Dow falls 150 points, heads for 3-day losing streak

Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results. The Dow Jones Industrial Average dropped 150 points, or 0.5%, while the S&P 500 slid 0.4%. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter. IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT di


Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results. The Dow Jones Industrial Average dropped 150 points, or 0.5%, while the S&P 500 slid 0.4%. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter. IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT di
Dow falls 150 points, heads for 3-day losing streak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
Keywords: news, cnbc, companies, offset, 05, wall, streak, reported, dow, 150, betterthanexpected, shares, wealth, growth, falls, fell, heads, points, 3day, losing, earnings


Dow falls 150 points, heads for 3-day losing streak

Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results.

The Dow Jones Industrial Average dropped 150 points, or 0.5%, while the S&P 500 slid 0.4%. The Nasdaq Composite lagged, falling 0.6%.

Netflix shares plunged more than 11% after the streaming giant reported a surprise loss in U.S. subscribers coupled with slower-than-expected international membership growth. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter.

IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT division offset growth in its cloud business.

Morgan Stanley posted better-than-expected quarterly results, driven by its wealth management and fund divisions. The stock rose 0.5%.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
Keywords: news, cnbc, companies, offset, 05, wall, streak, reported, dow, 150, betterthanexpected, shares, wealth, growth, falls, fell, heads, points, 3day, losing, earnings


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Cramer: Netflix went from ‘easy money to hard money’ in one fell swoop

In one fell swoop, Netflix went from easy money to hard money,” the “Mad Money” host said. Netflix shares surged in January after the video platform announced that it would raise prices between 13% and 18%. “I have a very simple rule of thumb, here in Cramerica: Always go for the easy money not the hard money, no matter how much you might be tempted.” And if you have to guess, it’s no longer easy money, it’s hard,” the host said. And I’d much rather chase easy money every day of the week than ha


In one fell swoop, Netflix went from easy money to hard money,” the “Mad Money” host said. Netflix shares surged in January after the video platform announced that it would raise prices between 13% and 18%. “I have a very simple rule of thumb, here in Cramerica: Always go for the easy money not the hard money, no matter how much you might be tempted.” And if you have to guess, it’s no longer easy money, it’s hard,” the host said. And I’d much rather chase easy money every day of the week than ha
Cramer: Netflix went from ‘easy money to hard money’ in one fell swoop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: tyler clifford
Keywords: news, cnbc, companies, maybe, host, fell, netflix, cramer, services, price, shares, went, easy, money, swoop, hard


Cramer: Netflix went from 'easy money to hard money' in one fell swoop

The once-consistent Netflix has “suddenly become erratic” as investors grapple with the company’s second-quarter subscriber woes, CNBC’s Jim Cramer said Thursday.

The share price tumbled more than 10% during the session and the reaction from portfolio managers influenced moves in the rest of the market as the averages digested earnings, he said. The Dow Jones Industrial Average added a little more than 3 points, snapping a two-day losing streak. The S&P 500 gained 0.36% and the Nasdaq Composite rose 0.27%.

“We’ve seen Netflix stumble before, especially maybe after a price hike, but not quite like this. In one fell swoop, Netflix went from easy money to hard money,” the “Mad Money” host said. “In a single quarter, Wall Street went from sanguine to skeptical.”

Netflix shares surged in January after the video platform announced that it would raise prices between 13% and 18%. A basic plan was increased to $9 from $8 and its most expensive plan increased to $16 from $14.

The domestic subscription based shrunk by 126,000 in the second quarter, which Netflix attributed to multiple factors including regional price increases and a “pull-forward effect” from the first quarter.

“I’ll blame myself. I got it wrong,” Cramer said. “We thought Netflix was the kind of company that could raise prices with impunity. If that’s not the case, we need to take it out of the bin of consistency and put it in the bin of the episodic and perhaps even, heaven forbid, dispensable.”

