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  • Cardano Climbs 10% As Investors Gain Confidence

    March 23, 2019, 09:33

    Investing.com - Cardano was trading at $0.064085 by 17:32 (21:32 GMT) on the Investing.com Index on Saturday, up 10.09% on the day. It was the largest one-day percentage gain since March 23.

    The move upwards pushed Cardano's market cap up to $1.65307B, or 1.18% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.

    Cardano had traded in a range of $0.056731 to $0.064085 in the previous twenty-four hours.

    Over the past seven days, Cardano has seen a rise in value, as it gained 25.13%. The volume of Cardano traded in the twenty-four hours to time of writing was $128.69166M or 0.42% of the total volume of all cryptocurrencies. It has traded in a range of $0.0491 to $0.0641 in the past 7 days.

    At its current price, Cardano is still down 95.25% from its all-time high of $1.35 set on January 4, 2018.

    Elsewhere in cryptocurrency trading

    Bitcoin was last at $3,994.0 on the Investing.com Index, up 0.21% on the day.

    Ethereum was trading at $137.02 on the Investing.com Index, a gain of 0.38%.

    Bitcoin's market cap was last at $70.83728B or 50.50% of the total cryptocurrency market cap, while Ethereum's market cap totaled $14.49368B or 10.33% of the total cryptocurrency market value.

    Read More
  • 3 Things Under the Radar This Week

    March 23, 2019, 08:41

    Investing.com - Here’s a look at three things that were under the radar this past week.

    1. Dow Makes a Golden Cross

    If you weren’t watching technical indicators this week, you may have missed strong signal for blue-chip stocks.

    The Dow Jones Industrial Average triggered a signal called the golden cross, which is bullish near term.

    A golden cross occurs when a short-term moving average crosses above a long-term moving average. The Dow’s 50-day moving average moved above its 200-day moving average on Tuesday.

    This hasn’t happened since April 2016.

    Technical analysts note that this isn’t just a license to go out and buy like crazy, as other market forces must be taken into consideration. But historically, the expected pattern has pretty much played out in the short term following the signal.

    While "the Dow's returns after golden crosses since 1950 aren't much to write home about, they exceed the index's returns after the ominous-sounding death cross” when the shorter-term moving averages cross below the longer-term ones, Andrea Kramer of Schaeffer’s Investment Research wrote.

    By “isolating the data to look at post-golden-cross signals since 2003, the Dow was higher six months and one year later 100% of the time, with stronger-than-usual returns,” Kramer added.

    2. Is Shale Making Records Highs or Shrinking?

    The headline came Monday and had disappeared by the next day. U.S. oil output from seven major shale formations was expected to reach a record 8.6 million barrels per day in April, according to the Energy Information Administration.

    But the oil market’s attention that day was occupied by news that OPEC had canceled an upcoming meeting in April to turn its entire focus to cutting production until another meeting scheduled in June.

    Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak told reporters that their 24-nation alliance, OPEC+, won’t rest until it achieves what it calls market rebalancing, or, more accurately, the Saudi quest for $80 oil.

    Falih said the emphasis on cuts was important, with U.S. shale oil turning out to be more prolific than thought, despite the Saudis consistently exceeding their share of the OPEC+ target to reduce at least 1.2 million bpd in supply this year.

    Given Falih’s fear of shale, you would think the EIA forecast for another record high for shale would have garnered as much notice as the OPEC announcements, taking some of the wind out of oil bulls’ sails. But it barely made a ripple, and WTI and Brent crude added another chunk to bring their year-to-date gains to around 30%.

    With the EIA flip-flop on production, one also wonders if hydraulically-fracked oil, or for that matter, supply of all U.S. crude, was expanding or shrinking.

    In Monday’s update, the EIA said despite the peak shale production likely in April, output would only expand by 85,000 bpd, the smallest monthly increase since May 2018. And just last week, the agency revised down all of U.S. production, saying it had overestimated shale output for December through February.

    With Big Oil muscling smaller drillers from U.S. shale patches for a share of the action there, it remains to be seen if the equation will change.

    3. Yield Curve Inversion to Trigger Bond Proxy Purchases?

    The spread between the 3-Month and 10-Year Treasury yields, the most important part of the yield curve, turned negative on Friday. It’s the first time that’s happened since the financial crisis and it raised fears a recession may be on the horizon.

    While this may only be a partial inversion of the curve, other parts of the curve are flirting with an inversion or have also inverted. The 2Y/10Y spread ended day just 11 basis points from the flatline, while the 2Y through 5Y yields are inverted.

    The yield curve serves as a kind of doomsday screen for the economy and when it inverts, bad things tend to happen. A yield curve inversion has preceded every recession over the past 60 years.

    An inversion of the 2Y/10Y yield curve in 2000 preceded the 2001 U.S. recession and crash of the dot-com bubble. The 2008 recession was preceded by an inversion of the yield curve in 2006.

    For most stocks, signs of impending economic doom can smother even the most buoyant rally, evident in the selling in high-flying tech stocks Friday. But defensive sectors like utilities, real estate and consumer staples stood firm relative to the overall selloff.

    Bond-proxy stocks are often relied upon for their stable dividends in times of economic malaise, which is often characterized by paltry returns on offer from government bonds.

    The SPDR S&P Dividend (NYSE:SDY) ETF, which houses many of these bond proxies, currently yields 2.49%. That is not much higher than the current 10-year yield of 2.45%.

    But bond yields look vulnerable. The U.S. economy is certainly stumbling, while international growth has slowed, stagnated or, in some corners, reversed. And the Federal Reserve's dovish monetary policy message earlier this week has all but killed any hopes of a rate hike this year, further denting any hopes of firming in bond yields.

    -- Written and compiled by Yasin Ebrahim, Barani Krishnan and Kim Khan

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  • Canada stocks lower at close of trade; S&P/TSX Composite down 0.94%

    March 22, 2019, 08:25

    Investing.com – Canada stocks were lower after the close on Friday, as losses in the Healthcare, Energy and IT sectors led shares lower.

    At the close in Toronto, the S&P/TSX Composite declined 0.94%.

    The best performers of the session on the S&P/TSX Composite were OceanaGold Corporation (TO:OGC), which rose 4.32% or 0.180 points to trade at 4.350 at the close. Meanwhile, Franco-Nevada Corporation (TO:FNV) added 3.59% or 3.53 points to end at 101.94 and Barrick Gold Corporation (TO:ABX) was up 3.38% or 0.60 points to 18.36 in late trade.

    The worst performers of the session were Lundin Mining Corporation (TO:LUN), which fell 8.08% or 0.525 points to trade at 5.975 at the close. BRP Inc (TO:DOO) declined 7.53% or 2.90 points to end at 35.61 and MEG Energy Corp (TO:MEG) was down 6.56% or 0.38 points to 5.41.

