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With more than six months until the year ends, U.S. initial public offerings have already totaled $171 billion, eclipsing the 2020 record of $168 billion, according to data from Dealogic. Excluding proceeds from SPAC IPOs, traditional listings of big names, including South Korean e-commerce giant Coupang Inc(788.F), have raked in $67 billion this year, keeping 2021 on track to be the biggest year for such IPOs. Capital markets bankers and lawyers estimate that companies could end up raising close to $50 billion through traditional IPOs, excluding SPACs, before the end of the September quarter. So there's really been an explosion in the size of transactions as well," said Jeff Bunzel, global co-head of equity capital markets at Deutsche Bank. In 2020, SPAC volumes accounted for less than half of the total IPO proceeds.
Persons: Carlo Allegri, Didi Chuxing, Eddie Molloy, Morgan Stanley, we'd, SPAC, there's, Jeff Bunzel, it's, Paul Tropp, Anirban Sen, Krystal Hu, Richard Chang Organizations: New York Stock Exchange, REUTERS, Federal, Didi Chuxing Technology Co, Americas, Morgan, Coupang, U.S, Capital, Reuters, Deutsche Bank, SPAC Research, Investment, & Gray, Thomson Locations: Manhattan, New York City , New York, U.S, IPOs, dealmaking, Bengaluru, New York
AmEx to allow staff to work from home two days a week
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +1 min
REUTERS/Brendan McDermid/File Photo(Reuters) - American Express Co will allow most employees to work from home for up to two days a week permanently, unveiling a hybrid back-to-office approach in contrast to that of some major Wall Street banks. Most of the U.S. and U.K. staff of the credit card issuer will have the choice to work remotely on Mondays and Fridays starting October, AmEx Chief Executive Officer Stephen Squeri said in an internal memo. AmEx will begin bringing back employees to the office starting Sept. 13, with an aim to fully adopt the hybrid model in the week of Oct. 4. The first three weeks will be a “transition period” to allow employees to “get used to” going to office. Occupancy will be restricted to 50% and most of the staff will work in the office only two days a week during the period, the memo said.
Persons: Brendan McDermid, Stephen Squeri, AmEx, Morgan Organizations: New York Stock Exchange, REUTERS, American Express, AmEx, JPMorgan Chase &, Goldman Sachs, Inc, The, Bloomberg News Locations: New York, U.S, Manhattan, The New York
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Data showed an acceleration in producer prices last month as supply chains struggle to meet demand that is being unleashed by the reopening of the economy. Energy stocks (.SPNY) added 1.5% as oil prices hit multi-year highs on positive demand outlook. Declining issues outnumbered advancers for a 1.64-to-1 ratio on the NYSE and for a 2.28-to-1 ratio on the Nasdaq. The S&P index recorded 31 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 17 new lows.
Persons: Carlo Allegri, Ocugen, Sam Stovall, Dow Jones, advancers, Shashank, Maju Samuel Organizations: New York Stock, REUTERS, U.S, Dow, Nasdaq, Federal, Assurance, Treasury, CFRA, Dow Jones, Energy, Biogen Inc, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, United States, Canada, Bengaluru
Futures hold steady with Fed meeting in focus
  + stars: | 2021-06-15 | by ( Shashank Nayar | ) www.reuters.com sentiment -1.00   time to read: +2 min
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoFutures tied to the S&P 500 and the Nasdaq held near record highs on Tuesday as investors looked for comments from the Federal Reserve about whether a recent jump in inflation would prompt a sooner-than-expected tapering in monetary policy. Assurance from the Fed that rising prices are transitory coupled with falling U.S. Treasury yields have helped ease some concerns over inflation but investors remain cautious as they await the Fed's commentary on its inflation stance. ET, Dow e-minis were down 10 points, or 0.03%, S&P 500 e-minis were up 2.75 points, or 0.06%, and Nasdaq 100 e-minis were up 16.75 points, or 0.12%. Later in the day, investors would turn to purchaser price numbers and retail sales data to assess the state of the economy and inflation levels.
