Wall Street Today: Big tech helps skirt equity routs as traders pivot to defense
Asian stocks eye mixed open on recovery concerns
Asian stocks look set for a cautious start Wednesday after a dip in U.S. shares on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic.
Futures for Japan were steady, Australian contracts slipped and those for Hong Kong rose. U.S. futures fluctuated after the $S&P 500 Index (.SPX.US)$ fell and the $NASDAQ 100 Index (.NDX.US)$ climbed to a record as investors sought more defensive areas of the market.
Big tech helps skirt equity routs as investors pivot to defense
Megacap technology stocks rallied to all-time highs on Tuesday, skirting a broad market selloff driven by concern that the recovery from the pandemic-induced recession has peaked.
All but one of the FANG+ Index's 10 members closed at records on Tuesday, with $Apple (AAPL.US)$ and $Netflix (NFLX.US)$ ending at all-time highs. Those gains pushed the Nasdaq 100 into the green and kept the S&P 500 and $Dow Jones Industrial Average (.DJI.US)$ from posting even steeper declines from last week's near-record levels.
Europe's stock rally fuels up to $5 billion of share sales in one night
European stock prices trading near record highs drove companies and shareholders to cash in on as much as $5 billion of share offerings on Tuesday, with a $2.9 billion stake sale in private equity firm EQT AB leading the charge.
"It is not surprising to see such an elevated level of activity post-U.S. Labor day," said Francois-Olivier Mercier, UBS Group AG's head of equity capital markets syndicate for Europe, the Middle East and Africa. "Today marks the first day of the return to full liquidity post-summer and the window until third-quarter black-out periods will last a few weeks only," he said.
Intel to invest up to $95 billion in European chip-making amid U.S. expansion
$Intel (INTC.US)$ plans to build new chip-making facilities in Europe valued at up to $95 billion, responding to a cross-border race to add manufacturing capacity at a time of a global supply crunch.
Intel Chief Executive Officer Pat Gelsinger on Tuesday said the company was planning two chip factories at a new site in Europe and could potentially expand it further, with the increases raising the total investment over about a decade to the equivalent of as much as €80 billion. The facilities would cater to meteoric demand for semiconductors as computers, cars and gadgets become more chip-hungry.
Apple sends invites for Sept. 14 launch event, where new iPhones are expected
Apple sent out invitations to the media for its annual September event, where the company is expected to launch new iPhones.
The company may also announce new Apple Watch and AirPods models. Apple releases Apple Watches on an annual basis, and AirPods are due for a revision, since the last update was released in 2019.
El Salvador bought $21 million of bitcoin as it becomes first country to make it a legal currency
El Salvador bought 400 bitcoin worth about $20.9 million, one day before it formally adopts the world's most popular cryptocurrency as legal tender.
The announcement came as El Salvador's bitcoin law, which was passed in June, took effect on Tuesday. El Salvador has launched a wallet app called Chivo which citizens can sign up to with a national ID in order to transact using bitcoin.
Nvidia faces opposition from EU over $54bn Arm deal
$NVIDIA (NVDA.US)$ is facing fresh opposition over its $54bn plan to buy UK chip design company Arm, this time from EU officials who say that concessions made by the US chipmaker do not go far enough to mitigate potential damage to rivals. The concerns come after the UK's Competition and Markets Authority (CMA) said last month that the transaction risked suffocating innovation and harming competitors.
Nvidia is preparing to file for regulatory clearance for the deal in Brussels this week, possibly as soon as Tuesday. But worries have emerged among officials in the EU's competition unit, which will be in charge of probing the merger.
Apple Car executive defects to Ford in blow to automotive ambitions
The executive Doug Field with responsibility for Apple's secretive car project has left for $Ford Motor (F.US)$ in a stinging departure that potentially spells the end of the iPhone maker's automotive ambitions. Field will lead Ford's development of its cloud-based platform for a next generation of connected vehicles and report directly to chief executive Jim Farley.
"It's a blow to Apple's ambitions on the automotive front," said Wedbush analyst Dan Ives. "For Ford, it's a coup."
Source: Bloomberg, WSJ, CNBC, Financial Times
Asian stocks look set for a cautious start Wednesday after a dip in U.S. shares on concern that the delta coronavirus variant is slowing the economic recovery from the pandemic.
