|Day's range||2,763.91 - 2,772.67|
|52-week range||2,405.70 - 2,872.87|
“It’s never right against wrong, good against evil. The issues are always right against right," Goldman Sachs CEO Lloyd Blankfein said.
Treasury prices fell Wednesday, pushing up yields, after Federal Reserve Chairman Jerome Powell reasserted the need for gradual rate increases, citing a tight labor market. This comes a day after an escalation in the tit-for-tat trade skirmish between China and the U.S. drove investors to flee to the perceived safety of government paper. The 10-year Treasury note yield (XTUP:TMUBMUSD10Y=X) advanced 2 basis points to 2.913%.
U.S. stocks are mostly higher Wednesday as technology and media companies lead a recovery from the turbulent trading seen the day before. The Dow is down 12 points to 24,687. Other media companies are rallying as investors hope for more deals.
U.S. equity benchmarks mostly rose in afternoon trading on Wednesday, though the Dow threatened to extend its recent losing streak to a seventh straight session, while gains in technology stocks helped to lift the broader market. The Dow Jones Industrial Average (^DJI) fell 18 points, or 0.1%, to 24,683, erasing an early advance. Were the Dow to extend that stretch to seven, it would still represent the longest since that month.
NEW YORK (AP) — U.S. stocks are slightly higher Wednesday as global markets let go of some of their fears about the growing trade dispute between the U.S. and China. Technology companies are making some of the largest gains. Twenty-First Century Fox is jumping after it agreed to a new deal with Disney, which will buy Fox's entertainment businesses for more than $70 billion. Media companies are rallying as investors hope for more deals. Walgreens rose after it was added to the Dow Jones industrial average, where it will replace General Electric next week.
Bed Bath & Beyond (BBBY) is all set to announce its fiscal first-quarter earnings after the market closes on June 27. In the fiscal fourth quarter, BBBY posted adjusted EPS of $1.48 on revenue of $3.7 billion. Analysts had expected the company to post EPS of $1.39 on revenue of $3.7 billion. After posting its fiscal fourth-quarter earnings, BBBY’s management set its 2018 EPS guidance in the range of $2–$2.50, which was lower than analysts’ consensus expectation of $2.77. The company’s lower-than-expected EPS guidance led to a fall in its stock price.
Bear markets are always painful. The enormous crash we saw during the Great Financial Crisis could possibly be the worst one we see in a generation. The next bear market could be even more painful for many investors, even if it’s not of the same order of magnitude as the last crash.
Paul Tudor Jones, a hedge-fund luminary, on Monday said the next economic downturn confronted by the U.S. could be an ugly one. “We’ll have monetary policy, which will exhaust really quickly, but we don’t have any fiscal stabilizers,” Jones said. Jones’s comments come after he told CNBC last week that stock market and bond yields are set for a ‘crazy’ rise.
Hess Corp. shares rose 1.6% Wednesday, after the company announced an eighth oil discovery offshore Guyana. The company said its Longtail-1 exploration well found about 256 feet of high-quality, oil-bearing sandstone reservoir. Cowen analysts said the news was positive for the oil company.
Goldman Sachs tells its clients that recent stock removals from the Dow Jones industrial average outperform in the year after the announcement. AT&T shares rose 15 percent in the 12 months after it was replaced by Apple in the Dow versus the S&P 500's 2 percent decline during the same time period. After more than 100 years as a component in the Dow Jones industrial average , Gene GE ral Electric GE will be replaced by drugstore chain Walgreens Boots Alliance WBA next week.
After a bout of volatility that sent global markets plunging in February, it took nearly six months for Canadian stocks to claw their way back to levels last seen at the beginning of the year. “It’s odd, we had the Canadian economy accelerating through about mid-2017 and the TSX was fading and lagging the U.S., and now the economy’s really coming off the boil and the TSX is back at a record high,” said Robert Kavcic, senior economist at BMO Capital Markets.
Amazon.com Inc. said Wednesday that Prime Wardrobe will now be available to U.S. Prime customers without an invitation. Prime Wardrobe, which offers discounts when customers order - and keep - multiple ...
Starbucks Corp. shares sank 6.7% in Wednesday trading after the coffee retailer was downgraded to neutral from buy at BTIG. "We believe the company's blizzard of sales initiatives are falling short of driving positive transactions and causing us to moderate our comp outlook," wrote analysts led by Peter Saleh. "We believe Starbucks is slowly transitioning from a global growth concept to a more mature company, as evidenced by the increased focus on G&A efficiency and cash returns, which we believe should warrant a lower valuation multiple." Starbucks announced on Tuesday that it is its lowering its fiscal 2018 earnings per share guidance by 10 cents to between $2.39 and $2.43.
Many business executives, management consultants, financial analysts, and investors have ransacked lists of thriving companies, looking for shared characteristics that explain their success. The fallacy of selecting traits after identifying successful companies is known by a variety of names, including the “Feynman Trap” and the “Texas Sharpshooter Fallacy.” This latter fallacy supposes that a self-proclaimed (Texan) marksman shoots a bullet at a blank wall and then draws a bullseye around the bullet hole. In the same way, any group of companies (great, good, or bad) will inevitably have several common characteristics.