in size the equity market has been closely watched ahead of the elections after domestic investors became the dominant force on the borsa istanbul over the past few years in pursuit of protection against rampant inflation but with interest rates on the rise stocks are no longer the only game in town investor sentiment has also shifted because of the unease over the may 14 vote as president recep tayyip erdogan faces the stiffest challenge of his two decades in power ziraat portfoy’s two largest etfs have recently been ramping up efforts to support the equities market after seeing inflows of 29 billion liras 150 million in the past two weeks since february when the government first intervened to prop up stocks following two earthquakes inflows into the funds have swelled to more than 24 billion liras over the past months average daily volumes are down to 25 billion nearly half their sixmonth average data from the nation’s stock exchange show “turkish stocks’ strong rally in 2022 has been a rare bright spot in the economy” gerz said “with the number of retail investors having hit millions it would not be an overstatement to claim the stock market’s level may potentially impact the upcoming elections” the outcome of the presidential and general elections on may 14 will be pivotal in setting the direction of the country’s economic policies after years of unorthodox measures that have alienated foreign investors that’s why jpmorgan chase co strategists david aserkoff and inga q galeni expect a “big rerating” for turkish stocks with 74 upside potential in dollar terms if the country shows a strong commitment to orthodoxy after the elections should there be only a modest return to conventional policies the local market may drop 29 drop in dollar terms they said in report on wednesday pushing foreign equity ownership back to 50 would attract as much as 20 billion of inflows into turkish stocks according to jpmorgan’s strategists only 29 of the country’s stocks are in the hands of international investors they said down from over 60 four years ago

shares of hewlett packard enterprise co hpe rose 282 to 1529 friday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 092 to 399293 and the dow jones industrial average djia rising 010 to 3374786 this was the stocks second consecutive day of gains hewlett packard enterprise co closed 247 short of its 52week high 1776 which the company achieved on february 10th the stock outperformed some of its competitors friday as radware ltd rdwr fell 215 to 2142 trading volume 138 m remained 159525 below its 50day average volume of 139 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

short sellers are ramping up bets against us stocks even as paper losses on the positions surpass 100 billion total us short interest or the amount traders have spent betting against us equities exceeded 1 trillion this month as the sp 500 index extended its advance s3 partners llc data show the tally reached the highest since april 2022 before retreating slightly with stocks down for a third straight day the contrarian bets signal that some traders have concluded the sp 500’s roughly 14 rally in 2023 will run out of steam and they’re enduring steep losses as they wait for the market to turn in their favor on paper the positions are down about 101 billion this year according to s3 “there’s a handandglove relationship between the success the market has had and the pessimism that builds up as that success grinds higher” said arthur hogan chief market strategist at b riley wealth building bearish sentiment can prove to be a source of support for the market hogan said if shorts continue to be on the wrong side of the trade they may need to buy back stocks to exit their positions which could further boost equities he said read more bofa says stock bullmarket means more gains 92 of the time us stocks have gained in 2023 on betterthanexpected earnings and a tech rally most recently fueled by frenzy around the potential for artificial intelligence the sp 500 entered a technical bull market this month defying worries around a possible recession in the wake of the federal reserve’s aggressive campaign of interestrate hikes stocks declined wednesday as fed chair jerome powell warned that higher rates would be needed to combat inflation wall street is divided on where stocks go next while bulls may still have the upper hand after the sp 500’s strong start to the year bears insist that stocks are headed lower with strategists such as citigroup inc’s scott chronert reiterating downside targets read more citigroup says sp 500 above 4400 leaves no more room for gains the individual equities with the highest short interest reflect a similar view that the aifueled tech rally may soon falter stocks including tesla inc apple inc microsoft corp and nvidia corp top the list with short sellers adding to their trades even as losses grow tesla bears have bet 26 billion against the stock this year and are carrying paper losses of more than 14 billion as the stock doubled according to s3 there’s little sign they’re dumping the bets on wednesday tesla shares dropped after dan levy a barclays plc analyst said the evmaker rallied too quickly and downgraded the stock to equalweight from overweight

shares of ameren corp aee slumped 075 to 8520 tuesday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 003 to 413613 and dow jones industrial average djia falling 046 to 3408927 the stocks fall snapped a twoday winning streak ameren corp closed 1400 short of its 52week high 9920 which the company achieved on april 21st the stock demonstrated a mixed performance when compared to some of its competitors tuesday as southern co so fell 072 to 6665 exelon corp exc rose 204 to 4203 and xcel energy inc xel fell 106 to 6798 trading volume 882543 remained 511407 below its 50day average volume of 14 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of prudential financial inc pru slipped 097 to 9703 tuesday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 110 to 398616 and dow jones industrial average djia falling 096 to 3179087 this was the stocks third consecutive day of losses prudential financial inc closed 2719 short of its 52week high 12422 which the company reached on february 10th the stock underperformed when compared to some of its competitors tuesday as prudential plc adr puk rose 019 to 2123 metlife inc met fell 069 to 6498 and lincoln national corp lnc fell 091 to 4678 trading volume 11 m remained 511260 below its 50day average volume of 16 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

petrotal corp said thursday that oil production in the third quarter rose but that it was lowering production guidance for the year on the continued closure of the northern peruvian pipeline or onp the londonlisted perufocused oil company said the onp remains down as petroperu continues maintenance activities and that it may not be able to resume exports in 2022 petrotal said oil production in the third quarter was around 112 million barrelsrepresenting 12229 barrels of oil per dayits best producing quarter to date the company said that assuming there is no onp availability average production guidance for the year will fall to 13500 to 14000 barrels of oil per day compared with previous guidance of 15000 barrels of oil per day adjusted earnings before interest taxes depreciation and amortizationa metric which strips out exceptional and other oneoff itemsguidance was also lowered to 309 million from 342 million we are adjusting our 2022 guidance to reflect a conservative sales scenario which we hope to exceed should the onp become a viable sales option in the fourth quarter of 2022 under this conservative scenario cash flow is still very strong allowing the company to deliver on its promised shareholder return program in 2023 chief executive manuel pablo zunigapflucker said shares at 0811 gmt were down 125 pence or 31 at 3875 pence

mumbai feb 10 reuters the indian rupee is likely to open slightly lower to the dollar on friday tracking losses on most asian currencies and shares on concerns over rising us yields the nondeliverable forward market indicates that the rupee will open at around 82558260 compared with 8251 in the previous session the local currency is headed for its worst weekly performance since middecember weighed by the repricing of expectations of how high us interest rates are likely to rise in the current cycle the rupee fell over 1 on monday on the back of the us jobs report since then the currency has received a bit of help from expectations that the reserve bank of india will likely prevent the rupee from falling below the 82908300 level continued fpi foreign portfolio investors equity outflows could contribute to pushing usdinr higher and near to the 83 level where we expect more usd sale by rbi dbs group said in a note such flows dollar sales by rbi would put downward pressures on forward points and inr implied rates foreign investors have taken out more than 4 billion from indian equities yeartodate the 1year usdinr forward implied yield fell to 208 earlier this week the rupees asian peers declined on friday adding to its weekly losses an overnight fall in us shares and a further rise in us yields dented demand for asian currencies the 2year us yield is now about 46 basis points from its recent lows the us jobs report has prompted investors to raise the federal reserve terminal rate expectations by about 35 basis points to 515 us yields rose despite a higherthanexpected increase in the number of americans filing new claims for unemployment benefits the korean won and the thai baht were down 03 while hong kong led asian shares lower as per nsdl data foreign investors sold a net 552mln worth of indian shares on feb 8

shares of zimmer biomet holdings inc zbh inched 007 higher to 13844 friday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 083 to 416948 and the dow jones industrial average djia rising 080 to 3409816 zimmer biomet holdings inc closed 185 below its 52week high 14029 which the company achieved on april 21st

on cnbc’s “halftime report final trades” brenda vingiello of sand hill global advisors said honeywell international inc hon is going to “stand out within the industrial space” “especially given their exposure to things like automation” she added check out other stocks making moves in the premarket stephen weiss of short hills capital partners said pfizer inc’s pfe stock is “too cheap” and recommended selling duxton farms ltd dbf also read oh mamaa apple microsoft and 3 more of the largest companies in jim cramers faang replacement are reporting this week joseph terranova of virtus investment partners chose regions financial corp rf as his final trade kevin oleary known as mr wonderful said walt disney co dis will have a lot of streaming business considering the upcoming holiday season oleary will be among the featured speakers at benzinga’s future of crypto event on dec 7 at pier sixty in new york city