Persons: Carlo Allegri, Dow Jones Organizations: New York Stock, REUTERS, Nasdaq, Federal Reserve, Treasury, Dow e, Biogen Inc, Thomson Locations: Manhattan, New York City , New York, U.S, pare
AMC short sellers lost $488 mln after Monday's rally - Ortex
  + stars: | 2021-06-15 | by ( ) www.reuters.com sentiment -1.00   time to read: 1 min
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File PhotoInvestors shorting "meme stock" AMC Entertainment (AMC.N) are estimated to have lost about $488 million on Monday after a rally that sent the cinema operator's shares up more than 15%, data from financial analytics firm Ortex showed. By contrast, AMC short-sellers suffered $1.2 billion in mark-to-market losses for the week to May 28, when small-time traders on online discussion groups sent the stock up about 116%, triggering a phenomenon known as a "short squeeze". AMC shares were down 0.1% in premarket trading on Tuesday. The stock has surged more than 2,500% so far this year.
Persons: Carlo Allegri Organizations: AMC, REUTERS, AMC Entertainment, Thomson Locations: Manhattan, New York City , New York, U.S
They have become media darlings in conservative circles and made the debate over critical race theory a national issue. Rufo, who said he was in touch with then-President Donald Trump’s staff before he issued an executive order last September banning critical race theory’s use by federal agencies, promised in a March tweet to make critical race theory “toxic” in the public imagination. “The goal is to have the public read something crazy in the newspaper and immediately think ‘critical race theory,’” he wrote. “There was the ‘war on Christmas,’ and now everybody is teaching critical race theory. The critical race theory debate became a central issue of last week’s school board race, with Maksymowicz facing calls to resign.
Persons: Jeff Porter, indoctrinate, Porter, George Floyd’s, Ryan David Brown, Shawn McBreairty, , ” Porter, , Shawn Patrick Ouellette, McBreairty, ” McBreairty, Abbey Smith, Joe Biden, Trump, Steve Bannon, Ron DeSantis, Jeffrey Henig, , Elana Yaron, Fishbein, Tucker Carlson’s, ” Fishbein, Tucker Carlson, Jonathan O’Brien, Gabrielle Clark, Clark, Jonathan O'Brien, O’Brien, ” O’Brien, they’re, Christopher Rufo, Donald Trump’s, Rufo, ’ ”, Nicole Neily, ” Nicole Neily, ” Neily, Neily, Dominik Stecuła, Kevin Reuning, Sonja McKenzie, Karen England, Kristen De Haan, ” De Haan, Martin Luther King, it’s, Timothy Ryan, “ Tucker Carlson, Tyler McGinley, McGinley didn’t, McGinley, Tyler [ McGinley, Ann Maksymowicz, NBC News Porter Organizations: NBC News, Portland Press, Getty, NBC, Republican, Florida Gov, Columbia University’s Teachers College, , Gladwyne Elementary School, Google, Facebook, Fox, International Organization, Manhattan Institute, Heritage Foundation, American Legislative Exchange Council, Parents, Defending, Cato Institute, FreedomWorks, Southlake Families, Commission, Fox News, Breitbart, Colorado State University, Miami University, U.S, Capitol, National School Boards, , Nevada Family Alliance, Rhode Island School, Association, Daily Locations: Maine, , Cumberland , Maine, Ballotpedia, Loudoun County , Virginia, Washington, Florida, Philadelphia, New York, Las Vegas, America, Idaho , New Hampshire , Oklahoma , Texas, Arkansas , Florida, Georgia , Idaho , Iowa, Montana , Oklahoma, Tennessee, Massachusetts, Minnesota , Missouri, Ohio, Dallas, Fort Worth, Texas, ” In Nevada, Washoe, Reno, South Kingstown, Rhode Island
The Amazon That Customers Don’t See
  + stars: | 2021-06-15 | by ( June | ) www.nytimes.com + 0.00   time to read: +74 min
After five years at Amazon, Mr. Palmer felt the company’s success did not accrue to workers like him. As the virus arrived at JFK8, Mr. Palmer worried about how Amazon would protect and communicate with workers. To reverse the trend and serve its customers, Amazon would have to find a way to bring back workers. Amazon competitors 60% Amazon 40 20 0 Jan. 2020 Feb. March April May June July Amazon Amazon competitors 60% 40 20 0 Jan. 2020 Feb. March April May June July Amazon competitors 60% Amazon 40 20 0 Jan. 2020 Feb. March April May June July Source: Rakuten IntelligenceMr. Stroup’s worried how Amazon would summon workers back. “Everyone in your community, every third person, has worked at Amazon,” Mr. Stroup said.
