Asia stocks to open steady; Treasury yields climb
Asian stocks are poised to open steady Thursday after U.S. equities extended a rally as investors weigh the impact of the new virus variant on the economy. Treasuries declined.
Futures were little changed in Japan and rose in Hong Kong. Australia and U.S. contracts were stable in early Asia trading. The $S&P 500 Index (.SPX.US)$ and the technology-heavy $NASDAQ 100 Index (.NDX.US)$ advanced for a third day. The Nasdaq Golden Dragon China Index of companies with most of their businesses in China also gained for a third day.
Apple wins delay in monopoly case, allowing app store rules to stay for now
The stay means that the App Store will effectively remain under the status quo prohibiting external links before a change was ordered by Yvonne Gonzales Rogers, a federal judge in Oakland, earlier this year.
Wednesday's stay temporarily protects $Apple (AAPL.US)$'s control over its App Store and the fees it generates, which can range up to 30% of digital transactions.
Apple's car project loses three more key engineers to startups
Eric Rogers, billed as Apple's chief engineer for radar systems on the project, left for flying-taxi startup Joby Aviation Inc. in recent weeks. Alex Clarabut, an engineering manager for the team's battery systems group, joined , another company working to develop air taxis. Stephen Spiteri, an Apple hardware engineering manager, left to join Archer as well.
GameStop shares fall as video game retailer reports widening losses in third quarter
$GameStop (GME.US)$'s shares fell 4% after the company reported that losses widened in the fiscal third quarter. The video game retailer's net loss grew to $105.4 million, or $1.39 per share, from a loss of $18.8 million, or 29 cents per share, a year earlier. Total revenue grew to $1.30 billion from $1.00 billion a year earlier.
Inventories grew in the latest quarter as GameStop looked to get ahead of supply chain challenges and be well-stocked for the holidays.
Powell's fourth major shift raises questions about the Fed's policy credibility
The Fed is expected to say next week it will double the pace of its bond purchase taper, while also likely hinting at more aggressive rate hikes in 2022. If it meets those expectations, it will mark at least the fourth significant policy change under Chairman Jerome Powell's leadership.
With policy so unpredictable and forecasts proving often unreliable, the Fed could be facing a substantial credibility challenge.
There are 11 million open jobs as the quitting spree continues: 'It's still a very tight labor market'
There were 11 million job openings while hiring remained steady and quitting cooled slightly in October, according to the Labor Department's latest Job Openings and Labor Turnover report.
Despite the small drop in quits, turnover remains historically high as 4.2 million people quit their job in October, down from a record-high 4.4 million people, or 3% of workers, who quit in September.
BofA says S&P 500 real earnings yield is lowest since Harry Truman was president
The S&P 500 Index currently has a real earnings yield of -2.9%, meaning that without continued growth in company results, investors would lose 2.9% when adjusted for inflation, the strategists led by Savita Subramanian wrote in a note on Wednesday. "Last time the real earnings yield was this negative was 1947."
Bill Ford acquires 2 million shares of automaker with stock near 20-year high
$Ford Motor (F.US)$ Chair Bill Ford , the great-grandson of founder Henry Ford, acquired almost 2 million shares of his company for about $20.5 million through the exercise of stock options.
"The decision to exercise these options to purchase almost 2 million shares of common stock reflects Bill's confidence in the future of the company and our plan to create tremendous value for all of our stakeholders," Ford Motor said in an emailed statement.
Source: Bloomberg, WSJ, CNBC

Asian stocks set for steady open on growth caution
Asian stocks looked set for a steady start Friday as traders weigh the prospect of reduced central bank stimulus as well as challenges to economic reopening from the delta coronavirus variant.
Futures for Japan, Australia and Hong Kong pointed to modest gains. U.S. contracts fluctuated after the S&P 500 posted its longest losing streak since June. Reports showed lower U.S. jobless claims but also more virus disruption, including $Microsoft (MSFT.US)$'s move to scap plans to fully reopen its offices.
Goldman, Citi see Aluminum rally raging on as bears flag caution
Aluminum's run-up to a 13-year high has some analysts doubling down on forecasts for further gains. Others warn the peak is already here.