chinas central bank kept its key policy rates unchanged on friday while injecting fresh liquidity into the financial market the peoples bank of china held the interest rate of the oneyear mediumterm lending facility steady at 285 and the sevenday reverse repurchase agreement rate unchanged at 21 according to a brief statement on its website fridays move to keep key interest rates on hold may indicate that the pboc will maintain its benchmark loan prime rate unchanged this month as commercial banks are told to price the lpr based on mlf rates the pboc will release the lpr next wednesday meanwhile the pboc on friday injected 100 billion yuan 1483 billion worth of liquidity via oneyear mlf and cny3 billion of funds via sevenday reverse repo into the financial system

shares of ccl industries inc cl b cclb slipped 044 to c6378 friday in what proved to be an allaround down trading session for the canadian market with the sptsx composite index gsptse falling 042 to 1898292 ccl industries inc cl b closed c1141 below its 52week high c7519 which the company achieved on august 6th trading volume of 137557 shares remained below its 50day average volume of 315963 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

register now for free unlimited access to reuterscom register containers are seen at an industrial port in yokohama japan january 16 2017 picture taken on january 16 2017 reuterskim kyunghoon tokyo sept 15 reuters japan ran its biggest singlemonth trade deficit on record in august as imports surged on high fuel costs and a slump in the yen exposing the economys vulnerability to external price pressures the growing trade deficit highlights the fragile nature of japans economic recovery which has so far largely remained intact despite a high price tag firms are paying for imports that is aggravated by the yens slide to a 24year low and rising prospects of a global slowdown imports jumped 499 in the year to august driven by costs of crude oil coal and liquefied natural gas lng and causing the trade deficit to swell to 28173 trillion yen 1971 billion the biggest shortfall on record the gain in imports was bigger than a median market forecast for a 467 rise in a reuters poll and outstripped a 221 yearonyear increase in exports in the same month the ministry of finance data showed augusts trade gap marked the 13th consecutive month of yearonyear shortfalls and was bigger than the 23982 trillion yen deficit expected in a reuters poll the yens fall by nearly 20 over the past six months added to higher import costs by region exports bound for china japans biggest trading partner grew 135 yearonyear on stronger shipments of motor vehicles such as hybrid cars to the country shipments to the worlds biggest economy the united states expanded 338 in august largely due to stronger motor vehicle and parts exports oil imports from the united arab emirates and coal and lng from australia strongly drove up overall imports the data showed japans economy grew for a third straight quarter in apriljune data last week showed as the lifting of local covid19 restrictions boosted consumer and business spending read more analysts say however that the countrys recovery remains fragile as consumer and business activity face risks such as from a global growth slowdown and a tightening of monetary policy by many central banks around the world

what the club is watching monday sept 26 2022 us stock futures point to a lower open to start the week us treasury yields continue to rise the dollar strengthens as the british pound falling to a record low early monday morning the 2year yield around 43 september has historically been the worst month of the year for stocks and its certainly been a terrible month so far with the dow down 6 the s p 500 down 66 and the nasdaq down 8 oil continues to slide on the strong dollar and recession fears west texas intermediate crude hits lowest level since jan 6 under 80 per barrel at what point will the us stop draining the strategic petroleum reserve and start refilling it we recently explored the possibility and how our oil stocks would be helped by such a move as jim cramer wrote in his sunday column we fear pretty much everything right now but this market is not the dotcom crash of 2000 to 2002 or the 2008 financial crisis so after a period of aggressive selling the club wants to buy stocks back now macao casino operators up after local government and china announce plans to resume group tours for mainland china residents to visit macao an unexpected positive development according to jpmorgan citi raises its price target on club holding wynn resorts wynn to 91 per share from 8750 the stock jumps nearly 5 in the premarket evercore reiterates outperform buy rating on club holding disney dis says the ad supported tier for disney should be accretive to average revenue per user based on their survey work jefferies downgrades anheuserbusch inbev bud to hold from buy the club prefers constellation brands stz with its recessionresistant qualities and its unique mexican beers including corona raymond james upgrades planet fitness plnt to strong buy from market perform hold ubs downgrades lyft lyft to neutral hold models 2024 adjusted earnings before interest taxes depreciation and amortization ebitda short of managements 1 billion target wedbush lowers price target on micron technology mu to 65 from 85 but keeps its overweight jim cramers charitable trust is long wynn dis and stz see here for a full list of the stocks as a subscriber to the cnbc investing club with jim cramer you will receive a trade alert before jim makes a trade jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trusts portfolio if jim has talked about a stock on cnbc tv he waits 72 hours after issuing the trade alert before executing the trade the above investing club information is subject to our terms and conditions and privacy policy together with our disclaimer no fiduciary obligation or duty exists or is created by virtue of your receipt of any information provided in connection with the investing club no specific outcome or profit is guaranteed what the club is watching monday sept 26 2022

shares of hillenbrand inc hi rose 101 to 4786 wednesday on what proved to be an allaround rough trading session for the stock market with the sp 500 index spx falling 070 to 446771 and dow jones industrial average djia falling 054 to 3512336 hillenbrand inc closed 590 below its 52week high 5376 which the company achieved on june 7th the stock outperformed some of its competitors wednesday as service corp international sci fell 006 to 6308 and kimberlyclark corp kmb rose 021 to 12781 trading volume 201253 remained 99424 below its 50day average volume of 300677 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

the previous head of the us securities and exchange commission jay clayton on monday stated that approval of a bitcoin btcusd etf could be a hard to resist prospect acknowledging the significant strides made in the digital asset space he said that a welldefined regulatory framework could make the approval of an etf more likely recently numerous leading financial firms have put forth spot bitcoin etf applications some of the notable contenders in this group include industry giants blackrock inc blk and fidelity both of which lodged their applications within the past four weeks in a conversation with cnbc he elaborated on the industrys evolution and explained why it would be challenging for the sec to decline an etf approval when you see institutions that are experts in market knowledge stepping forward and vouching for it thats truly noteworthy stated clayton what these institutions are contending is that the old distinctions are no longer applicable and the spot product is now more efficient and less burdensome for investors he added despite his optimism clayton emphasized that the regulatory process is comprehensive and not to be rushed although he acknowledged approval would require regulatory safeguards he noted the secs ongoing work towards implementing such safeguards would be crucial clayton was remembered in the crypto space for launching the 2020 lawsuit against ripple xrpusd a contentious legal action that is still in progress since then clayton has adopted a more receptive approach to the industry and has even taken on an advisory role at fireblocks a company in the cryptocurrency space read next vitalik buterin suggests bitcoin needs scaling solutions like ethereum join benzingas future of crypto in new york city on nov 14 2023 to stay updated on trends like ai regulations sec actions institutional adoption in the crypto space secure early bird discounted tickets now

shares of cme group inc cl a cme shed 157 to 20509 tuesday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 042 to 449938 and dow jones industrial average djia falling 045 to 3531449 cme group inc cl a closed 415 short of its 52week high 20924 which the company achieved on august 7th the stock underperformed when compared to some of its competitors tuesday as intercontinental exchange inc ice fell 103 to 11487 trading volume 11 m remained 563529 below its 50day average volume of 16 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

an investor monitors a screen displaying stock information at the abu dhabi securities exchange june 25 2014 oct 28 reuters saudi arabias stock market fell in early trade on thursday as oil prices retreated due to a spike in us inventories and rising covid19 cases while abu dhabi stocks were set to gain for a fourth week brent crude dropped 94 cents or 11 to 8364 a barrel by 0655 gmt after official figures showed a surprise jump in us inventories of crude and rising cases of covid19 in europe russia and some outbreaks of infections in china dented hopes for an economic recovery saudi arabias benchmark index tasi fell 11 weighed down by a 26 fall in saudi basic industries corp sabic 2010se sabic the gulfs largest petrochemical firm reported a net profit of 56 billion riyals 15 billion up from 11 billion riyals in the same period last year but missed refinitivcompiled analysts consensus estimate of 61 billion riyals read more among other losers saudi industrial investment group 2250se tumbled 84 a day after it reported a sharp decrease in earnings compared with the previous quarter however leejam sports 1830se jumped 5 following a rise in quarterly earnings in abu dhabi the index adi gained 03 with emirates telecommunications group etisalatad advancing 13 after it announced a partnership with abu dhabi investment office to enhance digital economy access for companies in abu dhabi first abu dhabi bank fabad the biggest lender in the united arab emirates edged up 01 in a choppy trade following a rise in thirdquarter net profit read more uae banks are witnessing a rebound in earnings after the economy was rattled by the pandemic in 2020 with fabs investment banking business benefiting from increased deals flow in abu dhabi the qatari benchmark qsi rose 07 with most of the financial stocks in positive territory including qatar national bank qnbkqa which rose 13 reporting by ateeq shariff in bengaluru editing by vinay dwivedi

shares of moderna inc mrna rallied 314 to 14654 tuesday on what proved to be an allaround positive trading session for the stock market with the nasdaq composite index comp rising 022 to 1256376 and the dow jones industrial average djia rising 020 to 3312879 this was the stocks second consecutive day of gains moderna inc closed 35095 below its 52week high 49749 which the company reached on august 10th the stock outperformed some of its competitors tuesday as abbvie inc abbv rose 117 to 14960 amgen inc amgn rose 055 to 23219 and astrazeneca plc adr azn rose 111 to 6717 trading volume 63 m remained 860371 below its 50day average volume of 71 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of draftkings inc cl a dkng rallied 335 to 1880 monday on what proved to be an allaround favorable trading session for the stock market with the nasdaq composite index comp rising 063 to 1146698 and the dow jones industrial average djia rising 022 to 3288909 the stocks rise snapped a fourday losing streak draftkings inc cl a closed 621 short of its 52week high 2501 which the company reached on march 1st trading volume 120 m remained 27 million below its 50day average volume of 147 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

