Broad-market indexes are up Tuesday after U.S. President Donald Trump returned to the White House following his three-day hospitalization at Walter Reed Medical Center, but tech stocks are down as the House’s antitrust report on big tech firms nears release.
The tech-heavy Nasdaq, down .1%, is the only major index down this morning following a Monday evening report from Politico that revealed a draft of the U.S. House of Representatives’ antitrust report on big tech firms, slated for release later this week, contains provisions that would make it easier to break up Silicon Valley giants Facebook, Amazon, Apple and Google-parent Alphabet.
Each of the big four tech firms are down close to 1% this morning, with all of them now down
November 3 is just around the corner, and Wall Street’s gaze has locked in on the race to the White House. Biden currently leads in the polls, but it’s still anyone’s race.
Now, with President Trump’s COVID-19-related hospitalization rocking the last leg of the 2020 presidential election campaign, and Senate control also up for grabs, fears regarding a divided government are circling the Street.
That said, this might not be such a bad thing, if you ask Goldman Sachs. “A divided government scenario would lead to a smaller change in interest rates and a reduction in political uncertainty,” the firm’s chief equity strategist David Kostin wrote. The strategist argues that such an outcome could push the S&P 500 to 3,700, which would reflect an 11% gain, with the index reaching 4,000 by mid-2021.
But what will happen if Biden comes out on top? Kostin believes a blue wave wouldn’t be
US wariness of Chinese tech firms was underlined again Friday, when the Commerce Department reportedly sent a letter to companies in the states telling them they must get a license before exporting certain goods to China’s largest chipmaker, because of concerns about military use of technology.
The Commerce Department said in the letter that exports to Semiconductor Manufacturing International Corporation “may pose an unacceptable risk of diversion to a military end use in the People’s Republic of China,” according to a report Saturday by The New York Times.
Last year, the US placed restrictions on companies selling gear to Chinese telecommunications giant Huawei, over concerns about Huawei’s relationship with the Chinese government and fears that its equipment could be used to spy on other countries and companies.
For all the emergency training I went through as an astronaut, I never expected to be holed up in the Russian segment of the ISS, the hatch to the US segment sealed, with my crew waiting and wondering—would the space station be destroyed? Was this the end? As we floated there and pondered our predicament, I felt a bit like the guy in the Alanis Morissette song “Ironic,” who was going down in an airplane crash, thinking to himself, “Now isn’t this ironic?” This is how we ended up in that situation.
Every space station crew trains for all types of emergencies—computer failures, electrical shorts, equipment malfunctions, and more serious fire and air leak scenarios. However, on the International Space Station, the most dangerous of all is an ammonia leak. In
(Reuters) – Technology stocks again rode to Wall Street’s rescue on Friday, lifting the main indexes more than 1%, but the Dow and the S&P 500 still posted their longest weekly losing streaks in a year as fears of a slowing economy sparked an almost month-long rout.
Investors started buying beaten-down shares after the Nasdaq confirmed a corrective phase earlier this month and the S&P 500 on an intra-day basis briefly broke that barrier this week.
Both the Dow and S&P 500 notched their fourth straight weekly declines, the longest weekly losing streak since August 2019. The Nasdaq closed higher for the week after falling the previous three, and is now up 22% for the year. The S&P 500 is up a bit more than 2% for the year.
Investors are looking at the long term and believe technology remains the investment of choice, said Edward Moya, senior market analyst
(Reuters) – Wall Street’s main indexes rose on Friday, led by technology-related stocks, but were still on track for their longest weekly losing streak in a year as fears about the coronavirus’ impact on the economy dented investor sentiment.
Shares of tech mega-caps including Facebook Inc FB.O, Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Apple Inc AAPL.O and Netflix Inc NFLX.O, which tend to outperform during economic uncertainty, climbed between 0.5% and 2.3%.
The information technology index .SPLRCT jumped another 1.4% as investors ditched value-linked stocks .IVX on signs of a slowdown in the broader economic recovery.