Netflix also faces more competition from companies such as Disney and Comcast-subsidiary NBCUniversal, who have plans to launch their own streaming services and pull their respective popular TV shows “The Office” and “Friends” from the platform. Last month, Cramer ranked Netflix second to Disney on his list of the top seven streaming services to invest in.

For the amount of content that consumers can get on Netflix, the host said he thought a price increase would not have a negative impact on the subscriber base.

“This makes it a much less compelling story,” he said. “I have a very simple rule of thumb, here in Cramerica: Always go for the easy money not the hard money, no matter how much you might be tempted.”

Cramer said that Netflix can no longer be compared to the likes of Costco, Amazon Prime, Spotify or Apple, who all offer services people are willing to pay for “without thinking about it.” He’s not alone: Gene Munster, founding partner of Loup Ventures, said he thinks the company’s best days are behind it.

“If it’s not part of that club, you have to guess how much people are willing to shell out what they’re paying. And if you have to guess, it’s no longer easy money, it’s hard,” the host said.

Netflix’s stock price lost more than 37 points, closing down Thursday at $325.21 per share. Shares are up more than 21% in 2019, but down more than 13% in the past year.

“I’m not saying it’s a bad story, maybe it’s already making a comeback,” Cramer said. But, then again, maybe it’s not — and that’s why it’s hard money. And I’d much rather chase easy money every day of the week than hard money ever.”

Disclosure: Cramer’s charitable trust owns shares of Amazon, Apple, Disney and Comcast. NBCUniversal is the parent company of CNBC.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: tyler clifford
Keywords: news, cnbc, companies, maybe, host, fell, netflix, cramer, services, price, shares, went, easy, money, swoop, hard


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil falls 1.5% after US fuel inventories build

Oil futures fell on Wednesday, extending a more than 3% drop in prices the previous session, after U.S. government data showed large builds in refined product stockpiles. U.S West Texas Intermediate (WTI) crude futures fell 84 cents to $56.78 a barrel. U.S. crude inventories fell 3.1 million barrels, EIA data showed, more than analysts’ forecasts for a decrease of 2.7 million barrels. Gasoline stocks rose 3.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 925,000-b


Oil futures fell on Wednesday, extending a more than 3% drop in prices the previous session, after U.S. government data showed large builds in refined product stockpiles. U.S West Texas Intermediate (WTI) crude futures fell 84 cents to $56.78 a barrel. U.S. crude inventories fell 3.1 million barrels, EIA data showed, more than analysts’ forecasts for a decrease of 2.7 million barrels. Gasoline stocks rose 3.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 925,000-b
Oil falls 1.5% after US fuel inventories build Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, futures, crude, barrels, million, showed, prices, iranian, inventories, 15, data, oil, fuel, fell, falls, build


Oil falls 1.5% after US fuel inventories build

Stacked rigs are seen along with other idled oil drilling equipment in Dickinson, North Dakota, June 26, 2015.

Oil futures fell on Wednesday, extending a more than 3% drop in prices the previous session, after U.S. government data showed large builds in refined product stockpiles.

Brent crude futures slipped 74 cents to $63.61 a barrel. U.S West Texas Intermediate (WTI) crude futures fell 84 cents to $56.78 a barrel. Both benchmarks shed more than 3% on Tuesday.

While data on Wednesday from the U.S. Energy Information Administration showed a larger-than-expected drawdown in crude stockpiles last week, large builds in refined product inventories kept prices lower.

U.S. crude inventories fell 3.1 million barrels, EIA data showed, more than analysts’ forecasts for a decrease of 2.7 million barrels.

Gasoline stocks rose 3.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 925,000-barrel drop. Distillate stockpiles grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed.

“The focus this time of year is gasoline, and that data point was squarely bearish,” said John Kilduff, a partner at Again Capital Management in New York.

