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(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
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
REUTERS/Carlo Allegri/File PhotoThe 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. 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. 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 (.DJI) and the Nasdaq (.IXIC) have risen 12.6% and 9.2%, respectively. At 08:24 a.m. EDT, Dow E-minis were down 8 points, or 0.02%, S&P 500 E-minis were up 3 points, or 0.07% and Nasdaq 100 E-minis were up 42.75 points, or 0.31%.
Persons: Carlo Allegri, Thomas Hayes, Steve Burns, Julio Rodriguez Organizations: 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, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
Stocks rally, yields drop as U.S. CPI data calms investors
  + stars: | 2021-06-10 | by ( Herbert Lash | ) www.reuters.com + 0.00   time to read: +4 min
The report was largely in line with expectations, said Subadra Rajappa, head Of U.S. rates strategy at Societe Generale in New York. “The (equity) market is going to ignore the data. MSCI’s all-country world index rose 0.45% to 718.81, nudging past its previous record set Tuesday. In the United States, data showed people filing new claims for unemployment benefits fell last week to the lowest level in nearly 15 months. The dollar index fell 0.071%, with the euro down 0.07% to $1.217.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , MSCI’s, Thomas Hayes, ” Hayes, , Brent Organizations: YORK, Global, London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Societe Generale, Treasury, Americas, European Central Bank, Dow Jones, Nasdaq, Great, Great Hill Capital, ECB, U.S, West Texas Locations: City, City of London, Britain, New York, Natixis, Great Hill, United States
Clover Health soars 49% as 'meme stock' rally powers on
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 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. read moreMedicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc (WKHS.O) are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. Clover's shares were last up 49% at $17.74 after earlier hitting a record high of $18.92. Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. Workhorse shares gained 10.0%, while AMC and GameStop rose 4.9% and 11.0%, respectively.
Persons: Carlo Allegri, Clover, Thomas Hayes, Chamath Palihapitiya Organizations: AMC, REUTERS, Clover Health Investments Corp, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Great, Capital, Trade, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health soars as 'meme stock' rally gathers steam
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +3 min
Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. Today' peak gamma is at $16 and there isn't much gamma between $16 and $20 to drive it higher," Wolberg said. With Clover options trading in heavy volume, the gamma picture can quickly change as investors take new positions. Wendy's (WEN.O) was also jumping in high volume, and its shares were last up 15.8%. Workhorse (WKHS.O) shares gained 17.4%, while AMC was up 3.9%, GameStop rose 11.7% and Carlotz (LOTZ.O) was up 24.6%.
Persons: Carlo Allegri, Clover, Thomas Hayes, Jay Wolberg, Wolberg Organizations: AMC, REUTERS, Clover Health Investments Corp, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Great, Capital, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health soars as 'meme stock' rally expands
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +4 min
read moreShort interest in Clover Health is at 49.10 million shares, or 43.5% of the float, Ihor Dusaniwsky, managing director of predictive analytics at S3 said on Tuesday. Shorts have been building their position in Clover Health as its stock price has been rallying, Dusaniwsky said. Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. With Clover options trading in heavy volume, the gamma picture can quickly change as investors take new positions. Electric-truck maker Workhorse Group Inc (WKHS.O) shares gained 17.4%, while AMC was down 0.8%, and Carlotz (LOTZ.O) climbed 23.3%.
Persons: Carlo Allegri, Clover, Thomas Hayes, Dusaniwsky, , Jay Wolberg, Wolberg Organizations: AMC, REUTERS, Clover Health Investments Corp, Medicare, Great, Capital, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Clover Health, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Investors see Biden's 15% minimum tax offer as positive
  + stars: | 2021-06-03 | by ( Herbert Lash | ) www.reuters.com sentiment -0.98   time to read: +2 min
NEW YORK (Reuters) -Investors hailed U.S. President Joe Biden’s offer on Thursday to scrap his proposed 28% corporate tax hike as a move in the right direction and embraced the idea of a compromise that could allow an infrastructure and tax package to move through Congress. In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending, versus the president’s original proposal for a $2.25 trillion package. Raising the global minimum rate on U.S. companies’ foreign income to 21% from 10.5% and the corporate tax rate to 28% from 21%, among other Biden tax proposals, would slash earnings per share by about 7.6% next year, Morgan Stanley said on Monday. Investors would welcome a compromise that allows the infrastructure and tax package to pass in Congress, said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. Rob Sechan, managing partner and co-founder at Newedge Wealth in New York, said anything that is less than the expected 28% tax hike will help the market.