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shares of xylem inc xyl slipped 011 to 10464 monday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 030 to 413628 and the dow jones industrial average djia rising 014 to 3334860 this was the stocks third consecutive day of losses xylem inc closed 1394 short of its 52week high 11858 which the company achieved on january 13th the stock underperformed when compared to some of its competitors monday as dover corp dov rose 058 to 13957 trading volume 15 m remained 47906 below its 50day average volume of 15 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of weyerhaeuser co wy slid 094 to 3468 monday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 115 to 385443 and dow jones industrial average djia falling 052 to 3117384 the stocks fall snapped a twoday winning streak weyerhaeuser co closed 836 below its 52week high 4304 which the company achieved on february 9th the stock demonstrated a mixed performance when compared to some of its competitors monday as west fraser timber co ltd wfg rose 025 to 8108 canfor corp cfp fell 123 to 2415 and potlatchdeltic corp pch fell 042 to 4538 trading volume 31 m remained 16 million below its 50day average volume of 47 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

argentina’s talk of ample financing to be provided by the international monetary fund to the the cashstrapped nation on the eve of its presidential election underscores heightened concern over how markets would digest the actual delay in negotiations for a refinancing program economy minister sergio massa told a local tv network sunday night that the deal under discussion would include a “very big package of disbursements in august and an additional one in november” just hours after the imf said it had reached “understandings” on key goals and parameters for a stafflevel agreement with the south american nation it was an unusual statement by the washingtonbased lender published only in spanish on twitter and without comments from an imf official for massa who is also running for president in the october election it provided an opportunity to appease markets “this must be have been a favor that massa asked of the fund ‘please help me so that the markets don’t get so nervous’” said claudio loser a former director of the fund’s western hemisphere department “it is a little weaker than an official statement but it’s a way to indicate that they’re making progress” the imf didn’t provide comment when asked about its spanishlanguage statement but did welcome currency measures announced by the government on monday saying they were “positive to strengthen reserves and consolidate the path of fiscal sustainability” buenos aires is under pressure to sign a deal with imf staff because argentina will fall into arrears with the fund if it fails to pay back 26 billion before july 31 its foreign reserves are at critical levels as the central bank keeps selling greenbacks to maintain the peso at around 270 per dollar on the parallel market one dollar fetches over 500 pesos a major currency devaluation widely expected by investors at some point this year or next could speed up inflation that’s already running at more than 100 a year “there was enormous concern about the local market opening this morning without an announcement about anything having to do with the imf deal” said doug rediker a former us representative on the imf’s executive board and a founder of the politicalconsultancy firm international capital strategies after all he added “massa had said there would be a deal announced last friday” the strategy seems to have worked at least for now argentina’s overseas bonds climbed to their highest in almost six months on monday although some investors were surprised by the lack of additional information from the fund bonds due 2030 climbed as much as 07 cent to nearly 35 cents on the dollar their highest since early february argentina needs to refinance its record 44 billion program with the imf after president alberto fernandez’s government failed to meet its requirements amid a record drought that cost the country 20 billion of agricultural exports according to economy ministry estimates as part of the pending agreement argentina on monday rolled out another temporary exchange rate for agriculture exports while raising import tariffs on goods and services in a bid to preserve central bank reserves economist marcos buscaglia cofounder of the consulting firm alberdi partners said the measures were likely conditions before an agreement could be finalized “my interpretation is that the fund doesn’t trust massa and is asking for prior action” buscaglia said miguel kiguel a former undersecretary of finance in argentina said the tariffs and additional exchange rate might improve the fiscal accounts but the chances it digs reserves out of the red are low “this is a program to try to stop the drainage but it won’t help to build up reserves or to get us out of this trap” said kiguel who’s now head of buenos airesbased consulting firm econviews the fiscal monetary and reserves goals of the reworked agreement remain up in the air as does the form of payment for the approaching july payment while repaying the imf in yuan again in july remains an option it’s not the government’s first choice according to a senior government official who asked not to be named discussing ongoing talks talks between argentina and the imf have dragged on for months as massa argentina’s chief negotiator emerged as the ruling coalition’s top presidential candidate pushing the deal further into the political spotlight “it’s clear politically that the objective is to prevent the currency from falling before the elections and this could be very expensive” said martin muhleisen a former director at the imf’s strategy policy and review department “it’s good that they’re apparently in tough negotiations to come to some sort of agreement that allows the funding to continue while holding the government responsible for solid policies within the circumstances” the imf executive board usually takes two weeks from the time of the stafflevel agreement to vote on a deal meaning it’s unclear if any disbursement will be available before july 31 one senior argentine official said government teams and imf staff are working on a technical solution to get around the customary twoweek period declining to provide more specifics in any case the deal being current negotiated seems to be largely focused on keeping argentina afloat until a new president takes office in december it will be the new leader’s chief task to find the type of national consensus needed to make fundamental reforms to put the economy back on its feet muhleisen said “to the extent that they can lay the groundwork for a solid program after the elections ideally supported by both major parties that would be a good thing” he said “but i’m not optimistic that this is going to happen”

shares of exelon corp exc inched 016 higher to 4989 monday on what proved to be an allaround mixed trading session for the stock market with the sp 500 index spx rising 034 to 448646 and the dow jones industrial average djia falling 010 to 3525861 exelon corp closed 110 short of its 52week high 5099 which the company achieved on september 13th the stock outperformed some of its competitors monday as nextera energy inc nee fell 083 to 8099 dominion energy inc d fell 156 to 7196 and

shares of international business machines corp ibm rose 123 to 12152 monday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 265 to 367795 and the dow jones industrial average djia rising 186 to 3018582 international business machines corp closed 2321 short of its 52week high 14473 which the company reached on june 6th the stock underperformed when compared to some of its competitors monday as apple inc aapl rose 291 to 14241 microsoft corp msft rose 392 to 23753 and alphabet inc cl a googl rose 353 to 9997 trading volume 55 m eclipsed its 50day average volume of 39 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

caterpillar and other machinery stocks made gains early monday after the house of representatives passed a 12 trillion infrastructure bill at the end of last week heavyequipment manufacturer caterpillar ticker cat was one of the biggest risers in premarket trading jumping more than 5 as the bill paved the way for billions of dollars in new funding for infrastructure projects farm equipment giant deere de and global power leader cummins inc cmi also moved higher

over the past three months shares of baxter intl inc bax decreased by 2416 when understanding a companies price change over a time period like 3 months it could be helpful to look at its financials one key aspect of a companies financials is its debt but before we understand the importance of debt lets look at how much debt baxter intl has according to the baxter intls most recent financial statement as reported on february 9 2023 total debt is at 1664 billion with 1523 billion in longterm debt and 140 billion in current debt adjusting for 172 billion in cashequivalents the company has a net debt of 1492 billion lets define some of the terms we used in the paragraph above current debt is the portion of a companys debt which is due within 1 year while longterm debt is the portion due in more than 1 year cash equivalents includes cash and any liquid securities with maturity periods of 90 days or less total debt equals current debt plus longterm debt minus cash equivalents investors look at the debtratio to understand how much financial leverage a company has baxter intl has 2829 billion in total assets therefore making the debtratio 059 as a rule of thumb a debtratio more than 1 indicates that a considerable portion of debt is funded by assets a higher debtratio can also imply that the company might be putting itself at risk for default if interest rates were to increase however debtratios vary widely across different industries a debt ratio of 35 might be higher for one industry but average for another debt is an important factor in the capital structure of a company and can help it attain growth debt usually has a relatively lower financing cost than equity which makes it an attractive option for executives however due to interestpayment obligations cashflow of a company can be impacted having financial leverage also allows companies to use additional capital for business operations allowing equity owners to retain excess profit generated by the debt capital looking for stocks with low debttoequity ratios check out benzinga pro a market research platform which provides investors with nearinstantaneous access to dozens of stock metrics including debttoequity ratio click here to learn more this article was generated by benzingas automated content engine and reviewed by an editor

