Stocks are drifting lower on Wall Street Tuesday as earnings reporting season gets underway for big companies. The S&P 500 was down 0.3% in midday trading, taking a pause after a leap for Big Tech stocks capped a four-day winning streak on Monday. Coronavirus counts are rising at a worrying degree Rebuild your roster with the help of the trade chart. Webinar highlighting active setups we’re tracking into the weekly / monthly open. Here are the targets & invalidation levels that matter on the technical charts. Mike & Dan interrupt themselves to discuss the breaking trade of Devon Toews to the Avalanche, then travel back in time to cover the first few days of NHL free agency. Pietrangelo finally got his megadeal, and it meant the end of Schmidt in Vegas Dublin, Oct. 13, 2020 (GLOBE NEWSWIRE) — The “Artificial Intelligence (Chipsets) Market by Technology (Machine learning, Natural Language Processing,…
Stocks are drifting lower on Wall Street Tuesday as earnings reporting season gets underway for big companies.
The S&P 500 was down 0.3% in midday trading, taking a pause after a leap for Big Tech stocks capped a four-day winning streak on Monday. The Dow Jones Industrial Average was down 89 points, or 0.3%, at 28,747, as of 12:06 p.m. Eastern time, and the Nasdaq composite was up 0.3%.
The muted trading comes as many forces are pushing and pulling on markets simultaneously. Coronavirus counts are rising at a worrying degree in many countries around the world, and Johnson & Johnson said late Monday it had to temporarily pause a late-stage study of a potential COVID-19 vaccine “due to an unexplained illness in a study participant.” Uncertainty about the prospects for more stimulus for the economy from Washington is also hanging over markets.
Some measure of clarity is arriving as CEOs line up to report how their companies fared during the summer. Wall Street is expecting another sharp drop in profits for the third quarter, nearly 21% for S&P 500 earnings per share from a year earlier. But if that proves correct, it would not be as bad as the nearly 32% plunge for the spring, according to FactSet.
Several companies kicked the season off on Tuesday with better-than-expected reports. JPMorgan Chase, Johnson & Johnson, Citigroup and BlackRock all reported stronger results for the summer than analysts had forecast.
Their stocks, though, were mixed following the releases. BlackRock rose 4.7%, while JPMorgan Chase and Citigroup gave up initial gains. Johnson & Johnson fell 2%.
Delta Air Lines reported a worse loss than Wall Street had forecast, as the pandemic keeps many fliers grounded, and its shares slid 3.1%.
Other airlines and travel-related companies were also weak, and Royal Caribbean dropped 11.1% for the biggest loss in the S&P 500. The cruise operator said it will sell up to $575 million of stock to raise cash.
On the winning side was The Walt Disney Co., which climbed 4.1% for one of the bigger gains in the S&P 500 after it announced a major reorganization of its company to focus on Disney Plus and its other streaming services.
The yield on the 10-year Treasury fell to 0.73% from 0.79% late Friday. Treasury markets were closed Monday for a holiday.
A government report showed that prices for consumers were 0.2% higher in September than August. That matched economists’ expectations, and it also showed that month-over-month inflation has slowed since strengthening in the summer.
Lower inflation gives the Federal Reserve more leeway to keep interest rates low, though it has said it may keep its benchmark rate at nearly zero even if inflation tops its 2% target.
While the Federal Reserve keeps the accelerator floored on its support for the economy and markets, a deep partisan divide has Congress and the White House struggling to deliver more aid of their own. Extra unemployment benefits for laid-off workers and other stimulus that Congress approved earlier this year has already expired.
Senate Majority Leader Mitch McConnell said Tuesday that he’s scheduling a vote on a scaled-back GOP coronavirus relief bill for Oct. 19. Democrats filibustered a GOP-drafted aid bill last month and recent talks on a larger deal with House Speaker Nancy Pelosi, D-Calif., fell apart this past weekend. In a letter to colleagues Tuesday, Pelosi called the White House’s latest proposal insufficient and said significant changes are needed.
