Dow Closes Lower as Bank Stocks Fall | Stock Market News Today


The stock market’s winter selloff deepened this week, pushing all three major indexes further into the red for 2022.

The S&P 500 and Dow Jones Industrial Average both fell a second straight week, while the Nasdaq Composite has been down the last three. Investors continued to sell bonds, pushing the yield on the benchmark 10-year U.S. Treasury note up for a fourth straight week, notching its biggest rise over that stretch since mid-March.

Investors were still assessing the outlook for interest rates and how fast the Federal Reserve will move to tame inflation, roiling the stock and bond markets. At the same time, a rise in Covid-19 cases has weighed on sentiment, although there are signs that infections may be nearing a peak.

The week started on shaky footing, with stocks broadly falling and the Nasdaq nearing a correction before closing slightly higher. On Tuesday, Fed Chairman

Jerome Powell

reaffirmed the central bank’s view that inflation will likely peak by the middle of the year, while also suggesting interest rates will remain low. That helped halt a streak of declines for the S&P 500 and Dow industrials. 

Stocks, especially hard-hit sectors such as tech, appeared to regain some ground. But new pricing data released Wednesday and Thursday showed inflation remained hot last month, complicating the outlook. Stocks dropped Thursday, led by a 2.5% slide in the Nasdaq.

Lackluster earnings from some big U.S. banks, along with weak retail sales and manufacturing data, sent most of the market lower again on Friday until a late-session buying rush pushed the S&P 500 and Nasdaq back into positive territory. The S&P 500 added 3.82 points, or less than 0.1%, to 4662.85, and the Nasdaq gained 86.94 points, or 0.6%, to 14893.75. The Dow fell 201.81 points, or 0.6%, to 35911.81.

“We expect a more volatile environment, with big up days and big down days. Perception of inflation will be a driving force in the direction of the market,” said

David Donabedian,

chief investment officer of CIBC Private Wealth US. “It will be a bumpy ride.”

The late Friday turnaround wasn’t enough to avert another down week. The S&P 500 and Nasdaq ended up falling 0.3% over the last five trading days, while the Dow shed 0.9%. Markets are closed Monday for Martin Luther King Jr. Day, shortening next week’s trading schedule.

The U.S. dollar last year saw its largest increase in value since 2015. That is good for many American consumers, but it could also put a dent in stocks and the U.S. economy. WSJ’s Dion Rabouin explains. Photo illustration: Sebastian Vega/WSJ

On Friday, the first dose of fourth-quarter corporate earnings reports gave investors a sobering outlook on corporate growth this year. Quarterly profits fell by double-digit percentages at

JPMorgan Chase

and

Citigroup,

ending a hot streak of big gains for most of 2021.

Shares of

JPMorgan Chase

slid $10.34, or 6.1%, to $157.89, and

Citigroup

dropped 85 cents, or 1.3%, to $66.93.

Wells Fargo

bucked the trend, adding $2.06, or 3.7%, to $58.06, after the bank reported that profit soared 86% in the final three months of 2021.

BlackRock

posted higher quarterly profit, and market gains lifted the investment firm’s assets under management above $10 trillion. Despite that, its shares declined $18.98, or 2.2%, to $848.60.

Still, analysts remain upbeat on corporate profits, predicting growth across the S&P 500.

Mark Haefele,

chief investment officer at UBS Global Wealth Management, said he expects another positive quarter, with earnings growth of 30% over the prior year.

Manufacturers, material firms and consumer discretionary stocks were also down following the economic data. Besides that,

Sherwin-Williams

declined $8.93, or 2.8%, to $308.46 after the paint maker lowered its guidance, citing a shortage of raw materials amid supply-chain and labor constraints.

Rising yields have motivated investors to rotate out of technology stocks.



Photo:

Courtney Crow/Associated Press

Some buying of large-cap growth stocks gave the market, and the Nasdaq, some support, as investors returned to a trade that tends to work well during periods of economic uncertainty.

Facebook

parent

Meta Platforms,

Microsoft,

Tesla

and

Netflix

all gained more than 1%.

Energy stocks jumped 2.4%, getting a boost from a climb in oil prices.

