OPEC production cuts helped oil futures rack up a healthy gain for the weekStocks fell across the board today, with losses deepening as the session continued. Futures came off their lows ahead of the open after the November jobs report showed continued expansion in the labor market and wage growth, but the monthly gains were ultimately shy of expectations. Meanwhile, following Thursday's Huawei-dr...Read More
President Donald Trump signs a temporary spending bill into law, delaying a government shutdown deadline. The government will stay open through Dec. 21, setting up a Christmastime fight over the president's proposed border wall. Jacob Pramuk| @jacobpramukPublished 9 Hours AgoCNBC.com Saul Loeb | AFP | Getty ImagesPresident Donald Trump gives a thumbs-up as he speaks to the press as he walks to...Read More
All three indexes are staring at steep weekly lossesIt was a brutal start to December for the stock market, as icy trade relations with China were once again at the forefront of market activity. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all heading toward steep weekly losses, despite starting the week off hot amid the U.S.-China trade truce. The m...Read More
Sentiment got way too dire on W stock after earningsWayfair Inc (NYSE:W) gapped drastically lower on Nov. 1, as traders reacted to a quarterly earnings report that had the online furnishings retailer reporting a wider-than-forecast per-share loss, even as revenue topped expectations.The dire reaction to Wayfair's financial results is perhaps most concisely summarized by a Wall Street Journal artic...Read More
• Dismal headline NFP print prompts some USD selling and provides a lift. • Risk-on mood/goodish pickup in the US bond yields seemed to cap gains. Gold trimmed a part of the post-NFP spike, though remains within striking distance of fresh five-month tops touched in the last hour. The US Dollar held on the defensive, rather lost some additional g...Read More
Let's look at the chart below. As one can see, the greenback has been in a bull market since February 2018. Yup, the chart does not lie. The US Congress widened the fiscal deficit, while President Trump engaged in trade disputes. But despite these disturbing developments for long-run economic health, the broad trade weighted US dollar index increased from 115 to almost 130 now. But why –...Read More
The DJT is pacing for its biggest weekly loss in over seven yearsTransports have taken a hit during this week's broad-market sell-off, with the Dow Jones Transportation Average (DJT) pacing for its biggest weekly loss since August 2011-- down 7.9% so far. This pullback may have created attractive entry points for some names, with DJT component Union Pacific Corporation (NYSE:UNP) in particular fla...Read More
Gold futures settled Friday at their highest since July, logging their biggest weekly gain since August following market turmoil that sent stocks reeling and pressured Treasury yields and the U.S. dollar. Gold for February delivery GCG9, +0.84% on Comex rose $9, or 0.7%, to settle at $1,252.60 an ounce. For the week, gold was up 2.2%, which was the biggest such gain since a 2.5% rise in the week...Read More
Gold futures settled Friday at their highest since July, logging their biggest weekly gain since August following market turmoil that sent stocks reeling and pressured Treasury yields and the U.S. dollar. Gold for February delivery GCG9, +0.84% on Comex rose $9, or 0.7%, to settle at $1,252.60 an ounce. For the week, gold was up 2.2%, which was the biggest such gain since a 2.5% rise in the week...Read More
Nonfarm payrolls increased by 155,000 in November, the Labor Department says. Economists surveyed by Dow Jones had been expecting payroll growth of 198,000.The average hourly earnings gain of 0.2 percent fell short of estimates for a 0.3 percent increase.October's jobs count was revised lower from an initially reported 250,000 to 237,000.Jeff Cox| @JeffCoxCNBCcomPublished 11 Hours AgoUpdated9 Hour...Read More
KHARTOUM - Three miners were killed and 10 were trapped underground when a gold mine they were working at in northern Sudan collapsed, the state's Sudanese Mineral Resources Company (SMRC) said in a statement on Friday.It said three others were injured in the accident, which happened on Thursday night in Qabqaba, a main gold mining area in the Nile River state where both licenced companies and ind...Read More
Pot stocks are popping after Altria's CRON stakeU.S. stocks are lower again today, amid lingering concerns about U.S.-China trade and after a tame jobs report. However, one group is bucking the trend: weed stocks. Aphria Inc (NYSE:APHA) is higher on a nod from Citron Research, while fellow pot stocks Aurora Cannabis Inc (NYSE:ACB) and Canopy Growth Corp (NYSE:CGC) are enjoying a halo lift from Cro...Read More
AKRX stock hit a multi-year low earlierThe shares of Akorn, Inc. (NASDAQ:AKRX) have plunged 19.4% to trade at $4.51, earlier bottoming at an eight-year low of $3.54. The stock is reacting to a Delaware court ruling, which upheld an October judgement that found Germany-based Fresenius (FMS) legally ended its $4 billion bid for Akron back in April. Against this backdrop, AKRX options volume is runni...Read More
Newmont Mining (NYSE: NEM) expects its attributable gold production will reach 5.2 million ounces in 2019 and 4.9 million ounces in 2020, while attributable copper production will be 45,000 tonnes in both years.All-in sustaining costs for gold will come in at US$935 per oz. in 2019 and US$975 per oz. in 2020, while AISCs for copper will reach $2.45 per lb. next year and $2.55 per lb. in 2020.Longe...Read More
The shares could be poised to break out of consolidation modeThe shares of animal drug maker Zoetis Inc (NYSE:ZTS) have taken a breather since touching a record high of $96.57 in early November. However, the outperforming equity could be ready to launch its next leg higher, with ZTS shares flashing historical buy signals.Specifically, Zoetis stock is back within one standard deviation of both its...Read More
Oil prices are soaring after OPEC and Russia agreed to a production cutU.S. stocks are selling off again, with the Dow Jones Industrial Average (DJI) down more than 200 points at midday. A tepid November jobs report did little to jump-start markets this morning, with the blue-chip index pivoting sharply lower. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly in the red as well, under...Read More
We are almost at the extreme below the mean for the E-mini S&P, which is a very good indication that prices or the volatility is beginning to increase.E-mini closes above 2,650, above 2,668, and above 2,571, would confirm that all three trends (daily, weekly and monthly) have bottomed - an excellent time to go long.The stock market and silver market appear to have reach harmonically driven lev...Read More
Is it time to prepare for the next financial crisis?Something strange is going on in the financial system.And according to The Wall Street Journal, it's causing some investors- including the biggest banks in the world- to move massive amounts of money out of the banking system.What exactly is going on?Former hedge fund manager, Dr. Steve Sjuggerud, one of the most widely-followed financial analys...Read More
The shares are rallying on the bull noteRBC initiated coverage on Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) with an "outperform" rating and $23 price target -- a 245% premium to last night's close. The analyst in coverage waxed optimistic over the long-term upside potential of the drugmaker's lead drug lenabasum, which is currently undergoing trials in patients with cystic fibrosis and sys...Read More
* India discount at $1.5 versus $2 premium last week* Spot gold hit 5-month peak on Thursday* Higher prices hurt demand in SingaporeGold was sold at a discount this week in India for the first time in a month as a rebound in local prices prompted jewellers to postpone purchases, while demand improved in top consumer China due to seasonal buying. Gold is considered an essential part of weddings in...Read More