Tag: stock market

The small-capitalization Russell 2000 hit its highest level since late January, as that segment of the equity market has drawn buyers who have fretted over the implications of recent imports tariffs signed last week by President Donald Trump. The Russell 2000 rose to peak at 1,609.05 on Tuesday, which marks its highest level since Jan 23, when it closed at 1,610.71, according to FactSet data. The gauge of small-cap stocks is on pace to close higher for seven of the past eight sessions and was most recently up 0.2% at 1,605. The Russell 2000 has benefited in part from the view that smaller-cap U.S. companies are insulated from a potential trade war arising from President Trump’s decision to institute tariffs on steel and aluminum imports. Smaller stocks have a higher exposure to the U.S. rather than the global market, market participants have said. During March, the Russell 2000 has outstripped its larger peers, gaining 6.3% so far this month, compared with a 4.6% month-to-date rise for the large-cap focused S&P 500 index and a return of about 1% for the Dow Jones Industrial Average . Gains in small-cap stocks also are viewed by some market technicians as helping to confirm upward momentum in the broader market.

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The Canadian dollar dropped against its U.S. rival on Tuesday, as the early release of a speech by Bank of Canada Gov. Stephen Poloz showed the central bank’s dovish caution. Poloz called the BOC’s policy decisions a risk-management process and said that the central bank couldn’t “take a mechanical approach to policy.” That said, Poloz that the bank believed that “interest rates are likely to move higher over time.” Poloz also said that even though the Canadian labor market had improved, there was some slack remaining. On trade, Poloz mentioned the uncertainty pertaining to the future of U.S. trade policies. One dollar last bought C$1.2922, up from C$1.2843 late Monday, hitting a one-week high, according to FactSet.

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U.S. stocks rose broadly on Tuesday, with the Nasdaq on track for its longest streak of daily gains in about five months, thanks to a similarly long streak in Amazon. The Nasdaq Composite Index rose 0.6% and was set for its eighth straight positive session. That’s the index’s longest set of consecutive gains since a nine-day streak ending in October 2017; it has risen 6.3% over the stretch, a rally that has taken it to multiple records and accounts for the lion’s share of its 10.5% year-to-date rally. One of the biggest boosts to the Nasdaq over the period has been Amazon.com Inc. , which is also set for its eighth straight daily advance, its longest streak since a nine-day rally ended in January. The online retailer has gained 7.9% over the eight-day stretch. The Dow Jones Industrial Average rose 0.7% on Tuesday while the S&P 500 was up 0.6%.

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Shares of Proteostasis Therapeutics Inc. rocketed 70% toward an 11-month high in very active morning trade Tuesday, after the biopharmaceutical company said it cystic fibrosis treatment was granted Breakthrough Therapy Designation (BTD) by the Food and Drug Administration. Volume topped 14 million shares, compared with the full-day average over the past 30 days of about 780,000 shares, according to FactSet. The BTD helps expedite the development and review of a drug aimed at treating a serious or life-threatening disease where there is a significant unmet need. “We believe the Breakthrough Therapy Designation for PTI-428 reflects the strength of the recent Phase 2 study results for our amplifier, a novel and proprietary class of CFTR modulators,” said Chief Executive Meenu Chhabra. Despite Tuesday’s rally, the stock has still shed 45% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has climbed 15% and the S&P 500 has gained 18%.

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Shares of GrubHub Inc. are up 0.6% in Tuesday morning trading after analysts at Guggenheim raised their price target on the stock to $140, the highest target among analysts tracked by FactSet. Guggenheim’s previous target was $94. “In our opinion, GrubHub is creating a virtuous cycle of restaurant providers based on their expanding diner base, which chooses GrubHub for their broad restaurant selection comprised of self-delivering restaurants, the pickup option or last mile logistical services,” wrote the analysts, led by Matthew DiFrisco. “Importantly, GrubHub’s business model is built for all three transaction types to be economically equivalent.” The analysts are also upbeat on GrubHub’s partnership with Yum Brands , which will add KFC and Taco Bell locations to GrubHub’s network. Shards of the food-delivery company are up 225% over the past 12 months, while the S&P 500 has gained 18%.

