Tag: stock market

Overstock.com Inc. and Siebert Financial Corp. said Tuesday that they have launched an online discount equities trading platform available through Overstock’s FinanceHub portal. Shares of both companies jumped after the announcement, with Overstock shares up more than 13% and Siebert Financial up 14.7%. The platform was first announced in December. Members of Overstock’s Club O Gold loyalty program will be charged $1.99 per trade while non-members will pay $2.99 per trade. Both Overstock.com and Siebert Financial shares are up more than 200% for the past year while the S&P 500 index is up 16.7% for the period.

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From:: Stock Market News

President Donald Trump said Tuesday he’d “love to see” a government shutdown if Democrats don’t agree to an immigration deal. “If we have to shut it down because the Democrats don’t want safety,” Trump said, “then shut it down.” Trump spoke at a law-enforcement roundtable on the threat of the gang MS-13.

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Oil prices fell Tuesday, with the U.S. benchmark marking its lowest settlement in almost three weeks. Prices have declined on the back of a risk-off sentiment, on the heels of a recent plunge in U.S. stocks, as well as expectations for rising U.S. crude supplies and production. The Energy Information Administration raised its forecasts on 2018 and 2019 U.S. crude production in a monthly report released Tuesday. The EIA will issue its weekly update on petroleum supplies Wednesday morning, with analysts polled by S&P Global Platts forecasting a rise of 2.8 million barrels in crude stocks. March West Texas Intermediate crude fell 76 cents, or 1.2%, to settle at $63.39 a barrel on the New York Mercantile Exchange. That was the lowest finish since Jan. 19, according to FactSet data.

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Gold prices declined Tuesday, despite a multiday decline in the U.S. stock market that has spilled over to global markets. Ordinarily volatile markets would support higher prices for gold, which draws haven demand. However, commodities experts cited a lack of fundamental reasons for the downturn in equities markets as taking some of the luster away from gold. February gold finished off $7, or 0.5%, at $1,329.50 an ounce.

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The U.S. Energy Information Administration lifted its forecasts for 2018 and 2019 U.S. crude-oil production, according to the agency’s monthly Short-Term Energy Outlook report released Tuesday. The EIA forecast U.S. crude production at an average 10.59 million barrels per day in 2018 and 2019 output at 11.18 million barrels a day, with both outlooks up 3.1% from the previous forecasts. The EIA also raised its 2018 price forecasts for West Texas Intermediate crude by 5.3% to an average $58.28 a barrel and Brent crude by 4.4% to $62.39. March WTI crude was down 30 cents, or 0.5%, at $63.85 a barrel, while April Brent shed 48 cents, or 0.7%, to $67.14.

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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Ziopharm Oncology Inc. shares rose 6.8% in Tuesday trade after the company said that rumors about plans for a stock offering were baseless and that the company has no plans to do so “at this time.” Ziopharm said it “knows of no developments at the Company that would be the cause of the recent volatility and decline in the stock price.” Company shares have dropped 21% over the last three months and 44.5% over the last 12 months. Ziopharm has, however, been working to find corporate and financial partners to move its business forward, interim Chief Operating Officer David Mauney said. As of the end of last year, the company had nearly $71 million of unrestricted cash and $34.6 million from pre-payment for programs at MD Anderson Cancer Center. Ziopharm shares have declined 6.2% to $3.70 over the last month, compared with a 6.3% decline in the S&P 500 .

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Securities and Exchange Commission Chairman Jay Clayton said he’s found nothing wrong about how markets are functioning after the gyrations of the previous day. “By this morning, nothing to indicate than any of the systems didn’t function,” he said at a Senate Banking Committee hearing. Clayton declined to comment on why stocks fell.

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President Donald Trump plans to release his proposal to rebuild the nation’s infrastructure on Monday, Bloomberg News reported Tuesday. A White House official told Bloomberg the plan will outline Trump’s strategy to generate new investment, streamline project review and permitting processes, and provide funding for rural projects. It’s designed to generate at least $1.5 trillion to upgrade U.S. roads, bridges and other public works.

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Rep. Jeb Hensarling, the Republican from Texas and chairman of the House Financial Services Committee, said Tuesday the decline in stocks in recent days was an “ironic, but totally predicable” response from Wall Street to the prospect of losing “artificially low interest rates.” Low rates only benefitted “some on Wall Street but they haven’t been particularly helpful to Main Street,” Hensarling said. The chairman said the economy was “strong and getting stronger” under President Trump’s economic policies. “We’ve always known the Fed would face significant challenges in unwinding its balance sheet when the economy took off,” Hensarling said. “If you’re listening – good luck [Fed] Chairman Powell – you volunteered for the job,” Hensarling added.

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Treasury Secretary Steven Mnuchin said Tuesday that the administration is monitoring the stock markets but added they are functioning “very well.” In testimony to the House Financial Services Committee, Munchin noted stocks are “up significantly, over 30% since President Trump was elected.” Stocks have seesawed between gains and losses on Tuesday after sharp declines in trading over the past two days. Mnuchin said the recently passed tax reform plan will be “very positive” for longer-term growth. “We’re already beginning to see that in terms of corporate investments back into the United States and the impact on corporate earnings,” he added.

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