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Dow Jones Rallies, Stocks Extends Rebound; Tesla Stock Saga Continues; JD Stock Tanks On Tencent News

Stocks are moving higher as jobless claims hold below pre-pandemic levels.
The post Dow Jones Rallies, Stocks Extends Rebound; Tesla Stock Saga Continues; JD Stock Tanks On Tencent News appeared first on Stock Market News, Quotes, Charts and Financial…

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Stock Market Today Mid-Morning Updates

On Thursday, the Dow Jones Industrial Average surged 242 points as global markets aimed to extend its two-day rebound. This comes after the third-quarter U.S. gross domestic product (GDP) was revised to higher than expected estimates. In detail, the Bureau of Economic Analysis showed a 2.3% annualized increase in economic activity. This is more than the 2.1% rise previously reported. 

Furthermore, consumer confidence jumped more than expected this month. The Conference Board’s latest report mentioned that expectations about short-term growth prospects are improving among Americans. Major indexes ticked up on Thursday, building on back-to-back gains. This would be the case as fears that the Omicron variant would derail economic growth resided among investors who sold off risky assets at the start of the week on reports of increasing coronavirus cases.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) rose 0.18%, while Microsoft (NASDAQ: MSFT) is up 1% in the stock market today. Both stocks are looking to extend their gains from Wednesday’s intraday trading. Home Depot (NYSE: HD) continues to build back-to-back gains from yesterday. 

Shares of EV leader Tesla (NASDAQ: TSLA) were trading lower by 0.71% on Thursday morning. Meanwhile, EV companies like Rivian (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) were also both down by around 1% and 2% respectively. Chinese EV leaders like Li Auto (NASDAQ: LI) and Xpeng Motors (NYSE: XPEV) are also trading on the red this morning. 

[Read More] 4 Semiconductor Stocks To Watch Right Now

Dow Jones Today: Economic Data Pointing To Further Recovery 

Following the stock market open on Thursday, the Dow, S&P 500, and Nasdaq Composite are trading higher by 0.68%, 0.55%, and 0.17% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) edged higher 0.24% Thursday, while the SPDR S&P 500 ETF (NYSEARCA: SPY) rose by 0.52%.

The bullish moves came following the positive economic data released earlier this morning. The Labor Department reported that initial jobless claims totaled 205,000, sustaining a downward trend from the highs of its pandemic peak. Meanwhile, consumer spending met estimates, rising 0.6% month over month, slower than October’s 1.3% increase.

Overall, the labor market seems to be holding strong and consumer spending is mostly remaining in check. Accordingly, this would add to investor confidence in the economy, ideally quelling fears of Omicron-related effects to the reopening trade. Thus explaining the positive movement in stocks today.

TSLA Stock Still In Focus As Elon Musk Sells Additional $928 Million Shares; Clarifies Earlier Statements

Tesla CEO Elon Musk continues to make headlines in the stock market today with his stock selling spree. As a result of the sales, TSLA stock mostly declined over the past month. This is understandable as investors are likely reacting to the CEO reducing his position in the company. However, it bounced back by over 7% during yesterday’s trading session thanks to comments from Musk.

As part of his plan to sell 10% of his shares in the company, Musk sold $928.6 million worth of TSLA stock yesterday. This adds up to 934,091 shares. By and large, Musk has already sold 14.7 million shares equalling $15.4 billion. As it stands, TSLA stock currently trades at $1,008.14, placing Tesla at a market cap of over $1 trillion. 

TSLA stock chart
Source: TD Ameritrade TOS

[Read More] Best Lithium Battery Stocks To Buy Now? 4 To Know

JD Stock Tanks After Tencent Divests $16.4 Billion Stake To Shareholders

JD.com (NASDAQ: JD) seems to be on the decline in the stock market today on fellow Chinese tech giant Tencent’s (OTCMKTS: TCEHY) latest announcement. Diving right into it, Tencent declared a special interim dividend earlier today. In detail, this will see the distribution of 457 million Class A shares of JD.com to Tencent shareholders. All of which adds up to a total payout of $16.4 billion. Because of the move, it is currently looking at losses of over 9% since today’s opening bell.

