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Stocks rebound from 2022 low, Dow closes up more than 500 points and snaps six-day losing streak CNBCS&P falls to 2-year low as bear market deepens ReutersStock market news live updates: Stocks rally as Treasury yields retreat, Bank of England pivots Yahoo FinanceDow Jones Rises Ahead Of Powell Speech; 10-Year Treasury Yield Briefly Tops 4%; Apple Dives Investor's Business DailyBritain's market rout stokes contagion fears around the globe Reuters.comView Full Coverage on Google News
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Central bank to spend £5bn a day for 13 days as it warns of ‘material risk to UK financial stability'
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BoE intervenes in the bond market and Hurricane Ian makes landfall in Florida.
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Wealth Can Be Created On The Way Down In The Stock Market. It's Just Not Obvious. Here's How.
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Financial disorder forced the Bank of England to take extraordinary action Wednesday. Here's what it means for U.S. investors wary of a market breakdown.
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The ICE BofA MOVE Index, which tracks fixed-income volatility, soars to a reading of 158.99 on Wednesday, one of the highest levels since 2009.
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Lions Gate Entertainment Corp. said Wednesday it's now focusing on spinning off its studio business, instead of its Starz cable channel. In a regulatory filing, the company said it remains on a path to separating the two. "As negotiations progress, we have increased our focus on the possibility of spinning our studio business, creating a number of financial and strategic benefits," said the filing. "In that regard, we are continuing productive negotiations with prospective strategic and financial partners on both sides of our business." The company had announced the plan earlier this year on the grounds that the two would fetch a higher valuation separated than together. Shares were slightly higher Wednesday, but are down 50% in the year to date, while the S&P 500 has fallen 23%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Bank of England moves to calm bond market rout after tax cut storm Reuters UKBank of England intervenes in bond market after historic sell-off CNBCBank of England announces plan to buy long-term bonds to stabilize market CNBC TelevisionExplainer: Why is Bank of England acting again? What next in the UK crisis? Reuters.comGilt Market Carnage Prompts Risky Bank of England U-Turn BloombergView Full Coverage on Google News
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Shares of VFC Corp. fell 0.3% toward a nine-year low in premarket trading Wednesday, after the parent of Vans and The North Face apparel brands cut its full-year profit and sales outlook due to lower-than-expected fiscal second-quarter results. The company expects adjusted earnings per share for the quarter that ends September of 70 cents to 75 cents, well below the FactSet consensus of $1.00. For fiscal 2023, the company cut its adjusted EPS guidance range to $2.60 to $2.70 from $3.05 to $3.15, compared with the current FactSet consensus of $3.04. VFC also lowered its growth outlook for revenue, in constant dollars, to 5% to 6% from "at least" 7%, and said it now expects adjusted gross margin to be down 0.50 percentage points from previous guidance of "up slightly." The company also provided financial targets for fiscal 2027, with EPS expected to grow at a five-year compounded annual growth rate (CAGR) in the high-single to low double-digit percentage range. The stock, which was in danger of the lowest close since February 2013, has tumbled 24.1% over the past three months while the S&P 500 has lost 4.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Lionsgate leaning toward spinning off its studio business instead of Starz CNBCLionsgate Confirms On Path To Separate Studio, Starz Despite Volatile Markets; Focus Now On Spinning Off Studio DeadlineLionsgate Says It's Leaning Toward Spinning Off Studio, Not Starz VarietyLionsgate to Focus on Spinoff of Studio Business, Rebrands Starz Outside of U.S. Hollywood ReporterStarz To Rebrand As Lionsgate Outside U.S. And Canada Deadline
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Shares of Thor Industries Inc. shot up 4.6% in premarket trading Wednesday, after the recreational vehicle maker reported a big profit beat for the fiscal fourth-quarter, as sales rose above forecasts and margins improved. Net income for the quarter to July 31 climbed to $280.9 million, or $5.15 a share, from $230.3 million, or $4.12 a share, in the year-ago period. That FactSet consensus for earnings per share was $3.81. Sales grew 6.4% to $3.82 billion, above the FactSet consensus of $3.69 billion. North America towable sales increased 3.8% to $1.80 billion and North America motorized RV sales rose 24.5% to $1.02 billion, while Europe RV sales dropped 16.8% to $809.7 million. Gross profit margin improved by 0.90 percentage points to 17.5%. For fiscal 2023, the company said there remains "a level of uncertainty" with respect to economic growth and consumer demand. Thor said it will provide full-year guidance in conjunction with first-quarter results. The stock, which closed Monday at the lowest price since April 2020, has tumbled 30.9% year to date through Tuesday while the S&P 500 has shed 23.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Government bonds in Europe and the U.S. rallied after the Bank of England said it would buy longer-term U.K. bonds to ease concerns about a potential crisis in the global markets. Earlier, the 10-year Treasury yield touched 4% but fell back after the BOE action.
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Here are the most important news items that investors need to start their trading day.
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Billionaire investor Stanley Druckenmiller sees a "hard landing" by the end of 2023 as the Federal Reserve's aggressive monetary tightening will tip the U.S. economy into recession.
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Stock Market Today: Dow Jumps 400 Points as British Pound Recovers, Treasury Yields Slip The Wall Street JournalS&P falls to 2-year low as bear market deepens ReutersDow rebounds 400 points from 2022 low as yields retreat, British pound stabilizes CNBCEverything-Selloff on Wall Street Deepens on 98% Recession Odds BloombergWION Business News | S&P 500 falls as tech struggles to hold gains | Stock Market news WION
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The Dow and S&P 500 booked a sixth straight day of declines on Tuesday, as bond yields rose and stocks gave up earlier gains. The Dow Jones Industrial Average fell about 123 points, or 0.4%, to end near 29,136, its lowest closing level since November 2020, according to Dow Jones Market Data. The S&P 500 index shed 0.2% to record its longest losing streak since Feb. 28, 2020. The technology-heavy Nasdaq Composite Index eked out a 0.3% gain, after flipping between modest gains and losses. Recent turbulence in stocks has been attributed to fears about the Federal Reserve potentially inducing a "hard landing" for the U.S. economy as it looks to tame high inflation through sharply higher interest rates and tighter monetary policy. The rate on the 10-year Treasury bond almost touched 4% on Tuesday, with the benchmark rate spotted at 3.963% at 3 p.m. Eastern, its highest since April 2010, according to Dow Jones Market Data. Investors also could pick up yields of 4.3% on Tuesday on 2-year Treasurys, another factor that has weighed on stocks. But higher benchmark rates also mean increased borrowing costs for households and businesses at a time when high inflation has been stretching paychecks and also could dampen corporate earnings.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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We'll be updating the latest campaigns released from brands to somehow capitalize on the attention that the world's largest soccer event can garner internationally, including official partners such as Budweiser, Adidas, Coca-Cola and Hyundai as they are released. The 2022 FIFA World Cup will offer up something different. The four-week tournament will be held during...
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