President Donald Trump has said that Capitol Hill Republicans should “go big” rather than the limited approach they’ve been advocating. If stimulus can’t arrive before the election, some investors have gotten more optimistic about the chances of a big support package next year if Democrats sweep the upcoming election.
Smaller stocks, which tend to move more with investors’ expectations for the economy than the biggest stocks, were weakening more than the rest of the market. The Russell 2000 index of small-cap stocks was down 0.9%.
Germany’s DAX lost 0.9%, and France’s CAC 40 fell 0.6%. The FTSE 100 in London dropped 0.5%. Japan’s Nikkei 225 rose 0.2%. South Korea’s Kospi and stocks in Shanghai were close to flat.
Sentiment in Asia got a modest boost from China’s report that its exports rose 9.9% from a year earlier to $239.8 billion in September, while imports gained 13.2% to $202.8 billion.
Chinese exporters have benefited from China’s relatively early reopening from pandemic shutdowns and from strong global demand for masks and medical supplies.
The International Monetary Fund credited a faster-than-expected recovery in China as part of the reason for trimming its forecast for the damage taken by the global economy this year. It now expects to see a decline of 4.4% for 2020, not as bad as its earlier forecast for a drop of 5.2%.
But the IMF also warned that “the global economy’s long ascent back to pre-pandemic levels of activity remains prone to setbacks.”
AP Business Writers Elaine Kurtenbach and Joe McDonald contributed.
Author: STAN CHOE and ALEX VEIGA
NFL Week 6: Fantasy Football Trade Values Chart and Rest-of-Season rankings
What is the Trade Values Chart? Since its creation in 2011, CBS Sports has been the home of the original Fantasy Football Trade Values Chart, designed to help guide you in making fair trades in your non-PPR, PPR and SuperFlex/2QB leagues. Values are determined by expected future performance, future schedule and public sentiment, not past performance.
The values assigned to the players below are a long-term measurement of their Fantasy value. By adding two players’ values you could determine what one player you should be able to get in return. However, Fantasy managers should take off 20% of the value in any trade where one side has two or more players than the other.
This list also works as a “Rest of Season” rankings. Also, any player not on the chart should be considered valued at no more than four points.
More Week 6 help: Waivers | Trade Values | Winners and Losers | Believe It or Not
So who should you start and sit this week? And which surprising quarterback could lead you to victory? Visit SportsLine now to get Week 4 rankings for every position, plus see which QB is going to come out of nowhere to crack the top 10, all from the model that out-performed experts big-time last season.
Author: Dave Richard
Technical Trade Levels: Dollar, EUR/USD, AUD/USD, USD/CAD, Gold & SPX
- Technical setups we’re tracking across the USD Majors / Commodities this week
- Updated trade levels on US Dollar, EUR/USD, AUD/USD, USD/CAD, Gold, SPX & more!
- New to Gold Trading? Get started with this Free How to Trade Gold -Beginners Guide
The US Dollar losses have continued to mount over the past two weeks with DXY down more than 1.8% off the September high. The moves takes USD majors into key pivot zones into the start of the week and we’re looking for possible inflection on some of these recent stretches. Meanwhile, a multi-week rally in gold is now testing medium-term downtrend resistance and leaves the recovery vulnerable into the start of the week. An in-depth look at the technical levels for the Dollar Index, EUR/USD, AUD/USD, USD/CAD, Gold, USD/JPY, NZD/USD, USD/CHF, SPX500 & GBP/USD.
For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy
Economic Calendar – latest economic development and upcoming event risk
—Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex
Author: Michael Boutros
Islanders Anxiety – Episode 135 – Breaking News, Trading Toews
Mike & Dan interrupt themselves to discuss the breaking trade of Devon Toews to the Avalanche, then travel back in time to cover the first few days of NHL free agency. They try to make sense of the deal and what the return could mean for future deals that would help the Islanders out of their precarious salary cap situation.
They also discuss the (now finalized) acquisition of goalie Cory Schneider and a possible trade of Johnny Boychuk, while taking an wide overview of a very vanilla free agent class and NHL teams making moves without actually improving. In the back half, they look back at the Islanders career of Thomas Greiss, who signed with Detroit over the weekend, and peek in at another milestone on the road to UBS Arena.
