Wall Street Today: Crypto markets slide as Yellen leads regulatory scrutiny
Asia stocks to track U.S. rally as traders buy dip: markets wrap
Asian stocks look set to snap three days of losses after bargain hunters drove U.S. equities to the biggest advance since March as anxiety over the economic impact of coronavirus flareups eased. Treasury yields rose.
Futures climbed Wednesday in Japan, Australia and Hong Kong.
BlackRock-led ‘big three’ may forestall chaos in stock markets
Critics who assail the growing influence of index giants like $Blackrock (BLK.US)$. may be overlooking their power to prevent a stock-market disaster.
In a paper published this month, academics from America and China show that institutions with notable holdings in multiple firms across industries are less likely to panic sell.
Using almost four decades of U.S. data, they find that these investors are stabilizing forces because they can figure out whether equity gyrations are down to firm- or industry-specific woes.
Netflix signals no acquisition plans as it adds 1.5 million subscribers
The streaming giant told investors Tuesday that while its competition is growing and rivals are combining to create more formidable entertainment platforms, it sees no need to get bigger to compete.
$Netflix (NFLX.US)$’s addition of 1.5 million subscribers for the three-month period ending June 30 exceeded its earlier forecast of an additional one million memberships. It added 10 million in the second quarter a year earlier, when much of the world was in lockdown mode.
Total revenue rose to $7.34 billion, compared with $6.15 billion a year earlier. Wall Street had expected $7.32 billion, according to FactSet.
Profit at Netflix increased to $1.35 billion, or $2.97 a share. A year earlier, earnings were $720 million, or $1.59 a share. Earnings missed estimates for GAAP earnings of $3.18 a share.
Blue Origin Launch: Jeff Bezos and crew complete successful space flight
Jeff Bezos and three passengers reached the edge of space and safely returned Tuesday morning after a flight of just over 10 minutes that the billionaire businessman hopes will kick-start an expansive new era for human space travel.
United Airlines narrows loss, plans to ramp up flying to meet strong travel demand
A surge in bookings drove $United Airlines (UAL.US)$’s revenue higher in the second quarter. The airline expects the trend to continue during the summer.
United’s revenue of $5.47 billion for the three months ended June 30, was down by more than 50% from the same quarter of 2019 but up nearly 70% from the first quarter of the year.
United’s revenue of $5.47 billion for the three months ended June 30, was down by more than 50% from the same quarter of 2019 but up nearly 70% from the first quarter of the year.
However, United still posted a net loss of $434 million, its sixth consecutive quarterly loss.
Carnival stock rises after cruise operator announces 75% of fleet capacity will return this year
Shares of $Carnival (CCL.US)$ jumped 7.45% on Tuesday after the company announced plans to resume guest cruises with 75% of its total fleet capacity by year’s end.
The company will resume operations with 54 ships across eight of its nine brands. Carnival Cruise Line, which already resumed operations, will also bring back the remaining nine vessels in its fleet by the end of the year.
These steps taken together will boost Carnival’s total operating capacity to 75%, according to the company.
Cryptocurrency markets slide as Yellen leads mounting regulatory scrutiny
Cryptocurrency markets have come under renewed pressure after top US officials including Treasury secretary Janet Yellen said they expect to issue recommendations on stablecoins, important assets in the digital economy, in the coming months.
Yellen “underscored the need to act quickly to ensure there is an appropriate US regulatory framework in place” at a president’s working group on financial markets she convened on Monday to discuss the tokens, according to details released from the meeting.
JPMorgan grants Jamie Dimon ‘special’ stock award to stay at bank
$JPMorgan (JPM.US)$ is granting Jamie Dimon a “special award” of 1.5m share options that it said reflected the board’s desire for one of the longest-serving chief executives on Wall Street to stay at the bank for a “significant number of years”.
The board is awarding Dimon the options in the form of “stock appreciation rights” that he can exercise at Tuesday’s average price of $148.73, which will allow him to make a profit if the bank’s stock rises above that level in the coming years.
$S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Amazon (AMZN.US)$ $Bitcoin (BTC.CC)$
Source: Bloomberg, WSJ, CNBC, Financial Times
Source: Bloomberg, WSJ, CNBC, Financial Times
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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