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 President Donald Trump says the alternative to a trade pact with China is simple: collect tariffs and do less business with the second-largest economy.
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Gold futures on Wednesday retreat from the nearly six-year high scored a day earlier, pressured by a less-dovish-than-hoped Federal Reserve and expected progress on U.S.-China trade talks
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AbbVie's deal to buy Allergan for about $63 billion is a "nice exit from a tough situation," RBC Capital Markets analyst Randall Stanicky says.
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U.S. stocks claw back some of the previous day's loss in early trade Wednesday as semiconductor shares scored a bounce from Micron Technologies's late-Tuesday quarterly results.
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Famed hedge fund manager Kyle Bass tells investors to ignore G20 happy talk
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 * U.S. futures point to strong open
(Recasts to reflect optimism in global stocks, adds quote)
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 Bernstein analyst Stacy Rasgon wrote Wednesday that while investors may see Nvidia Corp. shares as attractively valued given that they are off about 50% from their 52-week high, he is "growing nervous" on the stock. "Given recent events, Nvidia's stock for now likely depends on hope for cyclical datacenter recovery," he wrote. "This is fine as it is, but appears well incorporated into numbers already (with consensus modeling a substantial datacenter snapback as early as FQ3 to levels well above the prior peak, which itself now appears clearly inflated) into an environment that may still not be hugely supportive." Rasgon maintained a market-perform rating on the stock, writing that he recommends investors "tread somewhat lightly." The stock is still up 2.8% in premarket trading after Micron Technology Inc.'s earnings report helped lift chip shares more broadly. Nvidia shares have fallen 37% over the past 12 months, as the S&P 500 has gained 7.2%.
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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Orders for U.S. durable goods suffered over a canceled deal for Boeing's troubled 737 Max jet. Yet business investment perked up in a reassuring sign amid a tense trade fight with China and signs of a slower U.S. economy.
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Semiconductor maker stocks were broadly higher in premarket trading Wednesday, fueled by Micron Technology Inc.'s better-than-expected earnings and upbeat outlook, and after memory chip maker said it resumed some shipments to China's Huawei Technologies Co. The VanEck Vectors Semiconductor ETF rallied 2.4%, as all 22 of the 25 components that have traded ahead of the open gained ground. Micron's stock shot up 8.9% to pace the gainers. Among other more-active stocks, Advanced Micro Devices Inc. rallied 3.4%, Nvidia Corp. rose 2.3%, Intel Corp. advanced 1.6%, STMicroelectronics N.V. hiked up 4.8% and Qualcomm Inc. tacked on 1.3%. Micron's stock had lost 19% over the past three months through Tuesday, while the chip ETF has lost 0.8% and the S&P 500 has gained 3.5%.
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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BlackBerry Ltd. shares rose and then edged lower in premarket trade Wednesday, after the cybersecurity company posted a better-than-expected adjusted profit for its fiscal first quarter, but weaker-than-expected revenue. The Waterloo, Ontario-based company said it had a net loss of $35 million, or 9 cents a share, in the quarter to May 31, narrower than the loss of $60 million, or 11 cents a share, posted in the year-earlier period. Revenue rose to $247 million from $213 million. The FactSet consensus was for breakeven EPS and revenue of $265 million. The company's press release highlighted a series of non-GAAP numbers, or those that do not conform with Generally Accepted Accounting Principles. The Securities and Exchange Commission's rules stipulate that companies first present numbers prepared under GAAP rules. While they are allowed to offer non-GAAP numbers, they must give equal prominence to the GAAP numbers and offer a full reconciliation of the two. Shares have gained 16.6% in 2019, while the S&P 500 has gained 16.4%.
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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Plant-based meat maker Beyond Meat Inc. said Wednesday it is launching its new Beyond Beef product later this week across the U.S. The Beyond Beef product is plant-based ground beef that is designed to taste and look like traditional ground beef. It will be available at stores, including Whole Foods , Alberstons, Kroger and Safeway, among others. Beyond Meat shares rose 4.3% in premarket trade. The stock is a stunning 502% above its early May IPO price of $25.
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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Ebay Inc. is taking shots at Amazon.com Inc.'s Prime Day event with its own "Crash Sale" on July 15. "If history repeats itself and Amazon crashes that day, eBay's wave of can't-miss deals on some of the season's top items will excite customers around the world," eBay said in its announcement. Amazon's site had a temporary outage in 2018. This year, Amazon Prime Day will span two days from July 15 through July 16. Ebay will offer discounts over three weeks starting on July 1. On July 15, the official "Crash Day," eBay will have promotions on consumer electronics brands like Apple Inc. , Samsung and KitchenAid, with other deals planned "if Amazon crashes." From July 1 through July 7, there will be deals on items like camping gear and robotic vacuums. And from July 8 through July 22, there will be daily deals on items like appliances and smart home devices. Ebay stock inched up 0.4% in Wednesday premarket trading, and has rallied 39% for the year to date. The S&P 500 index is up 16.4% for 2019 so far.
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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The European Commission has
had no contacts with Switzerland in the past few days to avoid
the expiration at the end of this week of the equivalence regime
that allows Swiss stock exchanges to access the EU market, a
spokeswoman said on Wednesday.
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U.S. Companies Find Legal Ways Around Trump's Huawei Blacklist BloombergMicron pops on earnings and revenue beat CNBCMicron surge; Central banker buzz; Crude data CNNHuawei Blacklist Loopholes Were Made in the U.S.A. BloombergMicron Trades Higher After Big Q3 Earnings Beat BenzingaView full coverage on Google News
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Federal Reserve Bank of St. Louis President James Bullard said Tuesday he has been approached by White House officials "in recent months" about the possibility of serving on the Fed's board of governors.
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Special counsel Robert Mueller will testify before the House Judiciary and Intelligence committees on July 17, Reps. Jerry Nadler, D-N.Y., and Adam Schiff, D-Calif., announced late Tuesday. In a joint statement, the congressmen said Mueller had agreed to testify in open session in accordance with subpoenas issued Tuesday night. Democrats have been wanting to hear from Mueller personally regarding his investigation into Russian interference in the 2016 election as well as possible obstruction of justice by President Donald Trump. "The American public deserves to hear directly from you about your investigation and conclusions," the congressmen wrote in a letter to Mueller on Tuesday.
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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