Gold Retreats, But Losses Capped Amid Increasing COVID-19 Cases and U.S. China Relations

investing.com Investing.com- Gold was marginally down on Wednesday in Asia, reversing its earlier losses. But the yellow metal’s losses were capped by mounting COVID-19 fears on top of worsening U.S. China relations. Gold futures were down by 0.11% to $1,811.35, by 11:44 PM ET (4:44 AM GMT), continuing to stay above the $1,800 mark. The COVID-19 […]

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Asian Stocks Mainly Up Over Vaccine Hopes, But Risks Remain

investing.com Investing.com – Asian stocks were mostly up on Wednesday, with investors cheered by positive data for a potential COVID-19 vaccine. U.S. biotech firm Moderna Inc (NASDAQ:MRNA)’s experimental COVID-19 vaccine was declared safe and generated “robust” immune responses in all 45 volunteers taking part in the study, according to early-stage human trial results published in […]

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Dollar Retreats Over Positive U.S. Data and Vaccine Hopes

investing.com Investing.com – The dollar was down on Wednesday morning in Asia, with investors continuing the previous session’s retreat from the safe-haven asset as data released on Tuesday indicated increased U.S. inflation. The U.S. Consumer Price Index (CPI) posted a 0.6% increase month-on-month, its highest in almost eight years. The figure beat analyst forecasts prepared […]

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Metals Demand Prompts Ryerson to Boost Sales Forecast

investing.com Investing.com —  Ryerson Holding Corp. is up 3.3% after forecasting better-than-expected quarterly sales. The industrial metals processor and distributor said second quarter revenue will be in the range of $765 million to $775 million, compared to the $762 million forecast by analysts tracked by Investing.com. Ryerson Holding Corp (NYSE:RYI) foresees a net loss in […]

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Uber, Lyft Drop As Massachusetts Follows California in Employee Lawsuit

investing.com Investing.com — Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) fell after Massachusetts said it would sue them for misclassifying drivers. Uber was down 1.9% and Lyft 2.3%. Attorney General Maura Healey said on Twitter that the companies built businesses on a model that “misclassifies drivers as independent contractors instead of employees. Drivers aren’t guaranteed the minimum […]

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Stocks – Wall Street Opens Lower on Massive Bank Write-Offs; Dow Down 50

investing.com Investing.com –U.S. stocks opened lower on Wednesday as the country’s biggest banks took a massive hit in their second-quarter earnings from the coronavirus pandemic. JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) reported provisions against actual or possible credit losses of just under $28 billion in the quarter, reflecting the huge wave of corporate […]

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Stocks – U.S. Futures Higher as JPM Beats; Dow Futures Up 157 Points

investing.com Investing.com – U.S. stocks are set to edge higher at the open Tuesday, rebounding slightly after Monday’s late drop, helped by trading numbers from JPMorgan (NYSE:JPM). However, trading is likely to be cautious trading given a flare-up in Sino-U.S. tensions, new coronavirus restrictions and fresh corporate earnings. At 07:40 AM ET (1140 GMT), S&P […]

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China Reports Positive June Customs Data, But Trade Surplus with U.S. Widens Over Tensions

investing.com Investing.com – China reported positive customs data on Tuesday, an encouraging sign that the world’s second largest economy is recovering from the COVID-19 virus. Exports rose 0.5% year-on-year in June, higher than analyst expectations of a 1.5% drop and last month’s 3.3% drop. Imports rose 2.7% year-on-year during the same month, also beating expectations […]

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Asian Stocks Down, Halting Rally as Investors Face Climbing Number of COVID-19 Cases

investing.com Investing.com – Asian stocks were down in Tuesday morning, halting the previous day’s rally as investors digest the incessant climb in COVID-19 cases. There are over 13 million cases globally as of July 14, according to Johns Hopkins University data. A World Health Organization (WHO) official warned on Monday that things will not return […]

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Day Ahead: 3 Things to Watch for July 14

investing.com Investing.com — Until late Monday afternoon, it looked as though the optimists were beating the pessimists. Then everything changed. Stocks tumbled after spending most of the day moving up on good news about possible vaccines to combat Covid-19. The turn came after California’s governor ordered indoor activities, such as bars, restaurants, movie theaters and […]

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Darden Up on JPMorgan Upgrade, Strong Cash Position

investing.com Investing.com —  Looks like unlimited breadsticks do the trick. Darden Restaurants (NYSE:DRI) rose 4.4% on Monday after JPMorgan (NYSE:JPM) upgraded it to overweight from neutral.  Darden’s operating income on 95% of its previous average unit volume (AUV) is rare in the restaurant industry, Seeking Alpha said, citing JPMorgan. Darden, which operates Olive Garden and […]

