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Yahoo BusinessSep 20, 2020
U.S. Futures, Asia Stocks Drift; Yuan Ticks Higher: Markets Wrap
(Bloomberg) -- U.S. stock futures fluctuated and Asian stocks drifted at the open after a dip on Wall Street on Friday. The offshore yuan edged higher.Equities started the week little changed in Australia and South Korea, while Japan's equity market was shut. Currencies saw small moves, with the dollar largely steady against its main G-10 peers. Cash Treasuries won't trade until the London open because of the Japan holiday. Crude oil retreated.As U.S.-China tensions linger, President Donald Trump said he's approved Oracle Corp.'s bid for the U.S. operations of TikTok "in concept." The Trump administration's curbs on WeChat were put on hold by a judge, upending an effort to halt use of the Chinese-owned app in the U.S.Investors remain watchful for any signs of progress on a U.S. fiscal stimulus package, while Federal Reserve Chair Jerome Powell will testify before Congress from Tuesday to Thursday to discuss pandemic relief efforts. Covid-19 cases in the U.S. steadied as deaths approached 200,000 and over in the U.K., the Health Secretary said the country is at a "tipping point.""We do have concerns down the stretch about the markets reacting poorly to some of the uncertainties facing us -- the election, potentially around Covid-19, and the fact that we don't have a stimulus package yet," Rebecca Felton, senior market strategist at Riverfront Investment Group, said on Bloomberg TV. "I would have to think we could be volatile to the downside here."Elsewhere, the European Central Bank has launche

MarketWatch MarketPulseSep 18, 2020
Tesla's stock bounces after Wedbush analyst boosts price target, but keeps rating at neutral
Shares of Tesla Inc. rose 2.2% in premarket trading Friday, bouncing after a 5.9% drop over the past two days, after Wedbush analyst Dan Ives raised his price target to above current levels, citing signs of "robust and stronger-than-expected" demand in China. Ives raised his price target to $475, which is 12.2% above Thursday's closing price of $423.43, from $380, while reiterating the neutral rating he's had on the stock since April 2019. "The pent-up demand in the China EV market for Model 3's and recent price cuts are catalyzing strong unit deliveries for Musk & Co. in this key market with increased market share vs. domestic competitors as the Giga 3 success story continues to play out," Ives wrote in a note to clients. He said because Model 3s sold in China have incrementally higher margins compared with those sold in the U.S. and Europe, he believes the strength in China could increase Tesla's profitability profile over the next few years. And for the much-anticipated Battery Day scheduled for Sept. 22, Ives said Chief Executive Elon Musk will announce a number of potential "game changing" battery developments. The stock's selloff the past two days snapped a 5-day win streak in which the stock soared 36.2%, which in turn came after a five-day bear-market selloff in which the stock sank 33.7%. It has run up more than fivefold (406.1%) year to date, while the S&P 500 has gained 3.9%.

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.



MarketWatch MarketPulseSep 17, 2020
Oil futures finish higher as OPEC emphasizes commitment to reach full output-cut compliance
Oil futures finished higher on Thursday after the Organization of the Petroleum Exporting Countries and its allies emphasized their commitment to reach full compliance with pledged output cuts during a joint committee meeting. "Feeling OPEC has their back, market participants hiked oil prices, with boosted confidence that if things do not get better, OPEC might step in to the rescue," said Bjornar Tonhaugen, head of oil markets at Rystad Energy. Meanwhile, the Bureau of Safety and Environmental Enforcement reported more cuts to oil production in the Gulf of Mexico due to Hurricane Sally, which made landfall on the Gulf Coast early Wednesday. About 30.69% of the region's oil output, and 24.73% of natural-gas output, was shut in as of Thursday. On Wednesday, the BSEE had reported shut ins of 27.48% for oil and 29.7% for natural gas. October West Texas Intermediate oil rose 81 cents, or 2%, to settle at $40.97 a barrel on the New York Mercantile Exchange.

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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