Some of the EIA data was affected by Storm Barry, which came ashore on Saturday in central Louisiana as a Category 1 hurricane. More than half of daily crude production in the Gulf of Mexico remained offline on Tuesday, the Bureau of Safety and Environmental Enforcement (BSEE) said, as most oil companies were re-staffing facilities to resume production.

The U.S. drilling regulator said 1.1 million barrels per day of oil, or 58% of the region’s total, remained shut.

Oil prices slumped on Tuesday on increased hopes for a return of Iranian crude to the global oil market after U.S. President Donald Trump said progress had been made with Tehran, signaling tensions could ease in the Middle East.

However, Iran later denied it was willing to negotiate over its ballistic missile program, contradicting a claim by U.S. Secretary of State Mike Pompeo, and appearing to undercut Trump’s statement.

“It is hard to believe that either the United States or the Iranian stance would change drastically, therefore yesterday’s sell-off might turn out to be an excellent buying opportunity,” PVM analysts wrote.

U.S. officials say they are unsure whether an oil tanker towed into Iranian waters was seized by Iran or rescued after facing mechanical faults as Tehran asserts, creating a mystery at sea at a time of high tension in the Gulf.


Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, futures, crude, barrels, million, showed, prices, iranian, inventories, 15, data, oil, fuel, fell, falls, build


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Dollar holds steady, pound hits 27-month low

The dollar was little changed against most major currencies on Wednesday, pausing after prior day’s gains tied to stronger-than-forecast retail sales data, while the pound fell to 27-month lows versus the greenback on jitters about a no-deal Brexit. The euro fell to $1.120 earlier Wednesday before clawing back up to $1.1227. The pound fell to a fresh 27-month low of $1.2382 before rebounding to $1.2429. An index that tracks the dollar against the euro, yen, pound and three other currencies was d


The dollar was little changed against most major currencies on Wednesday, pausing after prior day’s gains tied to stronger-than-forecast retail sales data, while the pound fell to 27-month lows versus the greenback on jitters about a no-deal Brexit. The euro fell to $1.120 earlier Wednesday before clawing back up to $1.1227. The pound fell to a fresh 27-month low of $1.2382 before rebounding to $1.2429. An index that tracks the dollar against the euro, yen, pound and three other currencies was d
Dollar holds steady, pound hits 27-month low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, low, pound, greenback, steady, hits, 27month, dollar, inflation, holds, yen, data, zone, euro, fell


Dollar holds steady, pound hits 27-month low

The dollar was little changed against most major currencies on Wednesday, pausing after prior day’s gains tied to stronger-than-forecast retail sales data, while the pound fell to 27-month lows versus the greenback on jitters about a no-deal Brexit.

The euro hit a one-week low against the dollar and towards the lower end of this year’s trading range, weighed down by expectations of easing from the European Central Bank and investors’ preference for the higher-yielding U.S. currency.

“It’s been a quiet midweek night of trade in FX with major holding steady around key levels after selling off against the dollar yesterday,” Boris Schlossberg, managing director of FX strategy at BK Asset Management wrote in a research note.

The euro fell to $1.120 earlier Wednesday before clawing back up to $1.1227.

The dollar was little changed at 108.08 yen. The pound fell to a fresh 27-month low of $1.2382 before rebounding to $1.2429. It also hit a fresh six-month low against the euro at 90.51 pence.

An index that tracks the dollar against the euro, yen, pound and three other currencies was down 0.22% at 97.19 after touching a one-week high.

The greenback has strengthened since late June in response to better-than-expected data on U.S. jobs, inflation and retail sales.

Its rise has been limited by firming signals from Federal Reserve officials of a possible rate decrease perhaps in two weeks to counter risk from global trade tensions and sluggish price growth at home. U.S. interest rates futures implied traders fully expect the Fed to cut rates at its upcoming policy meeting on July 30-31 with a 35% chance for a half-point decrease, CME Group’s FedWatch tool showed.

