Wall Street Today | Retail traders trail professional stock pickers by most ever
Asia stocks to rise after U.S. gains
Asian stocks look poised to open stronger Tuesday after U.S. equities rebounded. Treasuries tumbled.
Futures pointed higher in Japan and Hong Kong while Australian shares rose. The $S&P 500 Index (.SPX.US)$ wiped out last week's losses, while the technology-heavy $NASDAQ 100 Index (.NDX.US)$ also gained, aided by receding concerns about the severity of the omicron virus variant. $Alibaba (BABA.US)$ led a rebound in Chinese tech firms listed in the U.S., after the company announced a management shakeup. U.S. stock futures opened higher in Asia.
Dennis Gartman says 'bear market is required' as stocks over-valued
U.S. equities investors, having enjoyed a lengthy run of rich valuations during the course of the pandemic, need to pull back, especially from growth stocks as the Federal Reserve begins to tighten monetary policy, according to Dennis Gartman, University of Akron Endowment Chairman.
"A bear market is required at this point," Gartman said Monday on Bloomberg Radio. "We had an expansion for a long period of time and I think over the course of next year, he or she who loses the least amount of money will be the winner."
Traders pour billions into battered tech ETFs in dip-buying bid
Beleaguered dip buyers piled into tech-focused ETFs last week, undeterred by a rout in risk assets that wiped $370 billion from the Nasdaq 100.
More than $2.6 billion flooded into the $Invesco QQQ Trust (QQQ.US)$ last week, according to data compiled by Bloomberg. While that was the biggest influx since June, the ETF slumped more than 2%. Meanwhile, the $ProShares UltraPro QQQ ETF (TQQQ.US)$ -- a triple-leveraged bet on tech shares -- absorbed nearly $650 million. Even so, the fund tumbled 6.7% in the span.
Retail traders trail professional stock pickers by most ever
Individual investors, who reaped eye-popping returns that made some pros chuckle earlier this year, are facing a moment of reckoning. A basket of the 50 most-popular stocks among individual investors plunged 7.8% last week, trailing companies most-favored by mutual funds by 5.8 percentage points, the most ever, data compiled by Goldman Sachs Group Inc. show.
The retail crowd, who were among the first to scoop up shares during the 2020 pandemic rout, appear now to be leaving the YOLO mentality behind.
Tech giant SoftBank's shares get hit as Alibaba and Didi see stock slide
The Japanese tech giant's share price fell from 5201 yen ($46) to 5103 yen on the Tokyo stock market. At one point, shares fell as low as 5,062 yen, which is their lowest level since June 2020.
Portfolio companies including Alibaba, Arm and Didi Chuxing are all experiencing periods of uncertainty that has hit their market value.
Trump SPAC under investigation by federal regulators, including SEC
Federal regulators are investigating former President Donald Trump's SPAC deal. The SEC and FINRA probes were disclosed in a filing by $Digital World Acquisition Corp (DWAC.US)$, the special purpose acquisition company on track to merge with Trump Media & Technology Group.
Microsoft Office prices going up 20% for some business clients unless they move from monthly to annual subscriptions
$Microsoft (MSFT.US)$ is telling partners that customers will soon be charged 20% more for Office subscriptions if they prefer to keep paying by the month. By pushing more users to annual subscriptions, Microsoft can potentially have better visibility into its revenue and reduce concerns about customer churn.
Some partners are pushing back, taking to Reddit to complain and signing a petition at Change.org.
Apartment rent and occupancy hit record highs, even as market enters its traditionally slow season
Apartment rent and occupancy set new records in November, even as the rental market headed into its traditionally slow season. Apartment occupancy hit a new high of 97.5% in November, according to RealPage, a real estate technology platform. The annual increase in asking rents for new move-in leases hit 13.9%.
"The rental market is actually stronger than the for-sale market right now," said one real estate industry observer.
Source: Bloomberg, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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