According to Business Insider, JPMorgan expects the S&P 500 to rise another 6% from current levels to a record 3,600 before the year is over. The S&P500's earnings recovery is "ahead of expectation." Tech stocks have done well, boosting the index. The S&P500 will continue to support its recovery while other sectors gain through the second half of the year, they added. JPMorgan expects S&P 500 firms' margins to fully recover from the pandemic by the second half of 2021.
National Securities' Art Hogan recommends investors buy home builders stocks following the recent sell-off. He also tells Reuters' Fred Katayama why he likes the prospects for JPMorgan Chase and Apple.
Last quarter, legendary investor Warren Buffett slashed his stakes in JPMorgan and Wells Fargo. The billionaire investor's Berkshire Hathaway conglomerate also took a $560 million position in miner Barrick Gold. Business Insider reports that Buffett cut several other holdings including BNY Mellon, PNC Financial, US Bancorp, and SiriusXM. The portfolio update settled speculation about the almost $13 billion in net stock sales that Berkshire reported last quarter.
The number of Americans filing new claims for unemployment benefits unexpectedly increased last week, supporting views the economic recovery from the COVID-19 pandemic was running out of steam amid diminishing government funding. Fred Katayama reports.
A group of Apple's critics - including Spotify Technology, Match Group and "Fortnite" creator Epic Games - have joined a nonprofit group that plans to advocate for legal and regulatory action to challenge the iPhone maker's App Store practices. Fred Katayama reports.
Even as dealmakers bicker over who will actually own TikTok Global, another question emerged after President Donald Trump agreed over the weekend to keep the wildly popular video-sharing app running in the United States for another week: how can they possibly create 25,000 new jobs in the United States? Fred Katayama reports.
Wall Street's main indexes closed lower on Monday as concerns about new lockdowns in Europe and possible delays in fresh stimulus from Congress raised fears the U.S. economy faces a longer road to recovery than previously hoped for. Fred Katayama reports.