Casino stocks including

Las Vegas Sands

and

Wynn Resorts

jumped after Macau released a draft law that would cut the tenure for new casino licenses in half, but wouldn’t reduce the number of licenses. Las Vegas Sands added $5.33, or 14%, to $42.99, and Wynn Resorts gained $7.24, or 8.6%, to $91.47. 

Meanwhile, bond yields resumed their climb. Expectations for an interest-rate rise as soon as March have caused some investors to sell government bonds, pushing up yields. The yield on the benchmark 10-year Treasury note ticked up to 1.771% Friday, from 1.708% Thursday.

“Equity markets will continue to take their cues from the bond market,” said

Hugh Gimber,

a strategist at J.P. Morgan Asset Management. “What’s becoming clear is the Fed is realizing that inflationary pressures are larger and more broad-based than they previously expected.”

Cryptocurrency dogecoin jumped 12% from its 5 p.m. ET level Thursday after Elon Musk said Tesla was accepting payment for some merchandise with the currency, which was originally started as a joke. Bitcoin was recently down less than 1%.

Overseas, the pan-continental Stoxx Europe 600 fell 1%.

South Korea’s central bank raised interest rates to pre-pandemic levels to fight inflation, and signaled that more increases could come this year. The country’s benchmark Kospi index declined 1.4%. Other major Asian stock indexes also closed lower. China’s Shanghai Composite fell 1%, and Japan’s Nikkei 225 shed 1.3%.

Write to Caitlin Ostroff at [email protected] and Michael Wursthorn at [email protected]

Corrections & Amplifications
For the week, the Dow Jones Industrial Average fell 0.9%, and the Nasdaq Composite fell 0.3%. An earlier version of this article incorrectly said it was the Dow that fell 0.3% and the Nasdaq that declined 0.9%. (Corrected on Jan. 14)

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



Source link

Tagged : / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /

Anushka Sharma’s Emotional Post For – Latest news headlines


A day after Virat Kohli stepped down as India Test captain, Anushka Sharma took to social media and shared an emotional post for her husband, recalling his journey as the national team’s red-ball skipper. Taking to Instagram, she posted two photos. The Bollywood actor also opened up about the day when Kohli had first informed her that he would be taking up Test captaincy after MS Dhoni’s decision to retire from the format. “I remember the day in 2014 when you told me that you have been made the captain as MS had decided to retire from test cricket. I remember MS, you & I having a chat later that day & him joking about how quickly your beard will start turning grey. We all had a good laugh about it”, she wrote.

The actress went on to talk about Kohli’s growth as national team captain and as a human being, saying “I’m more proud of the growth you achieved within you”.

“Since that day, I’ve seen more than just your beard turning grey. I’ve seen growth. Immense growth. Around you & within you. And yes, I am very proud of your growth as the captain of the Indian National Cricket team & what achievements the team had under your leadership. But I’m more proud of the growth you achieved within you. In 2014 we were so young & naive. Thinking that just good intentions, positive drive & motives can take you ahead in life. They definitely do but, not without challenges. A lot of these challenges that you faced were not always on the field.”

“But then, this is life right? It tests you in places where you least expect it to but where you need it the most. And my love, I am so proud of you for not letting anything come in the way of your good intentions. You led by example & gave winning on field every ounce of your energy to the extent that after some losses I’ve sat next to you with tears in your eyes, while you wondered if there’s still something more you could have done.”

“This is who you are & this is what you expected from everyone. You’ve been unconventional & straightforward. Pretence is your foe & this is what makes you great in my eyes & the eyes of your admirers. Because underneath all this were your pure, unadulterated intentions always. And not everyone will be able to truly understand that.”

“Like I’ve said, truly blessed are those who tried to get to know you beneath what meets the eye. You are not perfect & have your flaws but then again when did you ever try to conceal that? What you did was to always stand up for doing the right thing, the harder thing, always! You held on to nothing with greed, not even this position & I know that. Because when one holds on to something so tightly they limit themselves & you, my love, are limitless. Our daughter will see the learning of these 7 years in the father that you are to her. You did good”.

Promoted

Here is the post, which she shared on Instagram:

Kohli quit as Test captain on Saturday, a day after India’s 1-2 defeat to South Africa in a three-match red-ball series.

