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Will Stock Volatility Increase After Election?
On Tuesday, Wells Fargo said stock markets should prepare for volatility to balloon after Election Day.
Wells Fargo head of rates strategy Michael Schumacher told CNBC's Trading Nation that options are showing greater volatility.
"The big takeaway is three month options vol is still quite high, and it has not really come down." According to Business Insider Schumacher thinks investors will flock to US Treasuries due to greater volatility.
The US-10 year yield may fall to 0.40% from around 0.68%.
Irene Jiang/Business Insider This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. McDonald's is a top restaurant pick from analysts at Wells Fargo and Stifel, thanks in part to the chain's successful Travis Scott partnership. Well's Fargo's Jon Tower writes that McDonald's "is the best positioned restaurant to re-capture sales and re-establish habits as consumers resume food-away from home spending.
Business Insider reports that US stocks are on course to close lower for a third consecutive week. The S&P 500 has lost nearly 9% since early September's record high. That decline was mainly driven by losses in the technology sector. But Goldman Sachs, Wells Fargo and Deutsche Bank are upbeat the US stock market sell-off is mostly over. Goldman Sachs kept its end-of year S&P 500 target to 3,600 by year end.
Warren Buffett's Berkshire Hathaway has cut its Wells Fargo. Its stake in Wells Fargo is now at a 17 year low. On Friday, Berkshire Hathaway said it owns 3.3% of the company, its slimmest ownership position since 2003. In 1994, Berkshire owned 13.3% of the bank. It held more than 500 million shares worth more than $27 billion in 2016. Buffett's company now holds fewer than 140 million shares, worth about $3.4 billion.
Regulatory filings show Warren Buffett's Berkshire Hathaway has sold about 101 million Wells Fargo shares in recent weeks. The billionaire investor's company cut its holdings by about 43% to 136 million shares, slashing its stake to 3.3%. The sales come after Berkshire sold 25% of its Wells Fargo position in the second quarter. Berkshire was previously Wells Fargo's largest shareholder. Business Insider reports that Wells Fargo was one of its five most valuable positions earlier this year.
Lewis Hamilton has won at the Portugal Grand Prix to beat Michael Schumacher's91 win record. Hamilton took the 91st win of his career at Sunday’s EifelGrand Prix, 14 years and 10 days after Schumacher drove to his final victoryin China. For most it seemed inconceivable that Schumacher’s extraordinarytally would be beaten, but Hamilton can become the most decorated driver thesport has seen with a record-equalling seventh world championship almostcertain to follow this year.
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Lewis Hamilton has matched Michael Schumacher’s victory record following histriumph at the Eifel Grand Prix. The British driver, who is also set to equalSchumacher’s all-time tally of seven World Championships this season, hasjoined the German on 91 victories.
Credit: PA - Press Association STUDIO Duration: 01:32Published