Persons: Joe Biden’s, Dado Ruvic, Biden, , Gary Bradshaw, Morgan Stanley, Rick Meckler, ” Meckler, Rob Sechan, Thomas Hayes, , ” Hayes Organizations: YORK, Investors, REUTERS, Democratic, Hodges Capital Management, Cherry Lane Investments, Capital Locations: Dallas, New Vernon , New Jersey, New York, headwind
Investors see Biden’s 15% minimum tax offer as positive
  + stars: | 2021-06-03 | by ( Herbert Lash | ) www.reuters.com sentiment -0.98   time to read: +2 min
REUTERS/Dado Ruvic/IllustrationInvestors hailed U.S. President Joe Biden’s offer on Thursday to scrap his proposed 28% corporate tax hike as a move in the right direction and embraced the idea of a compromise that could allow an infrastructure and tax package to move through Congress. In return, Republicans would have to agree to at least $1 trillion in new infrastructure spending, versus the president's original proposal for a $2.25 trillion package. Raising the global minimum rate on U.S. companies' foreign income to 21% from 10.5% and the corporate tax rate to 28% from 21%, among other Biden tax proposals, would slash earnings per share by about 7.6% next year, Morgan Stanley said on Monday. Investors would welcome a compromise that allows the infrastructure and tax package to pass in Congress, said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. Rob Sechan, managing partner and co-founder at Newedge Wealth in New York, said anything that is less than the expected 28% tax hike will help the market.
Persons: Dado Ruvic, Joe Biden’s, Biden, Gary Bradshaw, Morgan Stanley, Rick Meckler, Meckler, Rob Sechan, Thomas Hayes, , ” Hayes Organizations: REUTERS, Investors, Democratic, Hodges Capital Management, Cherry Lane Investments, Capital, Thomson Locations: Dallas, New Vernon , New Jersey, New York, headwind
AMC leads ‘meme stocks’ higher after $230 mln capital raise
  + stars: | 2021-06-01 | by ( ) www.reuters.com + 0.00   time to read: +4 min
AMC shares traded above $31 at mid-afternoon. "The stock is pricing in a lot of good news," Thomas Hayes, managing member at Great Hill Capital Llc, said of AMC. He also noted, however, that AMC shares are more expensive than they were before COVID-19 hit movie theater attendance in early 2020. Meanwhile, U.S.-listed shares of security software provider BlackBerry , another so-called meme stock often discussed on forums such as Reddit's WallStreetBets, rose around 12%. On trading-focused social media site Stocktwits, nearly 96% of messages related to AMC featured positive sentiment toward the stock on Tuesday.
Persons: Carlo Allegri, Mudrick, Adam Aron, John Krasinski's, Thomas Hayes, Hayes, Rick Meckler Organizations: AMC, REUTERS, AMC Entertainment Holdings Inc, Mudrick Capital, Bloomberg News, GameStop, Great, Capital, BlackBerry, Cherry Lane Investments, Thomson Locations: Manhattan, New York City , New York, U.S, North America, bitcoin
Equities, yields rise as U.S. data shows economy gaining momentum
  + stars: | 2021-05-27 | by ( Chibuike Oguh | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) -World equity markets and U.S. Treasury yields rose on Thursday as better-than-expected jobless claims data and a positive report on first-quarter gross domestic product showed that economic recovery is gathering steam. The MSCI world equity index rose 0.15% to 709.59. Europe’s broadest stock index gained 0.37%, driven by industrials, basic materials and financial sectors. The dollar index traded in a narrow range on Thursday as traders still looked toward an upcoming inflation report closely watched by Federal Reserve. Oil prices rose on Thursday, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies.
Persons: Carlo Allegri, , Thomas Hayes, Richard Clarida, Randal Quarles, Brent Organizations: YORK, Treasury, New York Stock Exchange, REUTERS, U.S . Labor Department, Reuters, Commerce Department, Great, Dow Jones, Nasdaq, Japan, Federal Reserve, U.S, West Texas Locations: U.S, Manhattan, New York City , New York, Great Hill, Asia, Pacific
Wall St set to rise as Fed calms inflation worries
  + stars: | 2021-05-26 | by ( Shashank Nayar | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -Wall Street’s main indexes were set to rise on Wednesday after remarks from the Federal Reserve helped calm inflation worries, while a recent dip in bond yields supported heavyweight tech-related stocks for a third straight session. The New York Stock Exchange is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. [US/]Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates. ET, Dow e-minis were up 88 points, or 0.26%, S&P 500 e-minis were up 14.25 points, or 0.34%, and Nasdaq 100 e-minis were up 63.25 points, or 0.46%. Ford Motor Co gained 2.1% after it outlined plans to boost spending on its electrification efforts by more than a third.
