Wall Street Today | 56% of shoppers may go into debt this holiday season
U.S. futures rise as virus worry eases; Yen dips
Asian stocks looked set for a steady start Tuesday after U.S. shares rebounded amid easing concerns among equity investors about the impact of the omicron coronavirus strain on global reopening.
Australian shares rose, while futures for Japan climbed and Hong Kong's slipped. U.S. contracts pushed higher after the $S&P 500 Index(.SPX.US$ wiped out its November losses and the technology-heavy $NASDAQ 100 Index(.NDX.US$ more than recouped Friday's rout.
Dip buyers erase massive losses at unprecedented clip
It's shaping up to be a historic year for dip buyers feasting on big pullbacks.
Dip buyers erase massive losses at unprecedented clip
It's shaping up to be a historic year for dip buyers feasting on big pullbacks.
Up 2.3% Monday, the Nasdaq 100 more than recouped Friday's 2.1% rout. That's the third instance in 2021 when investors have piled into the index after a beat-down and erased all the damage the very next day. There were only three such dramatic reversals in the prior two decades.
Meta postpones ticker symbol change
$Meta Platforms(FB.US$ postpones ticker symbol change to 1Q 2022, the company says in a statement.
Retail traders snapped up $2 billion of ETFs, stocks during rout
The day-trading crowd snapped up roughly $2 billion in assets like the $SPDR S&P 500 ETF(SPY.US$ and $Invesco QQQ Trust(QQQ.US$ on Friday as the buy-the-dip crowd stepped in where Wall Street didn't, according to data from Vanda Research.
Individual investors showed conviction not only buying ETFs that track the major U.S. averages, but bought airline stocks like $Delta Air Lines(DAL.US$, $United Airlines(UAL.US$, as well as cruise operator $Carnival(CCL.US$, Vanda data show. The trio were among the 10 most-bought stocks on Friday with each seeing at least $39 million in buying, according to the data.
More than half of shoppers are going into debt this holiday season, study finds
As shoppers spread out their holiday purchases amid ongoing concerns about Covid, more consumers are tapping so-called buy now, pay later services. Yet studies show installment payments encourage consumers to spend more than they can afford.
As many as 56% of shoppers have made a purchase with "buy now, pay later" services they couldn't pay off, according to one recent survey.
Twitter CTO Parag Agrawal will replace Jack Dorsey as CEO
$Twitter (Delisted)(TWTR.US$ CEO Jack Dorsey is stepping down as chief of the social media company. Dorsey, 45, was serving as both the CEO of Twitter and Square, his digital payments company.
Parag Agrawal, the company's chief technology officer, is taking over as CEO effective immediately.
Robinhood short sellers winning big as brokerage's shares tumble
It's paid off for those betting against $Robinhood(HOOD.US$, the brokerage popular with the meme-stock traders who once waged war on short-sellers.
The brokerage has seen its shares tumble nearly 70% from their August 4 peak. The stock hasn't traded above the $38 price of its July initial public offering in about three weeks.
Achieving semiconductor independency is 'not doable,' EU competition chief says
"What is important is that there is a different level of production capacity in Europe," Vestager said. The European Commission has said that it wants to double the market share of semiconductors in Europe by 2030.
At the moment, "on a good day," Europe's market share is at 10% — it used to be 40% in the 1990s, according to data from the commission. Vestager said the EU is working with the United States to identify what is causing shortages in the production of semiconductors.
Source: Bloomberg, CNBC
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