I continue to see an inverse correlation between gold and crude oil today. Monday US markets are closed. Look for signs profit booking in short crude oil positions. Silver continues to remain undervalued. Copper is in a neutral zone. There will be investment demand on dips now that gold prices have reversed from the lows. There is no limit to the extent where trade war is headed. If China starts...Read More
President Donald Trump expects a quick end to the trade warThe Dow was able to pare some of its recent losses today, adding nearly 100 points, after President Donald Trump predicted a swift conclusion to the ongoing trade tensions between the U.S. and China. Trump's optimism extended to the S&P and Nasdaq, as well, with both indexes finishing in the black. However, all three stock market barometer...Read More
Huawei-related concerns continued to weigh on stocksIt was another rough week for stocks, as trade drama between the U.S. and China continued to drag out. Although President Donald Trump temporarily relaxed restrictions on China's Huawei, a myriad of chip and tech companies began cutting ties with the Chinese firm. Further, a spokesperson for China's Ministry of Commerce said the U.S. should "adju...Read More
Meanwhile, Cantor Fitzgerald pulled coverage on Dynavax Despite disappointing durable goods data, stocks are trading higher this afternoon, as investors focus on President Donald Trump's recent comments on U.S.-China trade. A pair of stocks on the move today are vaccine maker Dynavax Technologies Corporation (NASDAQ:DVAX) and mining name Vale SA (NYSE:VALE). Below, we will dive into what is movi...Read More
The retail ETF is headed toward its third straight weekly lossIt's been a rough month for retail stocks, with dismal earnings reports from several high-profile names, including Lowe's (LOW) and Foot Locker (FL), driving the SPDR S&P Retail ETF (XRT) toward its third straight weekly close, down 2.3% since last Friday. One options trader today is positioning for more downside in the sector, and like...Read More
Gold futures ended with a modest loss Friday, but tallied a weekly gain after seeing renewed haven demand on the back of trade-war worries. "Gold's safe-haven demand has underperformed other flight-to-safety assets throughout the recent trade war escalation," said Edward Moya, senior market analyst at Oanda. "The yellow metal remains an unattractive play and we will likely see traders wait until w...Read More
Chilly U.S.-China trade relations have weighed on the indexWhile the major stock market indexes are higher today, they're still on pace for another week in the red. In fact, amid escalating concerns about U.S.-China trade, the Dow Jones Industrial Average (DJI) is pacing for a fifth straight Friday-to-Friday loss -- something we haven't seen since 2011. What's more, if history is any indicator, th...Read More
Another post-holiday slump could rattle some near-term options tradersDuring the current bull market,the shortened Memorial Day week has been a rough one for stocks. What's more, some equities tend to fare worse than others during that four-session stretch, including financial stocks SunTrust Banks, Inc. (NYSE:STI) and Fifth Third Bancorp (NASDAQ:FITB). Below, we take a look at the 25 worst stocks...Read More
NTAP shed 8% yesterday after subpar earningsWe recently profiled the 25 best stocks to own during Memorial Day Week. Of the many tech stocks that appear on the list, NetApp Inc. (NASDAQ:NTAP) looks to be the most overdue for a rebound, the security just yesterday shedding 8% on the back of a weak quarterly report. Specifically, looking at S&P 500 Index stocks over the past 10 years, NTAP has turn...Read More
Investors are also considering Trump's China commentsThe Dow Jones Industrial Average (DJI) is off its early highs, sporting a modest lead at midday. Traders are staying focused on President Donald Trump's China comments from yesterday, brushing off a disappointing durable goods update for April. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are trading above breakeven as they bar...Read More
A historically bullish signal just flashed on the charts for Okta ahead of earningsCloud-based software concern Okta Inc (NASDAQ:OKTA) has been on virtually nonstop since its late-November lows. The stock has jumped more than 69% on the year, and just hit an all-time high of $111.94 this past Wednesday, May 22. While the tech stock has pulled back ahead of the firm's first-quarter earnings report...Read More
Piper Jaffray expects the shares to surge to $3,000Online powerhouse Amazon.com, Inc. (NASDAQ:AMZN) is up 1.3% at $1,838.01, after Piper Jaffray said it expects the stock to reach $3,000 between mid-2021 and mid-2022. The target -- based on "conservative growth and valuation assumptions" -- implies 65% upside from the FAANG stock's closing price of $1,815.48 on Thursday. The brokerage firm has a...Read More
BIIB shares tend to outperform right after Memorial DayBiogen Inc (NASDAQ:BIIB) stock suffered its worst day in 14 years on March 21, when it gapped 29.2% lower on a pair of halted Alzheimer's disease drug trials. The shares have since struggled to surpass these bear gap levels below $235 -- last seen up 0.4% at $230.13 -- but some short-term upside could be in the cards, if history is any guide....Read More
Morgan Stanley just doesn't see much upside in STZ going forwardConstellation Brands, Inc. (NYSE:STZ) was hit with a downgrade this morning at Morgan Stanley, who admitted it's liked the stock for a while, but doesn't see the upside in the near term to warrant its "overweight" rating. Instead, it lowered its STZ opinion to "equal-weight" and cut its price target to $220 from $230. The covering ana...Read More
The analyst just gave Aphria a "buy" rating and an $11.16 price target Jefferies just initiated coverage on cannabis concern Aphria Inc (NYSE:APHA) with a "buy" rating and price target of $11.16 -- a nearly 75% premium to last night's close at $6.41. The analyst said it was impressed by APHA's business approach to recreational marijuana, and that the stock's valuation doesn't reflect its strong gl...Read More
Mali gold exports increase by 15.4% to 61.63 tonnes in 2018, up from 53.4 tonnes in 2017, National Institute of Statistics says, mostly owing to stronger industrial production.* Value of gold exported in Mali increased to 1.46 trillion CFA francs ($2.40 billion) last year, from 1.28 trillion CFA francs the previous year.* Almost all recorded gold was from industrial-scale mining, with just 800 kil...Read More
FL's profit, revenue, and same-store sales all fell shortFoot Locker, Inc. (NYSE:FL) stock is trading down 13.2% ahead of the bell, set to open below its late-November lows. Earlier this morning, the athletic apparel retailer reported first-quarter adjusted earnings of $1.53 per share on $2.08 billion in revenue -- missing analysts' estimates. The company also said same-store sales rose a less-tha...Read More
Over in the U.K., all eyes are on Prime Minister Theresa May's resignation Dow Jones Industrial Average (DJI) futures are finally eyeing a positive open, after President Donald Trump said the trade war with China could be resolved soon, and a trade deal could result in relaxed restrictions on China's Huawei. He did, however, reiterate the security threat from the Chinese firm, calling it"very dang...Read More
MUMBAI/BENGALURU - Gold prices in India flipped into premiums this week on firmer demand in the domestic market, while buyers in top consumer China took advantage of weaker bullion prices and stepped up purchases.In India, dealers charged a premium of about $1 an ounce over official domestic prices. That contrasted with last week when gold was sold at a discount, of around $2, for the first time i...Read More
BABA is heading toward its third straight weekly lossThe shares of Alibaba Group Holding Ltd (NYSE:BABA) are up 1.8% in electronic trading this morning, after Stifel added the Chinese e-commerce concern to its "select list." The brokerage firm believes the stock's pullback due to trade war tensions presents a buying opportunity for long-term investors. Since breaking into the $195 level to start...Read More