Fed policy-makers will release an assessment of the economy with its latest Beige Book at 2 p.m. (1800 GMT). Moreover, the International Monetary Fund on Wednesday said the greenback was overvalued by 6% to 12%, based on near-term economic fundamentals, while the euro, Japan’s yen and China’s yuan were seen as broadly in line with fundamentals.

Wednesday’s data on euro zone consumer price inflation, which was revised up to 1.3% year-on-year in June, failed to boost the euro.

ECB board member Benoit Coeure said the ECB was ready to act if necessary to help inflation in the euro zone move towards its aim of close to but below 2%. Nearly two ECB interest rate cuts of 10 basis points are priced in by money markets for 2019.


Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, low, pound, greenback, steady, hits, 27month, dollar, inflation, holds, yen, data, zone, euro, fell


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves after hours: Netflix, IBM and more

Check out the companies making headlines after the bell:Netflix fell more than 12% in after-hours trading following the release of its second-quarter earnings. The company reported earnings per share of 60 cents on revenue of $4.92 billion. Shares of IBM rose as much as 4% before losing those gains and falling 1% after the company’s second-quarter earnings report. The technology services company reported second quarter earnings per share of $3.17 on revenue of $19.16 billion. eBay rose 6% after


Check out the companies making headlines after the bell:Netflix fell more than 12% in after-hours trading following the release of its second-quarter earnings. The company reported earnings per share of 60 cents on revenue of $4.92 billion. Shares of IBM rose as much as 4% before losing those gains and falling 1% after the company’s second-quarter earnings report. The technology services company reported second quarter earnings per share of $3.17 on revenue of $19.16 billion. eBay rose 6% after
Stocks making the biggest moves after hours: Netflix, IBM and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: mallika mitra, sarah whitten
Keywords: news, cnbc, companies, cents, making, analysts, ibm, stocks, company, fell, secondquarter, netflix, reported, hours, billion, earnings, biggest, revenue, share, moves


Stocks making the biggest moves after hours: Netflix, IBM and more

Check out the companies making headlines after the bell:

Netflix fell more than 12% in after-hours trading following the release of its second-quarter earnings. The streaming giant reported global net adds of 2.7 million — much lower than earlier stated guidance of 5 million — and blamed its content slate for the shortfall. The company reported earnings per share of 60 cents on revenue of $4.92 billion. Analysts were expecting earnings per share of 56 cents on revenue of $4.93 billion, according to Refinitiv.

Shares of IBM rose as much as 4% before losing those gains and falling 1% after the company’s second-quarter earnings report. Results were better than analysts expected, but the stock gave up its gains during the company’s earnings call. The technology services company reported second quarter earnings per share of $3.17 on revenue of $19.16 billion. Analysts surveyed by Refinitiv had expected earnings per share of $3.07 on revenue of $19.16 billion. The company’s CEO Ginni Rometty, noted strong performance across IBM’s Cloud and Cognitive Software Segment.

eBay rose 6% after the e-commerce company’s second-quarter earnings beat expectations. Excluding one-time items, eBay reported earnings of 68 cents per share on revenue of $2.69 billion. Analysts had expected earnings per share of 62 cents on revenue of $2.68 billion, according to Refinitiv.

Kinder Morgan fell 2% after its second-quarter earnings just missed Wall Street’s estimates. The energy company reported adjusted earnings per share of 22 cents on revenue of $3.59 billion. Analysts polled by Refinitiv were expecting earnings per share of 24 cents on revenue of $3.59 billion.

United Rentals fell 6% after the holding company cut its 2019 revenue outlook to a range of $9.15 billion to $9.45 billion, compared to its prior outlook of between $9.15 billion and $9.55 billion. The company reported adjusted earnings per share of $4.74 on revenue of $2.29 billion. Analysts had expected earnings of $4.46 on revenue of $2.27 billion, according to Refinitiv.

