Category: Stock Market News

U.S. stocks fell sharply on Tuesday, extending their losses throughout the session as technology and financial shares led the market lower. The Dow Jones Industrial Average fell 1.7% while the S&P 500 was off 2.1% and the Nasdaq Composite Index shed 3.4% in its biggest one-day drop since early February. The day’s losses were led by the tech sector, which fell 3.6%, and by financials, off 2.1%. The session was the latest example of heavy volatility on Wall Street; Monday’s session represented the biggest one-day percentage gain for the major indexes since August 2015, and the indexes are coming off their worst week in about two years. The day’s losses were broad based, with only four of the 11 primary S&P 500 sectors in positive territory. The gains were led by defensive sectors, with utility stocks up 1.7% and telecommunications up 0.8%.

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From:: Stock Market News

Financial stocks took a broad beating Tuesday, as a drop in longer-term Treasury yields and a stock-market selloff weighed took its toll. The SPDR Financial Select Sector exchange-traded fund dropped 2.4% in afternoon trade, with all 68 of its equity components contributing to losses. Among the most heavily weighed components, shares of Warren Buffett’s Berkshire Hathaway Inc. fell 2.3%, J.P. Morgan Chase & Co. gave up 2.7% and Bank of America Corp. dropped 3.7%. The biggest losers were shares of SVB Financial Group , which slumped 4.8%, and KeyCorp.’s stock , which slid 4.2%. Falling longer-term Treasury yields–the 10-year yield was down 5.7 basis points toward a seven-week low of 2.786%–can hurt banks’ profits is the spread made between rates tied to longer-term assets, like loans, and shorter-term liabilities narrow. In addition, the Dow Jones Industrial Average tumbled 382 points, or 1.2%, with 25 of 30 components losing ground.

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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From:: Stock Market News

The Dow Jones Industrial Average was off more than 200 points in late-Tuesady afternoon trade, as shares of Microsoft Corp. and Apple Inc. , among the leaders of Monday’s surge, came under heavy selling pressure. Along with shares of Goldman Sachs Group Inc. , those Dow components were exacting a roughly 80-point toll on the price-weighted blue-chip average. The technology sector was being buffeted the most, with the exchange-traded Technology Select Sector SPDR ETF trading down 2.2% on the day. The technology-laden Nasdaq Composite Index was off 2.1%. Most recently, the Dow was down about 200 points, or 0.8%, at 23,998, while the S&P 500 index was 1.1% lower at 2,628.

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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From:: Stock Market News

Shares of Longfin Corp , a fintech company with ties to cryptocurrencies, plunged 48% over the past two sessions, following statement from FTSE Russell on Monday that the stock will be removed from its indexes. Longfin shares skyrocketed last last year after it bought Ziddu.com, a blockchain technology provider that offers microfinance lending. FTSE Russell said in a statement that the fintech firm failed to have at least 5% of its shares available to the public, a requirement for being included in the index. The removal comes less than two weeks after the stock joined the benchmark for small-capitalization companies. Longfin shares plunged 37% on Tuesday and 17% on Monday. However, it is still up more than 600% from its initial listing in December, when it listed at just over $5. The S&P 500 is flat over the same period.

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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From:: Stock Market News

Nvidia Corp. demonstrated its new self-driving simulation offering Tuesday, after halting real-world tests of autonomous vehicles in the wake of a pedestrian death at the hands of an Uber Technologies Inc. car testing the technology last week. In the keynote address of Nvidia’s annual GPU Technology Conference in San Jose, Calif., Chief Executive Jensen Huang pitched the service as a way for cars to learn how to drive themselves in a virtual environment instead of on real roads. Huang noted that a fleet of 20 cars could only drive about 1 million miles in a year, while the Constellation simulator could allow for billions of miles driven in a year. Huang announced that early-access partners will have access to the system in the third quarter of this year. Nvidia shares fell after news of the self-driving testing halt arrived as Huang took the stage, and were recently down more than 5% on the day, while the S&P 500 index was trading close to flat.

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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From:: Stock Market News

Shares of MoviePass parent Helios & Matheson Analytics Inc. are up 12.4% in Tuesday trading after the company announced a deal with Landmark Theatres, a movie chain owned by Todd Wagner and Mark Cuban. Landmark Theatres has 53 theaters and 255 screens nationwide, and is dedicated to independent films. Under the deal, MoviePass members will gain access to e-ticketing and seat selection at Landmark theaters. “Our relationship with Landmark represents another milestone achievement in our journey to enhancing the current movie theater ecosystem,” said Bernadette McCabe, a senior vice president with MoviePass, in a release. “It’s another step towards educating exhibitors on how we can work together in a mutually beneficial way to create a valuable and cost-effective experience for moviegoers.” Helios & Matheson shares are up 26% over the past 12 months, while the S&P 500 is up 14%.

