Retails sales have jumped back to pre-pandemic levels. This is despite millions of people in America being rendered jobless in the aftermath of the COVID-19 pandemic. Data released by the Commerce Department indicates that retail sales rose 1.2% in July as a bounce back from seven-year lows in April continued to gather pace. Retail Sales
Month: August 2020
Five days is the amount of time it took to create the viral video taking social networks by storm, showing the human body’s scoring hoops in a basketball court. The video has already been viewed more than 4.8 million times, arousing positive vibes as denizens react to creativity that appears to have inched a notch
Bitcoin finding support above the $10,000 level echoes the bull-run experienced in 2017. According to Cointelegraph analyst filbfilb, the flagship cryptocurrency has what it takes to edge higher as it remains supported above the 20-week moving average. Bitcoin Outlook The cryptocurrency has been on a tear in 2020, in response to developments around the scene
To start with Thursday’s numbers… The S&P 500 barely missed closing at its record high, though it did surpass the record high of 3,386.15 mid-day. It ended the day down 0.2% at the level of 3,373.43. Meanwhile, the Dow Jones fell 0.3% and the Nasdaq managed to get out of Thursday ahead with a 0.3%
Facebook Inc. (NASDAQ:FB) made a name for itself in the social networking space. The tech giant is now looking to stretch its tentacles into the financial sector in pursuit of growth opportunities. The formation of a new team dedicated to payments and commercial initiatives underscores how the company remains serious about pursuing social commerce in
Relations between China and the U.S have deteriorated significantly in recent months. Amid the escalating tensions, Chinese companies are jumping to any opportunity to raise money in the U.S markets. Chinese property disruptor KE Holdings, commonly referred to as Beike Zhaofang, is the latest to plot an Initial Public Offering in the U.S. Beike Zhaofang
The markets went for a mid-week rally Wednesday, with the Dow Jones closing up 1.05%, the Nasdaq climbed 2.13%, while the S&P 500 gained 1.4%, but fell just shy of hitting a record close. The European Stoxx 600 rose 1.11%. Facebook, Apple and Amazon enjoyed climbs of 1.4%, 3.3% and 2.6% Wednesday, while Netflix and
Mutual funds are under immense pressure, now, more than ever. Capital outflows have increased significantly amid concerns of disappointing performance and high management fees. Investors are increasingly turning to Exchange Traded Funds. The result has been a spike in the number of Mutual Funds converting into Exchange Traded Funds. Mutual Fund – ETF Conversion While
Bonds have been badly hit in the wake of the Federal Reserve printing trillions of dollars to calm the markets and revitalize economic growth. The central bank cutting interest rates to near-zero has seen investors shun bonds given the reduced rate of return. However, that does not mean it is all doom and gloom in
Markets tipped downward in the final hour of trading today and the S&P fell 0.8%, which was the first time in 8 sessions, while the Nasdaq dropped 1.7% and the Dow Jones Industrial Average dipped 0.4%. The European Stoxx 600 rose 1.68% on Tuesday. Big 2020 election news came late in the day as Democratic
Former Vice President Joe Biden, the expected Democratic presidential nominee, has picked California Senator Kamala Harris as his running mate. “You make a lot of important decisions as president. But the first one is who you select to be your Vice President,” Biden said in an email to supporters Tuesday afternoon. “I’ve decided that Kamala
Late Tuesday, the electric car manufacturer, Tesla broke the news that they were providing a 5-for-1 stock split. In after-hours trading, the stock surged 6% and this should in turn, provide smaller investors access to the stock at a lower price. How much, is questionable, because of institutional investors holding a majority of shares. “Each
MGM Resorts International (NYSE:MGM) stock rallied 13% as investors reacted to a $1 billion investment in the company. IAC/Interactive Corp (NASDAQ:IAC) has since acquired a 12% stake in the casino operator as it seeks to strengthen and expand its footprint around online gaming. The MGM Stock Rally Investors reacted to the $1 billion investment pushing
U.S Stocks started the week on a roll edging higher with the S&P 500 closing the trading session within striking distance of its all-time highs. The Dow Jones Industrial Average also ended the day on the green rallying 1.3%. The rally in the broader stock market came as economically sensitive stocks shrugged off losses form
Monday markets saw the Dow Jones gain 1.3%, the S&P 500 rise 0.27%, meanwhile, the Nasdaq fell 0.4%. The Stoxx Europe 600 rose 0.3%. Netflix and Facebook saw shares fall 2% each, and Microsoft dipped 1.99%, Amazon dropped 0.6%, and Alphabet slipped 0.1%. Meanwhile, Apple climbed 1.45% on the day. “Tech has been one of