shares of penn national gaming inc penn tumbled 1144 to 2850 monday on what proved to be an allaround poor trading session for the stock market with the nasdaq composite index comp falling 468 to 1080923 and dow jones industrial average djia falling 279 to 3051674 this was the stocks fourth consecutive day of losses penn national gaming inc closed 5790 below its 52week high 8640 which the company reached on september 8th the stock demonstrated a mixed performance when compared to some of its competitors monday as boyd gaming corp byd fell 745 to 5140 caesars entertainment inc czr fell 1288 to 3964 and churchill downs inc chdn fell 748 to 17850 trading volume 50 m eclipsed its 50day average volume of 42 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

jpmorgan has moved off the sidelines on allogene therapeutics a clinicalstage immunooncology company the bank believes could see positive catalysts analyst brian cheng upgraded the stock to overweight from neutral cheng also cut his price target nearly in half to 11 from 20 but the new forecast implies the stock will gain 603 over the next year our upgrade is a valuation call driven by upside from the current level at an ev of 500mn as we see a healthy strategic shift brewing behindthescenes to place a heavier focus on the lead cd19 franchise he said in a note to clients the cd19 franchise is centered around studies for relapsed or refractory nonhodgkin lymphoma he said they are worth watching especially considering a trial is expected in the first half of the year cheng also said concern over weak sales could be overblown if the company can move the timeline forward chen noted that allogenes current valuation justifies an upside call because of the fundamentals and catalysts coming the stock gained 14 on tuesday following the call and is up more than 24 this year that marks a turn from 2022 when the stock lost 578 the analyst noted that one concern about the company is the state of its bcma franchise which is focused on treatments for relapsed and refractory multiple myeloma based on discussions with management cheng said he believes the company is considering a strategic change and reevaluating the manufacturing process he said the company could improve sentiment among pessimists if the next step for bcma yields positive results cheng said changes to bcma would allow the company to remove a key overhang and then focus on its cd19 work there will also be updates on a different project focused on renal cell carcinoma in the second half of the year that are also watching he said cnbcs michael bloom contributed to this report

rail vision shares were down 24 to 67 cents after the company said it has entered into definitive agreements with investors for the purchase and sale of 39 million common shares andor prefunded warrants in a registered direct offering the stock closed tuesdays session down 8 and is down 47 in the past 12 months

shares of major uslisted chinese companies traded mixed in hong kong on friday with tech heavyweights like alibaba group holdings baba baidu inc bidu jdcom inc jd and tencent holdings tcehy being a major drag bucking the weakness electric vehicle stocks gained with xpeng inc xpev nio inc nio and li auto inc li trading as much as 2 shares of these chinese companies ended mixed on us bourses on thursday in the us the dow jones industrial average ended 046 lower on thursday as investors assessed the scope of expected fed rate hikes and disappointing big bank earnings on friday shanghais sse composite index gained 016 japans nikkei 225 was up 050 while singapores sgx nifty traded mutedly check out more of benzingas europe and asia coverage by following this link macro factors struggling to shake off the impact of covid19 curbs the chinese economy grew by a paltry 04 below market expectations in the second quarter from a year earlier however retail sales recovered in june and rose 31 from a prior slump beating analysts expectations for no growth from the preceding year the unemployment rate across china’s 31 largest cities fell from prepandemic highs to 58 in june property and bank stocks also declined as the mainlandchina housing market bottomed amid covid woes company in news alibaba executives were summoned by authorities investigating the theft of police data cybersecurity companies said alibaba’s cloud platform that hosted shanghai’s police database used outdated systems that didn’t offer the ability to set a password according to the wall street journal internet giant tencent has reportedly shut down one of its two non fungible tokens nft platforms following government restrictions according to a local daily painting hopes for peers like nio xpeng and li auto warren buffettbacked automotive giant byd co ltd byddf said it expects to achieve a net profit attributable to shareholders of rmb 28 billion 36 billion 533 million in the first half up almost 13859 20676 from a year earlier

there is ample evidence that a steep climb in interest rates has dampened demand and economic activity suggesting the us central bank can further slow its rate hikes federal reserve governor christopher waller said friday nearly a year since the fed started tightening monetary policy to curb surging inflation industrial production has fallen and the construction and real estate sectors have slowed while consumer spending growth has started to ease

mpm capital announced the close of its second oncology impact fund earlier this month raising us850 million to invest in companies—mostly earlystage—that are developing treatments and cures for cancer the first fund which closed in 2016 and raised us471 million focused solely on oncology while the second fund also will invest in companies developing innovative technologies to address other unmet medical needs that includes innovations in cell gene and ribonucleic acids rna therapies says ansbert gadicke managing director of mpm capital “these are some of the most exciting opportunities outside of oncology” gadicke says ubs which also worked closely with the bostonbased mpm capital on the first fund raised us650 million from investors globally for the second with the remaining us200 million raised by mpm and bioimpact capital an mpm affiliate that was formed to broaden the investment firm’s offerings beyond venture capital into impact and publicequities funds according to a news release market returns for the private markets’ portion of the first oncology impact vehicle have put it in the “first quartile” of funds gadicke says given the vehicle’s 2016 vintage year that means the private portion of the portfolio had an internal rate of return of at least 3999 according to cambridge associates quartile categories both of mpm’s oncology funds deliver impact in two ways by investing in riskier earlystage therapies and through a mechanism that delivers more dollars to philanthropic causes the better the underlying investments do the fact mpm’s second oncology fund was able to do so well in raising capital validates the fund as “being a very aligned incentive structure with the potential to add a lot of philanthropic contribution from the manager should they be successful” says andrew lee head of sustainable and impact investing at ubs global wealth management penta recently spoke with gadicke and christiana bardon comanaging partner of the cambridge massbased bioimpact capital and lee about its impact fund approach mpm’s approach is to find companies with innovations that address serious unmet medical needs and that have developed their technology to the point that they can make major progress in their fields “oncology continues to be a huge unmet medical need with lots of major developments happening” bardon says “but we wanted to incorporate other areas of science that were maturing and coming to the forefront as well” one of these is likely to be virology where several companies are utilizing new technologies—such as cell therapy or antibody technologies—to fight viruses while the firm’s focus for these specialty funds is earlystage companies—representing about 80 of its investments—it also invests in public companies it’s a strategy it employs with its funds whenever it focuses on a specific area such as oncology the goal is “to be the dominant investor in that space” bardon says “you need to consider all the different competitive technologies and companies working in that same disease area in that same scientific mechanism because there’s so much interplay between different technologies and processes” taking this approach has allowed mpm to “become the world’s largest dedicated oncology investor” she says that means “we literally see every drug that’s being developed in the field of oncology whether that’s coming out of the academic sector private or public companies and we pick and invest behind the best ones” an example is orna therapeutics also based incambridge mass which has developed a “circular” rna technology that addresses issues with mrna technology—the kind used in the pfizer and biontech covid19 vaccines “i think orna will be able to open many more applications other than vaccines” gadicke says another is elevate bio also from cambridge mass which is a cell therapy company that now has a us2 billion valuation after a recent us500 million fundraising he says the first fund also invested in companies that have gone public such as cambridge massbased iteos therapeutics specializing in immunooncology in june uk pharmaceutical giant glaxosmithkline paid iteos us625 million for the rights to a phase one immunooncology drug in “one of the biggest strategic alliances i’ve seen” gadicke says immunooncology—which harnesses the body’s immune system to fight cancer— “can actually generate cures” bardon says it’s become a us10 billionplus class of drugs that has “utterly transformed the way we treat cancer” because it’s so effective for many types of cancers she says but there is more work to be done to address when it doesn’t work for patients and to find therapies for other cancers “we’ve been looking for secondgeneration immunooncology drugs for a while” she says and “iteos may have one of these secondgeneration drugs” both mpm oncology funds donate a percentage of the management performance fee and 1 of royalties from drugs that come to market from the underlying companies to the american cancer research association and to the ubs optimus fund acra supports the next generation of cancer research while the ubs optimus foundation directs fund proceeds to provide patients in developing countries with access to cancer care this mechanism for generating philanthropic dollars ensures the fund is generating impact without compromising its “financial integrity” bardon says “what investors want is good performance at the end of the day and they want to achieve their other objectives—sustainability or impact—but they don’t want to compromise performance” she says so far mcm has donated us7 million from the management fee from the first fund gadicke says “we expect to do a multiple of that” he adds the dollars “mostly get generated when we exit private companies—we haven’t really done that” the royalties which will come once drugs now in development reach the market are likely to amount to even far more dollars gadicke says if a company produces a us1 billion drug for instance that will generate us10 million for acra and ubs optimus for a sense of what’s possible bardon points to the blockbuster hepatitis c drug sovaldi created from pharmasset a company it owned in a previous fund solvadi generated us12 billion in revenue in its first year “if we can achieve anything along that line it would have an incredible impact toward our philanthropic goals” she says but moreover lee says by investing in “early preclinical proofofconcept companies” mpm is bringing capital “to a part of the risk spectrum that maybe didn’t have as much investment before” the potential therapeutics that are developed could “have a significant amount of impact” in patient outcomes he adds

