Tag: stock market

U.S. stocks look poised to tumble in coming trade following news late Tuesday that National Economic Council Director Gary Cohn is resigning from President Donald Trump’s administration in the coming weeks. Cohn, a former Goldman Sachs Group Inc. executive, was seen as a level head within the administration and one of the chief architects of Wall Street-friendly corporate tax cuts rolled out late last year. Speculation about Cohn’s plans to exit the White House in August similarly roiled markets. Futures for the Dow Jones Industrial Average were down about 300 points, or 1.2%, at 24,542 late Tuesday, while those for the S&P 500 were down 1% at 2,698. Cohn’s sudden departure comes amid turmoil in the White House over Trump’s plan to implement tariffs on steel and aluminum imports, which Cohn has opposed, arguing that it could undercut the Trump’s economic achievements, according to reports. The loss of Cohn may be viewed by viewed by Wall Street as a headwind to the president’s pro-business agenda and underlines ongoing turmoil in the White House, highlighted by a parade of departing officials.

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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The Justice Department is suing the state of California over its “sanctuary” laws, according to a New York Times report Tuesday night. The federal government filed suit late Tuesday against California, Gov. Jerry Brown and state Attorney General Xavier Becrerra over three recent laws that the Justice Department claims are unconstitutional and make it impossible for federal immigration officials to do their jobs, the Times reported. The suit claims that California is violating the Supremacy Clause of the Constitution, which generally states then when federal and state laws conflict, federal law wins. U.S. Attorney General Jeff Sessions is expected to formally announce the suit during a speech Wednesday in the state’s capitol, Sacramento. Last year, California passed laws restricting when local law enforcement officers could cooperate with immigration officials. California has been one of the most outspoken opponents of Trump administration policies, including the crackdown and deportation of undocumented immigrants.

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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An top adviser to the United Arab Emirates with ties to the Trump administration is cooperating with special counsel Robert Mueller’s investigation, the New York Times reported Tuesday, and has already testified before a grand jury. The Times said Mueller’s probe into Russian election meddling may also delve into whether money from the UAE was illegally funneled to the Trump campaign. The adviser, George Nader, reportedly attended a meeting in January 2017 in the Seychelles between a Russian investor with ties to Vladimir Putin and Erik Prince, the founder of the former private security firm Blackwater and at the time an informal Trump adviser. Nader represented the UAE’s crown prince at the meeting, which U.S. intelligence agencies at the time found suspicious. It is illegal for foreign entities to donate to U.S. political campaigns, and also illegal for Americans to knowingly accept such funds.

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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Stephanie Clifford, the adult film star also known as Stormy Daniels, is suing President Donald Trump, claiming that her nondisclosure agreement is invalid because Trump did not sign it, NBC News reported late Tuesday. The suit alleges that while she and Trump lawyer Michael Cohen signed the document in which she agreed not to disclose her intimate relationship with Trump, spaces where Trump was supposed to sign were left blank, making the agreement void, NBC News said. Clifford alleges Cohen has pressured her not to speak about the alleged affair as recently as last week. In January, the Wall Street Journal reported Cohen used a shell company to pay Clifford $130,000 for her silence regarding an alleged 2006 sexual encounter with Trump. Clifford reportedly received the money two weeks before the 2016 presidential election. On Monday, the Journal reported that Cohen has complained that Trump had not reimbursed him for the payment.

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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Stifel analyst Scott Devitt has downgraded Netflix Inc. stock to a hold from a buy rating due to the current valuation of the stock, according to a research note late Tuesday. “We are attracted to Netflix’s business and competitive position but believe share price may have sprinted ahead of fundamentals in the short-term,” Devitt wrote. The note says that Netflix stock has reached the analyst’s new $325 price target and that shares are up nearly 70% year-to-date compared with the S&P 500 index , which has gained 2%. This follows a 55% gain in 2017, the analyst wrote. Netflix stock is down 2.5% after hours amid broad market uncertainty following the late Tuesday resignation of Gary Cohn, the head of President Donald Trump’s National Economic Council.

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

U.S. stocks look poised to tumble in coming trade following news late Tuesday that National Economic Council Director Gary Cohn is resigning from President Donald Trump’s administration in the coming weeks. Cohn, a former Goldman Sachs Group Inc. executive, was seen as a level head within the administration and one of the chief architects of Wall Street-friendly corporate tax cuts rolled out late last year. Speculation about Cohn’s plans to exit the White House in August similarly roiled markets. Futures for the Dow Jones Industrial Average were down about 381 points, or 1.5%, at 24,464 late Tuesday, while those for the S&P 500 were down 1.3% at 2,688. Cohn’s sudden departure comes amid turmoil in the White House over Trump’s plan to implement tariffs on steel and aluminum imports, which Cohn has opposed, arguing that it could undercut the Trump’s economic achievements, according to reports. The loss of Cohn may be viewed by viewed by Wall Street as a headwind to the president’s pro-business agenda and underlines ongoing turmoil in the White House, highlighted by a parade of departing officials.

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

U.S. stocks look poised to tumble in coming trade following news late Tuesday that National Economic Council Director Gary Cohn is resigning from President Donald Trump’s administration in the coming weeks. Cohn, a former Goldman Sachs Group Inc. executive, was seen as a level head within the administration and one of the chief architects of Wall Street-friendly corporate tax cuts rolled out late last year. Speculation about Cohn’s plans to exit the White House in August similarly roiled markets. Futures for the Dow Jones Industrial Average were down about 340 points,r or 1.3%, at 24,521 late Tuesday, while those for the S&P 500 were down 1.1% at 2,694. Cohn’s sudden departure comes amid turmoil in the White House over Trump’s plan to implement tariffs on steel and aluminum imports, which Cohn has opposed, arguing that it could undercut the Trump’s economic achievements, according to reports. The loss of Cohn may be viewed by viewed by Wall Street as a headwind to the president’s pro-business agenda and underlines ongoing turmoil in the White House, highlighted by a parade of departing officials.

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

Coinbase’s President & Chief Operating Officer Asiff Hirji late Tuesday said the popular digital-currency platform would kick off a crypto-focused index fund. Hirji told CNBC during an interview on its “Fast Money” segment that the planned index fund is intended to give retail investors broad exposure to virtual currencies. The COO said the fund is still in the works and would be targeted to accredited investors, with a specified net worth. Hirji said the index fund would be market-cap weighted but didn’t offer more details.

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

National Economic Council Director Gary Cohn is resigning, the New York Times reported, citing a statement given to the newspaper from President Donald Trump. Cohn, previously the president of Goldman Sachs, was known to disagree over key White House economic decisions, including the new push for aluminum and steel tariffs. “Gary has been my chief economic adviser and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again,” Trump said in a statement to the New York Times. “He is a rare talent, and I thank him for his dedicated service to the American people.” Cohn is expected to leave in the coming weeks, the report says.

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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Shares of drone maker AeroVironment Inc. fell more than 8% late Tuesday after the company swung to a surprise fiscal 2018 third-quarter loss. AeroVironment said it lost $800,000, or 4 cents a share, in the third quarter of fiscal 2018, compared with a net loss of $2.2 million, or 9 cents a share, in the year-ago period. Revenue rose 20% to $64 million, compared with $53.2 million a year ago. Analysts polled by FactSet had expected earnings of 2 cents a share on sales of $63 million. In a separate press release, AeroVironment said it had been awarded a $44.5 million contract to provide drones for the ground forces of an unnamed Middle East “regional power,” it said. That was the company’s largest international order, AeroVironment said. AeroVironment shares ended the regular trading session up 0.8%.

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