Tesla Inc. (NASDAQ:TSLA) paid as much as $97 million for the 2,000 acres in Austin, Texas, poised to be home for its next gigafactory. According to a warranty deed filed in Travis County, the giant electric car company paid the money to TXI Operations, the seller who has ties to Martine Marietta, a construction material
Bitcoin resumed its upward momentum, rallying by more than 5% to one-year highs above the $11,800 level. The flagship cryptocurrency is closing in on the $12,000 milestone, a level that the altcoin has not traded above for a year. Hedge Against Inflation The rally comes at the backdrop of Bitcoin mania surging as the flagship
People’s relationship with money is a delicate and emotional one. That is the motive behind the development of Meemo, a new app that seeks to make a name for itself as a social finance space. The brains behind the new app are former Snap Inc. (NYSE:SNAP) ‘s product developers and coders, Wisam Dakka and Andre
Twitter Inc. (NYSE:TWTR) and Facebook Inc. (NASDAQ:FB) are taking action against the Trump campaign for posting misinformation about COVID-19. Trump’s page shared part of the President’s interview with Fox whereby he indicated that children were immune to the Virus. Facebook and Twitter act on Trump’s misleading video The social media networks indicated that the information
Thursday saw a late surge in tech, which we’ll get to in a minute, but first, the Dow Jones rose 0.7%, the Nasdaq climbed 1%, and the S&P 500 was up 0.6%. The Stoxx Europe 600 Index lost 0.7%. The tech industry continued to charge today with Apple reaching another record high and being up
There is good news for Latin America crypto users following Tauros.io cryptocurrency exchange’s partnership with Dash to launch Visa cryptocurrency debit cards. Initially, the Visa crypto debit cards will be available to Mexican users only. New crypto Visa debit card in Mexico Latin America has been leading in championing the adoption of cryptocurrency, and it
The U.S economy is struggling with one of the biggest contractions in recent history, GDP has shrunk 32% in the past quarter. The number of bankruptcies has continued to edge higher, given the uncertainty fuelled by COVID-19 pandemic. While the housing sector has been hard hit, it continues to show resilience as the economy as
Wednesday kept things in the green as the Nasdaq advanced 0.4%, the S&P 500 was up 0.6%, and the Dow Jones rose 1.4% and hit a 4-day winning streak. The Stoxx Europe 600 Index gained 0.5%. The yield on 10-year Treasuries added four basis points to 0.54%. While our after-hours reporting showed Disney remaining flat,
Defiance Nasdaq Junior Biotechnology ETF (NASDAQ:IBBJ) is the latest addition as Exchange Traded Funds continue to elicit strong demand, given the strong bullish momentum in the equity market. With investments in the equity market edging high amid growing concerns over an extended stock market, the ETF seeks to provide targeted exposure to the biotech space
Alphabet Inc. (NASDAQ:GOOGL) is set to take advantage of low borrowing costs in the bond market on yields plunging to record lows. The tech giant has completed a $10 billion bond sale, raising cash to support groups hard hit by the COVID-19 pandemic. Alphabet Bond The cash-raising spree comes on the tech giant’s heels, reporting
The winds are howling on Wall Street today as Tropical Storm Isaias made its way up the east coast today. Unrelated, but the markets did blow higher with the Dow Jones up 0.6%, the S&P 500 up 0.36%, while the Nasdaq climbed 0.35% to another record close. Stoxx Europe 600 Index fell 0.1%. The euro
A stock market correction is imminent. Those are sentiments shared by strategists at JPMorgan. According to the strategists, the correction could come calling in the next few weeks as a plethora of weak economic data, continue to raise concerns. Payroll data, employment reports, and retail sales in the coming days are some of the releases
U.S stocks raced higher on the first trading day of the month as a handful of stocks kicked off at the back of hefty gains in July. The tone in the stock market remained bullish as investors reacted to better than expected earnings results amid a challenging business environment fuelled by the COVID-19 pandemic. Here
Monday kicked off the week on a high note. The Dow Jones was up 0.89%, the Nasdaq grew 1.47%, and the S&P 500 climbed 0.72%. Meanwhile Gold hit the $1,986.30 per ounce mark. The Stoxx Europe 600 Index gained 2.1%. The Nasdaq 100 reached its record high. Looking back at July’s market performance, the major
The effects of a Republican-Democrat stalemate on Capitol Hill will be felt far and wide following the expiry of the $600 unemployment benefits program. The two sides failed to reach an agreement that would have seen the program extended and to continue supporting people hard hit by the COVID-19 pandemic. Loss of Necessary Income Unemployment