Blue Lotus Capital Advisor’s Shawn Yang said Tencent’s move may have stemmed from a desire to deflect attention away from itself rather than JD’s fundamentals. He explained JD’s e-commerce business has been “very resilient” this year compared with competitors Pinduoduo (NASDAQ: PDD) and Alibaba (NYSE: BABA).

From its filing on Thursday, Tencent said part of its strategy includes investing in companies early. This is to support development and to exit when they become “consistently capable of self-financing their future initiatives”. Tencent said JD.com has reached that stage and that now is an “appropriate time” to distribute its stake among its shareholders.

JD stock
Source: TD Ameritrade TOS

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The post Dow Jones Rallies, Stocks Extends Rebound; Tesla Stock Saga Continues; JD Stock Tanks On Tencent News appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Economics

Global Industry Statement on the WTO Moratorium on Customs Duties on Electronic Transmissions

Global Industry Statement on the WTO Moratorium on Customs Duties on Electronic Transmissions
PR Newswire
NEW YORK, May 17, 2022

NEW YORK, May 17, 2022 /PRNewswire/ — The United States Council for International Business (USCIB) joined today nearly…

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Global Industry Statement on the WTO Moratorium on Customs Duties on Electronic Transmissions

PR Newswire

NEW YORK, May 17, 2022 /PRNewswire/ -- The United States Council for International Business (USCIB) joined today nearly 100 other global trade and industry associations to urge WTO members to renew the Moratorium on Customs Duties on Electronic Transmissions at the 12th WTO Ministerial Conference in June.

According to the statement, allowing the Moratorium to expire would be a historic setback for the WTO, representing an unprecedented termination of a multilateral agreement in place nearly since the WTO's inception – an agreement that has allowed the digital economy to take root and grow. All WTO members have a stake in the organization's continued institutional credibility and resilience, as well as its relevance at a time of unprecedented digital transformation.

Continuation of the Moratorium is critical to the COVID-19 recovery. As detailed by the United Nations, the World Bank, the OECD, and many other organizations, the cross-border exchange of knowledge, technical know-how, and scientific and commercial information across transnational IT networks, as well as access to digital tools and global market opportunities have helped sustain economies, expand education, and raise global living standards.

Continuation of the Moratorium is also important to supply chain resilience for manufacturing and services industries in the COVID-19 era. Manufacturers – both large and small, and across a range of industrial sectors – rely on the constant flow of research, design, and process data and software to enable their production flows and supply chains for critical products.

The Moratorium is particularly beneficial to Micro, Small and Medium-Sized Enterprises (MSMEs), whose ability to access and leverage digital tools has allowed them to stay in business amidst physical restrictions and lockdowns.

Failure to renew the Moratorium will jeopardize these benefits, as customs restrictions that interrupt cross-border access to knowledge and digital tools will harm MSMEs, the global supply chain, and COVID-19 recovery – increasing digital fragmentation. As UNCTAD has explained, such fragmentation "reduces market opportunities for domestic MSMEs to reach worldwide markets, [and] ... reduces opportunities for digital innovation, including various missed opportunities for inclusive development that can be facilitated by engaging in data-sharing through strong international cooperation.... [M]ost small, developing economies will lose opportunities for raising their digital competitiveness." 

The rest of the statement can be found here.

Media Contact: Kira Yevtukhova, kyevtukhova@uscib.org

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SOURCE United States Council for International Business

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Government

“The Real President Is Whoever Controls The Teleprompter”: Musk Delivers Scathing Criticism Of Biden

"The Real President Is Whoever Controls The Teleprompter": Musk Delivers Scathing Criticism Of Biden

Authored by Jack Phillips via The Epoch…

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"The Real President Is Whoever Controls The Teleprompter": Musk Delivers Scathing Criticism Of Biden

Authored by Jack Phillips via The Epoch Times,

Tech billionaire Elon Musk this week warned that the United States must take steps to address inflation or it will end up like socialist Venezuela.

Musk, who is currently in the process of acquiring Twitter, told a virtual conference that he believes the government has printed too much money in recent years.

“I mean, the obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously,” Musk said, likely referring to COVID-19 relief stimulus packages worth trillions of dollars that were passed in recent years.