Persons: Carlo Allegri, , Thomas Hayes, Richard Clarida, bitcoin Organizations: Reuters, Federal Reserve, The New York Stock, REUTERS, Carlo Allegri Apple Inc, Amazon.com Inc, Microsoft Corp, “ Tech, Great, Capital, Dow e, Nasdaq, Coinbase, Department, Nordstrom Inc, Urban Outfitters, Ford Motor Locations: Manhattan, New York City , New York, U.S, New York
Wall St rises as Fed officials soothe inflation worries
  + stars: | 2021-05-26 | by ( Shashank Nayar | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) - Wall Street’s main indexes rose marginally on Wednesday after remarks from the Federal Reserve helped ease worries about higher inflation, while a recent dip in bond yields supported heavyweight tech-related stocks for a third straight session. The New York Stock Exchange is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. [US/]Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates. Technology and consumer discretionary, among the worst performing S&P sectors this month, provided the biggest support to the benchmark S&P 500. Advancing issues outnumbered decliners by a 2.19-to-1 ratio on the NYSE and by a 2.89-to-1 ratio on the Nasdaq.
Persons: Carlo Allegri, , Thomas Hayes, Richard Clarida, bitcoin Organizations: Reuters, Federal Reserve, The New York Stock, REUTERS, Carlo Allegri Apple Inc, Amazon.com Inc, Technology, “ Tech, Great, Capital, Dow Jones, Nasdaq, Coinbase, Ford Motor, . Department, Nordstrom Inc, Urban Outfitters, NYSE Locations: Manhattan, New York City , New York, U.S, New York
Equities rally, dollar falls as inflation concerns grow
  + stars: | 2021-05-24 | by ( Chibuike Oguh | ) www.reuters.com + 0.00   time to read: +3 min
NEW YORK (Reuters) - Global equities gained on Monday while the dollar traded near four-month lows against major currencies as investors eye upcoming U.S. inflation readings for guidance on monetary policy. The MSCI world equity index rose 0.77% to 706.96. Europe’s broad FTSEurofirst 300 index added 0.10% to close at 1,715.51, with technology stocks helping the index hover near record highs. Japan’s Nikkei added 0.2% and Chinese blue chips 0.4%. A high core inflation reading would ring alarm bells and could revive talk of an early tapering by the U.S. Federal Reserve.
Persons: Nicky Loh, , Thomas Hayes, ” Hayes, Brent, Bitcoin Organizations: YORK, Global, REUTERS, Federal, Treasury, Great, Dow Jones, Nasdaq, Japan’s Nikkei, U.S . Federal, Fed Locations: Taipei, New York, Asia, Pacific, Japan, Europe, United States, U.S, Iran
NEW YORK (Reuters) - U.S. stocks ended mostly lower on Friday, weighed down by technology and consumer discretionary shares, while the dollar edged higher after stronger-than-expected U.S. manufacturing data. Data firm IHS Markit said its flash U.S. manufacturing PMI increased to 61.5 in the first half of this month. The S&P tech index closed down 0.5%, while the consumer discretionary index fell 0.6%. The pan-European STOXX 600 index rose 0.57% and MSCI’s gauge of stocks across the globe gained 0.03%. The dollar index rose 0.27%, with the euro down 0.38% to $1.2179.
Persons: IHS Markit, Patrick Harker, , Thomas Hayes, Nicky Loh, Sterling, bitcoin, Bitcoin Organizations: YORK, Treasury, IHS, Reuters, Reserve, Philadelphia Fed Bank, World Health Organization, , Capital LLC, REUTERS, Dow Jones, Nasdaq, U.S . Treasury Department, Internal Revenue Service, Fed, Brent, U.S, West Texas Intermediate Locations: U.S, Taipei, China, Gulf, Mexico
Bitcoin plunges: A bust or a buy?
