Tag: stock market

Treasury Secretary Steven Mnuchin said Tuesday the U.S. is unafraid of a trade war, according to Agence France Press. A trade war “is not our goal, but we are not afraid of it,” Mnuchin said. The Treasury Secretary’s comment came at the end of the meeting of G20 finance officials in Buenos Aires, Argentina. Finance ministers urged the U.S. to stick to a multilateral approach to trade, arguing that failing to do so would spark a trade war. Many countries are seeking exemptions from U.S. steel and aluminum tariffs set to take effect later this week.

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Cambridge Analytica, the data research firm used during President Trump’s campaign, said it’s suspended its CEO, Alexander Nix, after a U.K. broadcaster secretly recorded him saying the company used bribes and sex workers to entrap politicians. “In the view of the Board, Mr. Nix’s recent comments secretly recorded by Channel 4 and other allegations do not represent the values or operations of the firm and his suspension reflects the seriousness with which we view this violation,” the company said in a statement. Facebook shares have been hammered by the news Cambridge Analytica gained access to private information on more than 50 million Facebook users.

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Oil futures climbed Tuesday, with concerns surrounding declines in Venezuelan crude production and tensions in the Middle East among the reasons prices settled at their highest levels month to date. April West Texas Intermediate crude , which expired at the end of the trading session, rose $1.34, or 2.2%, to settle at $63.40 a barrel on the New York Mercantile Exchange. May WTI crude , the new front-month contract, settled at $63.54, up $1.41, or 2.3%.

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Mississippi Gov. Phil Bryant is expected to name Cindy Hyde-Smith to the Senate on Wednesday, according to multiple reports. Hyde-Smith, 58, a beef cattle farmer and a former Republican state senator, would replace Republican Sen. Thad Cochran, who announced he will resign on April 1 for health reasons. Hyde-Smith would be the first female U.S. senator in Mississippi history. To keep her seat, Hyde-Smith would have to run for re-election in November.

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The Federal Reserve on Tuesday said it would hold its policy meeting as scheduled on Wednesday despite the forecast for several inches of snow. The Fed said it will release the FOMC interest-rate decision at 2 p.m. Eastern, followed by Fed Chairman Jerome Powell’s first press conference at 2:30 p.m.

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The Dow Jones Industrial Average rallied 95 points in afternoon trade, with 17 of its 30 components gaining ground, despite market internals showing overall breadth is clearly negative. The number of advancing stocks outnumbered decliners 1,652 to 1,164 on the NYSE and 1,549 to 1,103 on the Nasdaq exchange. Declining volume represented 56.7% of total volume on the Big Board and 57.5% of the Nasdaq’s total volume. Meanwhile, the S&P 500 and the Nasdaq Composite both inched up less than 0.1%.

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The Senate Intelligence Committee on Tuesday urged greater use of paper ballots in a report after investigating Russian attempts to interference with the 2016 U.S. election. The panel also said that states should continue to remain in the lead in running elections, and that election experts, security officials, cybersecurity officials and the media develop a common set of terminology to improve communications.

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Shares of General Electric Co. slumped 2.6% in midday trade Tuesday, to pace the Dow Jones Industrial Average’s decliners. The selloff put the stock on track to close at the lowest level since Sept. 3, 2009. Meanwhile, the Dow was up 114 points, or 0.5%. GE’s stock has now lost 5.4% since the industrial conglomerate released its 2017 annual report, during which Chief Executive John Flannery warned those who bet against the company’s resolve “do so at their own peril.” Over the same time, the Dow has lost about 585 points, or 2.3%. Over the past 12 months, GE shares have tumbled 54% while the Dow has gained 18%.

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Research firm IDC said Tuesday that it expected wearables shipments to grow 15.1% this year, led by strong growth in basic trackers as well as continued growth in smartwatches. IDC sees wearables shipments growing at a 13.4% annual rate through 2022, however, as basic trackers grow less popular but watches maintain momentum. “The addition of cellular connectivity is also starting to resonate with early adopters and looking ahead the emergence of new use cases like music streaming or additional health sensors will make cellular connectivity pivotal to the success of the smartwatch,” IDC senior research analyst Jitesh Ubrani said in a release. Apple Inc. came out with a cellular-connected smartwatch last year. Fitbit Inc. , meanwhile, recently announced its new Versa smartwatch, which is priced lower than the company’s Ionic smartwatch and intended to reach more of a mass audience in the midst of declining interest in basic trackers. IDC projects that basic tracker shipments will grow by just 0.3% annually through 2022, while smartwatch shipments could grow by 17.9%. Apple shares are up 24% over the past 12 months, while Fitbit shares have dropped 8.3%. The Dow Jones Industrial Average , of which Apple is a component, is up 18%, compared with a 14% gain for the S&P 500 over 12 months.

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Shares of Universal Display Corp. are up 4.4% in Tuesday trading after Gabelli analyst Hendi Susanto upgraded the stock to buy from hold. His upgrade comes after the stock plunged 12% in Monday’s session, following a report saying Apple Inc. was making its own MicroLED display screens. Susanto wrote in his upgrade note that he thought Apple’s work with MicroLED screens was still in the research and development stage, and he noted that Apple bought a MicroLED startup in 2014, meaning that the company’s interest in the technology isn’t particularly new. “The commercialization is at least a couple of years away,” Susanto wrote of Apple’s MicroLED efforts. Meanwhile, he sees “more upside potential than downside risks” for Universal Display, which makes OLED screens. Susanto pointed to a “multiyear investment in OLED display capacity” from many global players as well as management’s own forecast for a sharp increase in the number of installed OLED screens through 2019. Universal Display stock is up 33% over the past 12 months, while the S&P 500 is up 14%.

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