U.S. stocks opened lower on Friday, the last trading day of the third quarter, weighed by bank stocks as Italy’s budget worries roiled financial markets and trade concerns hurt sentiment.
Shares of Tesla Inc dived 13 percent on Friday as Wall Street worried a lawsuit from U.S regulators could force Chief Executive Elon Musk to step down and make it difficult for the loss-making carmaker to raise more capital.
Tesla Inc’s Elon Musk refused to pay a nominal fine and give up the role of chairman for two years as part of a settlement with the U.S. Securities and Exchange Commission, CNBC reported on Friday, citing sources.
Wall Street and oil were the big financial market winners in the third quarter of 2018, while trade tensions, emerging market crises and central bank policy tightening tipped several other assets into bear markets.
U.S. consumer spending increased steadily in August, supporting expectations of solid economic growth in the third quarter, while a measure of underlying inflation remained at the Federal Reserve’s 2 percent target for a fourth straight month.
The Trump administration is expected to release the text of its trade agreement with Mexico as early as Friday, launching a contentious congressional approval process as it tries to coax Canada into a revamped North American Free Trade Agreement.
Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.
Airbus is moving swiftly toward appointing planemaking head Guillaume Faury as its next chief executive after accelerating the search for a successor to outgoing Tom Enders to address a growing leadership vacuum, people familiar with the matter said.
Airbus is moving swiftly toward appointing planemaking head Guillaume Faury as its next chief executive after accelerating the search for a successor to outgoing Tom Enders to address a growing leadership vacuum, people familiar with the matter said.
Italy’s government bonds, European stock markets and the euro were hit hard on Friday after Rome agreed to set a higher than expected budget deficit target that could put it on a collision course with Brussels.
The U.S.-China trade war has triggered a seafood supply chain shake-up, with U.S. importers scrambling to stockpile frozen Chinese squid and tilapia ahead of looming price increases while Canada exports more lobsters to China.
Denmark’s Novo Nordisk will cut around 250 jobs in the United States, a spokesman told Reuters on Friday. He said it would also hire some new staff in other positions but that the company did not know the number of new positions yet.
Global investors increased holdings of U.S. equities to their highest since May 2015 in September while reducing their exposure to emerging-market assets, where a majority believe the shake-out still has some way to go.
Healthcare company shares have taken the lead in the record-setting U.S. stock market, and a desire for investors to become more defensive combined with potentially strong upcoming earnings could drive them even higher.
Shares of Tesla Inc dived 11 percent in early trading on Friday after U.S. regulators accused Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company.
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