Shares of Wayfair fell 4% after the online furniture retailer announced its COO James Savarese and CTO John Mullike will retire in 2019.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: mallika mitra, sarah whitten
Keywords: news, cnbc, companies, cents, making, analysts, ibm, stocks, company, fell, secondquarter, netflix, reported, hours, billion, earnings, biggest, revenue, share, moves


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Dollar rises on upbeat retail sales data, euro falls

The greenback strengthened versus the euro due to data that pointed to a deterioration in confidence among German investors prompted by the trade conflict between China and the United States and political tensions with Iran. The U.S. Commerce Department said retail sales rose 0.4% in June, exceeding the 0.1% increase forecast among analysts polled. Traders also expect the European Central Bank to move policy rates deeper into negative later this year as the euro zone economy has been struggling.


The greenback strengthened versus the euro due to data that pointed to a deterioration in confidence among German investors prompted by the trade conflict between China and the United States and political tensions with Iran. The U.S. Commerce Department said retail sales rose 0.4% in June, exceeding the 0.1% increase forecast among analysts polled. Traders also expect the European Central Bank to move policy rates deeper into negative later this year as the euro zone economy has been struggling.
Dollar rises on upbeat retail sales data, euro falls Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, lower, upbeat, falls, economic, rises, fell, versus, trade, interest, touching, retail, dollar, data, sales, rates, euro


Dollar rises on upbeat retail sales data, euro falls

The dollar rose against a basket of currencies on Tuesday as surprisingly strong growth in U.S. retail sales in June soothed jitters about the American economy and trimmed expectations the Federal Reserve may embark on a deep interest rate cut later this month.

The greenback strengthened versus the euro due to data that pointed to a deterioration in confidence among German investors prompted by the trade conflict between China and the United States and political tensions with Iran.

The British pound fell to six-month lows against the euro and a 27-month trough versus the dollar as Conservative Party members Boris Johnson and Jeremy Hunt, vying to be Britain’s next prime minister, were seen to be toughening their line on Brexit negotiations.

Investors are worried about the rising risk of a no-deal exit from the European Union.

“An improved U.S. economic outlook should provide some fuel for further dollar gains,” said Win Thin, global head of currency strategy at Brown Brothers Harriman & Co.

An index that tracks the dollar against a group of six currencies was up 0.45% at 97.38 after touching 97.361, the highest in four sessions.

Recent U.S. economic data have on balance beat expectations. Concerns about the drag from global trade disputes and sluggish inflation among developed economies, however, have led policymakers to consider cutting interest rates and/or embarking on bond purchases to boost investor confidence and business activities.

The U.S. Commerce Department said retail sales rose 0.4% in June, exceeding the 0.1% increase forecast among analysts polled.

Last week, Fed Chairman Jerome Powell hinted in testimonies before Congress that the central bank was ready to “act as appropriate” to support the current U.S. expansion, which is the longest on record. U.S. interest rate futures implied traders fully expect the Fed to lower key lending rates by at least a quarter point at its July 30-31 policy meeting, according to CME Group’s FedWatch program.

Traders also expect the European Central Bank to move policy rates deeper into negative later this year as the euro zone economy has been struggling.

Earlier Tuesday, the ZEW Institute said its monthly survey showed economic sentiment among German investors fell to -24.5 in July from -21.1 the month before.

The euro was down 0.38% at $1.1215 and 0.09% lower at 121.35 yen. The single currency, however, was up 0.54% at 90.43 pence after touching a six-month peak at 90.43 earlier Tuesday.