U.S. inflation rose by 8.3 percent in April, compared with the previous year. That’s slightly lower than the 8.5 percent spike in March, but it’s still near the 40-year high.

“So it’s like the government can’t … issue checks far in excess of revenue without there being inflation, you know, velocity of money held constant,” the Tesla CEO said.

“If the federal government writes checks, they never bounce. So that is effectively creation of more dollars. And if there are more dollars created, then the increase in the goods and services across the economy, then you have inflation, again, velocity of money held constant.”

If governments could merely “issue massive amounts of money and deficits didn’t matter, then, well, why don’t we just make the deficit 100 times bigger,” Musk asked. “The answer is, you can’t because it will basically turn the dollar into something that is worthless.”

“Various countries have tried this experiment multiple times,” Musk said.

“Have you seen Venezuela? Like the poor, poor people of Venezuela are, you know, have been just run roughshod by their government.”

In 2018, Venezuela, a country with significant reserves of oil and gas, saw its inflation rise more than 65,000 percent amid an economic crash that included plummeting oil prices and government price controls. The regime of Nicolas Maduro then started printing money, thereby devaluing its currency, which caused prices to rapidly increase.

During the conference, Musk also said the Biden administration “doesn’t seem to get a lot done” and questioned who is actually in charge. 

“The real president is whoever controls the teleprompter,” he said.

“The path to power is the path to the teleprompter.”

“The Trump administration, leaving Trump aside, there were a lot of people in the administration who were effective at getting things done,” he remarked.

Musk’s comment about the White House comes as Jeff Bezos, also one of the richest people in the world, has increasingly started to target the administration’s economic policies. Bezos, in a series of Twitter posts, said the rapid increase in federal spending is the reason why inflation is as high as it is.

“Remember the Administration tried their best to add another $3.5 TRILLION to federal spending,” Bezos wrote on Monday, drawing rebuke from several White House officials. “They failed, but if they had succeeded, inflation would be even higher than it is today, and inflation today is at a 40-year high.”

Tyler Durden Tue, 05/17/2022 - 15:05

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Economics

Summit Healthcare REIT, Inc. COO/CFO Elizabeth Pagliarini participates in the 9th Annual IMN Real Estate CFO & COO Forum

Summit Healthcare REIT, Inc. COO/CFO Elizabeth Pagliarini participates in the 9th Annual IMN Real Estate CFO & COO Forum
PR Newswire
LAGUNA HILLS, Calif., May 17, 2022

LAGUNA HILLS, Calif., May 17, 2022 /PRNewswire/ — Elizabeth Pagliarini, COO…

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Summit Healthcare REIT, Inc. COO/CFO Elizabeth Pagliarini participates in the 9th Annual IMN Real Estate CFO & COO Forum

PR Newswire

LAGUNA HILLS, Calif., May 17, 2022 /PRNewswire/ -- Elizabeth Pagliarini, COO/CFO of Summit Healthcare REIT, Inc. ("Summit") joined five other industry leaders on the Executive Roundtable at the 9th Annual IMN Real Estate CFO & COO Forum at the Monarch Beach Resort in Dana Point, California. The panelists shared their thoughts and experiences regarding the post pandemic environment, namely the recovery progress and how businesses are changing, trends in tenant lease terms, and the transition back to working in the office and its implications for new hires. They also provided insights into the availability of financing and how terms have changed over the past six months, how they are managing supply chain crises, rising costs of sourcing and materials, and staffing shortages, the changes made to core processes over the past 18 months and whether these changes would be permanent, and how investor communications have changed in recent months.

About Summit Healthcare REIT, Inc. 
Summit is a publicly registered non-traded REIT that is currently focused on investing in seniors housing and care real estate located throughout the United States. The current portfolio includes interests in 53 facilities in 14 states. Please visit our website at: http://www.summithealthcarereit.com

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company's annual report on Form 10-K for the year ended December 31, 2021, and the quarterly report for the period ended March 31, 2022. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

CONTACT
Chris Kavanagh
(800) 978-8136
ckavanagh@summithealthcarereit.com

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SOURCE Summit Healthcare REIT, Inc.

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