Is Bankruptcy The Light At The End Of Your Tunnel?

Is Bankruptcy The Light At The End Of Your Tunnel?

Many things can happen in life that can cause personal financial strain. It can be brought on by poor decisions, loss of income or even, a death in the family. No matter More »

How To Pick The Best Personal Bankruptcy Lawyer To Help Your Case

How To Pick The Best Personal Bankruptcy Lawyer To Help Your Case

Personal bankruptcy can be a scary situation for those who are facing repossession from the government and constant calls from debt collectors. If you find yourself in a hole that you cannot More »

Bankruptcy: What Are My Options And Limitations?

Bankruptcy: What Are My Options And Limitations?

Even though filing for personal bankruptcy can seem like something to put off, you should not wait too long to do it. Know what you are about to go through and then More »

Why Personal Bankruptcy Is The Best Option For Some People

Why Personal Bankruptcy Is The Best Option For Some People

Looking into bankruptcy can be like looking into a murky sea. With so many laws and regulations, how do you know what steps to take so you can file for bankruptcy and More »

 

Stock futures rise in overnight trading after S&P 500 posts 4-day losing streak

Stock futures rose slightly in overnight trading on Monday following a steep sell-off on Wall Street.

Futures on the Dow Jones Industrial Average rose about 100 points. The S&P 500 futures gained 0.4% and the Nasdaq 100 futures were up 0.5%.

The market’s September sell-off intensified on Monday with the Dow Jones Industrial Average dropping 500 points, suffering its worst day since Sept. 8. The S&P 500 lost 1.2%, posting its first four-day losing streak since February. The Nasdaq Composite dipped just 0.1% after a late-day comeback rally.

Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise. Meanwhile, prospects of further U.S. coronavirus fiscal stimulus became bleaker as lawmakers brace for a Supreme Court confirmation fight as President Donald Trump rushes to nominate a successor to Justice Ruth Bader Ginsburg, who died on Friday.

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“Coronavirus concerns have resurfaced, worrying investors that a reversal in reopening progress could be near,” Lindsey Bell, chief investment strategist for Ally Invest, said in a note. “More and more uncertainty is arising as we get closer to the election but no closer to Congressional fiscal relief. But we’re still optimistic this dip will be bought sooner rather than later.”

The major averages are on pace for steep losses for September, a typical weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow and the S&P 500 have fallen 4.5% and 6.3% this month, respectively, while the Nasdaq has dropped 8.4% as investors dumped high-flying tech giants.

“Market volatility is returning after months of steady advances in risk assets, and we see elevated volatility ahead of the November U.S. election,” Jean Boivin, head of BlockRock Investment Institute, said in a note. “In addition, negotiations of a new U.S. fiscal package are dragging on, the pandemic is still spreading in many countries, and U.S. China tensions are running high.”

On Tuesday, investors will monitor a hearing with U.S. Treasury Secretary Steven Mnuchin and Federal Reserve chair Jerome Powell in front of the House Financial Services Committee about pandemic responses.

On earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.

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Author: Yun Li

Dollar will lose recent strength and test Feb. 2018 lows, top currency strategist Win Thin predicts

While the stock market continues to struggle, the dollar is kicking off the week around six-week highs. 

However, Brown Brothers Harriman’s Win Thin warns the greenback won’t stay there because the backdrop supports another leg lower.

He expects the U.S. Dollar Index  to test Feb. 2018 lows — which would be around the “88 and change” level. The move would imply about a 5% decline from current levels.

“Since the pandemic really intensified in March, we’ve seen the dollar gain from bouts of risk-off. But really, those gains have not been long lasting,” the firm’s global head of global currency strategist told CNBC’s “Trading Nation” on Monday. “The headwinds are building on the dollar and the U.S. economy. So, I think the recovery maybe gets pushed out into early 2021.”

His base case takes into account the resurgence in coronavirus cases here and abroad — as well as the notion lawmakers won’t pass a second stimulus package before the November election.

“The odds are falling precipitously,” he said. “We’re seeing softness in the U.S. economic data as the [current] stimulus runs out. To me, that’s all dollar negative.”

Thin, who turned bearish on the greenback in April when the Federal Reserve initiated unprecedented policy actions to help the economy, charges its ultra-dovishness prevents the firmer dollar from sticking. 

