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Gold futures dropped on Tuesday to settle at their lowest level in almost two weeks. Investors continued to weigh the potential outcome of the U.K. referendum Thursday that will decide whether the country will stay in the European Union. Gold for August delivery fell $19.60, or 1.5%, to settle at $1,272.50 an ounce.
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WASHINGTON (MarketWatch) – Federal Reserve Chairwoman Janet Yellen on Tuesday said she is not picking sides in the debate over whether Britain should remain in the European Union. “I am not attempting to take a stand,” Yellen said in testimony to the Senate Banking Committee. Earlier, Yellen said a victory by the “leave camp” could have economic consequences for the U.S. The Brexit referendum “is a unique event that has no close parallel. It is hard to know what the consequences could be,” Yellen said. The Fed is watching the situation carefully and “is prepared to act in light of that assessment,” the Fed chairwoman said.
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WASHINGTON (MarketWatch) – Federal Reserve Chairwoman Janet Yellen said Tuesday that the chances of a recession in the U.S. this year “are quite low.” In testimony to the Senate Banking Committee, Yellen said the U.S. economy is “doing well” even with the recent slowdown in the labor market. The overall economy has been progressing despite “negative influences” from the strong dollar and weak commodity prices. Consumer spending has been “strong,” she added. “I think the odds of a recession are low. It is certainly not what I am expect,” she said.
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The British pound pulled back from a five-month high to slip back below $1.47 after news reports said the latest Survation Brexit poll for IG Group showed 45% of voters backed remaining in the European Union versus 44% who favored leaving. While that’s a statistical dead heat, the it marked a narrowing the “remain” camp’s three percentage point lead seen in a poll published Saturday. Other polls released this week had shown momentum shifting back toward the “remain” camp. The British pound traded at $1.4683 in recent action versus near $1.4730 ahead of the release of the poll. The pound is little changed versus the dollar on the day.
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U.S. stocks opened higher Tuesday, building on the previous session’s gains as investors awaited congressional testimony from Federal Reserve chief Janet Yellen. The S&P 500 opened 4 points, or 0.2%, higher at 2,086. The Dow Jones Industrial Average added 30 points, or 0.2%, to 17,835. Meanwhile, the Nasdaq Composite began the session up 10 points, or 0.2%, at 4,847.
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From:: Stock Market News
U.S. stocks opened higher Tuesday, building on the previous session’s gains as investors awaited congressional testimony from Federal Reserve chief Janet Yellen. The S&P 500 opened 4 points, or 0.2%, higher at 2,086. The Dow Jones Industrial Average added 30 points, or 0.2%, to 17,835. Meanwhile, the Nasdaq Composite began the session up 10 points, or 0.2%, at 4,847.
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Energy Focus Inc. , an LED lighting technology company, said Tuesday that its chief financial officer Marcia Miller is leaving the company effective August 15. She’s been with Energy Focus since July 2015. Energy Focus’ controller Michael Port will serve as the interim CFO while a national search for a permanent replacement is conducted. Port has been with the company since April 2015. Energy Focus shares are inactive in premarket trading, but down nearly 54% for the year so far. The S&P 500 is up 1.9% for the year to date.
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Shares of Planet Fitness Inc. slumped 4.3% in premarket trade Tuesday, after the fitness center operator announced a secondary public offering of 10 million shares. The company said it would not receive any proceeds from the offering, as all of the shares are being offered by selling shareholders. The offering represents 27% of the 36.6 million shares outstanding, according to FactSet. The selling shareholders will grant the underwriters of the offering options to buy up to an additional 1.5 million shares. On Monday, the stock closed at a record $19.49, which was 22% above its IPO price of $16; the company went public on Aug. 6, 2015. It has run up 25% over the past three months, while the S&P 500 has tacked on 1.5%.
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From:: Stock Market News
Shares of Planet Fitness Inc. slumped 4.3% in premarket trade Tuesday, after the fitness center operator announced a secondary public offering of 10 million shares. The company said it would not receive any proceeds from the offering, as all of the shares are being offered by selling shareholders. The offering represents 27% of the 36.6 million shares outstanding, according to FactSet. The selling shareholders will grant the underwriters of the offering options to buy up to an additional 1.5 million shares. On Monday, the stock closed at a record $19.49, which was 22% above its IPO price of $16; the company went public on Aug. 6, 2015. It has run up 25% over the past three months, while the S&P 500 has tacked on 1.5%.
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From:: Stock Market News
Shares of Neustar Inc. , a technology analytics company, rose 2.4% in premarket trade Tuesday after it said it plans to split into two independent, publicly traded companies through a tax-free spin-off. One of the companies will focus on information services, and the other, which will keep the Neustar name and brand, on order management and numbering services. “The proposed spin-off will enable Neustar shareholders to own and value each business separately, allowing each company to attract the investor base most appropriate for its distinct investment profile,” James Cullen, chairman of the board of directors, said in the press release. The separation of the two companies will likely take 12 months, according to the company, and is subject to final approval by the board.
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From:: Stock Market News