Finance
Stock market news: Opening bell, November 26, 2018
Here is what you need to know.
Cyber Monday 2018 is forecast to be the biggest online-shopping
day in US history. Sales are expected to hit $7.8
billion, up 18% versus a year ago, according to Adobe
Analytics.- Amazon
is gaining ground. Shares of the e-ecommerce
behemoth are up 2.6% at $1,541 apiece ahead of Monday’s opening
bell. They are down more than 26% from their September
peak.
Elon Musk says Tesla was near death during its Model 3
‘production hell.’ Musk told Axios in an
interview broadcast Sunday evening on HBO that Tesla was
“bleeding money like crazy,” and that the hemorrhaging of cash
got to the point where it was “single-digit weeks” from death.
Facebook has a bruising week ahead. British
lawmakers are leaning towards releasing a cache of documents
that could reveal how Facebook’s privacy policy allowed
Cambridge Analytica to access the data of 87 million users,
according to The Observer.
The stock market is flashing some terrifying parallels to the
tech bubble. The Popular/Panned (PP)
ratio, which looks at the performance of tech stocks (the
popular group) relative to utilities (the panned area), eerily
mirrors the reckoning that led up to the dotcom crash.- Bitcoin
is below $4,000. The largest cryptocurrency
by market value touched a low of $3,675 Monday, its weakest
since September 2017.
Ohio is becoming the first state to accept bitcoin for
taxes. Ohio businesses will be able to pay 23
types of taxes with bitcoin, including sales taxes and
witholdings taxes, according to a report out Sunday from The
Wall Street Journal.
Feuding UK politicians aren’t united enough to torpedo Theresa
May’s Brexit deal. Adrian Paul, a Goldman
Sachs European economist says an “uneasy alliance” of MPs who
currently oppose the UK’s deal to leave the EU will ultimately
ratify it, perhaps on a second vote.- Stock markets
around the world are higher. Hong Kong’s Hang
Seng (+1.73%) led the gains in Asia and Germany’s DAX (+1.17%)
is out front in Europe. The S&P 500 is set to open up 1.08%
near 2,661.
US economic data trickles out. Dallas Fed
manufacturing crosses the wires at 10:30 a.m. ET. The US
10-year yield is up 2 basis points at 3.06%.
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