Wall St. rises as recovery hopes offset U.S. protests, China tensions

(Reuters) – U.S. stocks edged higher on Monday on prospects of a post-pandemic economic recovery, but the sentiment remained fragile amid protests across the country over race and an ongoing standoff between Washington and Beijing.

U.S. manufacturing activity eased off an 11-year low in May, an Institute for Supply Management (ISM) survey showed, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen.

“With the economic data beginning to ease off from their dire position two months ago, there is further upside as we head into the summer, which is normally a fairly difficult period for markets,” said Chris Beauchamp, chief market analyst at IG.

The three main indexes had opened lower as National Guard troops were deployed over the weekend in 15 states and Washington, D.C. in an attempt to quell a sixth night of violence that began with peaceful protests over the death of a black man, George Floyd, in police custody.

Target Corp (NYSE:TGT) and Walmart (NYSE:WMT) Inc closed stores during the unrest that included looting in many cities. Target and Walmart shares fell 1.9% and 0.9%, respectively.

Further denting the sentiment, reports said China had told state-owned firms to halt agricultural purchases from the United States, after Washington said it would eliminate special treatment for Hong Kong to punish Beijing.

“The tensions between the United States and China and the U.S. protests are beginning to make investors a little bit nervous,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

The escalation in Sino-U.S. tensions poses a major threat to the stock market’s rebound since late March that was powered by expectations of a recovery from the coronavirus-led downturn.

U.S. stocks had rebounded late in Friday’s session, with the S&P 500 logging its biggest two-month percentage gain since 2009, after President Donald Trump’s measures

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Dow Jones dips amid US protests, China tensions

  • 1

    Dow Jones dips amid US protests, China tensions

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  • World equities edge higher despite U.S.-China tensions

    NEW YORK (Reuters) – World stocks hovered near three-month highs and safe-haven government bonds inched lower as signs that Europe’s economic downturn has bottomed boosted risk appetite, despite worries over violent protests in the United States and unease over Washington’s standoff with Beijing.

    President Donald Trump left a trade deal with China intact Friday despite moving to end Washington’s special treatment for Hong Kong in retaliation for Beijing seeking to impose new security legislation on the city.

    China has asked state-owned firms to halt purchases of soybeans and pork from the United States in response, two people familiar with the matter said.

    “The Trump rhetoric against China and trade impediments against Hong Kong could have been a lot worse, hence the performance of those markets this morning, which has helped the risk backdrop,” said Chris Bailey, European strategist at wealth manager Raymond James.

    MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.29% following broad gains in Asia and Europe. The index .MIWD00000PUS is up more than 35% from its March lows.

    In morning trading on Wall Street, the Dow Jones Industrial Average .DJI fell 114.39 points, or 0.45%, to 25,268.72, the S&P 500 .SPX lost 11.9 points, or 0.39%, to 3,032.41 and the Nasdaq Composite .IXIC dropped 24.20 points, or 0.25%, to 9,465.68.

    Signs of a rebound from the global coronavirus lockdown helped bolster global equities and push safe haven assets lower. France’s manufacturing activity rose in May as the country began to emerge from a nearly two-month coronavirus lockdown, pulling the sector out of a nosedive that had seen activity hit a record low a month earlier, a survey showed on Monday.

    An official business survey from China showed its factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened.

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    Stocks Flat to Begin June

    The MarketWatch News Department was not involved in the creation of this content.

    Canada’s main stock index opened slightly higher on Monday, weighed by energy stocks on falling oil prices, as fears of low demand for crude offset the Organization of the Petroleum Exporting Countries and Russia considering extended production cuts.

    The S&P/TSX Composite Index eked up 13.23 points to commence trading Monday at 15,206.06.

    The Canadian dollar ballooned 0.45 cents at 73.02 cents U.S.

    Suncor’s CEO says the shift to electric vehicles and other low-carbon technologies could disrupt crude oil demand on a similar scale to the COVID-19 pandemic.

    Suncor shares lost 22 cents to $23.45.

    CIBC raised the target price on Aritzia to $22.00 from $19.00. Aritzia shares took on 40 cents, or 2.2%, to $18.54.

    CIBC cut the rating on Canopy Growth to neutral from outperform. Canopy Growth dumped $2.23, or 9.2%, to $21.98.

    RBC raised the target price on Enghouse Systems to $67.00 from $58.00. Enghouse slid 17 cents to $59.67.

    President Donald Trump on Friday ordered his administration to begin the process of eliminating special U.S. treatment for Hong Kong to punish China, but stopped short of calling an immediate end to privileges that have helped the territory remain a global financial center.

    On matters macroeconomic, the headline seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI(R)) registered 40.6 in May, up from 33.0 in April but still well below the neutral 50.0 threshold.

    The latest declines in output, new orders and employment were all less severe than in April, but still the second-fastest since the survey began nearly 10 years’ ago.

    ON BAYSTREET

    The TSX Venture Exchange continued on the march, accumulating 6.68 points or 1.2%, to 560.45.

    All but three of the 12 TSX subgroups were lower, as health-care doffed 1.6%,

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    Is NetEase, Inc (NTES) Going to Burn These Hedge Funds?

    In this article you are going to find out whether hedge funds think NetEase, Inc (NASDAQ:NTES) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market.

    NetEase, Inc (NASDAQ:NTES) investors should be aware of a decrease in support from the world’s most elite money managers lately. Our calculations also showed that NTES isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings and see the video for a quick look at the top 5 stocks).
    [embedded content]
    Video: Watch our video about the top 5 most popular hedge fund stocks.

    Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 51 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that’ll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 36% through May 18th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.