Sterling fell below $1.24 for the first time since April 2017. It was 0.91% lower at $1.2403.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, lower, upbeat, falls, economic, rises, fell, versus, trade, interest, touching, retail, dollar, data, sales, rates, euro


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks slip from record highs after Trump says ‘long way to go’ on trade talks with China

Stocks fell from record highs on Tuesday after President Donald Trump cast doubt on the trade progress between China and the U.S. The Dow Jones Industrial Average slipped 23.53 points, or 0.1%, to 27,335.63, ending a four-day winning streak. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak. They also come as the U.S. corporate earnings season kicks into full gear. “Looking at this earnings season, the key question is: Will trade uncertainty cause businesses to pull


Stocks fell from record highs on Tuesday after President Donald Trump cast doubt on the trade progress between China and the U.S. The Dow Jones Industrial Average slipped 23.53 points, or 0.1%, to 27,335.63, ending a four-day winning streak. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak. They also come as the U.S. corporate earnings season kicks into full gear. “Looking at this earnings season, the key question is: Will trade uncertainty cause businesses to pull
Stocks slip from record highs after Trump says ‘long way to go’ on trade talks with China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: fred imbert
Keywords: news, cnbc, companies, earnings, season, tariffs, stocks, worth, streak, slip, rose, record, trade, long, china, winning, fell, way, highs, talks, trump


Stocks slip from record highs after Trump says 'long way to go' on trade talks with China

Stocks fell from record highs on Tuesday after President Donald Trump cast doubt on the trade progress between China and the U.S.

The Dow Jones Industrial Average slipped 23.53 points, or 0.1%, to 27,335.63, ending a four-day winning streak. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak. The Nasdaq Composite fell 0.4% to 8,222.80. The averages had notched all-time closing highs in the previous session.

Trump said the two countries have a “long way to go” on trade, adding the U.S. can slap tariffs on an additional $325 billion worth of Chinese goods “if we want.”

Trump’s comments come after China and the U.S. agreed not to ratchet up trade tensions in an effort to restart negotiations. China and the U.S. have slapped tariffs on billions of dollars worth of each other’s imports since last year. The ongoing trade war has sparked fear of slower economic growth around the world. They also come as the U.S. corporate earnings season kicks into full gear.

“Looking at this earnings season, the key question is: Will trade uncertainty cause businesses to pullback on spending and investment enough so that it begins to weigh on earnings?” said Tom Essaye, founder of the Sevens Report, in a note. “If there is evidence that businesses beyond China-focused industrials also are starting to become more conservative, then that will be a big negative for future earnings.”

Goldman Sachs reported better-than-expected results, driven by the company’s investment banking and trading divisions. Goldman shares rose 1.9%.

J.P. Morgan Chase ‘s results also topped estimates and its stock rose 1.1%. Johnson & Johnson, however, fell 1.6% despite reporting a 42% profit surge in the previous quarter.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: fred imbert
Keywords: news, cnbc, companies, earnings, season, tariffs, stocks, worth, streak, slip, rose, record, trade, long, china, winning, fell, way, highs, talks, trump


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Bitcoin plunges, briefly falling below $10,000, as Trump slams crypto

Bitcoin fell sharply on Monday, following President Donald Trump’s criticism of cryptocurrencies. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump added. Nevertheless, bitcoin is still up more than 160% since the start of the year, despite the recent pullback. Elsewhere in the market, ether and XRP — the world’s second and third-largest cryptocurrencies respectively — were also in negative territory. Ether slipped nearly 17% to


Bitcoin fell sharply on Monday, following President Donald Trump’s criticism of cryptocurrencies. “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump added. Nevertheless, bitcoin is still up more than 160% since the start of the year, despite the recent pullback. Elsewhere in the market, ether and XRP — the world’s second and third-largest cryptocurrencies respectively — were also in negative territory. Ether slipped nearly 17% to
Bitcoin plunges, briefly falling below $10,000, as Trump slams crypto Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: ryan browne
Keywords: news, cnbc, companies, value, president, cryptocurrencies, xrp, slams, trumps, bitcoin, fell, plunges, worlds, trump, falling, 10000, briefly, crypto


Bitcoin plunges, briefly falling below $10,000, as Trump slams crypto

Bitcoin fell sharply on Monday, following President Donald Trump’s criticism of cryptocurrencies.

