Earnings from tech and industrial giants and a Fed policy makers meeting take center stage next week on Wall Street.
On Tuesday, investors get results from Apple.
The iPhone maker is expected to report an increase in quarterly profit and revenue.
Powering those results: higher sales of new iPhone models.
Wall Street also wants to know how much traction its new streaming service, Apple TV+, is getting as it takes on Netflix, AMAZON PRIME VIDEO AND A SLEW OF OTHER NEW STREAMING VIDEO PLATFORMS. Wednesday is a big day.
U.S. stocks tumbled on Monday, with the S&P 500 posting its biggest daily decline in four weeks, as soaring coronavirus cases and uncertainty about a fiscal relief bill in Washington dimmed the outlook for the U.S. economic recovery. This report produced by Yahaira Jacquez.
American short-form mobile video platform Quibi has just launched apps for Apple TV, Android TV and Fire TV. The streaming service company announced the change in an updated support article. The company first made the content more shareable in May and followed that soon after with AirPlay and Chromecast support. A new report in The Information claims that co-founder Jeffrey Katzenberg has attempted to sell Quibi's programming to Facebook and NBCUniversal while telling others he may have to shut down the company entirely. As reported by The Verge, Quibi has struggled to scale since its launch, dealing with a lackluster reaction to its first collection of content and a drop in subscribers after its 90-day trial offered at launch ended.
The Federal Reserve is targeting above 2% inflation. Scott Minerd, Guggenheim global CIO told Bloomberg on Wednesday it is "virtually impossible" for the Fed to achieve that without creating a bubble in asset prices. "The reality is that the inefficiencies that are building up in the system." Minerd said misinformation and mistaken investments will pose a challenge to investors.
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
Equity benchmark indices traded lower during early hours on Thursday on the back of weak global cues after the US Federal Reserve indicated the interest rate could stay close to zero for years. At 10:15 am, the BSE S-P Sensex was down by 141 points or 0.36 per cent at 39,162 while the Nifty 50 lost by 39 points or 0.34 per cent at 11,565. Except for Nifty IT and pharma, all sectoral indices at the National Stock Exchange were in the negative terrain with Nifty private bank losing by 1 per cent and financial service by 0.9 per cent. Among stocks, ICICI Bank dropped by 1.3 per cent to Rs 369.85 per share while HDFC Bank lowered by 1 per cent. The other major losers were Hindalco, Tata Consultancy Services, Bajaj Auto and Tata Motors.However, HCL Technologies moved up by 2 per cent to Rs 811.20 per share and Tech Mahindra by 1.7 per cent. Dr Reddy's, Hero MotoCorp, Grasim and Asian Paints also traded with a positive bias.
The Dow and S&P 500 fell on lackluster earnings, election worries and rising COVID-19 cases worldwide, but tech stocks fared better and had positive news after the close when Microsoft topped sales forecasts. Conway G. Gittens has the market action.
AstraZeneca has resumed the U.S. trial of its experimental COVID-19 vaccine after approval by regulators, and Johnson & Johnson is preparing to resume its trial early next week, the companies said on Friday. Fred Katayama reports.
Mattel reported a surprise rise in quarterly sales on Thursday and forecast more growth in the holiday season, as retailers rushed to restock their shelves of Barbie dolls and other toys in high demand from stuck-at-home kids. Fred Katayama reports.
A California appeals court on Thursday unanimously ruled against ride-hailing companies Uber Technologies and Lyft, saying they must reclassify their drivers in the state as employees. Fred Katayama reports.
Japan's ANA Holdings on Tuesday said it will retire more than a tenth of its mostly Boeing fleet and delay two aircraft orders to help rein in costs and survive a collapse in air travel caused by coronavirus travel restrictions. Francis Maguire reports.
Wall Street had its biggest one-day drop since October, capping off the worst January in four years as coronavirus fears, economic jitters and disappointing earnings fueled investor anxiety. Conway G...