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U.S. stock benchmarks traded firmly higher Tuesday morning following a report on consumer inflation that was in line with expectations and a White House announcement that Secretary of State Rex Tillerson was being replaced by current director the Central Intelligence Agency, Mike Pompeo. The Dow Jones Industrial Average [: DJIA] rose 180 points, or 0.7%, at 25,355 while the S&P 500 index climbed 0.6% at 2,800. The technology-laden Nasdaq Composite Index , meanwhile, was trading in record territory, up 0.6% at 7,635. In key economic data, consumer prices rose moderately in February, although at a slightly slower pace than in the prior month. The consumer-price index, which measures what Americans pay for everything from shampoo to hotel stays, rose 0.2% in February after climbing a seasonally adjusted 0.5% in January, the Labor Department said. Meanwhile, markets also reacted to news that President Donald Trump was nominating current CIA director Mike Pompeo as secretary of state to replace Rex Tillerson.

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Analysts at Goldman Sachs on Tuesday added buy-rated Altice USA Inc. to the firm’s conviction list. The analysts see Altice’s valuation as attractive as it heads toward a spin-off from French parent Altice N.V. , which Goldman Sachs analysts see as a potential near-term catalyst. Altice USA shares were up more than 5% in early trade on Tuesday. “Our analysis indicates Altice USA is well positioned to drive top and bottom line growth as the sector evolves owing to the material investments it is making in product enhancements, and the operator’s proven track record at driving margin expansion through its cost-conscious operating model,” Goldman Sachs analyst Brett Feldman wrote in a note to investors. When judging Altice against Charter Communications Inc. , its closets peer in the U.S. cable landscape, and other companies in the telecom sector, Altice is trading at a steep discount, Feldman wrote. “Altice’s steep discount vs. Charter indicates that the market is not factoring in Altice’s materially higher earnings before interest, tax, depreciation and amortization and its higher conversion of EBITDA into free cash flow,” Feldman wrote. Altice is expected to complete the spin-off from its parent company during the second quarter. Shares of Altice are up nearly 8% in the last three months, while the S&P 500 index is up 5%.

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Zscaler Inc. increased the size and target price of its initial public offering Tuesday morning, ahead of an expected market debut Friday. In an updated filing with the Securities and Exchange Commission, the security-software company said it now expects to sell at least 12 million shares at a price of $13 to $15 apiece, after previously seeking to sell 10 million shares at $10 to $12 each. At the midpoint of its new price range, Zscaler would pull in $168 million at an initial market cap of $1.64 billion. Zscaler expects to trade on the Nasdaq exchange under the ticker symbol ZS, and underwriters–led by Morgan Stanley and Goldman Sachs–have access to 1.8 million additional shares that could push the totals higher.

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U.S. stock-index futures on Tuesday cut early gains following a report that Rex Tillerson was stepping down as secretary of state. Futures for the Dow Jones Industrial Average were higher, up 80 points, or 0.3%, at 25,318, but had been showing triple-digit advance on the back of a reading on consumer inflation that was in line with expectations, assuaging some concerns about hotter-than-expected rising prices. S&P 500 index futures were up 0.4% at 2,800, while those for the Nasdaq-100 were showing a rise of 0.4% at 7,194. Mike Pompeo, director of the Central Intelligence Agency, was named to replace Tillerson, according to Trump in a tweet. Pompeo’s post will be filled by Gina Haspel. The report of Tillerson’s resignation comes amid a series of reports of tension between Tillerson and Trump that may have culminated in the outgoing secretary of state’s disapproval of a coming meeting between Trump and North Korean leader Kim Jong Un. The Washington Post was the first to report of Tillerson’s departure. Tillerson’s resignation also comes less than a week after Trump’s chief economic adviser, Gary Cohn, announced that he was stepping down amid concerns over the impact on tariffs on steel and aluminum imports on global trade. Tillerson was the former head of Exxon Mobil Corp. . On Monday, the Dow and the S&P 500 finished lower, while the Nasdaq Composite Index booked its second straight record close.

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President Donald Trump said Tuesday he will replace Secretary of State Rex Tillerson with CIA Director Mike Pompeo. Trump asked Tillerson to step aside last Friday, the Washington Post said. Officials said Trump felt it was important to make the change as he prepares for talks with North Korea’s leader. On Twitter, Trump thanked Tillerson for his service and said Pompeo would do a “fantastic job.”

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