Month: June 2020

(Bloomberg) — U.S. stock index futures advanced in Asian trading, as investors returned after the worst selloff in the cash market in 12 weeks amid signs of overheating as well as a possible second wave of coronavirus infections.Contracts on the S&P 500 rose 1.3% as of 15:13 p.m. in Tokyo, after the underlying index fell 5.9%, the most since March 16. Futures gained 1.2% on the Nasdaq 100 Index and 1.7% on the Dow Jones Industrial Average.“It’s a habitual reaction in markets to find gains after a more than 5% correction in the S&P 500,” said Jingyi Pan, a market …read more […]

(Bloomberg) — Asian stocks came off their lows Friday after a wave of selling in the wake of a Wall Street rout triggered by concerns about the speed of the epic rally.Japanese shares were down about 1% after a 3% slide earlier, and declines eased in Australia and South Korea as well. Shanghai was only slightly in the red, while Hong Kong had a bigger drop. U.S. futures climbed over 1% after the S&P 500 sank almost 6% Thursday, the most in 12 weeks, with only one company in the index finishing higher. Treasury yields headed for the first gain …read more […]

Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s biggest consumer of crude and fuel. West Texas Intermediate was down 65 cents, or nearly 2%, at $35.69 a barrel by 0358 GMT, after slumping more than 8% on Thursday. Brent crude was down 58 cents, or 1.5%, at $37.97 a barrel, having dropped nearly 8% the previous session. …read more […]

Athletic wear makers like Lululemon and rival Nike have flagged higher demand for apparel and merchandise as consumers turned to home workouts during lockdowns, but that failed to offset the hit from store closures. Lululemon’s yoga classes, popular among its target millennial shoppers, were also put on hold due to the pandemic, leading to a 17% decline in revenue. “What we experienced in quarter one and will, quite honestly, for a little bit through 2020, are some short-term operational challenges,” Chief Executive Officer Calvin McDonald told analysts. …read more […]

(Bloomberg) — Oil is heading for the first weekly loss since late April in New York on fears a second wave of U.S. infections could derail a fragile recovery, while swelling stockpiles raised fresh concerns about excess supply.The market has shrugged off a pledge by OPEC+ over the weekend to extend its output cuts, with sentiment souring this week after U.S. inventories climbed to a record high and the Federal Reserve warned of longer-lasting damage to the economy by the pandemic. Oil has also been swept up in a broader market rout triggered by a surge in infections, with prices …read more […]

(Bloomberg) — Hertz Global Holdings Inc. is asking a bankruptcy judge to let it take advantage of the quixotic surge in its stock by selling up to $1 billion of new shares.Stocks of bankrupt companies typically get wiped out, but after an enormous two-week rally, the car rental giant envisions offering as many as 246.78 million common shares with help from Jefferies LLC, according to a court filing. Judge Mary Walrath set a hearing for Friday to consider the idea.Investors are bidding up Hertz and other bankrupt companies on optimism that the economy and specifically air travel is poised to …read more […]