The world’s most valuable virtual currency dropped about 10% to $10,175, according to CoinDesk data. It briefly dived below $10,000, dropping as low as $9,872.

The reason for the downward move wasn’t immediately clear. But it arrives after President Trump said last week that he was “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump added.

Trump was also critical of Facebook’s plans to create a cryptocurrency, called Libra, which will be pegged to a basket of government-backed currencies and assets to maintain a stable value. Facebook should apply for a banking license if it seeks to become a bank, Trump said.

Some in the crypto space shrugged off Trump’s comments. Brian Armstrong, CEO of the digital currency exchange Coinbase, said it was an “achievement,” putting crypto in the spotlight, while Fundstrat Global Advisors’ Tom Lee called it “positive because cryptocurrencies and bitcoin really are in the main stage now.”

Nevertheless, bitcoin is still up more than 160% since the start of the year, despite the recent pullback. Analysts had attributed the digital coin’s rise largely to news of big companies like Facebook getting involved in the space.

Elsewhere in the market, ether and XRP — the world’s second and third-largest cryptocurrencies respectively — were also in negative territory. Ether slipped nearly 17% to $221 while XRP fell 5% to around 31 cents.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: ryan browne
Keywords: news, cnbc, companies, value, president, cryptocurrencies, xrp, slams, trumps, bitcoin, fell, plunges, worlds, trump, falling, 10000, briefly, crypto


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Asia stocks edge up; China’s June exports fall less than expected

Meanwhile, China’s trade with the U.S. declined in the first half of the year, amid an impasse between the two economic giants. The Nikkei 225 in Japan closed 0.2% higher at 21,685.90, while the Topix index fell 0.15% to end its trading day at 1,576.31. Data on Friday showed that China’s dollar-denominated exports fell 1.3% in June from a year ago while imports fell 7.3% in the same period. Economists polled by Reuters had expected China’s June exports to have declined 2% from a year ago, while


Meanwhile, China’s trade with the U.S. declined in the first half of the year, amid an impasse between the two economic giants. The Nikkei 225 in Japan closed 0.2% higher at 21,685.90, while the Topix index fell 0.15% to end its trading day at 1,576.31. Data on Friday showed that China’s dollar-denominated exports fell 1.3% in June from a year ago while imports fell 7.3% in the same period. Economists polled by Reuters had expected China’s June exports to have declined 2% from a year ago, while
Asia stocks edge up; China’s June exports fall less than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: eustance huang
Keywords: news, cnbc, companies, close, higher, trade, fell, trading, stocks, exports, chinas, showed, expected, index, declined, edge, fall, asia


Asia stocks edge up; China's June exports fall less than expected

Stocks in major Asian stock markets mostly closed higher on Friday. Meanwhile, China’s trade with the U.S. declined in the first half of the year, amid an impasse between the two economic giants.

The Nikkei 225 in Japan closed 0.2% higher at 21,685.90, while the Topix index fell 0.15% to end its trading day at 1,576.31. Over in South Korea, the Kospi advanced 0.29% to close at 2,086.66.

Australia’s S&P/ASX 200 slipped 0.29% to close at 6,696.50.

Mainland Chinese stocks rose on the day, with the Shanghai composite up 0.44% to 2,930.55 and the Shenzhen composite 0.506% higher to 1,556.77. The Shenzhen component also gained 0.66% to close at 9,213.38.

Hong Kong’s Hang Seng index added 0.23%, as of its final hour of trading. Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan declined fractionally.

Data on Friday showed that China’s dollar-denominated exports fell 1.3% in June from a year ago while imports fell 7.3% in the same period. Economists polled by Reuters had expected China’s June exports to have declined 2% from a year ago, while imports were expected to have contracted 4.5% from a year earlier.