Persons: Jeff Bezos, Traci Weishalla, Derrick Palmer, Alberto Castillo, Paul Stroup, Sarah Blesener, Ruth Fremson, Chang W, Lee, Ann Castillo, Ms, Castillo, Alberto, , Mr, Ann, “ Haven’t, , JFK8, Louis, , Bezos, Kelly Nantel, Agboka, David Niekerk, Niekerk, Adama Ndoye, Dawn George, “ I’m, Dan Cavagnaro, Cavagnaro, Dave Sanders, Weishalla, JFK8 “, Arthur Turner, yearned, Chris Smalls, Spencer Platt, Palmer, Dave Clark, Clark, didn’t, Smalls, stowing, somebody’s, Elizabeth Warren, Stroup, ” Ms, ” Mr, Stroup’s, “ I’d, Dave, , We’ve, Covid, ’ ”, Nantel, Beth Galetti, Dangelo Padilla, Padilla, Dali, Amazon, Doctors, Christine Hernandez, Brian Olsavsky, ’ ” “, let's, ” Dayana Santos, Santos, you’ve, , couldn’t, Thalia Morales, Morales, Tiara Mangroo, Keanu Bushell, Kevin Michelus, “ I’ve, Read, ” H.R, ” “, Mangroo wasn’t, Michelus, The New York Times Keanu Bushell, John Phillips, Stephen Ojo, stow, “ It’s, Patrick Gallahue, galvanizing Amazon’s, unionize, Jeff Bezos ’, Weishalla’s, we’ve, Dayana Santos Organizations: Amazon, The New York Times, New York Times, New York, New York City, The Times, Times, Bronx Manhattan Times Square Queens, Brooklyn JFK8, Bronx, Manhattan Queens, Manhattan Times Square Queens, New York City Department of Information Technology, Telecommunications, The New York, Yorkers, Getty, Employees, , Management, Black, Workers, U.S, Alaskan, , New, Mr, Walmart, Target, Resources, H.R, Rakuten, Board Workers, of Associates, Staff, New York Times Workers, The New York Times Health, FC, Twitter, T.O.T, ” Workers, JFK8, Force, Starbucks, . Census, MWPVL, LinkedIn, Shopify, Facebook, WIN, JFK, rehiring Locations: New York, America’s, Staten Island, New York City, Castillo, JFK8, Alabama, St, America, Staten, Seattle, New, United States, Philippines, New Jersey, Illinois, Walmart’s U.S, Queens, U.S, West Texas, Amazon, Dallas, Europe, , San José, Costa Rica, Costa Rican, Pune, India, terminations, Bessemer, Ala, Birmingham, Brooklyn, Multnomah County, Cuyahoga County , Ohio, Richmond County, N.Y, Cuyahoga County , Ohio Richmond County, Ore, York City, Connecticut, Ohio
With Jordan ErbDonald Trump during an event for NBC's "The Apprentice" at Trump Tower in New York City. The Trump Organization's CFO, Allen Weisselberg, took measures as far back as 2018 to keep documents out of the hands of prosecutors, Jennifer Weisselberg, his former daughter-in-law, told Insider. The deal allowed Allen Weisselberg to act as a guarantor on an Upper West Side apartment without showing any proof of income. McConnell pegs the chances of an infrastructure deal at "maybe 50-50": Senate Minority Leader Mitch McConnell told the conservative radio host Hugh Hewitt that both sides still wanted a deal. McConnell told Hewitt that leaving the seat open was "the single most consequential thing I've done in my time as majority leader of the Senate."
Persons: Chris Wray, Jordan Erb Donald Trump, Daniel J, Barry, WireImage, Donald Trump's, Allen Weisselberg, Jennifer Weisselberg, Weisselberg, Weisselberg's, Jeff McConney, McConney's, Justin, McConnell, Mitch McConnell, Hugh Hewitt, Nancy Pelosi, Alexandria Ocasio, Cortez, SAUL LOEB, Adam Schiff of, Insider's, Joe Biden, China —, Biden, Trump, Jamie Dimon, Dimon, General Merrick Garland, Garland, Marjorie Taylor Greene, Greene, Steve Cohen, Ben Jacobs, Barack Obama's, Hewitt, Ketanji Brown Jackson, Judge Ketanji Brown Jackson, Chipotle Organizations: Trump, Weisselberg, Manhattan, Attorney's, Trump Organization, ABC, Twitter, Politico, Democratic, Getty, Hill, Democrats, Capitol Hill, ICYMI, Capitol, NATO, The Washington Post, GOP, Republican, Justice Department, Holocaust, Museum, Hitler's National Socialist, CNN, Biden, Republicans, Senate, Court, District of Columbia, Disney Locations: New York City, Alexandria, Cortez of New York, Adam Schiff of California, China, Beijing, The, Russia, Trump, Washington, Tennessee, Florida, St, George , Utah, Myrtle Beach , South Carolina, Austin , Texas, Coeur d'Alene , Idaho
No Prosecutorial Experience? These D.A. Candidates Say That’s an Asset.