    Falling stocks outnumbered advancing ones on the Toronto Stock Exchange by 708 to 356 and 144 ended unchanged.

    The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was up 9.36% to 13.91 a new 1-month high.

    Gold Futures for April delivery was up 0.46% or 5.95 to $1313.25 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May fell 1.92% or 1.15 to hit $58.83 a barrel, while the May Brent oil contract fell 1.43% or 0.97 to trade at $66.89 a barrel.

    CAD/USD was down 0.41% to 0.7453, while CAD/EUR rose 0.25% to 0.6595.

    The US Dollar Index Futures was up 0.14% at 96.118.

    Read More
  • Amazon.com Falls 3%

    March 22, 2019, 07:57

    Investing.com - Amazon.com (NASDAQ:AMZN) fell by 3.01% to trade at $1,764.53 by 15:56 (19:56 GMT) on Friday on the NASDAQ exchange.

    The volume of Amazon.com shares traded since the start of the session was 5.76M. Amazon.com has traded in a range of $1,763.42 to $1,818.98 on the day.

    The stock has traded at $1,824.1200 at its highest and $1,684.3400 at its lowest during the past seven days.

    Read More
  • Oil Tumbles on China-Europe Slowdown; Falling U.S. Rig Count No Help

    March 22, 2019, 05:27

    By Barani Krishnan

    Investing.com - Economic numbers and technical charts don't lie, much to the chagrin of oil bulls.

    U.S. West Texas Intermediate and U.K. Brent prices retreated with considerable force on Friday from the rally earlier in the week following a contraction in eurozone manufacturing growth, led by Germany, and an unsightly picture building on the crude futures complex, where the spread between the front and back was blowing out to levels that appeared unsustainable.

    WTI settled down 94 cents, or 1.6%, at $59.04.

    Brent, the global oil benchmark, slid by 95 cents, or 1.4%, to $66.91 by 3:38 PM ET (19:38 GMT).

    Even data showing an 11-month low in the U.S. oil rig count -- which indicates future production -- couldn't help WTI and Brent pull back from the day's losses. Oil rigs fell by nine this week, their fifth-straight week of declines, to 824, the lowest since April 2018. U.S. oil drilling has continued to slide lately, despite crude prices rising by a third this year.

    The selloff was also remarkable coming so soon after WTI's rise to four-month highs above $60 this week after data from the U.S. Energy Information Administration showed a surprisingly huge drop in U.S. crude inventories.

    Notwithstanding Friday's price drop, WTI was up 0.4% on the week, and showed a rise of nearly 3% so far for March. Year-to-date, the U.S crude benchmark has a 30% gain while its U.K. peer is up 24%, bolstered by OPEC production cut plans that could at least until June.

    Hedge funds and other speculators long on oil are counting on OPEC to step in and announce deeper output cuts should the drop in crude prices ever get worrying. The cartel has tacitly assured the market that it will stay ahead of any faltering demand by ensuring it always supplied a little less than what consumers need.

    Even so, the double whammy of a Chinese slowdown and its drag on Europe may be too much to discount, considering that they cumulatively account for more than half of the world's oil demand, analysts said.

    The IHS Markit preliminary Purchasing Managers’ Index, led by Germany, plunged to 44.7 in March, its lowest level since 2012 and well below economists’ expectation of 48, data showed on Friday. It was the index's third-consecutive reading below 50 and came as new orders and employment declined.

    On the U.S.-China front, President Donald Trump was downplaying the urgency for a trade agreement ahead of key meetings with Beijing, Bloomberg reported, adding that the president seemed to want an agreement that could be enforced instead of a quick deal.

    "China has been slowing down, especially in ordering industrial products and automobiles, and that is going to hit Germany out-proportionally,” Kim Forrest, chief investment officer at Bokeh Capital Partners, said.

    Phil Flynn, senior analyst at The Price Futures Group brokerage in Chicago and one of the oil market's most ardent bulls, agreed that the nexus between the Chinese and Europe slowdown could not be understated.

    "We may have some reason to worry," Flynn said.

    Some oil market participants were more worried about the technical picture of the oil futures complex.

    "We are still looking bearish on the back end of crude, and staying away from the front end of the market is making even more sense to me," said Scott Shelton, energy futures broker at ICAP (LON:NXGN) in Durham, N.C.

    Read More
  • Denmark stocks lower at close of trade; OMX Copenhagen 20 down 1.62%

    March 22, 2019, 06:35

    Investing.com – Denmark stocks were lower after the close on Friday, as losses in the Oil&Gas, Personal&Household Goods and Financials sectors led shares lower.

    At the close in Copenhagen, the OMX Copenhagen 20 lost 1.62%.

    The best performers of the session on the OMX Copenhagen 20 were Chr. Hansen Holding A/S (CO:CHRH), which rose 0.29% or 2.0 points to trade at 697.0 at the close. Meanwhile, Coloplast A/S (CO:COLOb) added 0.20% or 1.4 points to end at 717.4 and Oersted A/S (CO:ORSTED) was up 0.16% or 0.80 points to 508.60 in late trade.

    The worst performers of the session were Vestas Wind Systems A/S (CO:VWS), which fell 3.90% or 22.0 points to trade at 542.0 at the close. Pandora A/S (CO:PNDORA) declined 3.11% or 9.8 points to end at 305.2 and Novo Nordisk A/S Class B (CO:NOVOb) was down 2.41% or 8.3 points to 336.4.

    Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 94 to 32 and 14 ended unchanged.

    Shares in Chr. Hansen Holding A/S (CO:CHRH) rose to all time highs; gaining 0.29% or 2.0 to 697.0. Shares in Coloplast A/S (CO:COLOb) rose to 5-year highs; up 0.20% or 1.4 to 717.4.

    Crude oil for May delivery was down 1.72% or 1.03 to $58.95 a barrel. Elsewhere in commodities trading, Brent oil for delivery in May fell 1.40% or 0.95 to hit $66.91 a barrel, while the April Gold Futures contract rose 0.34% or 4.45 to trade at $1311.75 a troy ounce.

    USD/DKK was up 0.78% to 6.6117, while EUR/DKK rose 0.04% to 7.4637.

    The US Dollar Index Futures was up 0.20% at 96.183.

    Read More
  • Germany stocks lower at close of trade; DAX down 1.61%

    March 22, 2019, 06:15

    Investing.com – Germany stocks were lower after the close on Friday, as losses in the Basic Resources, Industrials and Pharmaceuticals&Healthcare sectors led shares lower.

    At the close in Frankfurt, the DAX declined 1.61% to hit a new 1-month low, while the MDAX index lost 1.63%, and the TecDAX index declined 1.22%.

