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Lane Generational founder and managing partner Fred Lane says nothing “major” will come from the Fed’s next Jackson Hole meeting.
U.S. stock indices retreated on Monday morning as investors anticipated a key Federal Reserve event that could set the framework for the central bank to start scaling back asset purchases.
The Dow Jones Industrial Average rose more than 200 points, or 0.57%, while the S&P 500 and Nasdaq Composite rose 0.81% and 0.58% respectively.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| Me: DJI | MEDIUM DOW JONES | 35328.94 | +208.86 | + 0.59% |
| SP500 | S&P 500 | 4470.42 | +28.75 | + 0.65% |
| I: COMP | NASDAQ COMPOSITE INDEX | 14847.28698 | +132.62 | + 0.90% |
The Dow Jones and the S&P 500 both come out of their biggest weekly declines in two months after minutes from the Federal Reserve’s last meeting last week showed the central bank could start cutting its buying program. ‘assets before the end of the year.
BLACK SWAN BOIL HOUSING MARKET
The Fed’s Jackson Hole Symposium will take place virtually Thursday and Friday and could provide clues as to when the Fed may end the emergency measures put in place at the start of the COVID-19 pandemic and start to escalate. interest rates.
In stocks, energy-related names including Chevron Corp, Kinder Morgan Inc. and Haliburton Co. outperformed as West Texas Intermediate crude jumped $ 2.53 to $ 64.67 a barrel.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 96.79 | +2.52 | + 2.67% |
| KMI | MORGAN CHILDREN, INC. | 16.26 | +0.33 | + 2.07% |
| THING | HALLIBURTON CO. | 18.98 | +0.76 | + 4.17% |
Uber Inc., Lyft Inc. and DoorDash Inc. were under pressure after a California judge ruled Proposition 22, a voter-approved measure that classified drivers as independent contractors, was unconstitutional.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES, INC. | 39.93 | -0.01 | -0.03% |
| ELEVATOR | LYFT, INC. | 45.57 | -0.32 | -0.70% |
| HYPHEN | DOORDASH, INC. | 180.52 | -3.46 | -1.88% |
PayPal Inc. has announced that customers in the UK will be allowed to buy, sell and hold bitcoin, ether, litecoin and bitcoin cash cryptocurrencies starting this week. Separately, bitcoin hit the $ 50,000 level, a three-month high.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS, INC. | 276.81 | +3.85 | +1.41% |
In the deals, Pfizer Inc. said it would buy the remaining shares of Trillium Therapeutics Inc. that it does not already own for $ 18.50 a piece, a 204% premium over Friday’s closing price. The deal values the cancer drug maker at $ 2.26 billion. Separately, the Food and Drug Administration has granted full approval to Pfizer-BioNTech’s COVID-19 vaccine.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| PFE | PFIZER INC. | 50.39 | +1.69 | + 3.47% |
| TRIL | THERAPEUTIC TRILLIUM | 17.55 | +11.46 | + 188.26% |
| BNTX | BIONTECH SE | 384.63 | +35.95 | + 10.31% |
In terms of profits, Chinese e-commerce company JD.com reported profits and revenue above Wall Street estimates, with the number of active accounts receivable increasing 27.4%.
| Teleprinter | Security | Last | Switch | Switch % |
|---|---|---|---|---|
| D | ENERGY DOMINION, INC. | 79.29 | -0.70 | -0.88% |
Overseas markets have recovered in all areas.
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The French CAC 40 led the advance in Europe, trading up 0.87%, while the UK FTSE 100 and German DAX 30 rose 0.27% and 0.12% respectively.
In Asia, the Nikkei 225 of Japan rose 1.78%, the Shanghai Composite of China by 1.45% and the Hang Seng Index of Hong Kong by 1.05%.
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