  + stars: | 2021-05-19 | by ( Tommy Wilkes | Sujata Rao | Gertrude Chavez-Dreyfuss | ) www.reuters.com + 0.00   time to read: +5 min
At one point on Wednesday nearly $1 trillion was wiped off the market capitalization of the entire crypto sector. A Bitcoin (BTC) and crypto currency ATM machine displays the Bitcoin price in a shop in Union City, New Jersey, U.S., May 19, 2021. Cryptocurrency price declines last week were sparked by Musk’s reversal on Tesla accepting bitcoin as payment, citing the heavy environmental toll of “mining” bitcoin, which requires a lot of electricity to power the computers that create bitcoin. SAFE HAVEN GOLDInvestors could also be exiting bitcoin for gold, analysts at JPMorgan said, citing data on open interest in CME bitcoin futures contracts. That the crypto asset is tumbling at a time when inflation fears are rising undermines the case for investing in the asset class to hedge against inflation, analysts said.
Persons: Elon Musk, Cathie Wood, , , Thomas Hayes, James Bullard, Tesla’s, Mike Segar, Gavin Smith, we’re, Musk, bitcoin, Ulrik Lykke Organizations: Tesla Inc, Capital LLC, Federal Reserve, Louis Federal Reserve, U.S, Treasury, REUTERS, Bloomberg, HAVEN, JPMorgan, Locations: ” St, China, Union City , New Jersey, U.S
World stocks, commodities boom on U.S. weak jobs data
  + stars: | 2021-05-07 | by ( Herbert Lash | Ritvik Carvalho | ) www.reuters.com + 0.00   time to read: +5 min
Nonfarm payrolls increased by only 266,000 jobs last month.Data for March was revised down to show 770,000 jobs addedinstead of 916,000 as previously reported. Both indexes set new highs, as did Canada’s Toronto Stock Exchange 300 Composite Index, which rose 0.94% to 19472.74. For the week, the Dow rose 2.65%, the S&P500 1.23% and the Nasdaq slipped 1.51%. Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose about 0.4%, while Japan’s Nikkei gained about 0.2%. Brent crude futures rose 19 cents to settle at $68.28 a barrel, while U.S. crude futures gained 19 cents to settle at $64.90 a barrel.
Persons: tamped, Joe Biden, Gold, byReuters, , , Joseph LaVorgna, DAX, Issei Kato, Thomas Hayes, Boris Schlossberg Organizations: Treasury, Americas, Toronto Stock, CAC, Dow, Dow Jones, Nasdaq, U.S ., REUTERS, , Capital, Japan’s Nikkei, BK Asset Management, Brent Locations: U.S, Natixis, New York, Tokyo, Japan, Asia, Pacific, India, United States
Stocks at new peaks, commodities jump on U.S. jobs data
  + stars: | 2021-05-07 | by ( Herbert Lash | Ritvik Carvalho | ) www.reuters.com + 0.00   time to read: +4 min
FILE PHOTO: A street sign, Wall Street, is seen outside New York Stock Exchange (NYSE) in New York City, New York, U.S., January 3, 2019. Nonfarm payrolls increased by only 266,000 jobs last month.Data for March was revised down to show 770,000 jobs addedinstead of 916,000 as previously reported. The economy is booming, and the labor market recovery is still ongoing.”MSCI’s benchmark for global equity markets rose 0.86% to 710.17. The benchmark index is dominated by Asian currencies, including China’s yuan, which strengthened more than 0.5% in offshore trading to hit its best level in 2-1/2 months. Brent crude futures rose 19 cents to settle at $68.28 a barrel, while U.S. crude futures gained 19 cents to settle at $64.90 a barrel.
Persons: tamped, Shannon Stapleton, Joe Biden, byReuters, , , Joseph LaVorgna, Thomas Hayes, Boris Schlossberg Organizations: New York Stock Exchange, REUTERS, Treasury, Americas, Dow, Dow Jones, Nasdaq, , Capital, Japan’s Nikkei, BK Asset Management, Brent Locations: New, New York City , New York, U.S, Natixis, New York, Asia, Pacific, Japan, India, United States
REUTERS/Shannon StapletonThe S&P 500 hovered near record highs on Thursday, helped by gains in Facebook and upbeat economic data, while the Nasdaq eased as investors locked in profits from certain megacap technology firms. Seven of the 11 major S&P 500 sectors were trading higher, with communication services stocks (.SPLRCL) leading gains. Of the 265 companies in the S&P 500 that have reported so far, 86.8% have topped analysts' earnings estimates, with Refinitiv IBES data now predicting a 44.7% jump in profit growth. The S&P 500 (.SPX) and the Nasdaq (.IXIC) indexes had touched record highs earlier in the session. The S&P index recorded 104 new 52-week highs and no new low, while the Nasdaq recorded 130 new highs and 18 new lows.