Along the way they laugh about contract mistakes of the past, present and future.
Please subscribe, download, rate, review or spread the word about Islanders Anxiety and all of our Lighthouse Hockey podcasts any way you can. All of it helps to raise the show’s profile and maybe could get us a fancy sponsor to sell out to in the near future. And if you give us an iTunes review, write a comment here or even send us a tweet, we might just read it on our next show.
Theme song: “Sports” by Josh Spacek.
Closing Song: “I’ll Wait” by Van Halen. RIP EVH.
You can subscribe to Islanders Anxiety in any podcast app. Use either the app’s search function or enter our RSS feed.
Hosting for SB Nation podcasts is provided by Megaphone.
Author: Dan Saraceni
Golden Knights make big splash with Alex Pietrangelo, trade Nate Schmidt in corresponding move
The Vegas Golden Knights have secured their newest big catch: Alex Pietrangelo. The Golden Knights won the bidding for the veteran defenseman, who was largely viewed as the the prize of this year’s free agency class, by offering him a seven-year contract worth $61.6 million — an average annual value of $8.8 million.
The deal makes Pietrangelo, 30, the fifth-highest-paid defenseman in the NHL. He comes from St. Louis, where he spent the first 12 years of his career after being drafted fourth overall by the Blues in 2008. Since then, Pietrangelo has established himself as one of the best and most respected defensemen in the league, earning three All-Star nominations and finishing top-five in Norris voting three times — including last season.
He also took over as captain of the Blues in 2016 and was the first player to hoist the franchise’s first Stanley Cup in 2019.
Pietrangelo has been linked to Vegas since the start of free agency (the market opened last Friday) but word of the signing still came as somewhat of a surprise thanks to the magnitude of the deal — it’s the biggest contract handed out in a down market this offseason — and because the Golden Knights are in a tight spot against the salary cap.
In fact, the signing put Vegas over its offseason cap limit, which meant it needed to quickly make a corresponding move in order to free up cap room before the league can approve the signing and make it official.
After agreeing with Pietrangelo, Vegas quickly agreed to trade newly expendable defenseman Nate Schmidt to the Vancouver Canucks in exchange for a third-round pick in 2022. Schmidt, 29, is signed at a $5.95 million cap hit through 2025. The Golden Knights had little leverage in that deal and the Canucks were willing to help them out of a crunch in exchange for good value.
After signing goaltender Robin Lehner to a five-year extension earlier this offseason, the Golden Knights could also be looking to move Marc-Andre Fleury ($7 million on the cap) soon.
The Golden Knights have existed only since 2017 but the team already has a well-earned reputation of being aggressive, bold bidders on the player acquisition market to improve immediately, and this signing is just the latest example of that. Vegas has made it to at least the Western Conference finals in two of its first three seasons and clearly the front office is trying to capitalize on the current window and put the roster over the top, even if they have to pay for that aggressiveness later.
Author: Pete Blackburn
Global Artificial Intelligence Market (2020 to 2026) – Bringing AI to Edge Devices Presents Opportunities
Dublin, Oct. 13, 2020 (GLOBE NEWSWIRE) — The “Artificial Intelligence (Chipsets) Market by Technology (Machine learning, Natural Language Processing, Context Aware Computing, Computer Vision), Hardware (Processor, Memory, Network), End-User Industry, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The AI (chipsets) market is expected to be valued at USD 7.3 billion in 2020 and is likely to reach USD 57.8 billion by 2026, at a CAGR of 40.1% during the forecast period.
Major drivers for the market are increasingly large and complex datasets driving the need for AI, the adoption of AI for improving consumer services & reducing operational costs, the growing number of AI applications, the improving computing power, and growing adoption of deep learning and neural networks.
The major restraint for the market is the lack of a skilled workforce. Critical challenges facing the AI (chipsets) market include low return on investment, creating models & mechanisms for AI, and the availability of limited structured training data. Underlying opportunities in the AI (chipsets) market include increasing focus on developing human-aware AI systems and bringing AI to edge devices.
