Wall Street Today | Stocks face next test as earnings season approaches
Stocks seen steady with bond volatility in focus
Stocks are set to start the week cautiously as investors brace for bond-market volatility and assess the economic hit from the rapidly spreading Covid omicron variant.
Australian shares edged lower. U.S. futures slipped after the $S&P 500 Index(.SPX.US$ posted the worst start to a year since 2016 as expectations of faster-than-anticipated U.S. interest-rate increases roiled bond markets. The tech-heavy $NASDAQ 100 Index(.NDX.US$ had its worst week since February amid a rotation out of high-growth tech names. Japan is shut for a holiday Monday.
Risk bubbles are deflating everywhere, some market watchers say
To Bank of America strategists including Michael Hartnett, a bubble is "simultaneously popping" in assets including cryptocurrencies, palladium, long-duration technology stocks, and other historically risky areas of the market. The winding down in speculative areas comes as investors brace for the U.S. Federal Reserve to pick up the pace of policy tightening.
Reddit taps Morgan Stanley and Goldman Sachs for IPO
Reddit Inc., the social media company that helped fuel 2021's meme stock frenzy, is working with $Morgan Stanley(MS.US$ and $Goldman Sachs(GS.US$ to go public as soon as March, according to people with knowledge of the matter.
Reddit could be valued at as much as $15 billion in an initial public offering, the people said, asking not to be identified discussing private information.
Bitcoin ETF goes from boom to bust after a record U.S. debut
The crypto bloodbath has transformed a famous Bitcoin ETF that launched the most successful debut ever into one of the biggest losers for an issuer in their first two months of trading.
With a 30% drop, the $ProShares Bitcoin Strategy ETF(BITO.US$, is now one of the 10 worst performers when looking at returns two months after a public listing, Bloomberg Intelligence data analyzed by Athanasios Psarofagis show.
Goldman-backed digital bank Starling boycotts Meta over scam ads
Starling CEO Anne Boden said her firm would no longer pay for advertising on Facebook and Instagram while scammers target customers.
Boden has been pressuring the U.K. government to address financial fraud in new laws seeking to tackle online harms. While Google has already tightened its rules on financial ads, $Meta Platforms(FB.US$ is yet to take similar action.
Elon Musk says Tesla will raise price of "Full Self-Driving" driver assistance to $12,000
Elon Musk says $Tesla(TSLA.US$ will raise the price of "Full Self-Driving," a premium driver assistance option, to $12,000 in the U.S. The company will also raise the price of FSD subscriptions, which currently cost $199 per month for most users, but Musk did not specify by how much.
Tesla has never reported the take-rate for FSD, i.e. how many customers opt to buy or subscribe to use the advanced driver assistance technology.
Tesla owner says he mines up to $800 a month in cryptocurrency with his car
Tesla owners speak about how they've used the internal computer and battery power of the car to mine cryptocurrencies. He's run free bitcoin mining software on his Apple Mac mini M1 and powered the computer by plugging an inverter into the 12-volt power socket located in the center console of his car.
San Francisco-based Siraj Raval mines ethereum by hooking up graphic processing units directly to the Tesla car battery.
Wall Street banks set to report record profits for 2021
Wall Street's biggest banks this month are set to report record profits for 2021 thanks to bumper investment banking fees and lower-than-expected losses on loans during the pandemic, with analysts cautioning it may take years to repeat such stellar earnings.
Analysts forecast all but $Citigroup(C.US$ will report their highest-ever full-year profits, according to estimates compiled by Bloomberg and historical earnings data from S&P Capital IQ. "You might have to go all the way out to 2024 before earnings are higher than they were in 2021," said Matt O'Connor, head of large-cap bank research at Deutsche Bank.
Source: Bloomberg, CNBC
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