    The best performers of the session on the DAX were RWE AG ST O.N. (DE:RWEG), which rose 3.04% or 0.700 points to trade at 23.750 at the close. Meanwhile, Deutsche Boerse AG (DE:DB1Gn) added 0.72% or 0.800 points to end at 111.900 and Adidas AG (DE:ADSGN) was up 0.67% or 1.40 points to 209.90 in late trade.

    The worst performers of the session were Fresenius SE&Co KGAA O.N. (DE:FREG), which fell 4.23% or 2.040 points to trade at 46.240 at the close. Thyssenkrupp AG O.N. (DE:TKAG) declined 3.52% or 0.450 points to end at 12.325 and Bayer AG NA (DE:BAYGN) was down 3.23% or 1.98 points to 59.30.

    The top performers on the MDAX were Aroundtown Property Holdings PLC (DE:AT1) which rose 0.78% to 7.775, LEG Immobilien AG (DE:LEGn) which was up 0.56% to settle at 106.800 and Alstria Office Reit-Ag (DE:AOXG) which gained 0.51% to close at 13.830.

    The worst performers were Duerr AG (DE:DUEG) which was down 4.99% to 34.290 in late trade, K+S AG NA O.N. (DE:SDFGn) which lost 4.93% to settle at 16.205 and Lanxess AG (DE:LXSG) which was down 4.65% to 48.440 at the close.

    The top performers on the TecDAX were Aixtron SE NA O.N. (DE:AIXGn) which rose 1.77% to 8.4160, Dialog Semiconductor (DE:DLGS) which was up 0.98% to settle at 27.9200 and Xing AG (DE:OBCGn) which gained 0.48% to close at 316.50.

    The worst performers were Medigene NA O.N. (DE:MDG1k) which was down 4.23% to 8.725 in late trade, SLM Solutions Group AG (DE:AM3D) which lost 3.53% to settle at 6.01 and SMA Solar Technology AG (DE:S92G) which was down 2.91% to 22.660 at the close.

    Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 538 to 172 and 71 ended unchanged.

    Shares in RWE AG ST O.N. (DE:RWEG) rose to 3-years highs; gaining 3.04% or 0.700 to 23.750. Shares in LEG Immobilien AG (DE:LEGn) rose to all time highs; rising 0.56% or 0.600 to 106.800. Shares in Alstria Office Reit-Ag (DE:AOXG) rose to 3-years highs; rising 0.51% or 0.070 to 13.830. Shares in SLM Solutions Group AG (DE:AM3D) fell to all time lows; falling 3.53% or 0.22 to 6.01.

    The DAX volatility index, which measures the implied volatility of DAX options, was up 11.43% to 18.23 a new 1-month high.

    Gold Futures for April delivery was up 0.29% or 3.75 to $1311.05 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May fell 1.87% or 1.12 to hit $58.86 a barrel, while the May Brent oil contract fell 1.62% or 1.10 to trade at $66.76 a barrel.

    EUR/USD was down 0.77% to 1.1285, while EUR/GBP fell 1.43% to 0.8550.

    The US Dollar Index Futures was up 0.23% at 96.208.

    Read More
  • Sweden stocks lower at close of trade; OMX Stockholm 30 down 1.75%

    March 22, 2019, 06:05

    Investing.com – Sweden stocks were lower after the close on Friday, as losses in the Basic Materials, Technology and Industrials sectors led shares lower.

    At the close in Stockholm, the OMX Stockholm 30 lost 1.75%.

    The best performers of the session on the OMX Stockholm 30 were Essity AB B (ST:ESSITYb), which fell 0.07% or 0.20 points to trade at 268.30 at the close. Meanwhile, Hexagon AB ser. B (ST:HEXAb) fell 0.19% or 0.9 points to end at 475.9 and Skanska AB ser. B (ST:SKAb) was down 0.29% or 0.50 points to 170.50 in late trade.

    The worst performers of the session were SSAB AB ser. A (ST:SSABa), which fell 3.66% or 1.29 points to trade at 34.00 at the close. AB SKF B (ST:SKFb) declined 3.58% or 5.8 points to end at 155.0 and Telefonaktiebolaget LM Ericsson Class B (ST:ERICb) was down 3.51% or 3.16 points to 86.84.

    Falling stocks outnumbered advancing ones on the Stockholm Stock Exchange by 454 to 181 and 56 ended unchanged.

    Crude oil for May delivery was down 1.95% or 1.17 to $58.81 a barrel. Elsewhere in commodities trading, Brent oil for delivery in May fell 1.80% or 1.22 to hit $66.64 a barrel, while the April Gold Futures contract rose 0.33% or 4.35 to trade at $1311.65 a troy ounce.

    EUR/SEK was up 0.51% to 10.4852, while USD/SEK rose 1.24% to 9.2866.

    The US Dollar Index Futures was up 0.21% at 96.185.

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  • Norway stocks lower at close of trade; Oslo OBX down 1.76%

    March 22, 2019, 06:05

    Investing.com – Norway stocks were lower after the close on Friday, as losses in the Pharma Biotech&Life Sciences, Diversified Financials and Telecoms sectors led shares lower.

    At the close in Oslo, the Oslo OBX fell 1.76%.

    The best performers of the session on the Oslo OBX were Norwegian Air Shuttle ASA (OL:NWC), which rose 0.17% or 0.08 points to trade at 48.10 at the close. Meanwhile, P/f Bakkafrost (OL:BAKKA) fell 0.14% or 0.60 points to end at 438.80 and SalMar ASA (OL:SALM) was down 0.24% or 1.00 points to 409.60 in late trade.

    The worst performers of the session were Petroleum Geo - Services ASA (OL:PGS), which fell 5.33% or 1.14 points to trade at 20.26 at the close. Aker Solutions OL (OL:AKSOL) declined 4.41% or 1.99 points to end at 43.11 and Nel ASA (OL:NEL) was down 4.15% or 0.260 points to 5.890.

    Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 163 to 48 and 26 ended unchanged.

    Crude oil for May delivery was down 1.98% or 1.19 to $58.79 a barrel. Elsewhere in commodities trading, Brent oil for delivery in May fell 1.80% or 1.22 to hit $66.64 a barrel, while the April Gold Futures contract rose 0.33% or 4.35 to trade at $1311.65 a troy ounce.

    EUR/NOK was up 0.62% to 9.6736, while USD/NOK rose 1.34% to 8.5680.

    The US Dollar Index Futures was up 0.21% at 96.185.

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  • General Electric Falls 3%

    March 22, 2019, 04:45

    Investing.com - General Electric (NYSE:GE) fell by 3.21% to trade at $9.94 by 12:44 (16:44 GMT) on Friday on the NYSE exchange.