Persons: Shannon Stapleton, Thomas Hayes, Paul Nolte, Joe Biden, advancers Organizations: New York Stock Exchange, REUTERS, Facebook, Nasdaq, Facebook Inc, Apple Inc, Microsoft Corp, Tesla Inc, Amazon.com Inc, Apple, Microsoft, Great, Kingsview, Management, Dow, Caterpillar Inc, Merck, Co Inc, Federal Reserve, U.S, Dow Jones, McDonald's Corp, Wall, Twitter Inc, Gilead Sciences Inc, NYSE, Thomson Locations: New York City, U.S, Great Hill, Chicago, Gilead
Nasdaq set to open lower ahead of big tech earnings
  + stars: | 2021-04-26 | by ( Shivani Kumaresan | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -The Nasdaq index looked set to open lower on Monday as big technology stocks retreated ahead of first-quarter results later this week, while investors awaited clarity on a new tax plan from President Joe Biden. REUTERS/Carlo AllegriHigh-flying firms, including Alphabet Inc, Amazon.com Inc and Microsoft Corp, were flat to 0.3% lower in premarket trading. Of the 123 companies in the S&P 500 that have reported so far, 85.4% have topped analysts’ earnings estimates, with Refinitiv IBES data now predicting a 33.9% jump in profit growth. ET, Dow e-minis were up 45 points, or 0.13%, S&P 500 e-minis were down 1 points, or 0.02%, and Nasdaq 100 e-minis were down 31.25 points, or 0.22%. Shares of oil companies, including ExxonMobil Corp, Chevron Corp, Occidental Petroleum and Marathon Petroleum, shed between 0.2% and 0.7% as oil prices fell.
Persons: Joe Biden, Carlo Allegri, , Thomas Hayes, Goldman Sachs, Morgan Stanley Organizations: Reuters, New York Stock Exchange, REUTERS, Alphabet Inc, Amazon.com Inc, Microsoft Corp, Tesla Inc, Facebook, Google, Apple, Great, Capital, Reserve, Dow e, Nasdaq, Deutsche Bank, Dow, ExxonMobil Corp, Chevron Corp, Occidental Petroleum, Marathon Petroleum Locations: Manhattan, New York City , New York, U.S, New York
(Reuters) - Wall Street’s main indexes rose on Monday as Tesla shares gained ahead of the electric-car maker’s earnings report, which would kick off this week’s results from heavyweight technology companies. Seven of the 11 major S&P 500 sectors were trading higher, with financials gaining the most, while defensive utilities and consumer staples led declines. Of the 123 companies in the S&P 500 that have reported so far, 85.4% have topped analysts’ earnings estimates, with Refinitiv IBES data now predicting a 33.9% jump in profit growth. Meanwhile, analysts at Goldman Sachs, Morgan Stanley, Deutsche Bank have warned of some turbulence ahead, after a rally that has taken the S&P 500 and Dow to fresh records this year. Advancing issues outnumbered decliners by a 2.22-to-1 ratio on the NYSE and by a 2.09-to-1 ratio on the Nasdaq.
Persons: Tesla, Carlo Allegri Tesla, , Thomas Hayes, Goldman Sachs, Morgan Stanley, Bitcoin Organizations: Reuters, New York Stock Exchange, REUTERS, Microsoft Corp, Google, Inc, Apple Inc, Facebook Inc, Facebook, Apple, Great, Capital, financials, Reserve, Dow Jones, Nasdaq, Deutsche Bank, Dow, Riot, NYSE Locations: Manhattan, New York City , New York, U.S, New York
US STOCKS-U.S. stocks close down on news of Biden tax proposal
  + stars: | 2021-04-22 | by ( Herbert Lash | ) www.reuters.com + 0.00   time to read: +4 min
The proposal targets about $1 trillion for child care, universal pre-kindergarten education and paid leave for workers, the sources said. All 11 S&P 500 sectors closed lower as Microsoft, Apple Inc , Amazon.com Inc and Tesla Inc weighted the most on the downdraft. The Dow Jones Industrial Average fell 0.94% to 33,815.9, the S&P 500 lost 0.92% at 4,134.98, and the Nasdaq Composite dropped 0.94% to 13,818.41. Biogen shares fell 4.0%. The S&P 500 posted 84 new 52-week highs and no new lows; the Nasdaq Composite recorded 86 new highs and 20 new lows.