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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From:: Stock Market News

The National Fair Housing Alliance on Tuesday filed a lawsuit against Facebook, Inc. , alleging that the popular platform’s advertising allows landlords and real estate brokers to exclude people from seeing ads for housing. “Facebook customizes the audience for its millions of advertisers based on its vast trove of personalized user data,” the fair-housing group said in a release, allowing the company to exclude women, families with children, and others. The NFHA tested its assertion by creating a fake real estate firm and submitting housing advertisements to Facebook. According to the release, “Facebook provided Plaintiffs with specific lists of groups they could exclude from receiving the ads, including families with children, moms with children of certain ages, women or men, and other categories based on sex or family status.” The group also alleges that its investigation determined that Facebook allows housing advertisers to exclude certain “interest” categories from receiving ads that are based on disabilities or national origins.

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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From:: Stock Market News

Apple Inc. unveiled, as expected, an updated iPad at an education event at Chicago’s Lane Tech College Prep public high school on Tuesday. Apple’s cheaper 9.7-inch iPad will support its Apple Pencil stylus. The new iPad will retail for $329, and at a discounted $299 for schools. It’s an effort meant to help Apple fend off Alphabet Inc. unit Google’s increasing presence in U.S. schools, where Microsoft tablets also compete. The iPad is also getting an A10 Fusion chip, which Apple claimed will be “more powerful than every [Google] Chromebook.” The company said that managed Apple IDs for school use will have 200 gigabytes of storage. Also announced, a cloud-based Schoolwork app will be available in June, allowing teachers to make virtual assignments and track student work, similar to Google Classroom. Apple said Tuesday that iPad’s more than 1 million built-in apps, including 200,000 that are education-specific, are key to classroom popularity. Apple is also believed to be working on a new developer framework called ClassKit, the blog 9to5Mac has reported. The code push, plus cheaper hardware, shows a renewed effort from Apple in the education market. Pre-event reporting also suggested that a less-expensive 13-inch Retina MacBook is in the works, for a possible June release, although that was not unveiled at the Tuesday presentation. Apple shares traded higher after the news, last up about 0.7% Tuesday after climbing more than 1%. Shares are up roughly 20% over the past 12 months, while the Dow Jones Industrial Average , of which Apple is a component, has gained 16% in the same time frame.

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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From:: Stock Market News

Apple Inc. unveiled, as expected, an updated iPad at an education event at Chicago’s Lane Tech College Prep public high school on Tuesday. It’s an effort meant to help Apple fend off Alphabet Inc. unit Google’s increasing presence in U.S. schools, where Microsoft tablets also compete. Apple unveiled a cheaper 9.7-inch iPad with support for its Apple Pencil stylus. The new iPad will retail for $329 and at a discounted $299 for schools. The iPad is also getting an A10 Fusion chip, which Apple claimed will be “more powerful than every Chromebook.” Also announced, the cloud-based Schoolwork app is meant to allow teachers to make assignments and track student work, similar to Google Classroom. Pre-event reporting also suggested that a 13-inch Retina MacBook is in the works, although that had not yet been unveiled at the presentation. The company said that Apple Classroom is coming to the Mac and will be available in beta in June. Apple said Tuesday that iPad’s more than 1 million built-in apps, including 200,000 that are education-specific, are key to classroom popularity. Apple is also believed to be working on a new developer framework called ClassKit. The code push, plus cheaper hardware, would show a renewed effort from Apple in the education market, the blog 9to5Mac has reported. Apple shares traded higher after the news, last up about 1% Tuesday. Shares are up roughly 20% over the past 12 months, while the Dow Jones Industrial Average , of which Apple is a component, has gained 16% in the same time frame.

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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From:: Stock Market News

Apple Inc. unveiled, as expected, an updated iPad at an education event at Chicago’s Lane Tech College Prep public high school on Tuesday. It’s an effort meant to help Apple fend off Alphabet Inc. unit Google’s increasing presence in U.S. schools, where Microsoft tablets also compete. Apple unveiled a cheaper 9.7-inch iPad with support for its Apple Pencil stylus. The new iPad will retail for $329 and at a discounted $299 for schools. The iPad is also getting an A10 Fusion chip, which Apple claimed will be “more powerful than every Chromebook.” Also announced, the cloud-based Schoolwork app is meant to allow teachers to make assignments and track student work, similar to Google Classroom. Pre-event reporting also suggested that a 13-inch Retina MacBook is in the works, although that had not yet been unveiled at the presentation. The company said that Apple Classroom is coming to the Mac and will be available in beta in June. Apple said Tuesday that iPad’s more than 1 million built-in apps, including 200,000 that are education-specific, are key to classroom popularity. Apple is also believed to be working on a new developer framework called ClassKit. The code push, plus cheaper hardware, would show a renewed effort from Apple in the education market, the blog 9to5Mac has reported. Apple shares traded higher after the news, last up about 1% Tuesday. Shares are up roughly 20% over the past 12 months, while the Dow Jones Industrial Average , of which Apple is a component, has gained 16% in the same time frame.

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.

…read more

From:: Stock Market News