shares of darden restaurants inc dri shed 011 to 16582 tuesday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 047 to 438871 and dow jones industrial average djia falling 072 to 3405387 this was the stocks third consecutive day of losses darden restaurants inc closed 316 short of its 52week high 16898 which the company achieved on june 15th the stock demonstrated a mixed performance when compared to some of its competitors tuesday as mcdonalds corp mcd fell 022 to 29304 starbucks corp sbux fell 059 to 10127 and chipotle mexican grill inc cmg rose 083 to 204980 trading volume 11 m remained 174055 below its 50day average volume of 13 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

a court ruling found that the securities and exchange commission had exceeded its authority under federal law a federal court partly rejected a securities and exchange commission plan to loosen the control that stock exchanges have over public marketdata feeds handing a victory to nasdaq and the new york stock exchange in a ruling released tuesday a threejudge panel of the us court of appeals for the district of columbia circuit found that the sec had exceeded its authority under federal law when it issued a 2020 order overhauling the governance of the data feeds

ottawacanadas merchandisetrade balance with the rest of the world swung to a deficit in november as both exports and imports declined the country posted a goodstrade deficit of 41 million canadian dollars the equivalent of about us304 million statistics canada said thursday the consensus forecast wasnt immediately available exports fell 23 to c6437 billion in november while imports fell 21 to c6441 billion the data agency said

shares of ameriprise financial inc amp inched 013 higher to 27734 tuesday on what proved to be an allaround rough trading session for the stock market with the sp 500 index spx falling 022 to 412873 and dow jones industrial average djia falling 047 to 3290959 the stocks rise snapped a twoday losing streak ameriprise financial inc closed 5503 below its 52week high 33237 which the company achieved on january 13th the stock demonstrated a mixed performance when compared to some of its competitors tuesday as t rowe price group inc trow rose 055 to 12445 principal financial group inc pfg fell 037 to 7610 and raymond james financial inc rjf rose 038 to 10650 trading volume 485945 remained 133952 below its 50day average volume of 619897 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

reuters private equity firm kkr co inc said on tuesday its aftertax distributable earnings more than doubled in the second quarter driven by a sharp rise in income from transaction fees and asset sales from its private equity portfolio buyout firms have been thriving as a dealmaking boom fueled by a stock market rally and cheap debt has allowed them to sell assets for top dollar last month blackstone group inc and carlyle group inc also reported that their distributable earnings doubled kkr’s aftertax distributable earnings rose to 9256 million in the second quarter up from 3656 million posted a year ago its aftertax distributable earnings per share of 105 surpassed the average wall street analyst estimate of 84 cents per share according to refinitiv kkr said it invested 19 billion of its capital during the quarter for acquisitions of companies such as information technology services provider ensono for 17 billion and 375 of fibercop an italian fiber optic joint venture for 18 billion euros 211 billion kkr said it generated 6056 million from asset sales including from the divestment of its stake in mixed martial arts company ultimate fighting championship and the sale of workplace software firm calabrio inc to thoma bravo lp a surge in revenue from its investments and the booking of income from its insurance business contributed to a net income under generally accepted accounting principles gaap of 13 billion up 83 from 6986 million last year funds in kkr’s private equity portfolio appreciated by 9 while its opportunistic real estate funds rose 10 in the second quarter its leveraged credit funds rose 2 in comparison kkr’s peers blackstone and carlyle had reported that their private equity portfolios rose 12 and 138 respectively kkr said it raised a record 59 billion in new capital in the second quarter driven by fundraising in its flagship north america infrastructure and core private equity funds as a result its assets under management rose 17 to 429 billion from 367 billion in march unspent capital also surged to 112 billion from 69 billion three months earlier owing to the pace of fundraising

as investors scramble to assess the fallout from the bankruptcy of cryptocurrency exchange ftx and the general price collapse of bitcoin and other digital currencies a public pension fund is standing by its hefty commitment to cryptorelated holdings the fairfax county police officers retirement system a definedbenefit pension plan covering lawenforcement officers in the sprawling northern virginia county has over 7 of assets invested in cryptorelated holdings according to a person familiar with the fund spread across venture capital and hedge fund holdings as well as “yield farming” through funds that provide shortterm loans to cryptorelated firms “i’ve been really happy about how we’ve thought about it and how we’ve approached” cryptorelated investments katherine molnar the fund’s chief investment officer said during a panel discussion hosted by blockchain advocacy group chamber of digital commerce just a few days after ftx filed for bankruptcy as for the ftx debacle “the washing out of weak players or potentially inappropriate actors–while causing volatility and is admittedly stressful–is ultimately a healthy thing” molnar wrote in a midnovember email reviewed by marketwatch to a consultant who had inquired about the pension fund’s crypto exposure “our underlying investment thesis–that the innovation around blockchain technology is a high growth area going forward–has not changed” molnar wrote molnar oversees a fund that managed 18 billion in assets for the benefit of more than 2700 active and retired participants in the middle of 2021 according to the fund’s most recent annual report it had no direct exposure to ftx molnar wrote in the email outside of market volatility some investment professionals and regulatory compliance experts are less sanguine about the idea of public pensions delving into the crypto ecosystem john reed stark the consultant who questioned molnar about the fairfax police pension’s cryptorelated holdings is a crypto critic and former head of the securities and exchange commission’s office of internet enforcement “to me this is perhaps the most reckless investment” made by a public fund in decades stark wrote in a linkedin post after his email exchange with molnar “the contagion of ftx has only begun to spread” stark told marketwatch his interpretation of molnar’s position he said is that “you’re standing inside a burning building and thinking everything’s going to be okay” concerns about digitalasset contagion climbed monday as crypto lender blockfi filed for bankruptcy protection bitcoin btcusd the most widely traded digital currency has plunged more than 70 from its alltime high a year ago in addition to the fairfax police fund other public pension funds have invested in cryptorelated holdings although their allocations are generally small a sister fund of the fairfax police pension fund fairfax county employees retirement system holds similar cryptorelated investments the houston firefighters’ relief and retirement fund meanwhile announced late last year that it was investing in bitcoin and ether defined benefit pensions “are too critically important to the participants to use precious resources to engage in these risky strategies” russell kamp managing director at investment management firm ryan alm told marketwatch “we need to get back to basics and focus on the promise” that has been made to participants in these plans he said like the police pension fund the fairfax county employees fund has no direct exposure to ftx chief investment officer andrew spellar said at the chamber of digital commerce event “we understand it’s controversial” he said adding that recent events “don’t help obviously but it doesn’t change the underlying investment thesis for us” the houston fund did not respond to requests for comment earlier this year the us department of labor warned that 401k plans should “exercise extreme care” before considering adding cryptocurrency options to their investment menus public pension plans however are largely regulated under state and local laws the crypto upheaval’s impact on public pension funds may not be fully known for some time experts say because the funds often invest through private vehicles with holdings that are difficult to value the fairfax police pension fund first got involved in cryptorelated investments about 45 years ago molnar said at the chamber of digital commerce event noting that the pension system is underfunded and seemed unlikely to hit its return targets in traditional stocks and bonds some trustees were skeptical of the move she said “i manage money for police officers and there were definitely concerns about ‘is this money laundering’” she said adding that the vote to approve the investment “wasn’t unanimous” but the fund’s thesis is based primarily on the longterm promise of blockchain technology she said adding that over time “virtually everything will be digitized” from bonds and mortgages to drivers’ licenses and medical records the fund’s target weighting for digital assets is 475 but the allocation has grown to over 7 because of strong early performance according to the person familiar with the fund “undoubtedly there will be ripple effects” from ftx this person said but the collapse may also speed up regulation in the area which would ultimately be positive for the industry the fund has made nine cryptorelated investments so far and has had to assess some red flags along the way molnar said during the panel discussion “the whole ecosystem is new” she said “the auditor of a fund you’re looking at–you may have never heard of that auditor before” in any other area she said “you probably wouldn’t invest with a manager who had an auditor that you’d never heard of before” she added “we all need to be openminded”

