Investors can still buy the dip as the ‘fundamental backdrop’ has improved for stocks, a strategist says
It is not too late for investors to buy the dip, and capitalize on recent stock market weakness, Canaccord Genuity’s chief market strategist Tony Dwyer told CNBC’s “Trading Nation” Monday. US stocks are on course for their first monthly drop in six months, but Dwyer said investors can still benefit from a six-12 month market rebound. “The […]
Apple’s ‘iPhone City’ in China is reportedly working around the clock to produce the iPhone 12 as its expected launch draws near
Apple is reportedly ramping up production of the iPhone 12 ahead of its expected launch next month. The factory in Zhengzhou, China, operated by Foxconn, Apple’s main iPhone assembler, is working 24 hours per day and implementing measures such as offering worker bonuses and scrapping holidays to ensure the new iPhone is delivered on time, […]
US consumer confidence soars the most in 17 years as recovery optimism rebounds
Consumer confidence spiked higher through August as Americans’ expectations for economic recovery significantly improved. The Conference Board’s Consumer Confidence Index jumped to 101.8 from 86.3, marking the biggest one-month jump in 17 years. Economists expected the gauge to only modestly increase to 90 last month. The increase also follows back-to-back monthly declines linked to the […]
‘We have seen the economy start to pick up,’ says incoming CEO of Warren Buffett’s railroad
Katie Farmer, incoming CEO of BNSF Railway, told CNBC on Friday that her industry has clearly been impacted economically by the coronavirus pandemic, but there’s optimism on the horizon. “We have seen the economy start to pick up relative to rail loadings,” Farmer told “Squawk Box.”
Fed’s Bullard Says ‘Full Recovery’ for U.S. in Reach by Year End
By Steve Matthews (Bloomberg) — Federal Reserve Bank of St. Louis President James Bullard, in the most upbeat comments by a central banker since the start of the Covid-19 outbreak, said the U.S. economy may surge at a 35% annualized rate in the third quarter and the nation may be close to a complete recovery by year-end. […]
U.S. Business Activity Growth Stays Solid, IHS Markit Data Show
By Vince Golle (Bloomberg) — U.S. business activity continued to expand at a solid clip in September, outpacing a stagnant Europe and capping a vigorous third-quarter rebound for the economy. The IHS Markit flash composite index of purchasing managers at manufacturers and service providers eased to 54.4 from a 17-month high of 54.6, the group reported Wednesday. Readings […]
Johnson & Johnson Begins Giant Study of One-Dose Covid Shot
(Bloomberg) — Johnson & Johnson has begun dosing up to 60,000 volunteers in a study of its Covid-19 vaccine, marking the first big U.S. trial of an inoculation that may work after just one shot. J&J became the fourth vaccine maker to move its candidate into late-stage human studies in the U.S. If enrollment goes as expected, the […]
Pfizer’s Covid Vaccine Trial May Beat Rivals to Early Look
By Robert Langreth Moderna, AstraZeneca plan to wait for more results to appear Vaccine protocols give detailed look at companies’ trials (Bloomberg) — The Covid-19 vaccine trial designed by Pfizer Inc. and its German partner BioNTech SE may allow them to find whether their shot works before their fastest-moving rivals. The companies plan a first look after a mere 32 […]
New Jersey, California Are Seeing More Tax Revenue Than Expected
By Martin Z. Braun and Amanda Albright Revenue starting to rebound as nation emerges from lockdown Yet states still expect big shortfalls with Congress stalling (Bloomberg) — State tax revenues in some parts of the U.S. are rebounding as the economy emerges from the coronavirus lockdown, a positive sign for governors and mayors who had been bracing for […]
Existing home sales jump to 14-year high, as prices set another record
After a record-setting July, the housing market still shows no sign of cooling off. Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6 million units, according to the National Association of Realtors. Sales were 10.5% higher compared with August 2019. This is the highest sales pace since December 2006, before […]