  + stars: | 2021-06-15 | by ( Jonah E. Bromwich | ) www.nytimes.com sentiment -0.92   time to read: +1 min
The only two men who have led the Manhattan district attorney’s office over the last 45 years were scions of the establishment, leading the country’s most prominent local prosecutor’s office with a traditional emphasis on fighting crime. In cities around the country, a wave of prosecutorial candidates has won elections by pledging to do less harm to defendants who commit low-level crimes. The nonprosecutorial candidates in Manhattan have taken up that argument, and advanced it, adding that only a leader whose perspective is unblemished by a history of putting people behind bars can make the system less punitive and less racist. But with a week to go in the race, the trio of candidates have lagged in the fund-raising battle and in available surveys. They have had a hard time distinguishing themselves from one another, and from former prosecutors like Alvin Bragg and Lucy Lang, who have also pledged to help end mass incarceration while arguing that their experience will help them enact change.
Persons: Eliza Orlins, Tahanie Aboushi, Dan Quart, Alvin Bragg, Lucy Lang Locations: Manhattan
New York’s Hottest New Gallery District Looks Familiar
  + stars: | 2021-06-15 | by ( Max Lakin | ) www.nytimes.com + 0.87   time to read: +1 min
On an early evening this spring, as the city stuttered back to life, a mix of dealers, artists and adjacent types streamed into Cortlandt Alley and up to a new rooftop bar for a party marking the return of Frieze Art Fair’s New York edition. Though the fair was 30-something blocks away in Midtown, there was a sense that it was happening here, in TriBeCa, in deference to the neighborhood’s compounding centripetal force. As with most stories in New York, this shift of the art world’s center of gravity, which for decades has been firmly nestled in far west Chelsea, is mostly about real estate. In March, Alexander Shulan relocated Lomex, the gallery he opened in 2015 in a top-floor apartment on the Lower East Side, to a floor-through space on Walker Street. In a turn of sardonic reclamation, he named it after the Lower Manhattan Expressway, Robert Moses’s defeated plan to cleave a highway between TriBeCa and SoHo, which would have decimated much of downtown.
Persons: Alexander Shulan, Robert Moses’s Organizations: Art, Manhattan Expressway Locations: Cortlandt Alley, Midtown, TriBeCa, , New York, Chelsea, Lomex, Manhattan, SoHo
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoU.S. stocks eased on Tuesday after the S&P 500 hit a record high earlier in the session, as investors awaited cues from the Federal Reserve about whether a recent jump in inflation would prompt a sooner-than-expected tapering in monetary policy. The benchmark S&P 500 (.SPX), the blue-chip Dow Jones (.DJI) and the tech-stocks focused Nasdaq (.IXIC) have gained 13.3%, 12.3% and 10%, respectively so far this year, largely driven by optimism about an economic reopening. "The big thing that people are going to focus on are the new projections, particularly on inflation." The S&P index recorded 28 new 52-week highs and no new low, while the Nasdaq recorded 48 new highs and nine new lows.
Persons: Carlo Allegri, Dow Jones, Larry Adam, Raymond James, advancers Organizations: New York Stock, REUTERS, Federal Reserve, Treasury, Dow Jones, Nasdaq, Energy, Biogen Inc, U.S, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, pare
Wall St subdued at open with Fed meeting in focus
  + stars: | 2021-06-15 | by ( ) www.reuters.com sentiment -0.99   time to read: 1 min
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoWall Street's main indexes were largely unchanged at the open on Tuesday as investors awaited cues from the Federal Reserve this week about whether a recent jump in inflation would prompt a sooner-than-expected tapering in monetary policy. The Dow Jones Industrial Average (.DJI) rose 3.35 points, or 0.01%, at the open to 34,397.10, the S&P 500 (.SPX) opened higher by 0.13 points, or 0.00%, at 4,255.28, while the Nasdaq Composite (.IXIC) dropped 7.51 points, or 0.05%, to 14,166.64 at the opening bell. Our Standards: The Thomson Reuters Trust Principles.
