Stocks rose sharply on Wednesday, putting the S&P 500 just below its all-time high set in February, as shares of the major tech companies recovered some of their steep losses from the previous session.
Cisco shares fell more than 6% in after-hours trading despite reporting fiscal fourth-quarter profit and revenues that topped analysts’ expectations. The results, though better than what analysts polled by Refinitiv had anticipated, marked the first annual sales decline in three years. Investors may have positioned to sell the Dow component after Cisco said that it sees first-quarter revenues down 9% to 11% and associated per-share earnings between 41 and 47 cents.
Singapore will allow small gatherings and the reopening of restaurants and shops from June 19, its health ministry said on Monday, in a major easing of the city-state’s coronavirus restrictions.
Social gatherings of up to five people will be permitted from Friday, when the majority of activities resume after more than two months of restrictions, dubbed “circuit breaker” measures. Social distancing requirements will remain in place.
Sony posted better-than-expected earnings on Tuesday for its April to June fiscal first quarter.
Its PlayStation gaming division accounted for the bulk of profit in the quarter as weakness persisted in areas such as image sensing and consumer electronics.
But analysts expect the upcoming PlayStation 5 to be a key profit driver for Sony in the current fiscal year.
The United States shocked European nations earlier this month when it pulled out of international negotiations over such a tax.
The United States has been a fierce opponent of plans to make digital giants pay more in taxes, as the majority of these firms are American. It is the White House’s view that digital taxes are unfair toward U.S. companies.
U.K. GDP saw its sharpest contraction since 1979 in the first quarter, and the balance-of-trade deficit widened to £21.1 billion ($26.4 billion).
U.K. stocks currently trade at a 19% discount to the MSCI World index, versus an average of 7% since 2002, UBS strategists pointed out in a research note Wednesday.
S&P Global has cut its forecast for U.K. GDP in 2020 to an 8.1% contraction, warning of a “perfect storm” if Britain suffers a second wave of coronavirus infections and fails to negotiate a post-Brexit free trade agreement.
Delta has aggressively pursued investments in foreign airlines in recent years to help grow abroad.
The carrier posted charges of more than $2 billion related to those soured investments.
International air travel demand has plunged in the pandemic due to weak demand and travel restrictions.
Wharton finance professor Jeremy Siegel expects a game changer.
He predicts a coronavirus vaccine is closer than the market thinks.
“We’ve had almost no setbacks in the schedule developing the vaccine, and I think that’s where upside surprises can occur,” Siegel told CNBC’s “Trading Nation” on Tuesday. “We may find ourselves with a workable vaccine for high risk individuals by the end of the fall, early winter.”
Manhattan apartment sales in the second quarter fell by 54%, the largest percentage decline in 30 years, according to a report from Miller Samuel and Douglas Elliman.
The median sales price fell 18% to $1 million, which is the biggest decline in a decade.
There were only 1,147 sales in the quarter — the lowest number on record, according to Compass.
Walmart is launching Walmart+ in July, according to a report by Vox’s Recode.
The subscription-based program will compete with Amazon Prime.
Walmart has not released details about Walmart+ and the perks it will use to stand out from competitors.
