LUXEMBOURG (Reuters) - The European Central Bank defended its 2.6 trillion-euro bond-buying program before the European Union’s top court on Tuesday from accusations it was bankrolling governments and endangering taxpayer money.The case, brought by a group of eurosceptic politicians and academics from Germany, aims to stop the ECB’s current stimulus program, which is nearing its end, a...Read More
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr* British bond yield curve extends flattening bias* Germany, Netherlands kick off supply heavy week* Greece bond outperformer in European bondsBy Saikat ChatterjeeLONDON, July 10 (Reuters) - European bond yields edged higher on Tuesday but investors comfortably absorbed the first batch of fresh debt supplies this week, against a risk support...Read More
Import prices for steel billet in Southeast Asia were unchanged over the past week amid subdued demand, while those for slab in the wider region edged up ahead of an impending supply drop.BilletMetal Bulletin's assessment of import prices for billet in Southeast Asia was $540-550 per tonne cfr for the week ended Monday July 9, the same as a week earlier.Few bookings were reported over the past wee...Read More
The S&P and Nasdaq also gained for a fourth straight dayThe Dow jumped at the open and never looked back, as strong days for consumer staples stocks Procter & Gamble (PG) and Walmart (WMT) helped lift the blue-chip index to its fourth straight win. The S&P also brought its daily win streak to four on a positive earnings reaction for PepsiCo (PEP). Meanwhile, the Nasdaq lost steam in afternoon trad...Read More
WYNN stock has struggled, but just flashed a buy signalShares of Wynn Resorts, Limited (NASDAQ:WYNN are climbing today, up 3.1% to trade at $165.06. The recent bounce comes after the gaming stock had pulled back to a trendline with bullish implications. With this in mind, it may be time to bet on a sustainable WYNN recovery.Last week, a second straight monthly revenue miss at Macau caused Wynn s...Read More
Bear notes are sinking shares of GCO, IRBT, and ANStocks are surging again today, as the Dow looks to lock up its fourth straight win. However, apparel retailer Genesco Inc. (NYSE:GCO), Roomba maker iRobot Corporation (NASDAQ:IRBT), and car dealer AutoNation, Inc. (NYSE:AN) are all lower today after receiving some bearish analyst attention. Below, we will take a closer look at howshares of GCO,...Read More
Small caps are having a big daySmall-cap stocks are making notable gains today, with the Russell 2000 Index (RUT) fresh off a record high. Among individual names are web content management provider Bridgeline Digital Inc (NASDAQ:BLIN), hepatitis B specialist ContraVir Pharmaceuticals Inc (NASDAQ:CTRV), and biopharmaceutical firm MediciNova, Inc. (NASDAQ:MNOV). Here's a closer look at what's moving...Read More
CloseGain/LossGold $1255.50-$2.70Silver$16.06-$0.05XAU83.54+0.31%HUI179.70+0.49%GDM629.57-0.03%JSE Gold1077.79+1.72USD94.14+0.04Euro117.47UNCHYen89.92-0.34Oil$74.11+$0.2610-Year2.863%+0.002T-Bond145.0625-0.0625Dow24919.66+0.58%Nasdaq7759.20+0.04%S&P2793.84+0.35% The Metals: Gold fell $10.80 to $1247.40 in London before it bounced back higher in New York, but it still ende...Read More
- "Chaotic" Brexit more likely after Davis, Johnson resignations from UK government- London's rivals are slowly carving chunks out of its financial services business- UK's Brexit options are increasingly unappealing which may pressure the pound- Already Frankfurt, Paris, Luxembourg and Dublin seeing more foreign direct investment and financial services jobs- Risk of "death by a thousand cuts"...Read More
A short squeeze could propel the outperformer even higherThe shares of Rocket Pharmaceuticals Inc (NASDAQ:RCKT) -- which specializes in rare disease therapies -- are higher today, thanks to some bullish analyst attention. Specifically, William Blair initiated coverage of RCKT stock with an "outperform" rating and a fair-value target of $32 -- representing expected upside of 63% from the security's...Read More
Political developments in the UK and the NATO summit will affect currencies as well as metals and energies. If gold and silver fall today, then physical buyers will be absent as they will be waiting for more correction. Today and tomorrow are crucial days for gold, silver and copper. They need to float over current prices to rise further. Sharp short-term corrections (if any) in gold and silver...Read More
Brazilian domestic prices for hot-rolled coil (HRC) and hot-dipped galvanized coil (HDG) have increased only marginally in July, with local producers struggling to apply previously announced price increases.Flat steel companies in the country have been trying to raise prices since early June, but strong competition is getting in the way of the adjustment."The market got messy [and] each client is...Read More
Recent history suggests the RIG rally could have legsThe shares of offshore drilling concern Transocean LTD (NYSE:RIG) just notched a fresh annual high of $14.34, briefly barreling through recent congestion around the $14 level, even as drilling workers strike in Norway. Further, RIG stock yesterday popped higher after Susquehanna upgraded it to "positive" from "neutral," and hiked its price targe...Read More
URBN has been a long-term outperformer on the chartsShares of retail concern Urban Outfitters, Inc. (NASDAQ:URBN) are slightly lower this afternoon, down 0.7% at $45.49, after receiving a downgrade to "sector weight" from "overweight" at KeyBanc. From a broader perspective, however, URBN has been a long-term outperformer on the charts, not unlike its sector peer Tailored Brands (TLRD). The stock...Read More
The global pig iron market was quiet in June with purchasing activity being low in the United States, where buyers booked large volumes in May."When the largest consumer postpones bookings, it brings uncertainty to the market," one trader told Metal Bulletin. "Everyone waits until the trend-setter shows where the market will turn."United StatesBuyers in the US consume more than 50% of the pig iron...Read More
Summit Insights thinks the stock's recent weakness is a buying opportunityTwitter Inc (NYSE:TWTR) was down nearly 10% on Monday on news the microblogging site removed more than 70 million fake accounts. The stock eventually pared this loss to 5.4%, after TWTR's Chief Financial Officer Ned Segal said in a tweet the suspension of these accounts would not impact user metrics. Today, the shares are do...Read More
Strong PepsiCo earnings have lifted the S&PThe Dow Jones Industrial Average (DJI) is extending its recent run of gains, up triple digits and on track for its fourth straight win, as corporate earnings season wrestles the spotlight from trade war tensions. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also pushing higher, with the former nabbing a four-month high on the heels of Peps...Read More
Total open interest on SFIX is now at an all-time highOptions are active for Stitch Fix Inc (NASDAQ:SFIX) as the AI-powered fashion stock rallies to record highs. SFIX shares earlier peaked at $34.71, and were last seen trading up 8.3% at $33.69, after KeyBanc began coverage with an "overweight" rating and ambitious $38 price target. The firm's analyst called out Stitch Fix's use of customer data...Read More
FAST is recovering from a recent pullback below its 320-day moving averageFastenal Company (NASDAQ:FAST) is slated to report second-quarter earnings before the stock market opens tomorrow morning. FAST stock is trading up 0.1% at $49.67 at last check, on track for a second straight close above the 320-moving average, which it briefly fell below during a recent pullback to its June 5 year-to-date l...Read More
Tesla said it is building a plant in ChinaThe shares of Tesla Inc (NASDAQ:TSLA) are trading up 1.8% at $324.17, after the electric car maker announced plans to build a factory in China. The new facility will reportedly be able to produce up to 500,000 vehicles a year.Tesla stock's time on the charts has been choppy over the past 12 months. But despite the shares trading as high as $389.61 back on...Read More