mba weekly mortgage applications survey june real earnings june cpi online help wanted index for june eia weekly petroleum status report federal reserve beige book monthly treasury statement of receipts outlays of the govt for june stock futures edged higher on wednesday with investors laserfocused on inflation data for june that will offer clues about the outlook for centralbank policy and the wider economy the fastest pace of consumerprice growth in four decades has upended financial markets this year by pushing the federal reserve to raise interest rates at a rapid clip the inflation data look close to a peak in most of the major economies said janus henderson investors but i think the central banks are going to want to see much more than that before they give the all clear the consumerprice index is expected to have increased 88 in june from the same month last year according to economists surveyed by the wall street journal that would mark an acceleration from the 86 recorded in may core inflation which strips out volatile food and energy prices is expected to slow to 57 from mays 6 rate international markets were mostly lower with the shanghai composite and japans nikkei proving the exception to log modest gains delta air lines and fastenal are due to report quarterly results before the opening bell earnings season will pick up pace thursday when the nations biggest banks begin to report supplychain strains in the us improved for the third consecutive month in june according to an index compiled by oxford economics logistics logjams declined shipping prices fell stress declined in the inventories front commodity prices decreased and labor shortages eased the report said however prices were still very high by historical standards given the lagged impact lower commodity prices and smoother supply chains should help relieve inflation pressures in the second half of 2022 and early 2023 but we dont anticipate a swift decline falling prices for commodities such as oil grains and industrial metals in recent weeks could be a sign that inflation is starting to ease some retailers meanwhile are offering discounts to shed unwanted inventory but even if inflation does start to relent investors expect the fed to keep raising interest rates and unwinding its bondpurchase program this year the central banks focus janus henderson investors said is to make sure workers and companies dont begin to expect inflation to become entrenched a dynamic that economic theory suggests could become selfreinforcing the dollar was steady in europe and should extend its recent gains if inflation data logs another rise while a weakerthanexpected figure could prompt a muchawaited pause in the dollar rally swissquote said a weaker number wouldnt stop the fed from raising rates by 75 basis points this month but it could make some policy makers less inclined toward aggressive rate rises after that it said a further rise in the us consumer prices will certainly revive the fed hawks today push the us dollar higher and equities lower bond investors must be prepared for the fact that the interest rate rise cycle of the fed and the european central bank could end sooner than initially expected by the market in particular if economic data deteriorate st galler kantonalbank deutschland said however should government bond yields rise above the current level again investors would do well to buy longdated bonds it said the development of the highyield segment should also be viewed positively as the rise in interest rates and widening of spreads are making highyield bonds attractive for investors again the bank said changes in sentiment are currently the primary driver of the government bond market according to metzler until not so long ago worries about excessive inflation and too slow a response from central banks pushed bond yields higher but now fears of an overreaction by central banks and a consequent slide into recession are driving bond yields lower it said against this backdrop we are currently observing a pronounced riskoff sentiment on both sides of the atlantic with declining yields in some cases massively falling share prices and a dollar that is triumphing as a safe haven very high intraday volatility in treasurys and german bunds shows the fragility of the market it said adding that a calmdown isnt in sight near term the already noticeable summer break will certainly not be the right period to expect stability metzler said inflation data from the us and the eurozone remain key data to watch along with rate decisions by the fed and the ecb later this month 10year treasury yields are likely to rise more slowly than german 10year bund yields on a oneyear horizon dws said the rapid yield rise of 10year treasurys is not expected to continue this way dws said expecting longdated us bonds to yield 325 by the end of june 2023 oil prices edged back up after sharp falls tuesday prompted by concerns about flagging global growth and dwindling oil demand investors are growing nervous that slowing global growth and fresh covid19 risks in china would weigh on oil demand it is recession fear that is affecting the outlook for oil demand and on top of that we see fears of new lockdowns in china abn amro said any signals that these lockdowns will take longer will have a big impact on demand expectations base metals were mixed in early european trading while gold was flat with investors sitting tight ahead of the cpi print it does feel a little worrying for markets whenever the main bullish flagbearers start treading with caution and we are due for us cpi ppi and mortgage data in the next 24 hours all of which are not expected to be good prints and inflation will likely still be reflected in those numbers marex said google to slow hiring for rest of this year alphabet incs google will slow hiring for the rest of the year chief executive sundar pichai told employees making the search giant the latest tech company to either pull back on new hires or trim staff in an email sent to employees on tuesday mr pichai said google would be slowing the pace of hiring for the rest of the year while still supporting our most important opportunities google hired about 10000 new employees in the second quarter and more who are committed to start this quarter he added after months of public criticism by elon musk against twitter inc the socialmedia company fired back forcefully on tuesday with a lawsuit seeking to enforce the billionaires deal to buy it for 44 billion the suit filed in delaware chancery court is by far the fullest rebuttal by twitter to complaints by mr musk that culminated in his lawyer telling the company on friday that he intended to abandon the deal he had struck with twitters board 74 days earlier twitters lawyers also made a number of accusations of their own about how mr musk chief executive of tesla inc behaved before and after the deal was struck on april 25 anz in talks for potential acquisition of kkrs myob unit sydneyaustralia and new zealand banking group ltd is in talks with kkr co for the potential acquisition of the us private equity companys myob accounting platform anz on wednesday said that it had yet to reach agreement with kkr and that there was no certainty that a deal would proceed a bankruptcy judge ordered student loan servicer navient corp to suspend its efforts to collect payments from borrowers of certain private student loans who filed for bankruptcy and whose debts were likely eligible for a discharge judge elizabeth stong with the us bankruptcy court in brooklyn ny on friday issued a nationwide injunction against navient accused by privateloan borrowers hilal homaidan and reeham youssef of improperly collecting on student loans that were discharged in bankruptcy the worst oilsupply crisis in decades is showing tentative signs of easing as flagging economic growth weighs on demand for crude while sanctions on russia are having less impact on oil production than expected the international energy agency said wednesday the parisbased agency cut its forecasts for oil demand for this year and next historically high prices for a barrel of oil were putting off consumers while weakening global economic growthitself a product of high inflation and centralbank policieswas undermining demand it said in its closely watched monthly oilmarket report chinas exports grew more than expected in june as beijing eased covid19 restrictions to support economic growth official data showed wednesday outbound shipments increased 179 from a year earlier last month up from mays 169 expansion the general administration of customs said south koreas central bank has announced its first ever halfpercentagepoint rate increase joining the aggressive policy tightening by the us federal reserve and other central banks to tackle high inflation analysts forecast more rate increases down the road the bank of korea raised its benchmark sevenday repurchase rate by 50 basis pointsrather than its usual 25 basis pointsto 225 on wednesday increasing the rate for a third consecutive meeting and its sixth rate increase since august 2021

home improvement retailer lowe’s is planning a new 15 billion stock buyback as it prepares to update investors on its outlook the company holds an investor day on wednesday to unveil projections for next year it announced the buyback and affirmed its guidance for 2022 in a press release shares were little changed in premarket trading

shares of west fraser timber co rose more than 17 and notched a fresh 52week high after reuters reported privateequity firm cvc capital and wood panel maker kronospan submitted an expression of interest to buy the company west fraser briefly touched 10266 a share a new oneyear high and traded more than 17 higher at 9797 a share in morning trading reuters reported earlier tuesday that cvc capital and kronospan have told west fraser management they would like to proceed with deal negotiations though proposed buyout terms couldnt be learned cvc declined to comment on the report there is no certainty that the parties will agree to a deal reuters reported shares of west fraser are now up more than 5 so far this year including tuesdays midday gains the stock has benefited over the past two years amid the boom in the housing market write to will feuer at willfeuerwsjcom