    The volume of General Electric shares traded since the start of the session was 44.76M. General Electric has traded in a range of $9.92 to $10.24 on the day.

    The stock has traded at $10.5000 at its highest and $9.9000 at its lowest during the past seven days.

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  • Russia stocks lower at close of trade; MOEX Russia down 0.60%

    March 22, 2019, 04:35

    Investing.com – Russia stocks were lower after the close on Friday, as losses in the Telecoms, Oil&Gas and Power sectors led shares lower.

    At the close in Moscow, the MOEX Russia lost 0.60%.

    The best performers of the session on the MOEX Russia were Trubnaya Metallurgicheskaya Kompaniya OAO (MCX:TRMK), which rose 16.95% or 8.00 points to trade at 55.20 at the close. Meanwhile, NMTP (MCX:NMTP) added 1.47% or 0.1050 points to end at 7.2700 and Polymetal International PLC (MCX:POLY) was up 1.46% or 10.70 points to 743.70 in late trade.

    The worst performers of the session were SG mechel (MCX:MTLR), which fell 1.99% or 1.47 points to trade at 72.52 at the close. Gazprom PAO (MCX:GAZP) declined 1.96% or 3.04 points to end at 152.29 and Moskovskaya Birzha OAO (MCX:MOEX) was down 1.71% or 1.55 points to 89.08.

    Falling stocks outnumbered advancing ones on the Moscow Stock Exchange by 132 to 94 and 19 ended unchanged.

    Shares in SG mechel (MCX:MTLR) fell to 52-week lows; falling 1.99% or 1.47 to 72.52.

    The Russian VIX, which measures the implied volatility of MOEX Russia options, was down 3.57% to 21.870.

    Gold Futures for April delivery was up 0.37% or 4.85 to $1312.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May fell 2.37% or 1.42 to hit $58.56 a barrel, while the May Brent oil contract fell 2.05% or 1.39 to trade at $66.47 a barrel.

    USD/RUB was up 1.31% to 64.7057, while EUR/RUB rose 0.60% to 73.0582.

    The US Dollar Index Futures was up 0.14% at 96.120.

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  • Turkey stocks lower at close of trade; BIST 100 down 3.45%

    March 22, 2019, 04:05

    Investing.com – Turkey stocks were lower after the close on Friday, as losses in the Banking, Financials and Transport sectors led shares lower.

    At the close in Istanbul, the BIST 100 lost 3.45% to hit a new 1-month low.

    The best performers of the session on the BIST 100 were Anadolu Cam Sanayi AS (IS:ANACM), which rose 2.30% or 0.070 points to trade at 3.110 at the close. Meanwhile, TAV Havalimanlari Holding (IS:TAVHL) added 1.71% or 0.40 points to end at 23.74 and BIM Birlesik Magazalar AS (IS:BIMAS) was up 1.70% or 1.35 points to 80.80 in late trade.

    The worst performers of the session were Turk Telekomunikasyon AS (IS:TTKOM), which fell 9.11% or 0.48 points to trade at 4.79 at the close. Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (IS:KRDMD) declined 7.78% or 0.210 points to end at 2.490 and Akbank TAS (IS:AKBNK) was down 7.69% or 0.53 points to 6.36.

    Falling stocks outnumbered advancing ones on the Istanbul Stock Exchange by 344 to 36 and 24 ended unchanged.

    Gold Futures for April delivery was up 0.41% or 5.35 to $1312.65 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May fell 2.58% or 1.55 to hit $58.43 a barrel, while the May Brent oil contract fell 2.25% or 1.53 to trade at $66.33 a barrel.

    USD/TRY was up 4.61% to 5.7128, while EUR/TRY rose 3.83% to 6.4481.

    The US Dollar Index Futures was up 0.14% at 96.123.

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  • JPMorgan Falls 3%

    March 22, 2019, 03:47

    Investing.com - JPMorgan (NYSE:JPM) fell by 3.01% to trade at $99.77 by 11:46 (15:46 GMT) on Friday on the NYSE exchange.

    The volume of JPMorgan shares traded since the start of the session was 10.97M. JPMorgan has traded in a range of $99.76 to $102.32 on the day.

    The stock has traded at $108.4000 at its highest and $99.7400 at its lowest during the past seven days.

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  • PNC Financial Falls 3%

    March 22, 2019, 03:12

    Investing.com - PNC Financial (NYSE:PNC) fell by 3.09% to trade at $119.10 by 11:11 (15:11 GMT) on Friday on the NYSE exchange.

    The volume of PNC Financial shares traded since the start of the session was 873.94K. PNC Financial has traded in a range of $119.10 to $122.20 on the day.

    The stock has traded at $132.5000 at its highest and $119.1000 at its lowest during the past seven days.

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  • Oil Prices Slump as Weak European Data Stoke Slowdown Fears

    March 22, 2019, 02:22

    Investing.com - Oil prices slumped on Friday as a contraction in the euro zone’s manufacturing sector, led by Germany, stoked fears about the global economic slowdown and its potentially negative impact on demand for fuel.

    New York-traded West Texas Intermediate crude futures lost $1.17, or 2.0%, at $58.81 a barrel by 10:18 AM ET (14:18 GMT). It bottomed at $58.68 before recovering slightly.

    Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down $1.16, or 1.7%, to $66.70.

    Led by slumps in manufacturing activity in Germany and France, the region’s two largest economies, IHS Markit's composite purchasing managers’ index data for the euro zone implied that growth would be a meager 0.2% in the first quarter.

    “Today's economic numbers indicate the strong relationship that China has with Europe. China has been slowing down, especially in ordering industrial products and automobiles, and that is going to hit Germany out-proportionally,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.

    Although U.S. President Donald Trump said trade negotiations with China were progressing and a final agreement "will probably happen," he had indicated that tariffs on Chinese exports would remain in place until he was satisfied of Beijing’s compliance with any eventual deal.

    The trade dispute runs the risk of further exacerbating the slowdown already in process in the world’s two largest economies, potentially decreasing demand for oil.

    Despite Friday’s slump, U.S. crude is still on track for its third straight weekly gain, in a week where it briefly passed the $60 mark for the first time this year.

    The commitment from OPEC and its allies to reduce the global supply cut starting in January has driven prices more than 30% higher so far this year.

    In other energy trading, gasoline futures fell 0.9% to $1.9031 a gallon by 10:20 AM ET (14:20 GMT), while heating oil lost 1.7% to $1.9540 a gallon.

    Lastly, natural gas futures traded down 1.7% to $2.772 per million British thermal unit.

    -- Reuters contributed to this report.

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  • Stocks - Wall Street Declines on Global Growth, Yield Curve Concerns

    March 22, 2019, 01:48

    Investing.com - Wall Street fell on Friday after a decline in the European manufacturing sector caused concern over a global slowdown and a U.S. Treasury yield-curve inversion caused jitters.