But the rally may sow the seeds of its own demise, according to the China Nonferrous Metals Association, which said last week that supply isn't in a notable shortfall and consumption isn't strong enough to warrant such prices. Aluminum may retreat quickly once the high prices dent demand and substitutions emerge, it said.
Oil prices fall after China says it plans to release stockpiles
Oil prices fell Thursday after China's plans to release stockpiled crude increased worries that global supply could grow even as a resurgence in the pandemic drags on demand.
The move adds to pressures swaying the oil market. U.S. crude dipped as much as 2.5% after a Chinese government agency said it would strategically release oil from reserves. West Texas Intermediate ended the day down 1.7% at $68.14 a barrel, its lowest level in two weeks. Brent, the global benchmark, lost 1.6% to $71.45.
Affirm stock skyrockets after company reports 71% revenue growth and strong guidance
$Affirm Holdings (AFRM.US)$, one of the leading players in the burgeoning buy now, pay later space, reported better-than-expected fiscal fourth-quarter results after the bell Thursday, including solid guidance and 71% revenue growth. The stock soared more than 20% in extended trading following the report.
The blockbuster earnings report comes after Affirm last month announced it's teaming up with Amazon to launch the e-commerce giant's first partnership with an installment payment player.
Ford to spend $2 billion to restructure operations and close plants in India
$Ford Motor (F.US)$ will stop manufacturing vehicles in India, shutting down its two large plants there that employ thousands of people. The restructuring actions are the latest under CEO Jim Farley to restructure the automaker's operations. Ford's decision to end vehicle production in India comes four years after its crosstown rival $General Motors (GM.US)$ exited the market, where Asian automakers dominate.
The company said Thursday the changes will cost about $2 billion, including about $600 million in 2021 and $1.2 billion in 2022 and the remainder in the following years.
US airlines cut revenue forecasts as Delta variant slows bookings
$United Airlines (UAL.US)$ plans to put fewer planes in the air for the US holiday season, showing the far-reaching effects of a slowdown in travel demand that began when the Delta coronavirus variant spread this summer.
United was one of several US carriers to cut quarterly revenue forecasts on Thursday. $American Airlines (AAL.US)$, $Delta Air Lines (DAL.US)$, $JetBlue Airways (JBLU.US)$, $Southwest Airlines (LUV.US)$ and United all said in filings with the US Securities and Exchange Commission that demand pulled back in August.
Hedge funds muscle in to Silicon Valley with private deals
Hedge funds are elbowing their way into Silicon Valley at an unprecedented rate with a record-smashing $153bn worth of investments in private companies in the first six months of 2021. The push into private investments coincides with a broader revival in the hedge fund industry, which last year reported its best returns since the aftermath of the financial crisis in 2009 after years of weak performance.
A report from Goldman Sachs has found that hedge funds have done 770 deals so far this year, already beating the record number set in the whole of 2020, when 753 deals reached a total of $96bn. Just under three-quarters of this year's agreements were "venture" bets on companies in their infancy.
Tougher SPAC disclosure rules endorsed by SEC advisory group
A group of executives and academics that advises the U.S. Securities and Exchange Commission wants better SPAC disclosures -- the latest sign that tougher rules are coming for booming blank-check companies.
The recommendations from the SEC's investor advisory committee will likely help agency staff as they craft new regulations for special purpose acquisition companies, which have drawn bipartisan criticism from lawmakers after attracting a record $80 billion last year.
Source: Bloomberg, CNBC, WSJ, Financial Times

Stocks are likely to look beyond Friday's surprisingly soft August jobs report and latch onto the latest data on labor and inflation in the coming week's jobless claims and producer price index.
Stocks were mixed in the past week ahead of the long Labor Day weekend, with the $Nasdaq Composite Index (.IXIC.US)$ outperforming, the $S&P 500 Index (.SPX.US)$ rising slightly and the $Dow Jones Industrial Average (.DJI.US)$ flat. The best-performing sectors were on the defensive side, led by real estate investment trusts, utilities, consumer staples and health care.
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