Softbank dumps big tech stocks
GraniteShares founder and CEO Will Rhind gives his take on dropping major investments.
U.S. stock futures were mixed Wednesday morning ahead of the latest consumer price index report.
Dow Jones Industrial Average futures rose 19 points, or 0.05%, while S&P 500 futures slipped 0.05% and Nasdaq 100 futures fell 0.12%. Both the Dow and the S&P 500 closed at record highs on Tuesday after a $1 trillion bipartisan infrastructure bill cleared the Senate.
In stocks, cyclicals that would benefit from infrastructure spending, including Caterpillar Inc., Cleveland-Cliffs Inc. and Nucor Corp., continued to outperform.
Boeing Co. completed a test flight in China for its 737 Max jet, which has been grounded in the country for two and a half years. It is unknown when the aircraft will be allowed to return to service.
In deals, cybersecurity company NortonLifeLock Inc. agreed to buy London’s Avast Plc for as much as $8.6 billion in cash and stock. The deal, if closed, would form a cybersecurity behemoth that provides service for more than 500 million customers.
In earnings, crypto exchange Coinbase Global Inc. reported quarterly profit that exceeded Wall Street estimates as trading volumes surged 38% from a year ago. The company forecast a year-over-year decline in trading volumes for the current quarter.
Wendy’s Co. said same-store sales increased 16.1% year over year, ahead of analysts’ expectations, as reduced restrictions provided a lift. The fast-food chain also raised its forecast for global system-wide sales.
In commodities, West Texas Intermediate crude oil slid 79 cents to $67.50 a barrel after the White House called on OPEC to increase production to support the economic recovery. Meanwhile, gold rose $7.20 to $1,738.90 an ounce.
Overseas markets were broadly higher.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Britain’s FTSE 100 paced the gains in Europe, trading up 0.49%, while France’s CAC 40 and Germany’s DAX 30 advanced 0.29% and 0.08%, respectively.
In Asia, Japan’s Nikkei 225 climbed 0.65%, Hong Kong’s Hang Seng index jumped 0.2% and China’s Shanghai Composite edged up 0.08%.
Source: Read Full Article