Persons: Joe Biden, Biden, we’d, , Thomas Hayes, Paul Nolte, Hayes, Randy Frederick, Charles Schwab, “ There’s, Organizations: Dow, Nasdaq, Capital, Kingsview Investment Management, Reuters, Microsoft Corp, Google, Inc, Facebook Inc, American Airlines Group Inc, Southwest Airlines Co, Investors, The Labor Department, Microsoft, Apple Inc, Amazon.com Inc, Tesla Inc, Dow Jones, T Inc, Wall, Biogen Inc, NYSE Locations: Chicago, India, Asia,
Quotes: Biden to propose hike in capital gains taxes - sources
  + stars: | 2021-04-22 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +5 min
NEW YORK (Reuters) - Stocks on Wall Street were thrown into reverse on Thursday on reports that U.S. President Joe Biden will propose hiking taxes on the wealthy, including capital gains taxes. The proposals will include raising the marginal income tax rate to 39.6% from 37%, and nearly doubling taxes on capital gains to 39.6% for people earning more than $1 million, according to the sources. I do think it is probably unlikely that that would pass through.”“Investors always should at least focus on any time there is a discrepancy between the capital gains tax and the dividend tax rate. “Higher capital gains taxes would cut into profits, so it forces some rethinking as to what earnings growth is going to look like in terms of the bottom line. People are going to want to seal in lower capital gains rates than they could see in the future.
Persons: Joe Biden, Tom Brenner, Biden, CHARLES LEMONIDES, ” BURNS MCKINNEY, ” “, , ” PAUL NOLTE, ” KIM FORREST, ” THOMAS HAYES, we’d, ” ED MOYA, ” OLIVER PURSCHE, MATTHEW KEATOR Organizations: YORK, White, REUTERS, Bloomberg, DALLAS, CHICAGO, PITTSBURGH, GREAT, , Senate, Republicans Locations: Washington , U.S, LENOX , MASSACHUSETTS
That would be the highest tax rate on investment gains, which are mostly paid by the wealthiest Americans, since the 1920s. Wealthy Americans could face an overall federal capital gains tax rate of 43.4% including the 3.8% net investment tax on individuals with income of $200,000 or more ($250,000 married filing jointly). Currently, those earning more than $200,000 pay a capital gains rate of about 23.8% including the Obamacare net investment tax instituted as part of that law. Average capital gains taxes in Europe are around 19.3%, and the highest rate there is in Denmark, which collects 42%. For residents of some states and cities that assess their own capital gains levy, Biden’s plan would push the total capital gains rate to more than 50%, York said.
Persons: Joe Biden, we’d, , Thomas Hayes, Biden, Jen Psaki, ” Psaki, Tom Brenner, Joe Manchin, Steve Chiavarone, , Biden doesn’t, Erica York, York Organizations: WASHINGTON, Democratic Party, Republicans, Capital, White, Reuters, New York Times, Biden’s, REUTERS, Federated Hermes, Tax Foundation Locations: United States, Washington , U.S, West Virginia, Europe, Denmark, France, Finland, California, New York City, Portland , Oregon, York
(Reuters) - The S&P 500 and the Dow edged lower on Thursday as a resurgence of COVID-19 cases globally sapped appetite for stocks, while market participants digested earnings from U.S. airlines and AT&T, along with mixed readings on economic data. REUTERS/Carlo AllegriInvestor sentiment gradually improved by early afternoon, with seven of the 11 main S&P 500 sectors rising. The S&P 500 healthcare sector hit a fresh record high, while industrials were the biggest gainers. ET the Dow Jones Industrial Average was down 64.28 points, or 0.19%, at 34,073.03, the S&P 500 was down 1.51 points, or 0.04%, at 4,171.91 and the Nasdaq Composite was up 29.57 points, or 0.21%, at 13,979.79. The S&P index recorded 76 new 52-week highs and no new low, while the Nasdaq recorded 74 new highs and seven new lows.
Persons: Carlo Allegri, industrials, behemoths, Thomas Hayes, ” Hayes Organizations: Reuters, Dow, New York Stock Exchange, REUTERS, The Labor Department, Investors, Apple Inc, Nasdaq, American Airlines Group Inc, Southwest Airlines Co, Southwest, American Airlines, T Inc, Dow Jones, Intel Corp, NYSE Locations: Manhattan, New York City , New York, U.S, United States, India, Asia
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