After a big sell-off on Wall Street, charts expert Ralph Acampora sees the latest unsuccessful rally as the possible beginning of a bear market. “Failed rallies are anathema to the stock market,” Acampora, director of technical research at Altaira Capital Partners, told CNBC’s “Futures Now” on Tuesday. To Acampora, the S&P 500 closing below 2,700 […]
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Profitability at parts of AK Steel remains limited, according to Goldman Sachs, despite support from President Donald Trump’s aggressive tariffs on foreign steel. The bank downgraded shares to sell from neutral on Wednesday citing increased competition within its core automotive U.S. business . “AK Steel shares are now trading below their level from early November […]
Read moreInterest rates are rising. Sell your REITs! That’s the usual knee-jerk reaction of investors when the economic cycle is getting old and the Federal Reserve Bank is raising interest rates. True to form, real estate investment trusts were clobbered in February after the Fed hiked short-term rates again and the 10-year Treasury bond yield spiked […]
Read moreU.S. economic growth slowed slightly more than initially thought in the first quarter amid downward revisions to inventory investment and consumer spending, but income tax cuts are likely to boost activity this year. Gross domestic product increased at a 2.2 percent annual rate, the Commerce Department said in its second estimate of first-quarter GDP on […]
Read moreThe optimism over Apple’s services opportunity is overblown, according to one Wall Street firm. Maxim Group lowered its rating to hold from buy for Apple shares, predicting the company’s subscription businesses will disappoint investors. “Prior survey data indicates attach rates for [Apple’s] subscription services will be at best 30%, likely lower given ecosystem centric approach, […]
Read moreNobel Prize-winning economist Robert Shiller hasn’t been the most optimistic voice on Wall Street, but he isn’t writing off the bull market. His chief reason: President Donald Trump‘s pro-business influence. “There is a sort of optimism about the markets under Trump, and that’s continuing. I don’t see a reason for it about to change,” the […]
Read moreCurrency, United States Finance
Markets are pricing in a cut for Italy's credit rating to 'junk' status
Italy’s political turmoil has left Credit Default Swap (CDS) markets pricing in a super-sized sovereign rating downgrade, which, if it happened, would push the country deep into “junk-grade” territory. A gauge using CDS levels compiled by S&P’s Capital IQ analytics unit, known as a Market Derived Signal Score (MDS), now puts Italy’s government debt at […]
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Political turmoil in Italy has TradingAnalysis.com founder Todd Gordon betting on a drop for another key European market: Germany. The German stock market-tracking ETF (EWG) tumbled more than 3 percent Tuesday, and Gordon believes the ETF, which he says is “representative of [the] overall condition of European markets,” is headed lower on the recent volatility. […]
Read moreCheck out the companies making headlines before the bell: Dick’s Sporting Goods – The sporting goods retailer beat forecasts by 7 cents a share, with adjusted quarterly profit of 52 cents per share. Revenue also came in above forecasts. Comparable-store sales fell more than expected, but Dick’s also raised its full-year outlook largely above Street’s […]
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Lega leader’s call for fresh election takes gloss off Italian recovery
A recovery in Italian stocks has been slowed by news that the leader of the right-wing Lega party has called for a new election. Matteo Salvini said Wednesday that he wanted new elections in Italy “as soon as possible.” Salvini added that holding a fresh vote in late July would be disruptive for many Italians, […]
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