In the first half of the year, China’s total trade with the U.S. was down 9%, customs data showed.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: eustance huang
Keywords: news, cnbc, companies, close, higher, trade, fell, trading, stocks, exports, chinas, showed, expected, index, declined, edge, fall, asia


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US Treasury yields drop after Powell says Fed will act ‘as appropriate’ and inflation remains muted

U.S. government debt yields fell on Wednesday after Federal Reserve Chairman Jerome Powell said in prepared remarks that the inflation outlook looks muted and that the central bank will act “as appropriate” to sustain economic expansion. The 2-year Treasury note yield, sensitive to changes in Fed policy, fell 7 basis points to 1.834%. We are carefully monitoring these developments, and we will continue to assess their implications for the U.S economic outlook and inflation,” Powell said in his t


U.S. government debt yields fell on Wednesday after Federal Reserve Chairman Jerome Powell said in prepared remarks that the inflation outlook looks muted and that the central bank will act “as appropriate” to sustain economic expansion. The 2-year Treasury note yield, sensitive to changes in Fed policy, fell 7 basis points to 1.834%. We are carefully monitoring these developments, and we will continue to assess their implications for the U.S economic outlook and inflation,” Powell said in his t
US Treasury yields drop after Powell says Fed will act ‘as appropriate’ and inflation remains muted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: thomas franck
Keywords: news, cnbc, companies, yields, drop, powell, treasury, global, outlook, inflation, cut, fell, act, appropriate, yield, remains, fed, economic, market, muted


US Treasury yields drop after Powell says Fed will act 'as appropriate' and inflation remains muted

U.S. government debt yields fell on Wednesday after Federal Reserve Chairman Jerome Powell said in prepared remarks that the inflation outlook looks muted and that the central bank will act “as appropriate” to sustain economic expansion.

At around 2:11 p.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was off highs hit earlier in the session at 2.06%, while the yield on the 30-year Treasury bond was slightly higher at around 2.568%. The 2-year Treasury note yield, sensitive to changes in Fed policy, fell 7 basis points to 1.834%.

“There is a risk that weak inflation will be even more persistent than we currently anticipate. We are carefully monitoring these developments, and we will continue to assess their implications for the U.S economic outlook and inflation,” Powell said in his testimony.

“It appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook,” he added.

Inflation, which central bankers like to keep around 2%, has seen a reversal over the last year. The consumer price index, which tracks the prices of a basket of consumer goods, fell from nearly 3% in 2018 to 1.8% in May 2019. Powell said Wednesday that the Fed’s baseline case sees inflation trending back towards the Fed’s objective over time.

The Federal Reserve’s preferred inflation gauge, the core personal consumption expenditures index, was seen at 1.6% in May on a year-over-year basis.

“My sense is that Powell is more concerned about global financial conditions (weak global PMIs, low global inflation, weakening growth everywhere) than he is pacified by a strong US labor market,” Jim Caron, Managing Director of Global Fixed Income at Morgan Stanley Investment Management, wrote in an emailed statement.

“I know the market is pricing 25bps in July. But I think it’s now a closer call for 50bps cut,” he added. “The Fed’s thinking may be as follows… they need to cut by at least 50bps this year, so why wait.”

Still, strong labor market data has raised questions about whether the Fed will move forward with lowering rates at its July meeting. The U.S. economy added 224,000 jobs in June while average hourly earnings increased 3.1% on a year-over-year basis.

Some fixed-income investors viewed Powell’s comments ahead of his biannual report to Congress as further proof that the Fed will cut interest rates as early as late-July. The prevailing view, priced into the futures market, is for a 100% chance of a quarter-point rate cut July 31. The current overnight lending rate target is a range of 2.25% to 2.5%.

The central bank leader also noted that business investments across the U.S. have decelerated of late as worries over the economic outlook dog executives across the country.


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: thomas franck
Keywords: news, cnbc, companies, yields, drop, powell, treasury, global, outlook, inflation, cut, fell, act, appropriate, yield, remains, fed, economic, market, muted


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post