shares of linde plc lin inched 057 higher to 38427 tuesday on what proved to be an allaround great trading session for the stock market with the sp 500 index spx rising 071 to 455498 and the dow jones industrial average djia rising 106 to 3495193 this was the stocks fifth consecutive day of gains linde plc hit a new 52week high surpassing its previous peak of 38358 which the company achieved on june 30th trading volume 11 m remained 426352 below its 50day average volume of 15 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of oracle corp orcl slid 184 to 9376 monday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 010 to 410911 and the dow jones industrial average djia rising 030 to 3358652 the stocks fall snapped a fiveday winning streak oracle corp closed 232 short of its 52week high 9608 which the company reached on april 6th the stock underperformed when compared to some of its competitors monday as microsoft corp msft fell 076 to 28939 alphabet inc cl c goog fell 179 to 10695 and alphabet inc cl a googl fell 183 to 10644 trading volume 87 m eclipsed its 50day average volume of 74 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of motorola solutions inc msi slid 179 to 27861 friday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 077 to 434833 and dow jones industrial average djia falling 065 to 3372743 motorola solutions inc closed 2082 short of its 52week high 29943 which the company achieved on may 19th editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of eli lilly co lly inched 097 higher to 46898 friday on what proved to be an allaround positive trading session for the stock market with the sp 500 index spx rising 123 to 445038 and the dow jones industrial average djia rising 084 to 3440760 this was the stocks second consecutive day of gains eli lilly co hit a new 52week high surpassing its previous peak of 46853 which the company reached on june 28th the stock outperformed some of its competitors friday as johnson johnson jnj rose 087 to 16552 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of blackrock inc blk shed 047 to 67272 tuesday on what proved to be an allaround dismal trading session for the stock market with the sp 500 index spx falling 110 to 398616 and dow jones industrial average djia falling 096 to 3179087 this was the stocks third consecutive day of losses blackrock inc closed 30044 short of its 52week high 97316 which the company reached on november 12th the stock demonstrated a mixed performance when compared to some of its competitors tuesday as bank of america corp bac rose 056 to 3409 invesco ltd ivz fell 130 to 1676 and affiliated managers group inc amg fell 080 to 12746 trading volume 436233 remained 236621 below its 50day average volume of 672854 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of conagra brands inc cag slid 017 to 3519 wednesday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 145 to 458718 and the dow jones industrial average djia rising 086 to 3576806 the stocks fall snapped a twoday winning streak conagra brands inc closed 390 short of its 52week high 3909 which the company reached on june 3rd the stock demonstrated a mixed performance when compared to some of its competitors wednesday as pepsico inc pep fell 005 to 17194 mondelez international inc cl a mdlz fell 013 to 6796 and general mills inc gis fell 038 to 6817 trading volume 20 m remained 24 million below its 50day average volume of 44 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of lincoln national corp lnc inched 031 higher to 2256 monday on what proved to be an allaround grim trading session for the stock market with the sp 500 index spx falling 020 to 427379 and dow jones industrial average djia falling 059 to 3356286 this was the stocks third consecutive day of gains lincoln national corp closed 3502 short of its 52week high 5758 which the company achieved on june 6th the stock demonstrated a mixed performance when compared to some of its competitors monday as metlife inc met fell 060 to 5265 prudential financial inc pru rose 002 to 8306 and aflac inc afl rose 080 to 6713 trading volume 22 m remained 15 million below its 50day average volume of 36 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

amazon facebook and 5 other internet companies to play the top tech themes for 2021 and beyond the largecap us internet industry has seen very strong gains from its march 2020 lows and there are still opportunities for investors to capitalize on a mixture of growth free cash flow dynamics and capital allocation according to an analyst at goldman sachs

cardinal health inc cah on thursday said it authorized a new 35 billion stock buyback program until the end of 2027 cardinal health said it expects 2024 adjusted profit of 645 to 670 a share compared to the wall street analyst estimate of 655 a share according to factset data the company also narrowed its 2023 adjusted profit guidance to 565 to 580 a share from 560 to 580 a share previously compared to analyst view of 573 a share cardinal health said it raised its longterm financial target for its pharmaceutical unit to 4 to 6 growth from its previous projection for lowsingle digit to midsingle digit growth cardinal health stock is up 83 in 2023 compared to an 112 rise by the sp 500 spx

here are some of the stocks on the move on monday neogames sa shares ngms skyrocketed 112 in afternoon trading after australian gaming technology developer aristocrat leisure agreed to pay 12 billion or 2950 per share for the digital lottery platform dupont de nemours shares dd rose 25 as deutsche bank upgraded the chemicals producer to buy from hold as it said a period of 75 years of mergersandacquisitions activity is ending shares of workhorse group inc wkhs rallied 4 reversing an earlier loss of as much as 99 to a 4year low in intraday trading after the electric vehicle maker missed firstquarter revenue expectations but reported a narrowerthanexpected loss and affirmed its fullyear outlook nrg energy incs stock nrg climbed as much as 73 before paring gains to be up 2 in afternoon trading after elliott management disclosed a 1 billion stake in the power company and unveiled plans to create 5 billion in shareholder value including a strategic review of its home services unit vivint charles schwab corp shares schw ran up over 5 after raymond james upgraded the financial services and brokerage company to outperform citing signs that client cash sorting is tapering which should support balance sheet stabilization sarpeta therapeutics incs stock srpt soared 29 after a us food and drug administration panel voted 86 in favor of accelerated approval for the companys latest gene therapy for duchenne muscular dystrophy newmont corp shares nem rose 29 to reverse an earlier loss after agreeing to buy australian gold and copper producer newcrestncmgy for 175 billion hr block incs stock hrb dropped 27 ahead of the release this week of a government report on a proposal to let the internal revenue service irs allow people to prepare and file their taxes electronically and for free directly with the tax agency shares of intuit inc intu which provides the tax preparation software turbotax lost 14 oneok inc shares oke slumped 84 after agreeing to buy magellan midstream partners mmp for 188 billion in cash and stock which is a 22 premium to fridays close magellan midstream partners stock shot up 14 athenex inc shares atnx plummeted 62 after the biotechnology company that specializes in cancer treatments said late sunday it has filed for chapter 11 bankruptcy the company was one of a handful of companies that filed for bankruptcy over the weekend this content was created by marketwatch which is operated by dow jones co marketwatch is published independently from dow jones newswires and the wall street journal

major stock indexes plummeted yet again friday as investors seemed largely skeptical of a governmentbacked plan for large banks to save the slumping first republic bank which many feared was little more than sticking a bandaid on a gash and risking spreading the infection to others the dow jones industrial average fell 463 points or 14 in morning trading its fourth 1 or more drop over the last two weeks during which the index sank 5 the sp 500 and techheavy nasdaq were similarly weighed down by bank stocks with each index falling more than 1 on friday bank stocks big and small collapsed friday a day after a plan for 11 of the nation’s largest banks to make 30 billion in uninsured deposits at first republic was made public but fell flat with investors the capital infusion is little more than a “shortterm solution” ubs analyst erika najarian wrote in a friday note to clients adding bank stocks will “truly settle only after the market feels as if there is a longerterm solution for first republic s continued stability” shares of the 10 largest us banks by market capitalization each fell 3 or more friday losing 57 billion in market value while regional bank stocks suffered staggering declines led by first republic’s 25 drop wiping out the sector’s broad gains thursday there will be “financial volatility at times in the months ahead” even as lawmakers try to convey “broadbased financial stability” said vanguard’s chief global economist joe davis bank stocks “could continue to bounce around these low levels until the market sees hard data of balance sheet strength which may not come until earnings season in april” najarian warned adding “there are no accountants in a foxhole” a trio of us banks shut between last wednesday and sunday californiabased silicon valley bank and silvergate capital and new yorkbased signature bank many worried san franciscoheadquartered first republic was in danger of becoming the next institution to go under with its stock collapsing as much as 85 over the course of four trading sessions and the bank getting downgraded to junk by credit ratings agencies the 30 billion capital infusion heralded by fed chairman jerome powell and treasury secretary janet yellen as a “most welcome” step was panned by others including billionaire hedge fund manager bill ackman who said he’s “extremely concerned” the new exposure to first republic could lead to “financial contagion to spread 226 billion that’s how much market cap the 10 largest american bank stocks have lost since last wednesday bitcoin is up 21 since last wednesday as crypto bulls bought into the largest decentralized currency as confidence in the american banking system sputtered bitcoin rose 2 on friday to 26350 hovering at a sixmonth high it could be “the beginning of a bull market” for bitcoin if it ends friday at over 26000 bitbank analyst yuya hasegawa wrote in a friday note billionaire ackman extremely concerned 30 billion bank rescue plan risks financial contagion spiraling out of control forbes a dark day for silicon valley bank is bitcoin’s time to shine forbes first republic stock crashes but bounces back as big banks unveil 30 billion rescue plan forbes first republic bank insiders dumped 12 million in stock before 70 collapse forbes

shares of estee lauder cos cl a el inched 006 higher to 24687 monday on what proved to be an allaround dismal trading session for the stock market with the sp 500 index spx falling 004 to 416787 and dow jones industrial average djia falling 014 to 3405170 this was the stocks third consecutive day of gains

shares of paychex inc payx slid 118 to 11485 tuesday on what proved to be an allaround rough trading session for the stock market with the sp 500 index spx falling 092 to 381880 and dow jones industrial average djia falling 062 to 3098133 this was the stocks second consecutive day of losses paychex inc closed 2707 below its 52week high 14192 which the company reached on april 6th despite its losses the stock outperformed some of its competitors tuesday as intuit inc intu fell 415 to 38587 automatic data processing inc adp fell 121 to 21229 and equifax inc efx fell 132 to 18718true trading volume 13 m remained 601083 below its 50day average volume of 19 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of cms energy corp cms shed 046 to 5863 tuesday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 112 to 414558 and dow jones industrial average djia falling 069 to 3305551 cms energy corp closed 1334 short of its 52week high 7197 which the company reached on june 7th the stock demonstrated a mixed performance when compared to some of its competitors tuesday as duke energy corp duk fell 133 to 9075 southern co so rose 028 to 7115 and exelon corp exc rose 080 to 4044 trading volume 16 m remained 589571 below its 50day average volume of 22 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of gartner inc it slid 263 to 34221 tuesday on what proved to be an allaround poor trading session for the stock market with the sp 500 index spx falling 003 to 413613 and dow jones industrial average djia falling 046 to 3408927 gartner inc closed 1604 below its 52week high 35825 which the company achieved on december 13th the stock underperformed when compared to some of its competitors tuesday as trade desk inc cl a ttd rose 265 to 4992 iqvia holdings inc iqv fell 217 to 22707 and omnicom group inc omc rose 022 to 9318 trading volume 377905 remained 35423 below its 50day average volume of 413328 editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

