Category: Stock Market

Yahoo Finance’s Myles Udland, Jennifer Rogers, Dan Roberts, and Melody Hahm discuss Tesla CEO Elon Musk’s latest comments and tweets about the reopening of California, and whether that could hurt Tesla in the long run.

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Dr. Fauci testified at Congress on Tuesday to offer his opinions and reservations about the coronavirus vaccines and reopening the United States. Yahoo Finance’s Anjalee Khemlani joins The Final Round panel to break down the latest news about the coronavirus.

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(Bloomberg) — Stocks tumbled after a U.S. health official warned against a premature reopening of the economy and as traders assessed a dire outlook from Federal Reserve regional chiefs. Treasuries and the dollar climbed.The S&P 500 extended losses as Anthony Fauci, the nation’s top infectious disease official, said states reopening too quickly could “set you back on the road on trying to get economic recovery.” Meanwhile, some central bank officials said the virus outbreak and a partial shutdown would risk massive bankruptcies that could create a lasting scar. The Fed could curtail Wall Street banks’ ability to pay dividends by cranking up the amount of capital they need to maintain due to the coronavirus crisis, Governor Randal Quarles said Tuesday.“You will get business failures on a grand scale and you will be taking risks that you would go into depression” if shutdowns persist, Federal Reserve Bank of St. Louis President James Bullard said in a video speech from that city Tuesday. Minneapolis Fed President Neel Kashkari warned of a “gradual, muted recovery” from the outbreak, while Dallas Fed President Robert Kaplan said the economy will need more fiscal stimulus if the jobless rate continues to rise.The disastrous fallout of business closures and stay-at-home orders caused an unprecedented 20.5 million job losses in April, tripling the unemployment rate to 14.7%, the highest since the Great Depression era of the 1930s. A key measure of U.S. consumer prices declined last month by the most on record. A sustained trend of declining prices would spur worries about deflation, exacerbating concern that the recovery from the deep economic downturn will be very slow.Buyers of U.S. stocks after the economy shrank in the first quarter have history on their side, according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. Gross domestic product contracted at an annual rate of 4.8%, marking the 13th quarterly decline of more than 4% since 1949, according to data compiled by Bloomberg. After each previous instance, the S&P 500 gained more than 10% during the next 12 months.Here are some key events coming up:OPEC gives its monthly oil market report on Wednesday.U.S. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April.These are some of the main moves in markets:StocksThe S&P 500 decreased 2.1% as of 4 p.m. New York time.The Stoxx Europe 600 Index rose 0.3%.The MSCI Asia Pacific Index dipped 0.7%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro climbed 0.4% to $1.0849.The Japanese yen strengthened 0.4% to 107.19 per dollar.BondsThe yield on 10-year Treasuries declined five basis points to 0.66%.Germany’s 10-year yield rose one basis point to -0.51%.Britain’s 10-year yield declined two basis points to 0.249%.CommoditiesThe Bloomberg Commodity Index fell 0.4%.West Texas Intermediate crude rose 6.4% to $25.69 a barrel.Gold climbed 0.5% to $1,705.80 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Yahoo Finance’s Emily McCormick joins Yahoo Finance’s Seana Smith to discuss President Trump tweeting earlier for California to allow Tesla CEO Elon Musk open the electric automaker factory in the state.

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Stocks erased earlier gains and traded lower Tuesday, as investors continued to eye states’ reopening plans and mulled recent corporate earnings results. Market participants also eyed the start of the Federal Reserve’s program to purchase corporate debt exchange-traded funds, which kicks off Tuesday.

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Today we're going to take a look at the well-established Applied Materials, Inc. (NASDAQ:AMAT). The company's stock…

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Goldman Sachs's Marcus, CIT, Citibank, Ally, and many more popular online savings banks have lowered their rates, responding to the Fed's historic rate cut in March.

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Shares in home-fitness cycling company Peloton Interactive (PTON) have surged 10% in trading on May 12, bringing the stock’s year-to-date gain to over 65%. That’s after the company informed investors that it surpassed 1 million aggregate Connected Fitness subscribers.And now Andrew Left of Citron Research argues that enough is enough and investors should put Peloton into perspective: “This is retail mania – you can love the product, but stock has peddled its way to stupidity” tweeted the well-known activist short seller on May 12.As Left points out Peloton’s market cap has surged $5B this year; and with 300K connected subscribers that translates to $17K per subscriber.In contrast, the 2020 market cap for Teladoc (TDOC\- the telemedicine and virtual healthcare company) is up $8B vs. paid members up 6.2 million or $1300 per subscribers, Left tweeted.Nonetheless, five-star Stifel Nicolaus analyst Scott Devitt at Stifel Nicolaus has just raised his price target to $50 from $42, indicating 6% upside potential lies ahead. He also reiterated his Peloton buy rating.“Elevated demand for the company’s products has continued thus far into F4Q, with demand outpacing supply in most geographies,” Devitt explained, describing Peloton as “an unstoppable juggernaut to be stopped only by way of self-inflicted wound from here”.Indeed Wall Street analysts have an uniformly bullish outlook on Peloton stock. The Strong Buy consensus is due to 18 Buys ratings, vs just 1 Hold and 1 Sell.However, due to the recent rally, the $46.65 average price target now indicates that shares could pull back 1% from current levels- suggesting that, in this case, Left could be right. (See Peloton stock analysis on TipRanks).Related News: Peloton Shares Increase on 1 Million Fitness Subscriber Milestone Tesla’s Elon Musk to Reopen California Plant Despite Coronavirus Restrictions Microsoft to Splash $1.5 Billion on Italy’s Cloud Business Transformation More recent articles from Smarter Analyst: * Moderna’s Covid-19 Vaccine Candidate Gets FDA Fast Track Status * Hyatt Hotels Lays Off 1,300 Workers as Virus Pandemic Freezes Travel Demand * 2 Cruise Line Stocks to Bet on After the Coronavirus Crisis (And 1 to Avoid) * Peloton Shares Increase on 1 Million Fitness Subscriber Milestone

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