    The Dow fell 282 points, or 1.09%, by 9:55 AM ET (13:45 GMT) while the S&P 500 slipped 27 points, or 0.94%, and the tech-heavy Nasdaq composite was down 85.5 points or 1.08%.

    The yield curve for the U.S. 3-Month Treasury and the U.S. 10-Year inverted for the first time since 2007, Bloomberg reported. Yield curve inversions, when the yields of shorter-dated bonds rise above those of longer-dated bonds, have often been pointed to as indicators of a recession.

    Meanwhile, the preliminary index reading for manufacturing activity in the euro zone fell to its lowest level since 2013, supporting concerns of growth that prompted the Federal Reserve to extend its rate-hike pause.

    "Today's economic numbers indicate the strong relationship that China has with Europe. China has been slowing down, especially in ordering industrial products and automobiles, and that is going to hit Germany out-proportionally," said Kim Forrest, chief investment officer at Bokeh Capital Partners.

    "Moreover, the Fed's action on Wednesday show that they don't believe the economies of the world are strong enough to continue their raising program."

    A decline in sales from retailers Nike (NYSE:NKE) and Tiffany & Co (NYSE:TIF) also weighed on markets. Nike slumped 4% after the sportswear company’s North American sales fell short of expectations, while Tiffany fell 0.6% after it reported a 1% fall in worldwide sales during the holiday season.

    Semiconductor companies were down after a jump on Thursday. Advanced Micro Devices (NASDAQ:AMD) fell 1.9%, while Micron Technology (NASDAQ:MU) was down 2.6%.

    Elsewhere, Facebook (NASDAQ:FB) rose 0.6%, while Apple (NASDAQ:AAPL) jumped 1% and Walgreens Boots Alliance (NASDAQ:WBA) inched up 0.5%.

    In commodities, gold futures rose 0.3% to $1,311.05 a troy ounce, while crude oil slumped 1.4% to $59.16 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.1% to 96.097.

    -- Reuters contributed to this report.

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  • Bank of America Falls 3%

    March 22, 2019, 01:56

    Investing.com - Bank of America (NYSE:BAC) fell by 3.03% to trade at $27.32 by 09:55 (13:55 GMT) on Friday on the NYSE exchange.

    The volume of Bank of America shares traded since the start of the session was 14.54M. Bank of America has traded in a range of $27.31 to $28.07 on the day.

    The stock has traded at $30.1400 at its highest and $27.2900 at its lowest during the past seven days.

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  • Nike Falls 4%

    March 22, 2019, 01:37

    Investing.com - Nike (NYSE:NKE) fell by 4.19% to trade at $84.32 by 09:36 (13:36 GMT) on Friday on the NYSE exchange.

    The volume of Nike shares traded since the start of the session was 2.64M. Nike has traded in a range of $84.23 to $85.88 on the day.

    The stock has traded at $88.5900 at its highest and $84.2900 at its lowest during the past seven days.

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  • Canadian Retail Sales Slump in January

    March 22, 2019, 12:21

    Investing.com - Retail sales in Canada fell for the third consecutive month as motor vehicle and parts dealers's trade declined due to lower new car sales.

    Retail sales fell -0.3% in January, compared to -0.1% in December, Statistics Canada said on Friday.

    Economists had expected sales to rise to 0.4%.

    A rise in food and building material companies' receipts failed to offset the weakness in auto sales. Car and auto-part sales slipped -1.5% after an increase of 1% in the prior month, while gasoline sales fell -.04%.

    Core retail sales, which excludes automobile sales, rose 0.1%. That follows a downwardly revised -0.8% drop in December.

    Read More
  • Stocks - Nike, Tiffany Fall in Premarket; Best Buy Rises

    March 22, 2019, 12:06

    Investing.com - Stocks in focus in premarket trade Friday:

    · Nike (NYSE:NKE) stock fell 4.7% by 8:15 AM ET (12:15 GMT) after the sportswear company’s North American sales fell short of expectations in its fiscal third quarter.

    · Best Buy (NYSE:BBY) stock rose 1.5% after Oppenheimer upgraded the company to outperform from perform, according to CNBC.

    · Tiffany & Co (NYSE:TIF) stock fell 4.1% after it reported a 1% fall in world-wide sales during the holiday season.

    . JetBlue Airways (NASDAQ:JBLU) stock was down 0.1% on a New York Times report that it is being sued after two of its pilots allegedly drugged three crew members and raped two of them.The lawsuit contends that the airline failed to take disciplinary action against the accused pilots when the incident was reported last year. JetBlue told the NYT that it “takes allegations of violent or inappropriate behavior very seriously and investigates such claims thoroughly.” It didn't rebut the claims, however.

    · Boeing (NYSE:BA) stock lost 0.4% on news that Indonesian airline Garuda is cancelling its order of the 737 Max 8 jet after two deadly crashes involving the model. It's the first airline to take such a step.

    · Tesla (NASDAQ:TSLA) stock was down 0.1% after reports that it is bringing back its customer referral program just months after saying it was ending it. Meanwhile CEO Elon Musk told employees in an email that vehicle deliveries should be a "primary priority.”

    · GameStop (NYSE:GME) stock inched up 1.3% after appointing George Sherman as its new chief executive officer. Sherman was previously CEO of privately-owned Victra.

    · Anheuser Busch Inbev (BR:ABI) stock slipped 2.1% after MillerCoors sued the company over its Bud Lite ad campaign, alleging that the ad deceives consumers into thinking Miller Lite and Coors Lite brands contain corn syrup.

    Read More
  • Stocks - U.S. Futures Slump on Weak European Data

    March 22, 2019, 10:43

    Investing.com - U.S. futures were lower on Friday after new data showed a steep drop in manufacturing activity in Europe, increasing worries over a global slowdown.

    A preliminary index reading for manufacturing activity in the euro zone fell to its lowest level since 2013, adding to the concerns over growth that prompted the Federal Reserve to signal on Wednesday that it no longer expects to raise interest rate hikes this year.

    Dow futures fell 114 points to 0.4% by 6:42 AM ET (10:42 GMT), while S&P 500 futures lost 11 points or 0.4% and tech-heavy Nasdaq 100 futures was down 27 points or 0.4%.

    Nike (NYSE:NKE) slumped 4.3% in premarket trading after the sportswear company’s North American sales fell short of expectations. Boeing (NYSE:BA) slipped 0.2% on news that Indonesian airline Garuda is cancelling its order of the 737 Max 8 jet after two deadly crashes involving the model, the first airline to take such a step.

    Meanwhile semiconductor Micron (NASDAQ:MU) fell 0.7% after jumping over 9% at the close on Thursday, while Amazon.com (NASDAQ:AMZN) lost 0.5% and Carnival (NYSE:CCL) was down 1.1%.

