Finance
Stock market news: Opening bell, October 23, 2018
Here is what you need to know.
Global markets slump as a ‘poisonous brewing cauldron’ of risks
spooks investors. Hong Kong’s Hang Seng fell
close to 3% and Germany’s DAX is down 1.2%. The S&P 500 is
set to open lower by 1.37%.
The stock market’s “dead cat bounce” is
over. The “rolling bear market” that Morgan
Stanley has been talking about this year is making a comeback and
the bank says two sectors stand to get hit the hardest.
The 10-year nears its lowest level in 3
weeks. The benchmark yield is down nearly 5 basis
points at 3.151%, and is flirting with its lowest level since
October 3.
2 investing legends have very different ideas about what to do
when a bubble is about to burst. Howard Marks
and Jeremy Grantham have made historically accurate market calls,
but disagree on what to do when a crash is near.
Hong Kong sits in the ‘danger zone’ for a fresh financial
crisis. “For Hong Kong, 50 warning signals were
given over the past 12 quarters out of a maximum of 60, the
highest of all the 30 economies in our sample,” a team of Nomura
analysts wrote.
One of the largest cannabis companies is going public on the New
York Stock Exchange. Aurora Cannabis will make its
New York Stock Exchange debut on Tuesday, under the ticker “ACB.”
Netflix is issuing another $2 billion of junk
bonds. The streaming giant intends to use the
proceeds to support content acquisitions, production and
development, and other corporate purposes.
Sears chairman Eddie Lampert is seeking a partner for a $300
million bankruptcy loan for the bankrupt
retailer. Lampert’s hedge fund, ESL
Investments, has held talks with Cyrus Capital Partners about
sharing the burden of a $300 million bankruptcy loan for Sears,
Reuters says.
An explosive device was found in a mailbox near billionaire
George Soros’ home. The device was detonated by
bomb-squad technicians, the Jerusalem Post reports. Soros was not
home at the time.
Earnings
reporting picks up. 3M, Caterpillar,
Harley-Davidson, McDonald’s, and Verizon Wireless report ahead of
the opening bell.
-
Entertainment7 days ago
NASA discovered bacteria that wouldn’t die. Now it’s boosting sunscreen.
-
Business7 days ago
Tesla drops prices, Meta confirms Llama 3 release, and Apple allows emulators in the App Store
-
Business6 days ago
TechCrunch Mobility: Cruise robotaxis return and Ford’s BlueCruise comes under scrutiny
-
Entertainment6 days ago
‘The Sympathizer’ review: Park Chan-wook’s Vietnam War spy thriller is TV magic
-
Business4 days ago
Tesla layoffs hit high performers, some departments slashed, sources say
-
Business5 days ago
Meta to close Threads in Turkey to comply with injunction prohibiting data-sharing with Instagram
-
Entertainment4 days ago
ChatGPT vs. Gemini: Which AI chatbot won our 5-round match?
-
Business3 days ago
Former top SpaceX exec Tom Ochinero sets up new VC firm, filings reveal