Wall Street Today: AMC beats estimates, even with movie attendance weak

Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank should move to taper its asset purchases after another strong month or two of employment gains, and proceed with that scaling-back process faster than in past episodes.

Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank should move to taper its asset purchases after another strong month or two of employment gains, and proceed with that scaling-back process faster than in past episodes.

Asia stocks looked set for a muted start as investors weighed the impact of falling commodity prices, talk of stimulus withdrawal and a resurgence in the delta virus variant.

A slide in oil accelerated on Monday, sending prices around their lowest level in 2½ months with traders worried that fresh restrictions to slow will weaken the global economy and crunch fuel demand.

U.S. crude fell as much as 4.6% and ended the day down 2.6% at $66.48 a barrel, near its lowest price since late May and 12% below a from mid-July. While prices are still well above the $50 level where they started the year, their monthslong climb has morphed into a reversal as Delta variant cases soar and .

Chief Executive Adam Aron on Monday used the company’s earnings call, which is typically a staid recitation of quarterly finances, to rally his Reddit troops and announce several changes coming to his company thanks to the suggestions of the loyal, so-called apes.

An Institutional Investor Hall of Famer sees an urgent need for investors in some of the most popular trades to diversify.

Rich Bernstein, who has spent decades on Wall Street, is waving the red flag on long-duration assets ranging from Big Tech to bitcoin to Reddit rebellion stocks to long-term bonds.

“We are right in maybe the biggest bubble of my career,” Bernstein, the CEO and CIO of Richard Bernstein Advisors, told CNBC's "Trading Nation" on Monday.

he president of the Federal Reserve Bank of Boston added his voice Monday to a growing number of people, inside and outside the Fed, who say the central bank should soon begin to dial back its extraordinary aid for an economy that is strongly recovering from the pandemic recession.

Eric Rosengren said in an interview with The Associated Press that the central bank should announce in September that it will begin reducing its $120 billion in purchases of Treasury and mortgage bonds “this fall.” The bond buying, which the Fed initiated after the coronavirus erupted in March of last year, has been intended to lower longer-term interest rates and encourage borrowing and spending.

The German biotech group said on Monday it expected its full-year revenues from the jab, developed in a joint venture with Pfizer, to be about €15.9bn, well above a previous forecast of €12.4bn.

The US Senate is set to pass a $1tn package to invest in America’s crumbling infrastructure with significant Republican support, a bipartisan vote that will be seen as a major legislative achievement of Joe Biden’s young presidency.

Senators voted 68-29 late on Sunday to end the debate on the infrastructure bill, setting up a final vote for either late on Monday or early on Tuesday. Eighteen Republicans joined with Democrats in clearing the procedural hurdle, a rare cross-aisle display in a Senate that is sharply divided, 50-50, between the two major US political parties.