    Elsewhere, Pearson (NYSE:PSO) jumped 4.6% after JP Morgan updated the education company to overweight from neutral, while Walt Disney (NYSE:DIS) gained 0.2% and Tesla (NASDAQ:TSLA) rose 0.7% on news that it is bringing back its customer referral program just months after saying it was ending it.

    In commodities, gold futures were up 0.4% to $1,313.65 a troy ounce, while crude oil declined 0.9% to $59.42. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.1% to 95.093.

    Read More
  • Top 5 Things to Know in the Market on Friday

    March 22, 2019, 09:57

    Investing.com - Here are the top five things you need to know in financial markets on Friday, March 22:

    1. Global stocks mostly lower as economic woes weigh

    A wave of risk-off sentiment swept through markets after signs of a further economic deterioration in Europe. while caution reigned ahead of high-level U.S.-China trade talks scheduled for next week.

    U.S. futures pointed to a lower open as economic worries dampened Thursday’s tech-inspired rally. At 5:57 AM ET (9:57 GMT), the blue-chip Dow futures fell 124 points, or 0.5%, S&P 500 futures dropped 12 points, or 0.4%, while the Nasdaq 100 futures traded down 25 points, or 0.3%.

    Weak readings of Eurozone business growth on Friday added to the downbeat outlook, sending European bourses lower. The pan-European Euro Stoxx 50 fell 0.7% by 5:56 AM ET (9:56 GMT).

    The news comes hot on the heels of the Federal Reserve's move to take further rate hikes out of its projections for 2019, in a marked about-face from its prior forecast for two increases this year.

    2. Bond yields worldwide tumble to new lows

    As central banks shift to a more accommodative stance, global bond yields are dropping to multi-year lows.

    Japan’s 10-year benchmark yield hit its lowest level since 2016, while the yield on the safe-haven 10-year German Bund fell briefly below 0% for the first time since the autumn of 2016. New Zealand’s comparative fell below 2% for the first time, while Australia’s equivalent was just three basis points away from a record low.

    The yield on U.S. 10-year Treasuries declined on Friday, tumbling around 4 basis points to below 2.50%, its lowest level since January 2018.

    John Lonski, chief economist at Moody’s Capital Markets Research, ventured that the Federal Reserve will cut interest rates if the 10-year Treasury yield drops below 2.4%. If job creation doesn't pick up from February's levels, "a lowering of fed funds midpoint to 2.125% could occur as early as the June 19 meeting of the FOMC,” he said..

    3. Nike sinks 4% on disappointing North America sales

    Shares in Nike (NYSE:NKE) sank more than 4% in pre-market trade on Friday after the world’s largest sportswear maker reported quarterly sales in North America, its largest market, that missed expectations.

    North America sales rose 7% to $3.81 billion in the third quarter, falling short of estimates of $3.87 billion, according to IBES data from Refinitiv.

    Nike’s guidance was also a source of concern as it forecast low single-digit revenue growth for the current quarter, while analysts had estimated a 6.1% advance.

    4. Eurozone economy hit by manufacturing downturn

    The Eurozone economy ended the first quarter on a soft note as its flash purchasing managers’ index (PMI) ran at one of the lowest levels since 2014, pointing to meager first quarter growth of just 0.2%, according to a survey released Friday by IHS Markit.

    The bloc's largest economies, Germany and France, both saw contractions in the manufacturing sectors.

    “Most worrying is the plight of the manufacturing sector, which is now in its deepest downturn since 2013 as trade flows contracted at the sharpest rate since the debt crisis- ridden days of 2012,” said Chris Williamson, chief business economist at IHS Markit.

    5. U.K. granted short extension to avoid no-deal Brexit

    The tension over the U.K.’s upcoming departure from the European Union lifted ever so slightly as European leaders moved to stop a chaotic no-deal Brexit from happening next week.

    The EU has agreed to extend the current March 29 deadline to as far as May 22 if the British parliament approves the withdrawal deal next week.

    In a worst-case scenario, where U.K. politicians reject the deal for a third time, EU leaders will still allow a 2-week extension to April 12.

    Read more: May Still Needs A Miracle Despite Brief Brexit Extension - Geoffrey Smith

    Read More
  • Japan stocks higher at close of trade; Nikkei 225 up 0.09%

    March 22, 2019, 08:35

    Investing.com – Japan stocks were higher after the close on Friday, as gains in the Chemical, Petroleum&Plastic, Machinery and Electrical/Machinery sectors led shares higher.

    At the close in Tokyo, the Nikkei 225 gained 0.09%.

    The best performers of the session on the Nikkei 225 were Advantest Corp. (T:6857), which rose 6.18% or 150.0 points to trade at 2578.0 at the close. Meanwhile, Tokyo Electron Ltd. (T:8035) added 5.19% or 815.0 points to end at 16515.0 and The Japan Steel Works, Ltd. (T:5631) was up 4.12% or 83.0 points to 2100.0 in late trade.

    The worst performers of the session were Eisai Co., Ltd. (T:4523), which fell 16.55% or 1500.0 points to trade at 7565.0 at the close. Sony Corp (T:6758) declined 4.89% or 242.0 points to end at 4709.0 and Otsuka Holdings Ltd (T:4578) was down 3.85% or 178.0 points to 4445.0.

    Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2166 to 1347 and 228 ended unchanged.

    Shares in Sony Corp (T:6758) fell to 52-week lows; down 4.89% or 242.0 to 4709.0.

    The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 0.13% to 15.76.

    Crude oil for May delivery was down 0.35% or 0.21 to $59.77 a barrel. Elsewhere in commodities trading, Brent oil for delivery in May fell 0.49% or 0.33 to hit $67.53 a barrel, while the April Gold Futures contract rose 0.26% or 3.45 to trade at $1310.75 a troy ounce.

    USD/JPY was down 0.09% to 110.69, while EUR/JPY fell 0.55% to 125.31.

    The US Dollar Index Futures was up 0.14% at 96.118.

    Read More
  • Australia stocks higher at close of trade; S&P/ASX 200 up 0.45%

    March 22, 2019, 06:00

    Investing.com – Australia stocks were higher after the close on Friday, as gains in the Healthcare, Energy and Consumer Discretionary sectors led shares higher.

    At the close in Sydney, the S&P/ASX 200 added 0.45%.

    The best performers of the session on the S&P/ASX 200 were Pact Group Holdings Ltd (AX:PGH), which rose 6.25% or 0.160 points to trade at 2.720 at the close. Meanwhile, Syrah Resources Ltd (AX:SYR) added 6.09% or 0.060 points to end at 1.045 and Estia Health Ltd (AX:EHE) was up 4.40% or 0.120 points to 2.850 in late trade.

