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.
[NFA] U.S. House of Representatives Speaker Nancy Pelosi on Thursday said legislation to help airline companies survive the fallout could only move through Congress with guarantees that lawmakers will work on a more comprehensive aid bill to help the unemployed, small businesses and revenue-depleted state and local governments. Conway G. Gittens reports.
Financial planner and Business Insider contributor Malik S. Lee says he's surprised when clients don't list their income as one of their most valuable assets. Can you support yourself and your family without an income? If not, it's a key asset--and you should protect it. Group long-term disability policies from employers typically cover 60% of your income. But according to Business Insider, that income is taxable and doesn't include bonuses or commissions.
Business Insider contributor Kevin L. Miller II has vowed to give his children a running start to their adult life, by building wealth for them as they age. Within weeks of bringing each of his children home from the hospital, they all had a 529 college savings plan and a custodial account. In fact, Miller says that by the time his son turns 18, he'll have 75 times more in savings than he had at that age. To build generational wealth, Miller says it must start with communication.
Business Insider reports that McDonald's franchisees are optimistic about the future of the business. The franchisees optimism is higher than it has been in years, according to Kalinowski Equity Research's quarterly survey. McDonald's sales have been driven by speciality meals and new items like Spicy McNuggets. The fast-food giant has also profited from sit-down restaurants' struggles.
On Tuesday, Amazon announced Tuesday that it's hiring 100,000 seasonal workers ahead of the holidays. The company said it's looking for workers across experience and skill levels to help pack and ship holiday orders. Business Insider reports that the new roles bring Amazon's total hiring to more than 400,000 since March. The company has faced a rise in online orders amid the coronavirus pandemic.
On Saturday, Sen. Lisa Murkowski said that will vote to confirm Amy Coney Barrett to the Supreme Court. Murkowski was opposed to confirming a Supreme Court judge to the court so close to the election. She decided to back Barrett due to her judicial philosophy. "I have concluded that she is the sort of person we want on the Supreme Court," Murkowski said. "I have no doubt about her intellect," she said from the Senate floor. Business Insider reports that Barrett is on the verge of confirmation.
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.
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.