China tech stocks

Representative Image (Reuters) Growth stocks led a rebound in Wall Street's main indexes on Friday at the end of a week marred by worries about the worsening outlook for economic growth, while Twitter sank after Elon Musk put his deal for the social media company on hold . All the 11 major S&P sectors advanced in early trading, with technology stocks rising 2.7% and 3.3%, respectively. Growth stocks such as Apple Inc, Google-owner Alphabet Inc, Amazon.com and Nvidia Corp gained between 2.2% and 6.5% after falling for most of the week. Wall Street has gyrated wildly this week on fears that the Ukraine war, surging inflation, COVID-19 lockdowns in China and hawkish Federal Reserve policy moves could spark a global economic slowdown. Fed Chair Jerome Powell repeated on Thursday his expectation that the central bank will raise interest rates by half a percentage point at each of its next two policy meetings while pledging "we're prepared to do more" if data turns … [Read more...] about Wall Street rallies as growth stocks rebound, Twitter slides

- A + A (May 14): Chinese stocks saw a reversal of fortune this week versus global peers as investors tiptoed back into the market, betting an expected lift of Shanghai lockdowns would spur a rally. China’s benchmark CSI 300 Index rose 2% this week, standing out within a global sea of red. It’s also outperformed major peers for the month so far. Driving the turn in sentiment has been China’s stabilising Covid-19 outbreak, which helped soothe worries that movement restrictions may intensify. While the outlook remains highly uncertain, with China’s zero-Covid stance set to keep pressuring growth and the global economy looking fragile, stimulus promises from Beijing and cheap valuations are making more traders willing to take risks. “We don’t get so greedy as to try to time the market for the rock bottom,” said Yang Wei, a fund manager at Longwin Investment Management Co. “Valuations of some are now attractive enough to take the chance,” added Yang, who’s been … [Read more...] about Chinese stocks stand out as rare winners in global equity rout

Democratic Connecticut Sen. Richard Blumenthal recently disclosed that an investment fund managed by his wife’s family bought between $1 million and $2 million in tech company stocks, including shares in Intel. Blumenthal’s disclosure came three weeks before a Senate hearing where Intel’s CEO backed legislation handing billions in subsidies to the semiconductor industry. Five days after the hearing, Blumenthal voted in favor of the America COMPETES Act, which grants $52 billion in subsidies to the semiconductor industry. Democratic Connecticut Sen. Richard Blumenthal disclosed in early March that an investment fund managed by his wife’s family purchased between $250,000 and $500,000 worth of Intel stock. A little over three weeks later, he voted for legislation handing billions in subsidies to semiconductor manufacturers that could benefit Intel. The senator’s actions seem to indicate a conflict of interest, congressional watchdogs told The Daily Caller News Foundation. … [Read more...] about Sen. Blumenthal’s Family Splurged On Intel Stock Before He Voted For A Massive Subsidy Bill

Share to Twitter Share to Linkedin Key News Asian equity markets were all down overnight. It was a light news day as Fed hike fears and the strong dollar weigh on local sentiment. According to Bloomberg News, traders took profits in yesterday’s strong move in Hong Kong internet stocks despite the government meeting with internet companies next week. The meeting, announced two weeks ago, will include regulators and potentially Vice Premier Liu He, who had called for more clarity and transparency on regulation while also advocating the importance of the platform economy. The market is in a shoot-first/ask questions later mentality though I see more upside than downside in this meeting as China’s economy needs domestic consumption to pick up. It is worth noting that Tencent and Meituan saw another strong day of buying by Mainland investors via Southbound Stock Connect. Tencent reports Q2 financial results next Wednesday post the Hong Kong close. Rumors that … [Read more...] about US Dollar Strength Weighs On CNY

Representative image Global shares rose on Friday and investor sentiment stabilized after a volatile week of trading, helping to push up stock indexes in the United States and Europe. Global markets, particularly U.S. stocks, have gyrated wildly this week as investors grew anxious about the possibility of a recession. The S&P is nearly 20% down from its all-time high in January and was close to a bear market on Thursday. Investors are anxious about whether U.S. Federal Reserve Chair Jerome Powell can accomplish a "soft landing," where the Fed raises interest rates just enough to reduce elevated inflation without causing the economy to contract. In an interview late on Thursday, Powell said the battle to control inflation would "include some pain," and he repeated his expectation of half-percentage-point interest rate rises at each of the Fed's next two policy meetings. The war in Ukraine has aggravated supply chain disruptions and inflationary pressures already in … [Read more...] about World equities rise on bounce in United States, European markets