The machine learning technology is expected to account for the largest size of the AI (chipsets) market during the forecast period.
Machine learning’s ability to collect & handle big data & its applications in real-time speech translation, autonomous robots, and facial analysis are fuelling its growth. AI constitutes various technologies that play a vital role in developing its ecosystem. As AI enables machines to perform activities similar to those performed by human beings, enormous market opportunities have opened up.
The predictive maintenance and machinery inspection application in the manufacturing industry of the AI (chipsets) market is projected to hold the largest share during the forecast period.
The predictive maintenance and machinery inspection application held the largest share among the manufacturing applications of the AI (chipsets) market in 2019. Extensive use of computer vision cameras in machinery inspection, adoption of the Industrial Internet of Things (IIoT), and use of big data in the manufacturing industry are the factors driving the growth of the predictive maintenance and machinery inspection application. The increasing demand for reducing the operational costs and machine downtime is also supplementing the growth of predictive maintenance and machinery inspection application in industries.
The cybersecurity industry held the largest size of the AI (chipsets) market in 2019.
AI is significantly used in antivirus and anti-malware solutions owing to the rise in cybersecurity attacks across the world. Increasing use of mobile devices for a wide range of applications, such as social networking, e-mails, remote monitoring, phone banking, and data storage, opens doors for hackers to attack, thereby making networks more vulnerable to risks. The rapid adoption of cloud-based services, along with the user-friendly approach of antivirus/anti-malware solutions, is contributing to the growth of this end-user industry of the AI (chipsets) market.
Impact of COVID-19 on the AI (chipsets) market
The market is likely to witness a slight plunge in terms of year-on-year growth in 2020. This is largely attributed to the affected supply chains and limited adoption of AI in various end-user industries in 2020 due to the lockdowns and shifting priorities of different industries. The ongoing COVID-19 pandemic has caused disruptions in economies. It is likely to cause supply chain mayhem and eventually force companies and entire industries to rethink and adapt to the global supply chain model. Many manufacturing companies have halted their production, which has collaterally damaged the supply chain and the industry.
This disruption has caused a delay in the adoption of AI-based software and hardware products. The industries have started to restructure their business model for 2020, and many SMEs and large manufacturing plants have halted/postponed any new technology upgrade in their factories to recover from the losses caused by the lockdown and economic slowdown. COVID-19 has impacted the educational industries rather positively, with ed-tech companies adopting AI technology to impart education during the lockdown. Ed-tech firms have deployed AI tools to enhance online learning and virtual classroom experience for students.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
3.1 COVID-19 Impact Analysis
3.1.1 Pre-COVID-19 Scenario
3.1.2 Post-COVID-19 Scenario
4 Premium Insights
4.1 Overview of the AI (Chipsets) Market
4.2 AI (Chipsets) Market, by Hardware
4.3 Machine Learning AI (Chipsets) Market, by Subtype
4.4 Asia-Pacific: AI (Chipsets) Market, by End-User Industry and Country
4.5 AI (Chipsets) Market, by Country
5 Market Overview
5.2 Market Dynamics
18.104.22.168 Increasingly Large and Complex Dataset Driving the Need for Ai
22.214.171.124 Adoption of AI for Improving Consumer Services and Reducing Operational Cost
126.96.36.199 Growing Number of AI Applications
188.8.131.52 Improving Computing Power
184.108.40.206 Growing Adoption of Deep Learning and Neural Networks
220.127.116.11 Lack of Skilled AI Workforce
18.104.22.168 Increasing Focus on Developing Human-Aware AI Systems
22.214.171.124 Bringing AI to Edge Devices
126.96.36.199 Low Return on Investment
188.8.131.52 Creating Models and Mechanisms for Ai
184.108.40.206 Limited Structured Data
5.3 Impact of COVID-19
5.5 Pricing Analysis
5.6 Technology Analysis
5.7 List of Emerging Sme’s and Start-Ups of AI (Chipsets) Market
5.8 Case Studies
6 Artificial Intelligence (Chipsets) Market, by Hardware
10 Artificial Intelligence (Chipsets) Market, by Region
11 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/9gwt3w
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Author: Research and Markets