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Stocks Rise While Tech Rally Falters; Oil Gains: Markets Wrap – Yahoo Canada Finance

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Stocks Rise While Tech Rally Falters; Oil Gains: Markets Wrap

(Bloomberg) — U.S. stocks rose for a third day, though the surge in megacap tech shares wobbled with Congress negotiating a fresh relief package and European leaders agreeing on a landmark recovery plan. Oil jumped.

The S&P 500 added to its highest level since late February, with corporate earnings and positive vaccine news adding to sentiment that has powered an 8% rally since June 26. Four shares advanced for every one that fell. IBM Corp. jumped after sales estimates topped forecasts. United Airlines and Texas Instruments report after the close.

Risk assets remained in demand across the globe Tuesday, spurred by Europe’s 750 billion-euro ($860 billion) stimulus package that also tightens the region’s financial ties. A gauge of risk in Europe’s investment-grade debt dropped to the lowest since February and the shared currency was flat. The dollar fell and oil rose above $42 a barrel in New York.

The Nasdaq 100 was flat after closing at an all-time high, with investors awaiting a spate of megacap tech earnings later this week. The gauge has surged 25% in 2020, in large part to a meteoric advance in Amazon.com Inc., which added $117 billion to its market value just on Monday.

Nasdaq 100 Momentum Is Hottest in 20 Years on Amazon: Chart

“The market, particularly tech stocks, is rallying on both good news and bad news, that tells us it’s all about momentum and not about the facts,” said Michael McCarthy, chief market strategist at CMC Markets Asia Pacific Pty. “There are concerns we could see significant pullbacks before we make further gains, but at the moment you can’t stand in front of the train that is the Nasdaq 100 Index.”

Here are some key events coming up:

Quarterly earnings gather steam, with reports due from Microsoft, Blackstone Group, Roche, Intel, Unilever, Canadian Pacific, Tokyo Steel, Daimler, Hyundai and Mattel.The EIA crude oil inventory report is due Wednesday.U.S. weekly jobless claims come on Thursday.

These are the main moves in markets:

Stocks

The S&P 500 Index rose 0.6% as of 9:44 a.m. New York time.The Nasdaq 100 Index was down 0.1%.The Stoxx Europe 600 Index increased 0.7%.The MSCI Emerging Market Index increased 1.9%.

Currencies

The Bloomberg Dollar Spot Index declined 0.3%.The euro decreased 0.1% to $1.144.The British pound gained 0.4% to $1.2706.The Japanese yen strengthened 0.1% to 107.21 per dollar.The South Korean Won strengthened 0.5% to 1,197.75 per dollar.

Bonds

The yield on 10-year Treasuries gained less than one basis point to 0.62%.Germany’s 10-year yield rose less than one basis point to -0.46%.France’s 10-year yield climbed less than one basis point to -0.16%.Britain’s 10-year yield dipped less than one basis point to 0.147%.

Commodities

West Texas Intermediate crude increased 2.3% to $41.73 a barrel.Silver strengthened 5.2% to $20.94 per ounce.Iron ore rose 1.9% to $108.02 per metric ton.

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How the U.S. could block access to TikTok, WeChat

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President Donald Trump has threatened to ban the short-video app TikTok and messaging service WeChat by late September on grounds that the Chinese-owned apps pose a national security threat. It would mark the first time the United States has attempted to shut down widely used mobile internet apps.

How would the U.S. go about blocking access to TikTok and WeChat?

The administration could order smartphone software giants Apple Inc and Alphabet Inc’s Google to remove WeChat and TikTok from their app stores.

When the Indian government in June banned 59 Chinese apps, including TikTok and WeChat, it asked Google and Apple to remove the apps from their app stores, two sources told Reuters. Both companies complied.

 

It would be a rare and possibly unprecedented step for the United States: Apple has not disclosed any app takedown requests from the U.S. government since it started publishing information on such requests in the second half of 2018.

The government could also order the apps to stop offering access to U.S. users by threatening them with legal repercussions. In India, some banned apps pulled themselves from app stores.

If I already have TikTok and WeChat on my phone, will I still be able to use them?

The apps would probably work, but government orders may bar updates, blocking access to new features and bug fixes.

Jay Kaplan, CEO of cybersecurity firm Synack and a former National Security Agency cybersecurity analyst, said it is “highly probable” Apple and Google can remotely disable installed apps, though experts were not aware of any instance in which they have done that recently. Apple and Google declined to comment.

Could users download the apps somewhere else?

Users with phones running Google’s Android can install apps from alternatives to Google’s official app store. Theoretically, they could download WeChat or TikTok from the companies’ websites.