Despite his weakness call, Thin does not characterize himself as a long-term bear right now. He cites cyclical issues for his weakness forecast — not structural.

“I just don’t think we’re there yet,” Thin said.

Even with the recent strength, the dollar is off more than 9% over the past six months. 

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Author: Stephanie Landsman

Stock futures flat in overnight trading after S&P 500 posts 4-day losing streak

A man walks near the New York Stock Exchange (NYSE) on August 31, 2020 at Wall Street in New York City.
Angela Weiss | AFP | Getty Images

Stock futures held steady in overnight trading on Monday following a steep sell-off on Wall Street.

Futures on the Dow Jones Industrial Average fell about 10 points. The S&P 500 futures were flat and the Nasdaq 100 futures dipped slightly.

The market’s September sell-off intensified on Monday with the Dow Jones Industrial Average dropping 500 points, suffering its worst day since Sept. 8. The S&P 500 lost 1.2%, posting its first four-day losing streak since February. The Nasdaq Composite dipped just 0.1% after a late-day comeback rally.

Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise. Meanwhile, prospects of further U.S. coronavirus fiscal stimulus became bleaker as lawmakers brace for a Supreme Court confirmation fight as President Donald Trump rushes to nominate a successor to Justice Ruth Bader Ginsburg, who died on Friday.

Zoom In IconArrows pointing outwards

“Coronavirus concerns have resurfaced, worrying investors that a reversal in reopening progress could be near,” Lindsey Bell, chief investment strategist for Ally Invest, said in a note. “More and more uncertainty is arising as we get closer to the election but no closer to Congressional fiscal relief. But we’re still optimistic this dip will be bought sooner rather than later.”

The major averages are on pace for steep losses for September, a typical weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow and the S&P 500 have fallen 4.5% and 6.3% this month, respectively, while the Nasdaq has dropped 8.4% as investors dumped high-flying tech giants.

“Market volatility is returning after months of steady advances in risk assets, and we see elevated volatility ahead of the November U.S. election,” Jean Boivin, head of BlockRock Investment Institute, said in a note. “In addition, negotiations of a new U.S. fiscal package are dragging on, the pandemic is still spreading in many countries, and U.S. China tensions are running high.”

On Tuesday, investors will monitor a hearing with U.S. Treasury Secretary Steven Mnuchin and Federal Reserve chair Jerome Powell in front of the House Financial Services Committee about pandemic responses.

On earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Let’s block ads! (Why?)


Author: Yun Li

Stocks making the biggest moves after hours: Nikola, Comcast, Roku & more

Nikola Motor Company Two truck
Source: Nikola Motor Company

Check out the companies making headlines after the bell

Nikola — Shares of Nikola fell about 1% in extended trading, adding to steep losses on Monday. The decline came after Nikola founder and executive chairman Trevor Milton announced his resignation overnight. Milton’s departure follows short seller Hindenburg Research’s report accusing him of making false statements about the company’s technology to attract investors and partnerships with other automakers. Milton agreed to forfeit up to roughly $166 million of equity as well as a two-year, $20 million consulting contract as part of his abrupt departure.

Comcast — Shares of Comcast gained sightly in after-hours trading after Trian Fund Management took a stake in the cable giant. The hedge fund bought 7.16 million class A common share of Comcast, a regulatory filing showed. “Trian believes Comcast’s stock is undervalued. We have recently begun what we believe are constructive discussions with Comcast’s management team and look forward to continuing those discussions,” a Trian spokesperson told CNBC

Roku — Shares of Roku rose slightly in extending trading, building on its recent momentum. The streaming video company jumped more than 17% on Monday to hit an all-time high after striking a deal with NBCUniversal, CNBC’s parent company, which will make NBC’s Peacock streaming service available on Roku devices. Comcast CEO Brian Roberts said last week that the new streaming service has 15 million sign-ups.

Carnival, United Airlines — Shares of airlines and cruise operators rebounded slightly in extended trading after big losses. These stocks were among Monday’s biggest laggards as fears of a worsening coronavirus pandemic weighed on sentiment. Carnival gained 0.8% after dropping 6.6%, while United Airlines rose 0.9% following a 8.6% decline.

Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.

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Author: Yun Li