Persons: Carlo Allegri Organizations: New York Stock, REUTERS, Federal Reserve, Dow Jones, Nasdaq, Thomson Locations: Manhattan, New York City , New York, U.S
‘A Momentous Day’: New York Lifts Most Virus Restrictions
  + stars: | 2021-06-15 | by ( Luis Ferré-Sadurní | ) www.nytimes.com sentiment -0.97   time to read: +1 min
“This is a momentous day and we deserve it because it has been a long, long road,” Mr. Cuomo, a third-term Democrat, said at the World Trade Center in Lower Manhattan on Tuesday. Mr. Cuomo set the 70 percent threshold that triggered the end of the restrictions last week as a way to spur on the state’s reopening and incentivize people to get vaccinated, saying “virtually all” coronavirus rules would expire. Fourteen other states and Washington, D.C., have all reached the same threshold, according to the latest federal data, with Vermont topping the list at 84 percent. On Tuesday, California also lifted nearly all of its restrictions — “reopening day,” as Gov. Even so, the move in New York comes as health officials remain vexed by low vaccination rates in ZIP codes across the state, and in pockets of New York City.
Persons: Mr, Cuomo, , Gavin Newsom Organizations: World Trade Center, D.C, Locations: Lower Manhattan, Washington, Vermont, California, New York, New York City
Harvey Weinstein can be extradited to California, NY judge rules
  + stars: | 2021-06-15 | by ( ) www.reuters.com sentiment -0.99   time to read: 1 min
Film producer Harvey Weinstein arrives at New York Criminal Court ahead of the fifth day of jury deliberations for his sexual assault trial in the Manhattan borough of New York City, New York, U.S., February 24, 2020. REUTERS/Andrew Kelly/File PhotoNEW YORK, June 15 (Reuters) - The convicted former movie producer Harvey Weinstein can be extradited to California from New York to face rape and sexual assault charges, a New York judge ruled on Tuesday. Erie County Court Judge Kenneth Case rejected arguments by Weinstein's lawyer that the paperwork to move Weinstein was not in order, and that Weinstein should stay in New York to get appropriate medical care. Reporting by Jonathan Stempel in New YorkOur Standards: The Thomson Reuters Trust Principles.
Persons: Harvey Weinstein, Andrew Kelly, Kenneth Case, Weinstein's, Weinstein, Jonathan Stempel Organizations: New York Criminal, REUTERS, Thomson Locations: Manhattan, New York City , New York, U.S, California, New York, Erie County
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Data showed an acceleration in producer prices last month as supply chains struggled to meet demand unleashed by the reopening of the economy. "The Fed is still going to wait to make any decision regarding tapering. However, there might be some changes in its commentary in tomorrow's decision to show they are not asleep at the wheel." However, the S&P 500 has been broadly stuck within a range, despite recording its 29th record-high finish of 2021 on Monday, versus 33 for all of last year.
Persons: Carlo Allegri, Sam Stovall, Dow Jones, Shashank Nayar, Medha Singh, David French, Maju Samuel, Dan Grebler Organizations: New York Stock, REUTERS, Fed, Dow, Nasdaq, Federal Reserve, Treasury, CFRA, Dow Jones, Energy, Boeing Co, European Union, Airbus, Lordstown Motors Corp, Thomson Locations: Manhattan, New York City , New York, U.S, United States, Bengaluru, New York
Harvey Weinstein walks away from the court room with his lawyer Benjamin Brafman at the New York State Supreme Court on October 11, 2018 in New York City. Harvey Weinstein, the once-renowned film producer convicted of rape last year , on Tuesday was ordered to be extradited from New York to face sexual assault charges in Los Angeles. His lawyers for the past year have fought efforts to extradite him to Los Angeles, by, among other things, citing his poor health. But Erie County, New York, Court Judge Kenneth Case ultimately rejected their arguments Tuesday. The Los Angeles Times reported that Weinstein, 69, is not likely to be shipped to California until July, at the earliest.