Share to Twitter Share to Linkedin It was a rocky week for Tesla shares– until Musk’s early Friday tweet. That helped the electric vehicle maker regain some lost ground. With a single tweet at 5:44 AM Friday, Tesla and SpaceX chief Elon Musk simultaneously placed his $44 billion Twitter takeover on hold and demonstrated the platform’s power to move markets. Twitter shares, which plunged in pre-market trading early Friday, ended the day down 9.7%, while shares of Musk’s electric vehicle maker rallied 5.7% Friday to close an otherwise challenging week down 11.1%. The fortune of the world’s richest person–worth an estimated $232.5 billion–rose by $9.5 billion Friday. His losses for the week were cut to $23.4 billion. The divergent fortunes of Twitter and Tesla shareholders are no surprise to Columbia University law professor John C. Coffee, an expert on corporate governance. “The two stocks are logically inversely related, since what is good for Twitter … [Read more...] about Elon Musk’s Early Morning Tweet Sends Twitter Shares Crashing, But He Ends The Day Billions Of Dollars Richer

- A + A NEW YORK (May 14): Global shares rose on Friday (May 13) as Wall Street rallied to end a volatile week of trading, while oil jumped 4% on the back of record-high US gas prices. Global markets and US stocks were down sharply most of this week as investors grew anxious about the possibility of recession. The S&P 500 Index was off nearly 20% from its all-time high in January and was close to a bear market on Thursday. But investors' fears over whether US Federal Reserve chair Jerome Powell can accomplish a "soft landing", bringing inflation down while keeping the US economy growing, appeared to ease at least temporarily on Friday. MSCI's gauge of stocks across the globe had gained 2.3% at 4.07pm ET (2007 GMT) after hitting its lowest since November 2020 on Thursday. The pan-European STOXX 600 Index rose 2.14%. According to preliminary data, the S&P 500 gained 94.57 points, or 2.41%, to end at 4,024.65 points, while the Nasdaq Composite gained 436.61 … [Read more...] about World equities rise on bounce in US, European markets

Representative Image (Reuters) The S&P 500 and the Dow rose in choppy trading on Wednesday as banks and energy shares gained, while the tech-heavy Nasdaq came under pressure after inflation data cemented expectations of aggressive interest rate hikes. Ten of the 11 major S&P sectors advanced in morning trade. Energy gained 3.4% as oil prices jumped over 4% buoyed by supply concerns. Financials added 1.1% and banks climbed 1.5%, tracking the benchmark 10-year Treasury yield which climbed back above 3%. However, the prospect of rising interest rates dented megacap stocks such as Amazon.com, Microsoft Corp, Apple Inc, Meta Platforms and Tesla Inc, which fell between 0.2% and 0.8%. The Labor Department's report showed consumer price index rose 0.3% last month, the smallest gain since August, but still above economists' forecast of a 0.2% rise. read more Close The monthly rise in inflation was much smaller compared to the 1.2% surge in March, the largest … [Read more...] about S&P 500, Dow up after inflation data, Nasdaq down on rate hike worries

Share to Twitter Share to Linkedin A growing wave of tech layoffs have given rise to remorseful CEOs’ lamentations that they hired too quickly during the pandemic. At startup Material Security, Ryan Noon says he faces no such problems; if anything, he says, he’s hired “probably a little slower” than he needed to. “I think the last couple years of Silicon Valley will be remembered as an especially wasteful age,” says Noon, who is cofounder and CEO. “You don’t need a lot of people to do a lot if you have the right people.” Material Security employs less than 40 people, but has kicked above its weight class to sign on enterprise customers like Mars, Stripe and insurance giant Chubb for its security software that can protect emails even if they are hacked. “We’re significantly outnumbered by our customer count by at least a binary order of magnitude or two,” Noon says, adding that he hasn’t lost a single customer yet. Now, as others reckon with … [Read more...] about This Startup Reached A $1.1 Billion Valuation By Taking The Sting Out Of Email Hacks