shares of darden restaurants inc dri slumped 047 to 16686 thursday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 122 to 442584 and the dow jones industrial average djia rising 126 to 3440806 darden restaurants inc closed 186 short of its 52week high 16872 which the company achieved on june 14th the stock underperformed when compared to some of its competitors thursday as mcdonalds corp mcd rose 145 to 29261 starbucks corp sbux rose 072 to 10138 and chipotle mexican grill inc cmg fell 046 to 205166 trading volume 12 m remained 80459 below its 50day average volume of 13 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

berkshire hathaway’s record quarterly equity purchases of 511 billion in the first quarter including large buys of chevron and occidental petroleum probably amounted to the biggest news in the company’s profit report and 10q released on saturday the company’s equity sales of 97 billion in the period disclosed in the 10q understandably generated less attention berkshire hathaway tickerbrka brkb hasn’t disclosed the stocks it sold and ceo warren buffett didn’t discuss the topic at the company’s shareholder

shares of aflac inc afl inched 098 higher to 6980 friday on what proved to be an allaround favorable trading session for the stock market with the sp 500 index spx rising 123 to 445038 and the dow jones industrial average djia rising 084 to 3440760 this was the stocks second consecutive day of gains aflac inc closed 422 short of its 52week high 7402 which the company achieved on january 6th the stock underperformed when compared to some of its competitors friday as cigna group ci rose 121 to 28060 trading volume 19 m remained 480859 below its 50day average volume of 24 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

são paulo petróleo brasileiros preferred shares fell 26 after a report that the statecontrolled oil company is considering exercising its right to buy a stake in the chemical company braskem which is owned by novonor shares of company known as petrobras on monday were down 26 to 2558 reais the equivalent of 521 the stock was up 71 from the end of last year through fridays close braskem shares were down 68 at brl2267 brazils benchmark ibovespa stocks index was up 03 in midafternoon trading brazils folha de s paulo news organization reported that the oil company which has the right of first refusal if novonor decides to sell its approximately 38 stake in braskem is considering exercising that right petrobras owns about 36 of braskem novonor has said it received an offer to buy braskem for brl47 per share while petrobras said friday that it isnt holding talks with any potential buyers nor has it made any decisions about selling or increasing its stake in braskem

shares of moderna inc mrna advanced 202 to 13704 friday on what proved to be an allaround positive trading session for the stock market with the nasdaq composite index comp rising 225 to 1223541 and the dow jones industrial average djia rising 165 to 3367438 this was the stocks second consecutive day of gains

if the only thing you know about sports is who wins and who loses you are missing the highest stakes action of all the business owners that power this multibillion dollar industry are changing and a new era of the business of sports is underway from media and technology to finance and real estate leagues and teams across the globe have matured into far more than just back page entertainment and the decisions they make have huge consequences not just for the bottom line but for communities cities even entire countries

wednesday afternoon marks an eventful period for financialtechnology earnings with affirm holdings inc afrm sofi technologies inc sofi and marqeta inc mq due to report and all three stocks are falling ahead of those results affirm shares are down nearly 13 while sofi shares are off more than 4 and marqeta shares are down more than 3 investors seem to have high expectations for fintech companies this reporting season as toast inc tost shares are getting burned despite a beat on headline metrics late tuesday wednesday seems to be trending better for olderschool fintech players with shares of mastercard inc ma up nearly 4 after the company delivered growth targets at its investorday event that impressed at least one analyst shares of rival visa inc s v are up about 1 wednesday

a us court on friday ordered the marines to let sikh recruits maintain beards and wear turbans rejecting the elite units contention that permitting religious exemptions would reduce cohesion the us army navy air force and coast guard along with many foreign militaries all already accommodate the religious requirements of sikhism the faith born five centuries ago in south asia that forbids men from cutting hair or trimming beards and requires turbans but the marine corps responding to three sikhs who passed tests to enlist last year refused to make exemptions to grooming rules during 13 weeks of basic training and during potential periods of combat although the three could maintain their beards and turbans at other times the marine leadership argued that recruits needed to be stripped of their individuality as part of a psychological transformation toward shared sacrifice according to the ruling a threejudge bench of the us court of appeals in washington disagreed saying the marines did not present any argument that beards and turbans would affect safety or physically impede training the court noted that the marines exempted men with razor bumps a skin condition from shaving allowed women to maintain their hairstyles and largely permitted tattoos a quintessential expression of individual identity if the need to develop unit cohesion during recruit training can accommodate some external indicia of individuality then whatever line is drawn cannot turn on whether those indicia are prevalent in society or instead reflect the faith practice of a minority said the decision written by judge patricia millett who was nominated by former president barack obama the court also pointed out that regulations on beards date only from 1976 with hirsute marines posing no issue from the revolutionary war to the modern period while military practices can evolve any claim of inflexible necessity cannot completely ignore past practice the decision said the court issued a preliminary injunction to allow two of the recruits milaap singh chahal and jaskirat singh to begin training with their articles of faith while a district court more fully weighs the case the appeals court also backed the merits of the case of the third plaintiff aekash singh but said he appears to have delayed enlistment giselle klapper a senior staff attorney at the sikh coalition advocacy group hailed the ruling saying it meant that faithful sikhs who are called to serve our country can now also do so in the us marine corps

international stocks trading in new york closed lower on thursday the spbny mellon index of american depositary receipts edged down 18 to 13152 the european index slipped 19 to 12260 the asian index lost 13 to 16266 the latin american index shed 34 to 16325 while the emergingmarkets index declined 14 to 27338 alibaba group holding ltd was among those whose adrs traded actively the chinese ecommerce giant declined 49 following a report by the wall street journal that executives have been called in by chinese authorities in connection with the theft of a vast police database south korean telecommunications giant kt corp declined 31 after it and entertainment company cj enm co agreed to merge their videostreaming services

shares of novavax inc nvax inched 049 higher to 3725 thursday on what proved to be an allaround favorable trading session for the stock market with the nasdaq composite index comp rising 167 to 1263927 and the dow jones industrial average djia rising 098 to 3329178 this was the stocks third consecutive day of gains novavax inc closed 24055 short of its 52week high 27780 which the company reached on september 8th the stock demonstrated a mixed performance when compared to some of its competitors thursday as replimune group inc repl rose 024 to 2068 vbi vaccines inc vbiv rose 395 to 101 and anaptysbio inc anab rose 253 to 2589 trading volume 26 m remained 44 million below its 50day average volume of 69 m editors note this story was autogenerated by automated insights an automation technology provider using data from dow jones and factset see our market data terms of use

steve schwarzman said fitch ratings’ downgrade of the us longterm credit rating was appropriate after multiple debtlimit standoffs “the numbers justify it regrettably” the blackstone inc chief executive officer said on cnbc friday “we’ve had an explosion of debt since the global financial crisis we don’t appear to have a lot of discipline” fitch’s decision this week to lower the us longterm rating to aa from aaa based on the us government’s debt burden and “erosion of governance” rattled the stock market and prompted criticism from both inside and outside the biden administration jpmorgan chase co ceo jamie dimon told cnbc that the downgrade “doesn’t really matter that much” and that us credit is sound and should be the highestrated in the world treasury secretary janet yellen called the downgrade “entirely unwarranted” schwarzman 76 said regardless of the rating for now the us is the world’s reserve currency “when there’s a crisis in the world they buy our securities” he said but that doesn’t last forever if there isn’t discipline he warned in the wideranging interview the executive said he’s optimistic that the federal reserve’s fight against inflation is working and the us may be able to skirt a recession if price pressures continue to ease schwarzman also weighed in on the emergence of artificial intelligence calling it “one of the most exciting developments of a lifetime” and a competitive advantage for businesses “if we get there first with our companies then they’ll be much better positioned than somebody who shows up five years later” he predicted that a global institution akin to world trade organization will emerge to audit the safety of ai technologies the billionaire republican donor continued to keep mum about which candidate he’s backing in the us presidential race but said “it’s time for a new generation of people to take that slot” the job of president is demanding which raises questions about whether someone approaching their 80s would be bestsuited he said

tokyo shares closed lower on friday after falls on wall street over fears of more us interest rate hikes with investors awaiting key us jobs data due later in the day the benchmark nikkei 225 index dropped 117 percent or 38460 points to end at 3238842 while the broader topix index fell 097 percent or 2218 points to 225490