    The worst performers of the session were St Barbara Ltd (AX:SBM), which fell 29.25% or 1.360 points to trade at 3.290 at the close. Saracen Mineral Holdings Ltd (AX:SAR) declined 4.17% or 0.120 points to end at 2.760 and Regis Resources Ltd (AX:RRL) was down 4.06% or 0.220 points to 5.200.

    Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 675 to 469 and 360 ended unchanged.

    Shares in St Barbara Ltd (AX:SBM) fell to 52-week lows; down 29.25% or 1.360 to 3.290.

    The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 2.43% to 11.301 a new 3-months low.

    Gold Futures for April delivery was up 0.11% or 1.45 to $1308.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May fell 0.12% or 0.07 to hit $59.91 a barrel, while the May Brent oil contract fell 0.04% or 0.03 to trade at $67.83 a barrel.

    AUD/USD was down 0.06% to 0.7107, while AUD/JPY fell 0.01% to 78.77.

    The US Dollar Index Futures was down 0.20% at 95.797.

    Read More
  • Gold Prices Steady, Remain Above Key $1,300 Level

    March 22, 2019, 05:40

    Investing.com - Gold prices were steady on Friday in Asia and remained above the key $1,300 level.

    Gold futures traded near flat at $1307.85 on the Comex division of the New York Mercantile Exchange by 1:25 AM ET (05:25 GMT).

    The Federal Reserve’s reassurance of a steady interest rate policy in 2019 put the U.S. dollar under pressure and boosted prices of the safe-haven gold this week.

    Gold is highly sensitive to interest rates, as lower rates tend to pressure the dollar and increase investor interest in non-yielding bullion.

    The precious metal is now on track for a third straight weekly gain.

    “Technically, gold is getting good support at the $1,300 price level and fundamentally, the Fed not raising rates this year is a strong signal for gold," said Peter Fung, head of dealing at Wing Fung Precious Metals, in a Reuters report.

    Traders are also paying attention to developments related to Brexit and Sino-U.S. trade.

    On Thursday, the European Union postponed the Brexit date until May 22 if U.K. Prime Minister Theresa May could convince lawmakers to back her withdrawal deal, or April 12 if she could not.

    "What the decision today underlines is the importance of the House of Commons passing a Brexit deal next week so that we can bring an end to the uncertainty and leave in a smooth and orderly manner," May said at a press briefing around midnight. "Tomorrow morning, I will be returning to the U.K. and working hard to build support for getting the deal through."

    Meanwhile, high-level officials from the U.S. and Chinese are set to begin a new round of trade talks next week in Beijing. U.S. officials are aiming to reach a deal with China by the end of April, reports said.

    Uncertainty surrounding a potential trade deal increased earlier this week after U.S. President Donald Trump said he’ll keep tariffs on China “for a substantial period of time.”

    “We’re not talking about removing them, we’re talking about leaving them for a substantial period of time, because we have to make sure that if we do the deal with China that China lives by the deal,” Trump told reporters at the White House on Wednesday.

    “They’ve had a lot of problems living by certain deals.”

    Read More
  • U.S. Dollar Falls; Brexit, Sino-U.S. Trade Development in Spotlight

    March 22, 2019, 04:55

    Investing.com - The U.S. dollar fell on Friday in Asia as traders digested the latest news on Brexit and Sino-U.S. trade development.

    The U.S. dollar index that tracks the greenback against a basket of other currencies was down 0.2% to 95.803 by 12:45 AM ET (04:45 GMT).

    High-level officials including U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are due to meet in Beijing for a fresh round of talks next week.

    Citing people familiar with the matter, Bloomberg reported that U.S. officials are not targeting a “swift trade deal.” Instead, the goal is to reach an agreement during a meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at Mar-a-Lago sometime before the end of April, according to the people.

    It was reported earlier in the week that some U.S. negotiators are concerned that Beijing is pushing back against some American demands in trade talks.

    Chinese officials are not happy with the lack of assurance from the Trump administration that tariffs on their goods would be lifted, even after agreeing to changes to their intellectual-property policies last month.
    The USD/CNY pair was up 0.1% to 6.7038. The People’s Bank of China sets the central rate at 6.6944 vs. yesterday at 6.6850.

    Meanwhile, the GBP/USD pair rose 0.2% to 1.3136 after the European Union delayed the Brexit date by two weeks if U.K. parliament does not endorse U.K. Prime Minister Theresa May’s withdrawal deal next week.

    If May manages to win the backing of British lawmakers, who have previously rejected her deal twice, the EU will allow the U.K. to remain in the bloc until May 22.

    "What the decision today underlines is the importance of the House of Commons passing a Brexit deal next week so that we can bring an end to the uncertainty and leave in a smooth and orderly manner," May said at a press briefing around midnight. "Tomorrow morning, I will be returning to the U.K. and working hard to build support for getting the deal through."

    The AUD/USD pair slipped 0.1% to 0.7105.

    The USD/JPY pair traded near flat at 110.77.

    Read More
  • Bitcoin Drops, Bitmain Enhances Mining Capacity in China

    March 22, 2019, 04:31

    Investing.com - The crypto market turned bearish as the week came to an end in Asia, with cryptocurrency prices generally dropping and Bitcoin retreating below the $4,000 level.

    On Friday morning, Bitcoin slid 1.20% to $3,989.9 by 11:06 PM ET (03:06 AM GMT). The digital coin lost steam after reaching a one-week high the day before. It continues its struggle to break past the $4,000 level.

    Other coins also traded in the red. Ethereum lost 2.79% to $135.35, XRP went down 2.89% to $0.30974 and Litecoin dropped 2.80% to $58.634.

    Crypto mining giant Bitmain received some attention in the crypto space today. The company reportedly planned to set up 200,000 units of mining equipment in China, where hydroelectric power is cheap. The equipment could cost Bitmain between $80 and $100 million.

    The expansion in China is contrary to its downsizing efforts around the globe. Bitmain shut down its development centre in Israel last December then downsized its operations in the Netherlands a month later. The mining giant also failed to list on the Hong Kong Stock Exchange.

    Elsewhere, Canada is looking to introduce a regulatory framework for crypto-asset trading platforms.

    The Canadian Securities Administrators and Investment Industry Regulatory Organization of Canada released a consultation paper on a Proposed Framework for Crypto-Asset Trading Platforms. It aims to provide clarity for crypto asset trading platforms, greater market integrity and protection for investors.

    Currently, no platforms are recognized as exchanges in Canada. Regulators there are soliciting comments until mid-May.

    Read More
  • Day Ahead: Top 3 Things to Watch

    March 21, 2019, 09:30

    Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.