    AlphaOne Capital Partners' Returns, AUM and Holdings

    Paul Hondros of AlphaOne Capital

    At

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    Hedge Funds Have Never Been This Bullish On Akamai Technologies, Inc. (AKAM)

    In this article you are going to find out whether hedge funds think Akamai Technologies, Inc. (NASDAQ:AKAM) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market.

    Is Akamai Technologies, Inc. (NASDAQ:AKAM) a good stock to buy now? The best stock pickers are betting on the stock. The number of long hedge fund positions increased by 4 in recent months. Our calculations also showed that AKAM isn’t among the 30 most popular stocks among hedge funds (click for Q1 rankings and see the video for a quick look at the top 5 stocks).
    [embedded content]
    Video: Watch our video about the top 5 most popular hedge fund stocks.

    Why do we pay any attention at all to hedge fund sentiment? Our research has shown that a select group of hedge fund holdings outperformed the S&P 500 ETFs by 51 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that’ll significantly underperform the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 36% through May 18th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.

    Andrew Sandler of Sandler Capital Management

    At Insider Monkey we leave no stone unturned when looking for the next great investment

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    Nasdaq Nordic And Baltic Markets Trading Statistics May 2020

    Nasdaq (Nasdaq:NDAQ) today publishes monthly trade statistics for the Nordic1 and Baltic2 markets. Below follows a summary of the statistics for May 2020:

    The share trading increased by 42.4% to a daily average of 3.931bn EUR, compared to 2.762bn EUR in May 2019. Compared to the previous month, April 2020, the daily average increased by 5.9%. Cleared derivatives volume decreased by 28.5 % to a daily average of 342,913 contracts, compared with 479,581 contracts in May 2019. ETF trading3 (Exchange Traded Funds) increased by 24.3% to a daily average of 59.0m EUR compared to 47.5m EUR in May 2019. Novo Nordisk A/S was the most traded stock per day during the past month, followed by Genmab A/S. Morgan Stanley was the most active member during the past month, followed by HRTEU Ltd. Nasdaq Nordic’s share of order-book trading in our listed stocks increased to 77.3%, compared to 76.8% previous month4.

    The average order book depth on the best price level was larger at Nasdaq Nordic than the second most liquid trading venue, see detailed figures per exchange:

    For OMXC25 companies 2.7 larger For OMXH25 companies 2.3 larger For OMXS30 companies 2.0 larger

    Nasdaq Nordic’s average time at EBBO5 (European Best Bid and Offer) was:

    For OMXC25 companies 91.2% For OMXH25 companies 90.7% For OMXS30 companies 90.0%

     

    Nasdaq Copenhagen, Helsinki, Iceland and Stockholm. Nasdaq Riga, Tallinn and Vilnius. ETF  trading figure encompasses Nasdaq Stockholm, Helsinki and Iceland. Included are the main European marketplaces that offer trading in Nasdaq Nordic listed shares. Source: Thomson Reuters. EBBO (European Best Bid and Offer) refers to the current best price available for selling or buying a trading instrument such as a stock.

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    Financials help boost S&P/TSX composite

    TORONTO — Strength in the financial sector powered Canada’s main stock index higher in late-morning trading, while U.S. stock markets also moved up.

    The S&P/TSX composite index was up 50.81 points at 15,243.64.

    In New York, the Dow Jones industrial average was up 29.59 points at 25,412.70. The S&P 500 index was up 1.59 points at 3,045.90, while the Nasdaq composite was up 20.56 points at 9,510.43.

    The Canadian dollar traded for 73.42 cents US compared with 72.53 cents US on Friday.

    The July crude contract was down 90 cents at US$34.59 per barrel and the July natural gas contract was down nearly eight cents at US$1.77 per mmBTU.

    The August gold contract was down US$1.10 at US$1.750.60 an ounce and the July copper contract was up four cents at nearly US$2.47 a pound.

    This report by The Canadian Press was first published June 1, 2020.

    Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

    By The Canadian Press

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    Stocks slide after weekend riots, China cuts US ag purchases

    Former NYSE Chairman Richard Grasso on the New York Stock Exchange floor closing due to the coronavirus.

    U.S. equity markets were higher Monday after riots over the weekend left a trail of destruction across America and China ordered state-run companies to stop the purchases of some U.S. products.

    Continue Reading Below

    The Dow Jones Industrial Average gained nearly 50 points, or 0.18 percent, after falling by as many as 162 points in the opening minutes of trading. The S&P 500 and the Nasdaq Composite were higher by 0.17 percent and 0.34 percent, respectively.

    Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 25442.41 +59.30 +0.23% SP500 S&P 500 3048.31 +4.00 +0.13% I:COMP NASDAQ COMPOSITE INDEX 9525.559375 +35.69 +0.38%

    Riots erupted across the country over the weekend, causing the deployment of 5,000 National Guard members in at least 15 states. The reinforcements were unable to prevent rioters from destroying property, setting fires and looting stores nationwide.

    Meanwhile, China on Monday ordered state-run agriculture buyers to temporarily halt purchases of U.S. products including soybeans and pork, according to a Bloomberg report confirmed by FOX Business.

    The decision, which puts the partial trade agreement in jeopardy, comes after President Trump on Friday ordered his administration to punish Beijing for passing a national security bill that bypassed Hong Kong’s legislature, effectively ending the “one country, two systems” governing principle that was guaranteed for the 50 years following Great Britain’s 1997 handover to China.

    The major averages trimmed their early losses after the May reading of ISM Manufacturing climbed to 43.1 from last month’s 41.5. Wall Street analysts surveyed by Refinitiv were expecting a reading of 43.6.

    Retailers were in focus after a weekend of looting swept stores in major shopping areas across the country. Target, Walmart and Nike are among

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