WASHINGTON (Reuters) - A stock sell-off, rising trade tension with China, slower global growth and verbal pressure from the White House are unlikely to dent the U.S. Federal Reserve’s rate hike plans in an economy performing in line with the central bank’s forecasts.A bumpy 48 hours included an 800 point drop in the Dow Jones Industrial Average and hefty declines in other stock indexes...Read More
Activision Blizzard's pullback yesterday could have bullish implicationsYesterday, Activision Blizzard, Inc. (NASDAQ:ATVI) moved 5.2% lower with the broad market sell-off, extending a recent pullback from the past week. The good news is that this dip could have bullish implications in the next month, if history is any guide. ATVI is now within one standard deviation of its 200-day moving average...Read More
NEW YORK (Reuters) - Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a bigger-than-expected U.S. crude inventories build.Brent crude LCOc1 futures fell $2.10, or 2.5 percent, to $80.99 a barrel, by 12:55 p.m. EDT (1655 GMT), after hitting a low of $80.69, its weakest since Sept. 24. The global benchmark has retrea...Read More
MUMBAI, Oct 11 (Reuters) - India said on Thursday it is raising import tariffs on several electronic items and communication devices, in a bid to rein in imports and contain the slide in the rupee.This is the second time in two weeks that the government has moved to raise import tariffs, as it aims to curtail the import of goods that it deems as “non-essential” items.It was not immedia...Read More
Jefferies remains bullish on BOOT stockStocks are trading sharply lower once again, despite this morning's inflation update. However, three names trading higher are retailer Boot Barn Holdings Inc (NYSE:BOOT), social media concern Snap Inc (NYSE:SNAP), and immune system specialist Evelo Biosciences Inc (NASDAQ:EVLO). Here's what's lifting shares of BOOT, SNAP, and EVLO. Jefferies Chimes in on Boot...Read More
(Kitco News) - Gold bullstoday got a quadruple dose of bullish fuel that boosted prices to nine-weekhighs and above the recent sideways trading range. Today’s surprising gains ingold set the table for sideways-to-higher price action at least into the end ofthe year. December gold futures were last up $32.70 an ounce at $1,226.20.December Comex silver was last up $0.269 at $14.60 an ounce. H...Read More
WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer told members of Congress this week that the United States wants to open trade talks with the European Union, United Kingdom, Japan and the Philippines, but did not give any indication of when the administration will give formal notice.Under the U.S. “fast track” trade rules - known as Trade Promotion Authority - the adm...Read More
SINGAPORE (Reuters) - Singapore Airlines Ltd (SIAL.SI) is poised for a major boost to its U.S. footprint from Thursday evening as it resumes, after five years, the world’s longest commercial flight - a near-19 hour non-stop from Singapore to New York.The route, combined with the airline’s plans to restart non-stop services to Los Angeles and add more non-stop flights to San Francisco n...Read More
The Chinese internet stock has been an underperformer on the charts this calendar yearSubscribers to Schaeffer's Weekly Options Countdown service just scored a 200% profit in four days with the Alibaba Group Holding Ltd (NYSE:BABA) weekly 10/5 167.50-strike put. Below, we're going to take a look back at why we were bearish on the Chinese internet name, and how BABA performed after we suggested...Read More
LONDON (Reuters) - A selloff in global stocks tore like a wrecking ball through emerging equities on Thursday with the key index flirting with its biggest daily tumble since the surprise Brexit vote stunned markets in June 2016.A toxic cocktail of rising U.S. Treasury yields and a strong dollar; tighter funding costs and slowing domestic growth; an escalating Sino-U.S. trade war and rising oil pri...Read More
(Kitco News) - With this overdue gold rally finally setting in and gold prices at six-week highs, analysts are anxiously eyeing the next key resistance level in hopes of seeing a sustainable move up.Following global equity sell-off and weaker-than-expected U.S. inflation data, gold finally saw the strength that was sorely missing these past six months.December Comex gold futures powered to six-wee...Read More
NEW YORK (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages jumped to a 7-1/2-year high following a dramatic sell-off in the bond market that propelled the 10-year Treasury yield to its highest level since May 2011, Freddie Mac said on Thursday.Borrowing costs on 30-year mortgages, the most widely held home loan type in the United States, averaged 4.90 percent in the week ended Oct. 1...Read More
NEW YORK (Reuters) - The dollar fell to a near two-week low on Thursday against a basket of currencies as traders pared greenback holdings on lower U.S. Treasury yields and further losses on Wall Street.A weaker-than-forecast rise in U.S. consumer prices in September also reduced bets for a faster pace of interest rate increases by the Federal Reserve, further eroding the dollar’s appeal.The...Read More
The S&P 500 is headed toward its sixth straight lossStocks are getting pummeled once more today, despite a pullback in the 10-year Treasury yield and some tame inflation data. The Dow Jones Industrial Average (DJI) is down triple digits, the S&P 500 Index (SPX) is heading toward its sixth straight loss -- extending its lengthiest losing streak since before the 2016 U.S. presidential election --...Read More
(Kitco News) - The CNN Fear & Greed Index is currently at 7 - the “Extreme Fear” category, which is anotch lower than Wednesday’s close at 8, when the Dow Jones Industrial Averageplummeted more than 800 points.The index tracks seven indicators to gauge investor sentiment inthe markets: stock price momentum, stock price strength, stock price breadth,put and call options, junk...Read More
(Reuters) - U.S. stocks dropped on Thursday, extending a sell-off from a day earlier, after the major indexes broke though some key technical levels as risk-appetite showed no signs of picking up.The benchmark S&P 500 dropped below its 200-day moving average price, while the Dow Jones Industrial Average slipped below its 100-day moving average. The Nasdaq was also trading below its 200-day mov...Read More
LONDON (Reuters) - Prime Minister Theresa May will meet some of her ministers on Thursday to discuss Brexit, hours after her parliamentary partner threatened to withdraw its support if she accepts what it calls a “draconian solution” from the European Union.Just six months before Britain is due to leave the EU, the two sides differ on their view of the talks - the bloc says a withdrawa...Read More
(Kitco News) - With Dow Jones Industrial Average plunging more than 800points on Wednesday and gold climbing more than 2% on Thursday, are investorsfinally giving up on risk assets and shifting their weight to gold? The Denver Gold Forum was a mixed bag when it came tosentiment in gold. There’s no denying, however, that the following threespeakers had the most unequivocal, bullish outlook. C...Read More
Both names will report earnings next weekIt's been a rough stretch for mining stocks, as evidenced by 4.6% month-to-date deficit for the SPDR S&P Metals & Mining ETF (XME). This pullback may have potentially created buying opportunities throughout the sector, though, with Cleveland-Cliffs Inc (NYSE:CLF) and Steel Dynamics, Inc. (NASDAQ:STLD) in particular trading near trendlines that have marked a...Read More
GOLD bull pressure eyes range top located at the 1,214.28 area. On the downside, support comes in at the 1,200.00 level where a break will turn attention to the 1,190.00 level. Further down, a cut through here will open the door for a move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure targeting the 1,170.00 level. On the upside, resistance comes in at...Read More