Futures for Japan were steady, Australian contracts slipped and those for Hong Kong rose. U.S. futures fluctuated after the $S&P 500 Index (.SPX.US)$ fell and the $NASDAQ 100 Index (.NDX.US)$ climbed to a record as investors sought more defensive areas of the market.
Big tech helps skirt equity routs as investors pivot to defense
Megacap technology stocks rallied to all-time highs on Tuesday, skirting a broad market selloff driven by concern that the recovery from the pandemic-induced recession has peaked.
All but one of the FANG+ Index's 10 members closed at records on Tuesday, with $Apple (AAPL.US)$ and $Netflix (NFLX.US)$ ending at all-time highs. Those gains pushed the Nasdaq 100 into the green and kept the S&P 500 and $Dow Jones Industrial Average (.DJI.US)$ from posting even steeper declines from last week's near-record levels.
Europe's stock rally fuels up to $5 billion of share sales in one night
European stock prices trading near record highs drove companies and shareholders to cash in on as much as $5 billion of share offerings on Tuesday, with a $2.9 billion stake sale in private equity firm EQT AB leading the charge.
"It is not surprising to see such an elevated level of activity post-U.S. Labor day," said Francois-Olivier Mercier, UBS Group AG's head of equity capital markets syndicate for Europe, the Middle East and Africa. "Today marks the first day of the return to full liquidity post-summer and the window until third-quarter black-out periods will last a few weeks only," he said.
Intel to invest up to $95 billion in European chip-making amid U.S. expansion
$Intel (INTC.US)$ plans to build new chip-making facilities in Europe valued at up to $95 billion, responding to a cross-border race to add manufacturing capacity at a time of a global supply crunch.
Intel Chief Executive Officer Pat Gelsinger on Tuesday said the company was planning two chip factories at a new site in Europe and could potentially expand it further, with the increases raising the total investment over about a decade to the equivalent of as much as €80 billion. The facilities would cater to meteoric demand for semiconductors as computers, cars and gadgets become more chip-hungry.
Apple sends invites for Sept. 14 launch event, where new iPhones are expected
Apple sent out invitations to the media for its annual September event, where the company is expected to launch new iPhones.
The company may also announce new Apple Watch and AirPods models. Apple releases Apple Watches on an annual basis, and AirPods are due for a revision, since the last update was released in 2019.
El Salvador bought $21 million of bitcoin as it becomes first country to make it a legal currency
El Salvador bought 400 bitcoin worth about $20.9 million, one day before it formally adopts the world's most popular cryptocurrency as legal tender.
The announcement came as El Salvador's bitcoin law, which was passed in June, took effect on Tuesday. El Salvador has launched a wallet app called Chivo which citizens can sign up to with a national ID in order to transact using bitcoin.
Nvidia faces opposition from EU over $54bn Arm deal
$NVIDIA (NVDA.US)$ is facing fresh opposition over its $54bn plan to buy UK chip design company Arm, this time from EU officials who say that concessions made by the US chipmaker do not go far enough to mitigate potential damage to rivals. The concerns come after the UK's Competition and Markets Authority (CMA) said last month that the transaction risked suffocating innovation and harming competitors.
Nvidia is preparing to file for regulatory clearance for the deal in Brussels this week, possibly as soon as Tuesday. But worries have emerged among officials in the EU's competition unit, which will be in charge of probing the merger.
Apple Car executive defects to Ford in blow to automotive ambitions
The executive Doug Field with responsibility for Apple's secretive car project has left for $Ford Motor (F.US)$ in a stinging departure that potentially spells the end of the iPhone maker's automotive ambitions. Field will lead Ford's development of its cloud-based platform for a next generation of connected vehicles and report directly to chief executive Jim Farley.
"It's a blow to Apple's ambitions on the automotive front," said Wedbush analyst Dan Ives. "For Ford, it's a coup."
Source: Bloomberg, WSJ, CNBC, Financial Times
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Jonathan Grant : Is that right..
moneyworkhard : More greens in next 3 days ok
HunterSparks : Apple shares benefiting from euphoria over the new satellite Iphone and new launches .So after Sept 14 will be buy rumor sell fact to me.