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Casino Stocks Higher After Quarantine Requirements in Macau Lifted

investing.com Investing.com —  Casino stocks jumped Monday on news Macau lifted quarantine requirements. Wynn Resorts (NASDAQ:WYNN) rose 10%, Las Vegas Sands (NYSE:LVS) was up 7.8%, and MGM rose 4.8% Guangdong authorities announced that starting July 15 people from Macau, an autonomous region on China’s south coast known as the Las Vegas of Asia, will not  have to […]

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Pfizer, BioNTech Jump After Fast-Track Designation; Moderna a Buy

investing.com Investing.com —  The race for a Covid-19 vaccine is heating up as the virus spreads unrelentingly in the U.S. and Brazil.  Pfizer (NYSE:PFE) shares rose 4.7% and BioNTech was up 18% on Monday after two Covid-19 vaccine candidates were granted fast-track designation from the Food and Drug Administration. Meanwhile, Jefferies initiated Moderna (NASDAQ:MRNA) Inc. […]

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Workhorse Jumps on California Approval

investing.com Investing.com —  Workhorse Group Inc. is back up after getting a boost out of California. Shares rose more than 8% after its C-Series electric delivery trucks received executive order: A-445-0003 from the California Air Resources Board, which designates the vehicles as zero-emission vehicles in the state. The order is part of the preliminary requirements […]

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Oil Down with Potential Supply Cut Easing Expected at Wednesday’s OPEC Meeting

investing.com Investing.com- Oil was down on Monday morning in Asia, ahead of OPEC’s technical meeting scheduled to take place this Wednesday. Investors are expecting OPEC to recommend an easing in existing supply cuts that could reverse oil gains. “The planned easing of OPEC+ production cuts next month and a potential rebound in U.S. production could […]

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Asian Stocks Up, With Investors Pinning Hopes on Upcoming Earnings and Economic Data

investing.com Investing.com – Asian stocks were off to a strong start on Monday morning, with investors balancing increasing numbers of COVID-19 cases with the upcoming week of company earnings and economic data releases. The World Health Organization (WHO) reported a record 230,370 cases in 24 hours on Sunday, with the state of Florida accounting for […]

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Workhorse Falls on Report of Short Sale, 50% Expected Downside

investing.com Investing.com —   Workhorse dropped Friday after news that Hindenburg Research is short on the stock, and expecting downside of 50%. Shares fell 6% after rallying sixfold since June 1.  The company has an “astronomical valuation”of about $1.5 billion despite less than $100,000 in revenue last quarter, Seeking Alpha wrote, citing Hindenberg. “We see […]

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Foot Locker Gets Upgrade After Sales Rise with Reopenings, But Closings Are Back

investing.com Investing.com — Foot Locker (NYSE:FL) rose 5% after being upgraded at Susquehanna. Shares are down about 23% in 2020. The firm bumped the shoe seller to positive from neutral after citing accelerated June sales thanks to store reopenings and a strong relationship with Nike (NYSE:NKE), according to Schaeffer’s Investment Research. Shoppers may also spend […]

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Loonie Loses Ground as Oil Slump, Dollar Strength Offset Improved Housing Data

investing.com Investing.com – The loonie fell against the dollar on Thursday as falling oil prices and increased appetite for safe-haven demand offset data showing better-than-expected Canadian housing activity. USD/CAD rose C$1.5358. Canadian housing starts inched up to 212,000 in June, adding to strong gains following a bottom in April, and beating forecasts for a rise to […]

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Boeing Drops on Reports of FAA Investigation, Plummeting Demand for Flights

investing.com Investing.com — Boeing (NYSE:BA) can’t catch a break. Shares are down 3.3% after news that regulators have begun a formal investigation into the company after employees alleged they faced duress that threatened their independence while assessing aircraft designs on behalf of the government, Bloomberg said. The Federal Aviation Administration is focused on a program […]

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U.S. Initial Jobless Claims Fall To 1.31M, Continuing Claims Just Above 18M

investing.com Investing.com – The number of Americans applying for initial unemployment benefits dropped to 1.314 million in the week ending July 3, the U.S. Labor Department said Thursday, a positive surprise but still underlining the view that the labor market faces a prolonged and difficult recovery from the Covid-19 pandemic. The number was lower than […]

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