Persons: Harvey Weinstein, Benjamin Brafman, Weinstein, Kenneth Case, Mimi Haleyi, Jessica Mann Organizations: New York, Court, Los Angeles Times, New Yorker, The New York Times, Miramax Locations: New York City, New York, Los Angeles, Erie County , New York, California, Manhattan, Love
Wall Street ends down as jittery investors await Fed report
  + stars: | 2021-06-15 | by ( David French | ) www.reuters.com + 0.00   time to read: +3 min
Assurance from the Fed that rising prices are transitory and falling U.S. Treasury yields have helped ease some concerns over inflation and supported U.S. stocks in recent weeks. All eyes are now on the central bank's statement at the end of its two-day policy meeting on Wednesday. A separate report showed U.S. retail sales dropped more than expected in May. "We're seeing some very modest weakness, and it'll be choppy leading up to the Fed decision. read moreThe New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021.
Persons: Ed Moya, they're, Carlo Allegri, Dow Jones, David French, Shashank Nayar, Medha Singh, Maju Samuel, Dan Grebler Organizations: Fed, Boeing, Treasury, Americas, New York Stock, REUTERS, Dow Jones, Nasdaq, Boeing Co, European Union, Airbus, Lordstown Motors Corp, Thomson Locations: wean, OANDA, Manhattan, New York City , New York, U.S, United States, New York, Bengaluru
Mr. Cuomo once described Mr. Percoco as “my father’s third son, who I sometimes think he loved the most.” But Mr. Percoco played an even larger role in Andrew Cuomo’s orbit, serving as the governor’s ultimate loyalist. Mr. Percoco was found guilty in a federal trial of taking more than $300,000 in bribes, mostly from Competitive Power Ventures, a Maryland-based power company with state business. The bulk of that was in the form of a “low-show job” given to Mr. Percoco’s wife, Lisa Toscano-Percoco. When Mr. Percoco was arrested in 2016, Mr. Cuomo’s campaign committee paid $80,000 for his legal fees. Some of the same group of longtime allies and friends who received Ms. Cuomo’s email were also asked to donate to the trust fund for Mr. Percoco’s daughters, according to several of them.
Persons: Cuomo, Percoco, Andrew Cuomo’s, Percoco’s, Lisa Toscano, Cuomo’s Organizations: Competitive Power Ventures, Capitol Locations: Maryland, Manhattan —, Albany
Morgan Stanley CEO to staff: Be back at New York headquarters by September
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: 888 7th Ave, a building that reportedly houses Archegos Capital, is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., March 29, 2021. Like the rest of Wall Street, most of Morgan Stanley’s nearly 70,000 employees worked remotely during the pandemic. Gorman also talked about the internal review the bank conducted after the meltdown of investing firm Archegos Capital Management, which resulted in Morgan Stanley losing $911 million earlier this year. Morgan Stanley reviewed all large, single-name margin positions backed by the bank, Gorman said, and found nothing concerning. A client of Morgan Stanley and several other banks, Archegos faced the biggest margin call in history when it amassed significant holdings of one stock, which suddenly lost value.
Persons: Carlo Allegri, Morgan Stanley’s, , James Gorman, Gorman, Morgan Stanley, Archegos Organizations: REUTERS, JPMorgan Chase &, Goldman Sachs, Inc, Archegos Capital Management Locations: Manhattan, New York City , New York, U.S, New York, India
Futures rise as focus turns to Fed's inflation stance
  + stars: | 2021-06-14 | by ( Medha Singh | ) www.reuters.com sentiment -0.97   time to read: +1 min
REUTERS/Carlo Allegri/File Photo(Reuters) - S&P 500 futures hit a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 3 points, or 0.07%, and Nasdaq 100 e-minis were up 34 points, or 0.24%. [O/R]United Airlines Holdings and American Airlines Group rose 0.7% each after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri Organizations: New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Dow e, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup Locations: Manhattan, New York City , New York, U.S, , Wyoming
(Reuters) -The S&P 500 was set to open near a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. REUTERS/Carlo Allegri/File PhotoRecent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. [O/R]United Airlines Holdings and American Airlines Group gained 0.4% and 0.7% respectively after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri, , Thomas Hayes, , Steve Burns, Julio Rodriguez Organizations: Reuters, New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Great, Great Hill Capital, , Dow E, Lordstown Motors Corp, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup, COVID Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
S&P 500 and Dow slip as upcoming Fed meeting looms
  + stars: | 2021-06-14 | by ( Medha Singh | David French | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) - The S&P 500 and the Dow dipped on Monday, with the former coming off a record closing high in the previous session as a lack of catalysts ahead of this week’s Federal Reserve meeting kept investors from making new significant bets. The S&P benchmark has climbed 13% this year, while the Dow and the Nasdaq have risen 12% and 9.6%, respectively. Materials and financials were the biggest drags on the S&P 500 on Monday, while technology and consumer discretionary were the only sectors in positive territory. By 2:00PM ET, the Dow Jones Industrial Average fell 256.18 points, or 0.74%, to 34,223.42, the S&P 500 lost 10.99 points, or 0.26%, to 4,236.45 and the Nasdaq Composite added 64.61 points, or 0.46%, to 14,134.03. The S&P 500 posted 29 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 120 new highs and 20 new lows.