Kohli had earlier stepped down as India’s T20I captain after the T20 World Cup last year and was soon also removed from the ODI captaincy with BCCI appointing Rohit Sharma as full-time white-ball skipper in December.

Topics mentioned in this article





Source link

Tagged : / / / / / / / / /

Vodafone Idea’s Debt to Equity – Latest news headlines


The Government of India is set to become the largest shareholder of Vodafone Idea with 35.8 percent stake as the company’s board has approved conversion of interest on deferred spectrum and Adjusted Gross Revenue (AGR) dues into equity, Vodafone Idea said on Tuesday.

The debt-laden Vodafone Idea, a joint venture of UK-based Vodafone Group and Kumar Mangalam Birla-led Aditya Birla Group, has opted for conversion of interest on deferred spectrum and Adjusted Gross Revenue (AGR) liabilities into equity.

The conversion will result in dilution to all the existing shareholders of the Company, including the Promoters.

Following conversion, it is expected that the Government will hold around 35.8 percent of the total outstanding shares of the Company, and that the Promoter shareholders would hold around 28.5 percent (Vodafone Group) and around 17.8 percent (Aditya Birla Group), respectively, Vodafone Idea said in a statement.

The share price of Vodafone Idea slumped following the announcement. Trading in Vodafone Idea started sharply down at Rs. 13.40 at the Bombay Stock Exchange (BSE) on Tuesday against the previous day’s close at Rs. 14.85. The company’s share price plummeted to a low of Rs. 12.05 in the morning trade, which is 18.85 percent lower from its previous day’s close.

The company’s share price recovered later in the day. At 11.10am at the Bombay Stock Exchange (BSE) Vodafone Idea share was trading at Rs. 13.

The Board of Directors of Vodafone Idea, at its meeting held on 10th January 2022, approved the conversion of the full amount of such interest related to spectrum auction instalments and AGR Dues into equity.

“The Net Present Value (NPV) of this interest is expected to be about Rs. 16,000 crore as per the Company’s best estimates, subject to confirmation by the DoT. Since the average price of the Company’s shares at the relevant date of 14.08.2021 was below par value, the equity shares will be issued to the Government at par value of Rs. 10 per share, subject to final confirmation by the DoT,” Vodafone Idea said in a regulatory filing to the stock exchanges.

Union cabinet on September 15 approved a slew of measures to support the cash-strapped telecom firms. The relief measures include a four-year moratorium on payment of spectrum and AGR dues. The telecom firms have also been given the option to pay the interest amount arising due to the deferment of payments by way of issuing equity to the government.

Following the government’s announcement Bharti Airtel and Vodafone Idea opted for the four-year moratorium.

However, Bharti Airtel recently decided to pay the interest amount to the government instead of issuing the equity.

After the conversion of the dues into equity, the Government of India will become the largest shareholder of Vodafone Idea. This will require changes in the company’s Articles of Association.

“The governance and other rights of the Promoter shareholders are governed by a Shareholders Agreement (SHA) to which the Company is a party and are also incorporated in the Articles of Association of the Company,” Vodafone Idea said.

The rights are subject to a minimum Qualifying Threshold of 21 percent for each Promoter group, and in light of the conversion of interest into equity, the Promoters have mutually agreed to amend the existing SHA for reducing the minimum Qualifying Threshold from 21 percent to 13 percent for the purpose of exercising certain governing rights e.g. appointment of directors and relating to appointment of certain key officials, etc.

Vodafone Idea said its Board has also taken note of the proposed changes to the existing Shareholders Agreement (SHA), and accordingly authorised execution of the same and also recommended changes in the Articles of Association (AoA) to give effect to the changes in the SHA.

The amendment to the AoA shall be subject to the approval of shareholders in general meeting, for which the Board has authorised officials of the Company to decide the date of shareholders meeting in accordance with the terms of the amendment to the existing SHA as approved by the Board, the company said.


Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2022 hub.



Source link

Tagged : / / / / / / /

Reliance Retail To Invest $200 Million – Latest news headlines


Reliance Retail has acquired 25.8 per cent stake in online delivery platform Dunzo

Reliance Industries Limited’s (RIL) retail arm has invested $200 million in online delivery platform Dunzo as it looks to get a foothold in the country’s rapidly growing market of quick delivery.