Using alternatives to Apple’s App Store to install apps is more difficult, though not impossible. Ron Deibert, director of the Citizen Lab at the University of Toronto, which has done extensive technical and censorship analysis of WeChat, said using unofficial stores carries the risk of installing versions of popular apps altered with viruses or scams.

Would U.S. users be able to access Web versions of the app?

U.S.-based hosting services such as Amazon.com Inc’s AWS and content delivery providers such as Akamai Technologies Inc could be banned from doing business with targeted apps, said Angelique Medina, director of product marketing at network intelligence firm ThousandEyes. Hosting sites outside the United States could still service Americans, but likely at slower speeds.

Could internet service providers block users from accessing these services?

The government could order ISPs to block users from accessing WeChat’s and TikTok’s servers, as China does to enforce its Great Firewall. But it would not be an easy task for the U.S. government because the United States has thousands more ISPs than China, said Chester Wisniewski, a researcher at cybersecurity provider Sophos. A U.S. order to ISPs also could be challenged in court, legal experts say.

 

In India, the government did order telecom companies and other internet providers to block the Chinese-origin apps, according to notices seen by Reuters. Experts say there are no known cases of the U.S. ordering ISPs to ban access to sites.

What about VPNs?

Americans could use virtual private networks, or VPNs, to circumvent ISP blocks and browse the internet as if they were overseas. This is how internet users in China are able to reach services, such as Facebook, banned by the Great Firewall. Network experts said the same loophole would exist in the United States.

 

Source:- Global News

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4 more Vancouver flights added to COVID-19 exposure list – CTV News Vancouver

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VANCOUVER —
Another four flights have been added to the BC Centre for Disease Control’s COVID-19 exposures list.

All four either arrived or departed from Vancouver late last month. Three were domestic, while one was international.

The first flight landed in Vancouver from Toronto on July 24. The flight number is Air Canada 119, and rows 12 to 18 are believed to be most at risk of exposure to the virus.

The second flight departed from Vancouver for Edmonton three days later, on July 27. That flight number is WestJet 186. People in rows two to eight may be most at risk of COVID-19 exposure.

The same route – WestJet 186 from Vancouver to Edmonton – also had a COVID-19 exposure on July 30. The highest-risk rows on that day’s flight were rows six to 12.

Finally, a July 29 flight that landed in Vancouver after leaving from Amsterdam was also added to the BCCDC’s list. That flight, KLM 681, had an exposure somewhere in rows 31 to 35.

Since the start of July, 21 domestic flights and 21 international flights have been added to B.C.’s exposures list.  

Anyone on one of the domestic flights should self-monitor for symptoms for 14 days. Anyone arriving internationally is required to isolate and monitor themselves for symptoms for 14 days. 

B.C. health officials no longer directly contact people who were seated near a confirmed case of COVID-19 on a flight. Instead, the BCCDC provides updates on flights with confirmed cases as it becomes aware of them.

A full list of recent exposures can be found on the BCCDC’s website.  

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Inflation Is Back–and the Market Rally Is Back With It – Barron's

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One day after a late-day selloff saw all-three major market indexes end the day in the red, stocks are surging higher.

The
Dow Jones Industrial Average
has risen 264.56 points, or 1%, while the
S&P 500
has gained 1.5%, and the
Nasdaq Composite
has climbed 2.2%. The S&P 500 is just 0.1% from an all-time high.

The big news of the day was the consumer price index, which rose 0.6% in July from June. The core CPI, which also rose 0.6%, experienced its biggest month-over-month game since 1991. This might seem concerning—high inflation is bad right?—but is more likely a reflection of the recovery than anything else. “It is important, up front, to be clear about what I think this is and what it is not,” writes Amherst Pierpont Securities’ Stephen Stanley. “It is NOT the start of a persistent trend of accelerating inflation. It IS a much larger and quicker reversal of the one-off price drops seen during the lockdowns.”

And today, it’s helping the market head higher.

Qualcomm
(QCOM) has gained 5% as it continues to rally following its patent win on Tuesday.

Barrick Gold
(GOLD) has advanced 1.1% after getting upgraded to Buy from Hold at Canaccord.

Deere
(DE) has fallen 0.6% after getting cut to Hold from Buy at Deutsche Bank.

Home Depot
(HD) has risen 2.6% after getting raised to Accumulate from Hold at Gordon Haskett.

AutoNation
(AN) has jumped 5.5% after getting upgraded to Buy from Neutral at Guggenheim.

Write to Ben Levisohn at Ben.Levisohn@barrons.com

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