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4:01 p.m. ET: Dow falls for third day after Trump suggests trade delays
Here’s where the markets settled at the end of regular equity trading Tuesday:
S&P 500 (^GSPC): -0.66%, or 20.67 points
Dow (^DJI): -1.01%, or 280.23 points
Nasdaq (^IXIC): -0.55%, or 47.34 points
10-year Treasury yield (^TNX): -12 bps to 1.716%
Gold (GC=F): +0.95% to $1,483.20 per ounce
3:22 p.m. ET: Google poaches Facebook health exec
Google hired Hema Budaraju, a product management director at Facebook involved in the company’s health initiatives, BI reports.
3:21 p.m. ET: Saudi Aramco IPO sees institutional demand of 189 billion riyals
Saudi Aramco’s initial public offering has received orders totaling 189 billion riyals (about $50 billlion USD), Reuters reports. Aramco plans to sell 1.5% of its shares, raising up to $25.6 billion.
3:13 p.m. ET: Tesla could deliver Model Y early
Tesla could start deliveries of its crossover SUV, the Model Y, as early as first quarter 2020, well ahead of CEO Elon Musk’s previously announced schedule, CNBC reports.
“We’re also ahead of schedule on Model Y preparations in Fremont, and we’ve moved the launch timeline from full 2020 to summer 2020. There may be some room for improvement there, but we’re confident about summer 2020,” Musk said on Tesla’s third-quarter earnings call.
3:00 p.m. ET: Amazon partners with Verizon on 5G in cloud computing
Amazon.com Inc said it will partner with Verizon Communications Inc, Reuters reports, on a cloud project called AWS Wavelength that will help developers run speed-sensitive applications including gaming.
1:40 p.m. ET: Intel gets a taste of the dreaded ‘Amazon effect’
Intel’s (INTC) stock is off by more than 2% in midday trading, after Reuters reported that Amazon is readying a rival to Intel’s widely-used processor chip — and giving the tech giant a taste of the disruptive effect Amazon (AMZN) has exerted on retailers.
According to the story, Amazon is banking on the technology to undercut Intel and Advanced Micro Devices (AMD) on price and performance. The latter’s stock also traded lower, off 0.7% on the day. From Reuters:
The new Amazon Web Services chip uses technology from Softbank Group Corp-owned Arm Holdings, the sources said. One of the sources familiar with the matter said it will be at least 20% faster than Amazon’s first Arm-based chip, named Graviton, which was released last year as a low-cost option for easier computing tasks.
1:03 p.m. ET: Kamala Harris drops out
Sen. Kamala Harris has officially dropped out of the 2020 presidential race. The California Democrat’s campaign death spiral accelerated last week, when a widely-circulated New York Times story exposed divisions among her aides for her low poll numbers. The speculation mounted after a high-profile NYC fundraiser — featuring Avenue Capital’s Marc Lasry — was canceled.
12:20 p.m. ET: Beyond Meat sinks; Oppenheimer initiates coverage
Beyond Meat (BYND) sank by over 3% on Tuesday in a broadly weaker market, despite a relatively encouraging “Perform” rating by Oppenheimer, which just initiated coverage on the alternative meat company.
In its call, analysts gave the company measured (or mixed?) praise:
A May IPO, BYND is a food company offering a portfolio of plant-based meat products designed to give consumers a similar experience to that of eating animal-based meat products.
We overall look quite favorably upon the Beyond Meat brand, product assortment, track record of innovation, longer-term prospects, and positioning to the very on-trend alternative meat category. However, a pricey valuation, increasing competition, and the potential for new selling pressures following the expiration of the IPO-related lock-up suggest more muted upside potential, in our view. We are closely watching BYND prospects from here, and shares very much remain on our radar.
11:03 a.m. ET: Stocks sink to session lows after Trump suggests China deal can wait
In London, Trump raised the possibility of a US-China trade pact happening next year, and investors aren’t taking the news well. All the major benchmarks are down by over 1%, making it a good day to park cash in bonds and gold.
11:00 a.m. ET: Court rules against Trump in Deutsche Bank records fight
A federal appeals court in New York on Tuesday upheld the legality of congressional subpoenas seeking President Donald Trump’s banking records but said sensitive personal information should be protected, the Associated Press and NY Times report.
10:12 a.m. ET: Brace yourselves, winter is coming...for french fries
A dispatch from Bloomberg notes that there’s a potential potato supply shortage brewing, which may have grave implications for North America’s love affair with french fries:
Potato processors are rushing to buy supplies and ship them across North America in order to keep French fries on the menu after cold, wet weather damaged crops in key producers in the U.S. and Canada.
Cool conditions started to hit growing regions in October, lashing potatoes with frost. Farmers in Alberta and Idaho were able to dig up some damaged crops for storage. But growers in Manitoba, North Dakota and Minnesota received snow and rain, forcing them to abandon some supplies in fields.
“French fry demand has just been outstanding lately, and so supplies can’t meet the demand,” Travis Blacker, industry-relations director with the Idaho Potato Commission, said in a phone interview.
9:50 a.m. ET: Bridgewater loses its co-CEO
Bloomberg reports that Bridgewater Associates, the $160 billion firm founded by billionaire investing guru Ray Dalio, is losing co-CEO Eileen Murray. The hedge fund behemoth has reportedly struggled to put together a top-tier management team, which has sparked questions of who’ll eventually succeed Dalio — who’s become something of a crusader against income inequality.
9:40 a.m. ET: Alibaba is raising money hand over fist
Alibaba (BABA), China’s answer to Amazon (AMZN) has reaped nearly $1.7 billion via a Hong Kong secondary listing, the company said in a regulatory filing, an indication of massive demand even in a volatile market. Last month, Alibaba brought in almost $13 billion — Hong Kong’s the largest share sale in nine years and a world record.
9:30 a.m. ET: Stocks plunge as Trump stokes new US-China trade fears
Wall Street suffered at the opening bell, shedding over 1% at the start of trading after President Donald Trump pushed back the timetable for a U.S-China trade truce — suggesting it could happen after the 2020 elections instead of this month.
Here’s where major benchmarks began trading:
S&P 500 (^GSPC): -1.12%, or 34.81 points
Dow (^DJI): -1.18%, or 327.49 points
Nasdaq (^IXIC): -1.31%, or 114.37 points
Crude (^CL=F): -0.34% to $55.77
10-year Treasury yield (^TNX): -0.067 to 1.767%
Gold (GC=F): +1% to $1,483.60 per ounce
With the stock market near record highs and the economy outperforming expectations, Trump may feel he has greater leeway to drag out negotiations. Markets were already pressured by Monday’s weak manufacturing data, and new doubts about a trade deal certainly won’t aid in the recovery from the knee-jerk selloff.