Wall Street Today | Nikola's shares surge 18% after it delivers first EV truck
Stock rally may continue in Asia after U.S. record
A global advance in stocks looked set to continue in Asia on Friday on optimism that the world economy will shrug off the outbreak of the omicron virus strain and keep expanding next year.
Australian shares climbed, while futures for Japan and Hong Kong rose. The $S&P 500 Index (.SPX.US)$ hit a record, with nearly all major sectors in the green. Volumes have thinned and a number of markets are closed or operating with reduced hours on Christmas Eve.
Hedge funds kick risk addiction at end of crazy year for stocks
Calm has finally come to a stock market that for weeks had been swinging violently. Bulls who hung tough are ending the year on firm footing after a frenzied off-loading of risk by professional speculators.
December's big sellers were hedge funds, which, chastened by wrong-way bets on high-flying software firms, spent the month slashing high-momentum trades. It helped make this one of the most volatile year-ends for big-cap tech in the past decade, with the absolute size of close-to-close moves in the $NASDAQ 100 Index (.NDX.US)$ clocking in around 1.4%.
Consumer sentiment in U.S. increases on improved outlooks
U.S. consumer sentiment increased in December from a month earlier as households grew more upbeat about the economy and the outlook for their finances.
The University of Michigan's final sentiment index increased to 70.6 during the month from a decade-low of 67.4 in November, data released Thursday showed. Interviews for the latest report were conducted Nov. 22 through Dec. 20.
SEC spurns crypto industry again, denying two spot-bitcoin ETFs
Regulators rejected a pair of proposals to offer physically-backed Bitcoin exchange-traded funds, handing crypto enthusiasts a proverbial bag of coal ahead of the Christmas holiday.
The U.S. Securities and Exchange Commission said on Wednesday that the proposals from Valkyrie Investments and Kryptoin failed to meet requirements to prevent fraudulent and manipulative practices that are needed to protect investors. The earlier-than-expected decision from the SEC could suggest a 2022 approval for a pure Bitcoin fund may not be in the cards either.
Jack Dorsey blocked on Twitter by Marc Andreessen after Web3 comments
The block comes after Dorsey criticized the venture capital industry and made several remarks about Andreessen Horowitz in particular.
The entrepreneur said "Web3" — a potential new decentralized version of the internet based on blockchain — would be owned by rich VCs like Andreessen instead of "the people". "I'm officially banned from Web3," Dorsey tweeted Wednesday alongside a screenshot showing he had been blocked by Andreessen.
Nikola shares surge 18% after company delivers its first EV truck, says more to come
Earlier this week, $Nikola (NKLA.US)$ said it agreed to pay the Securities and Exchange Commission $125 million to settle charges it defrauded investors by misleading them about its products, technical capacity and business prospects.
Crocs CEO defends $2.5 billion Hey Dude acquisition as shares tumble
Some investors are not seeing the appeal in $Crocs (CROX.US)$' multibillion-dollar deal to buy the casual shoemaker Hey Dude.
Crocs CEO Andrew Rees argues the acquisition could lead to robust sales growth, especially in the U.S. Northeast and coastal urban regions. On Thursday morning, the retailer announced plans to acquire the privately held footwear label for $2.5 billion in a cash-and-stock deal.
U.S. airline industry steps up push for CDC to cut quarantine time for breakthrough Covid cases, warning of labor shortages
A major U.S. airlines industry group asked the CDC to reduce its 10-day recommended quarantine for breakthrough Covid cases.
Airlines for America, which represents $Southwest Airlines (LUV.US)$, $American Airlines (AAL.US)$, $United Airlines (UAL.US)$, $Delta Air Lines (DAL.US)$ and others, warned that the current quarantine guidelines could cause labor shortages and disruptions. Delta Air Lines sent its own letter about shortening quarantine requirements earlier this week.
Source: Bloomberg, CNBC
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