Alphabet has encountered headwinds, and its chart suggests an imminent death cross, but technical analyst Bruce Kamich, CMT, notes the 12-day momentum study shows the downturn has slowed since October, possibly paving the way for revival. A comeback that takes the stock to $1,115.22 would imply the market correction is diminishing, with prospect for a modest rally before year-end.
Apple stock's worst seven-day performance in two years has sent the Nasdaq 100 index into a downturn, and data suggesting worries are valid are piling up. During the past three months, companies saying sales will fall short of analyst predictions have outnumbered companies saying sales will beat expectations by the biggest margin since 2009, according to Evercore ISI.
The Securities and Exchange Commission and the US Justice Department have subpoenaed Snap, seeking information on its initial public offering in March 2017. The company says its "understanding is that the DOJ is likely focused on IPO disclosures relating to competition from Instagram."
Activity in the muni-bond market picked up during October after a lull in September, according to the latest data from CUSIP Global Services, which show a 9.6% increase in CUSIP requests over the month. A spokesperson for the organization said the figures were consistent with increased capital-market activity in the second half of the year and hinted at "a relatively healthy volume of new securities issuance" during the fourth quarter.
The US continues to be the equity region most favored by global fund managers, despite recent market turbulence, a Bank of America Merrill Lynch investor survey shows. The survey also found an expectation that the S&P 500 will gain 12% before reaching a peak.
Discussions about the US trade deficit tend to center on goods, but Citigroup CEO Michael Corbat points out that the US trades at a surplus in services, which should not be overlooked. Corbat quotes February's Economic Report of the President, which states: "Focusing only on the trade in goods alone ignores the United States' comparative advantage in services, which rose as a share of US exports to 33.5 percent through 2017."
The Securities and Exchange Commission has voted to implement amendments to Rule 606, which will require broker-dealers to increase transparency in handling customer orders by providing information on routing decisions, order-execution statistics, fees paid and rebates from trading venues. The amendments are in accordance with suggestions offered by SIFMA and the Investment Company Institute.
New York state promised Amazon incentives worth $1.7 billion to place a mammoth new office facility in Queens. New York City has agreed to put hundreds of millions of dollars of its money into projects as well.
Commuters already have to cope with crowded conditions at the Court Square station in Long Island City, Queens, but it could get a lot worse when the Metropolitan Transportation Authority shuts down the L Train on April 27 for 15 months of repairs. Many of the L Train's regular riders are expected to shift to alternative routes that take them through Court Square.