    1. Rebound in Existing Home Sales Predicted

    With the Federal Reserve giving the market some pause over the state of the economy, tomorrow’s housing data will be closely watched, given that’s been the weakest sector.

    The National Association of Realtors will report on February existing home sales at 10:00 AM ET (14:00 GMT).

    On average, economists expect that sales of existing homes rebounded in February, rising 2.2% to an annual rate of 5.1 million.

    Also on the calendar, Markit will issue preliminary purchasing managers indexes (PMIs) for manufacturing and services at 9:45 AM ET.

    The manufacturing PMI is expected to edge up to 53.5, while the services PMI is seen ticking down to 55.7.

    2. Tiffany, PetroChina to Report

    Two stocks will report earnings on Friday that bear watching.

    Tiffany (NYSE:TIF), the upscale merchant of jewelry, will report before the market opens.

    The company is expected to earn $1.60 a share in the fiscal-fourth quarter, down from $1.67 a share a year ago, according to analysts polled by Investing.com. Revenue is forecast at $1.34 billion, up 0.75% from a year ago.

    Investors seem cheery about the company. The stock rose 3.1% today and is up 24.3% this year. But it is still 29.4% below its all-time high of $141.64 reached last summer.

    Also, PetroChina (NYSE:PTR), the big Chinese oil-and-gas producer, reports before the open.

    The company is expected to report earnings of 51 cents per American depositary unit, up from 47 cents a year ago. Revenue is projected at $87.8 billion, down slightly from a year ago’s $88.3 billion.

    3. GBP/USD Defends $1.30, but for How Long?

    GBP/USD showed some resolve late Thursday as it defended the $1.30 handle after a sharp spiral lower amid uncertainty over whether Britain would be able meet the terms laid out by the EU for an extension to Brexit.

    A leaked draft of the European Council's conclusion on Brexit said the EU would grant the U.K. an extension to Brexit until May 22 if lawmakers vote for the withdrawal deal next week.

    But that appears easier said than done. EU members are not open to renegotiating the withdrawal deal, the leaked conclusion noted.

    U.K. lawmakers have rejected Prime Minister Theresa May's deal twice. And with little hope that May will be able to secure meaningful changes to the deal from the EU, there's every possibility it will suffer another defeat in parliament.

    Despite Britain's fate of securing a trade deal seemingly hanging in the balance, some analysts believe that cooler heads will eventually prevail as an extension is good for both the U.K and EU.

    "(A)t the crunch point though it should favor both sides choosing a longer extension rather than a no-deal Brexit which would then allow the pound to rebound," MUFG said.

    Read More
  • Nike Falters After Hours; Scholastic, Cintas Also Down

    March 21, 2019, 09:09

    Investing.com - Here are the stocks moving postmarket.

    Nike (NYSE:NKE) fell 3.6% in after-hours trading following quarterly results that topped forecasts but were not a blowout by any measure. Sales rose 7% from the year-ago period.

    But with shares near all-time highs, investors were clearly looking for a bigger statement from the athleticwear giant.

    Videogame retailer GameStop (NYSE:GME) edged up 0.3% after hours as it named George Sherman as CEO, replacing interim CEO Shane Kim.

    Most recently, Sherman served as CEO of Victra, a retailer for Verizon (NYSE:VZ) wireless products and services. In May last year, Michael Mauler stepped down as GameStop's CEO after just three months on the job, citing personal reasons.

    Publisher Scholastic (NASDAQ:SCHL) slumped 4.1% in postmarket trading. The company reported a loss of 32 cents per share, excluding items, wider than the consensus of 28 cents per share compiled by Investing.com.

    Revenue for the quarter also missed targets.

    And Cintas (NASDAQ:CTAS), which provides corporate uniforms, lost 3.2% in after-hours trading after reporting mixed results.

    Cintas reported earnings per share of $1.84 on revenue of $1.68 billion. Analysts polled by Investing.com expected EPS of $1.72 on revenue of $1.69 billion.

    -- Reuters contributed to this report.

    Read More
  • Stocks - Dow Racks up Triple-Digit Gains as Tech Triggers Rally

    March 21, 2019, 07:38

    Investing.com – The Dow soared on Thursday as tech stocks rallied, led by Apple and Micron.

    The Dow Jones Industrial Average rose 0.84%, the S&P 500 gained 1.09%, while the Nasdaq Composite surged 1.42%.

    A wave of buying in tech pushed the broader market higher as Wall Street analysts turned bullish on Apple (NASDAQ:AAPL) ahead of its event on March 25, when the company is expected to launch a television and video service in a bid to bolster its services revenue and reduce its reliance on iPhones.

    Needham upgraded its rating on Apple to strong buy and raised its price target on the stock to $225 from $180, saying the tech giant should be should be viewed as an ecosystem rather than a product company, which merits a higher valuation.

    "We anticipate better than previously expected results from both Services and Wearables, Home and Accessories, as well as valuation upside created by falling churn and strong barriers to entry" for competitors, Needham analyst Laura Martin said in a note.

    Citigroup raised its price target on Apple to $220 from $180, betting the company will launch a $100 billion buyback program and boost its dividend next month.

    Semiconductor stocks also played a big role in the rally, thanks to swashbuckling gains in shares of Micron.

    Micron Technology (NASDAQ:MU) soared 9.6% after reporting earnings that beat estimates and announced that it would look to cut memory production in a bid to stave off the impact from falling demand.

    But financials lagged. Along with pressure on bank stocks from a dovish Fed, Wells Fargo (NYSE:WFC) fell 1.1% after the New York Post reported that directors of Wells Fargo were talking to Harvey Schwartz, a former top executive at Goldman Sachs (NYSE:GS), about replacing current CEO Tim Sloan. Banking stocks were also weakened by the Federal Reserve's signal a day earlier to stand pat on rate hikes through 2019.

    Homebuilders were also in favor as mortgage rates fell to their lowest levels in more than a year following the Fed's dovish statement.

    The average rate on the popular 30-year fixed rate mortgage fell to 4.34%, the lowest in more than a year and 19 basis points lower than a year ago, according to Mortgage News Daily.

    PulteGroup (NYSE:PHM), DR Horton (NYSE:DHI) and Lennar (NYSE:LEN) ended the day sharply higher.

    In other corporate news, Levi Strauss & Co (NYSE:LEVI) rallied 31.8% on its debut following an IPO that raised more than $600 million.

    Top S&P 500 Gainers and Losers Today:

    ConAgra Foods (NYSE:CAG), Western Digital (NASDAQ:WDC) and Micron Technology (NASDAQ:MU) were among the top S&P 500 gainers for the session.

    Biogen (NASDAQ:BIIB), Monster Beverage (NASDAQ:MNST) and Fifth Third Bancorp (NASDAQ:FITB) were among the worst S&P 500 performers of the session.

    Read More

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