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Stock futures headed toward a lower open Monday morning, with lingering concerns over the growth outlook at least temporarily outweighing optimism over a strong second-quarter earnings season. Dow futures dropped more than 100 points, or 0.4%, in early trading. The S&P 500 and Nasdaq also pointed toward a lower open. The three major indexes each set record closing highs on Friday, shaking off a sell-off at the start of last week as worries over the Delta variant increased.  Cyclical stocks… Source link

The rout in a good number of cyclical stocks amid resurgent COVID-19 infections this past month is overdone and it’s time to buy ahead of a coming big rally, contends Goldman Sachs.  “Among U.S. industries, Airlines (19% below its 52-week high) and Hotels (11%) rank among the laggards in recent weeks. If our economic outlook proves correct, these stocks should rebound in coming months. Likewise, the Energy sector trades 12% below where it traded a month ago and our commodity strategists’… Source link

After a bullish end to the week for Bitcoin and the broader market on Sunday, it was a particularly bullish morning for the crypto majors this morning. At the time of writing, Bitcoin, BTC to USD, was up by 8.97%to $38,591.0. A mixed start to the day saw Bitcoin fall to an early morning low $35,233.0 before making a move. Steering clear of the first major support level at $34,386, Bitcoin rallied to an early morning current day high $39,777.0. Bitcoin broke through the day’s major resistance… Source link

Reuters U.S. new home sales hit 14-month low amid supply constraints Sales of new U.S. single-family homes tumbled to a 14-month low in June and sales in the prior month were weaker than initially estimated, the latest signs that expensive lumber and shortages of other building materials were hurting the housing market. The third straight monthly decline in sales reported by the Commerce Department on Monday followed news last week that permits for future homebuilding dropped to a nine-month… Source link

Lucid Motors begins trading today as Lucid Group, Inc., under the new ticker symbol “LCID” after completing a merger with Churchill Capital Corp IV The transaction brings in $4.4B, which the company plans to use to accelerate its growth and increase manufacturing capacity to capitalize on expected demand Company has over 11,000 paid reservations for Lucid Air and is on schedule to deliver its groundbreaking luxury electric vehicle in the second half of 2021 Lucid’s leadership team reflects its… Source link

By David French and Jessica DiNapoli NEW YORK (Reuters) – No calls, no emails and no meetings. That’s the order this week from Aquiline Capital Partners to its staff. The private equity firm is putting all employees on vacation, people familiar with the matter said. It’s an unusual move intended to recognize employees and avoid burnout from the physical and mental pressure of the COVID-19 pandemic and the frenetic pace of dealmaking. Aquiline has more than $6 billion in assets and over 60… Source link

(Bloomberg) — A selloff in Chinese private education companies sent shockwaves through the equity market Monday, as investors scrambled to price in the growing risks from an intensifying crackdown by Beijing on some of the nation’s industries. Stocks slumped on the mainland and in Hong Kong, with the benchmark CSI 300 Index dropping 3.2% and the Hang Seng Index tumbling 4.1%, the most since May last year. Steep losses in education stocks in the wake of a sweeping overhaul spilled over into… Source link

A recruitment ad by Amazon has stoked speculation the company may have a favourable view of cryptocurrencies. Photo: Artur Widak/NurPhoto via Getty Images Bitcoin (BTC-USD) and other cryptocurrencies surged higher on Monday morning, amid speculation that e-commerce giant Amazon (AMZN) could soon accept tokens as payment. Bitcoin was up 12% to $38,723 (£28,169) at just after 8am on Monday morning in London. It marked the cryptocurrency’s highest price in over a month. The rally was linked to… Source link

By Andrew Galbraith SHANGHAI (Reuters) – China and Hong Kong shares fell sharply to their lowest this year on Monday, as investor worries over government regulations battered stocks in the education, property and tech sectors. The searing sell-off sent Hong Kong-listed Scholar Education Group shares crashing more than 45%. Hong Kong stocks of New Oriental Education & Technology Group Inc plummeted more than 47% after the company’s U.S. shares lost over half of their value on Friday. The… Source link

HONG KONG/SINGAPORE (Reuters) -Cryptocurrencies popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week and while traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment. Bitcoin rose as far as 12.5% to hit $39,850, its highest since mid-June during the Asia session, while ether hit a three-week peak of $2,344. On the heels of bitcoin’s best week in almost three months, the move put… Source link