Persons: Dow, Carlo Allegri, , Max Gokhman, Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: Reuters, Reserve, New York Stock Exchange, REUTERS, Tesla Inc, Apple Inc, Amazon.com Inc, Investors, Fed, Dow, Nasdaq, Life Fund, Dow Jones, Lordstown Motors Corp Locations: Manhattan, New York City , New York, U.S, , Wyoming, Newport Beach , California
(Reuters) - The S&P 500 and Nasdaq unofficially finished at record highs on Monday as most traders focused on this week’s Federal Reserve meeting and not on adding to existing positions. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. Materials and financials dragged on the S&P 500 on Monday, while technology and consumer discretionary were in positive territory. Unofficially, the Dow Jones Industrial Average fell 85.52 points, or 0.25%, to 34,394.08, the S&P 500 gained 7.76 points, or 0.18%, to 4,255.2 and the Nasdaq Composite added 104.72 points, or 0.74%, to 14,174.14. The news weighed on special purpose acquisition companies that are trying to merge with electric-vehicle manufacturers, as Lordstown Motors did.
Persons: Carlo Allegri, , Mark Stoeckle, Funds ., financials, Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: Reuters, Nasdaq, Reserve, New York Stock Exchange, REUTERS, Carlo Allegri Investors, Fed, Funds, Dow Jones, Lordstown Motors Corp, Lordstown, Churchill Capital Corp IV, Lucid Motors, Transition Corp Locations: Manhattan, New York City , New York, U.S, , Wyoming
REUTERS/Carlo Allegri/File PhotoThe S&P 500 and the Dow eased on Monday, a day after the S&P 500 hit a record closing high, as investors awaited cues from the Federal Reserve's meeting this week on the central bank's outlook on inflation and the future of bond purchases. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 (.SPX) to an all-time high. The benchmark has climbed 13% this year while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.6% and 9.2%, respectively. Healthcare (.SPXHC) and financials were the biggest drag on the S&P 500 on Monday, while technology (.SPLRCT) and consumer discretionary (.SPLRCD) provided the biggest boost. The S&P 500 posted 16 new 52-week highs and no new low, while the Nasdaq recorded 136 new highs and seven new lows.
Persons: Carlo Allegri, Dow, Thomas Hayes, financials, Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: New York Stock Exchange, REUTERS, Nasdaq, Tesla Inc, Apple Inc, Amazon.com Inc, Fed, Dow, Great, Great Hill Capital, Healthcare, Dow Jones, Lordstown Motors Corp, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
The New York Police Department has set up a mobile command post and increased patrols in the heart of Midtown Manhattan following a surge in robberies, assaults and shootings along a corridor popular with tourists and office workers. The command post was installed on June 4 at the intersection of Eighth Avenue and West 38th Street near several hotels, stores and offices. The setup includes an NYPD truck and metal barricades that run along the city block to carve out a staging area for police. An additional 24 officers have been dispatched on daily patrols along Eighth Avenue and Ninth Avenue from West 36th Street to West 46th Street to reassure the public and deter crime, according to NYPD Assistant Chief Stephen Hughes. There were about 150 robberies in the Patrol Borough from January through May, triple the number last year.
Persons: Stephen Hughes Organizations: New York Police Department, NYPD, West, Homeless, Police, Penn Station, Port Authority Bus Locations: Midtown Manhattan, West, Patrol Borough, South, Patrol
Total: 25