Reliance Retail has acquired a 25.8 per cent stake in Dunzo for $200 million (around Rs 1,488 crore).

Dunzo raised $240 million in its latest funding round that was led by Reliance Retail Ventures Limited.

Existing investors Lightbox, Ligthrock, 3L Capital and Alteria Capital had also participated in the funding round.

“This round is a reinstatement of confidence of existing and new investors in Dunzo’s potential and success in creating an exceptional user experience. The capital will be used to further Dunzo’s vision to be the largest quick commerce business in the country, enabling instant delivery of essentials from a network of micro warehouses while also expanding its B2B business vertical to enable logistics for local merchants in Indian cities,” the two entities said in a statement.



Source link

Tagged : / / / / / / / / / / / / /

Telangana: Missing for 25 days, | Hyderabad News Today


HYDERABAD: It is going to be a new challenge to the police searching for the missing Indian Army jawan with the turn of the month.
With his monthly salary expected to be deposited in his account, police are now literally keeping their fingers crossed on what his move would be.
B Sai Kiran Reddy of Siddipet district went missing on December 6.
He withdrew all his money and also the small amounts that his family has been depositing just so that he does not find it difficult to survive. But now with his salary expected to be credited into his account from the Army, the jawan will have access to more money. What has become unpredictable is what he will do with that.
Will he continue to be in Telangana as he has been over the last 20 days, as he has been in hiding? Or make a large withdrawal to travel somewhere else? It could also be possible that he could make use of the money to pay for his stay wherever he will. Police are keeping their fingers crossed on his next move.
“We are sparing no effort to trace him. We have been tracking every movement and we are getting to know where he is withdrawing money. But he has been elusive as it appears he has deliberately been trying to hide. He has neither reported for work at Faridkot at his unit nor contacted his family or friends,” Husnabad ACP Satish told TOI.
The 21-year-old jawan Sai Kiran Reddy of Pothireddypalli in Cheriyal of Siddipet left Hyderabad by flight to Delhi on December 5.
The following day he was supposed to report at his unit in Faridkot but got down the train at Bathinda and took a cab back to Delhi. He then surfaced in Telangana.
Police have found that he withdrew money in Karimnagar, Narsampet in Warangal.
The last trace was in Bhadrachalam where he withdrew even small amounts which the family had deposited for his sustenance at the suggestion of the police.



Source link

Tagged : / / / / / / / / /

4 Killed In Landslide, Several Feared – Latest news headlines


The workers were reportedly travelling to another site when the landslide took place.

Chandigarh:

At least four people have died and several others are feared trapped following a landslide in a mining zone in Haryana’s Bhiwani district on Saturday. The district administration has launched a rescue operation at the Dadam mining zone in Tosham block.

Chief Minister Manohar Lal Khattar tweeted to say that he is in constant touch with the local administration to ensure swift rescue operations and immediate assistance to the injured.

The workers were reportedly travelling to another site when the landslide took place and they got trapped in their vehicles.

“I am deeply saddened by the accident at the mining site in Bhiwani district of Haryana. The administration is conducting a rescue operation. A SDRF team has been called from Madhuban and  a NDRF team from Ghaziabad. An army unit has been called from Hisar. So far four people have died,” said Haryana minister Anil Vij.

Agriculture Minister JP Dalal has reached the site to oversee the rescue operation. “A few people have lost their lives and three persons have been taken to a hospital. According to the mining contractor here, there could be three-four more people trapped inside,” he said.

Union Home Minister Amit Shah has expressed grief over the unit and said he has spoken to the chief minister.

“The accident due to a landslide at a mining site in Bhiwani district of Haryana is very sad. I have spoken to Chief Minister @mlkhattar. The local administration is engaged in rescue work, and our priority is to save as many lives as possible. I wish the injured a speedy recovery (sic),” he said in a tweet.

Mining activities have been taking place on a large scale in Dadam mining area and Khanak Pahari after the National Green Tribunal lifted its ban on mining work in the area. The two-month ban, imposed by the green court due to pollution, was lifted on Thursday and the mining work resumed only on Friday.



Source link

Tagged : / / / / / / / /