Tuesday, July 27

stock market 2021

EV cars, Lucid Air car, Lucid Motors, Lucid Motors stock, Lucid Motors stock price, Markets, MI Exclusive, Mover, stock market, stock market 2021, Tesla, Trading

Lucid Motors spikes 11% in public debut as CEO says it’s well-positioned to compete with Tesla

Lucid Motors plans to go public in a $24 billion tie-up with a SPAC MediaNews Group/Bay Area News via Getty Images Lucid Motors surged as much as 11% in its public debut on Monday, having completed its SPAC merger with Churchill Capital on Friday.Lucid is seen as a Tesla competitor with its high-end luxury electric vehicles, and CEO Peter Rawlinson told CNBC on Monday that it is well positioned to compete with the undisputed leader.Rawlinson pointed out that the $4.4 billion it raised in its SPAC merger pales in comparison to the $300 million Tesla raised when it went public in 2010, putting Lucid in an "enviable position" relative to Tesla's early days. "That's a resounding difference," Rawlinson said, adding that its fundraising puts Lucid in a "great position for strategic gro...
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Investors should keep buying stocks amid strong earnings as low bond yields offer little competition, Oppenheimer says

Getty Images / Bryan R. Smith Low interest rates and improving stock market fundamentals means investors should stick with stocks, Oppenheimer said in a note on Monday.Oppenheimer highlighted that stocks face little competition from other assets given that the 10-year US Treasury yield is at 1.2%.And strong earnings results only improved the outlook for stocks going forward, Oppenheimer said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Low bond yields and improving corporate earnings mean stocks face little competition from other asset classes and investors should continue to buy equities, Oppenheimer said in a note on Monday."With bond yields this low and fundamentals improving, stocks appear to have no competition," Oppenheimer's chief investment str...
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US stocks edge higher on blockbuster tech earnings, while Asian equities dip on concerns of tighter market regulation

TIMOTHY A. CLARY/AFP via Getty Images US stock futures rose on Friday as investors focused on strong tech earnings, and shrugged off underwhelming economic data ahead of next week's Federal Reserve meeting.Futures on the Dow Jones, S&P 500, and Nasdaq rose 0.4%, signaling a higher start to trading later in the day.A fresh round of company earnings saw tech stocks outperform, with both Snap and Twitter beating earnings estimates and rising in after-hours trading. Facebook and Alphabet shares also rose in extended trading. US initial jobless claims for the week ended Saturday came in at 419,000, far above expectations of 350,000, but analysts said this was dismissed by investors as "seasonal." Separately, the potential $1 trillion infrastructure deal is getting closer to th...
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Company stock buybacks are on track to hit a record $1 trillion amid ongoing economic recovery

Drew Angerer/Getty Images US companies are set to spend a record $1 trillion on stock buybacks amid the ongoing economic recovery, according to a JPMorgan note.The surge in stock buybacks comes after the COVID-19 pandemic hampered the practice amid heightened economic uncertainty.Leading the charge is Apple's $90 billion stock buyback announced earlier this year.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Corporate share repurchases are returning with a vengeance this year after the COVID-19 pandemic sidelined the popular shareholder return practice.According to a Tuesday note from JPMorgan, corporate stock buybacks are on track to hit a record $1 trillion amid the ongoing economic recovery.Amid the heightened economic uncertainty during the pandemic,...
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Retail investors bought a record $2.2 billion of stocks on Monday, with many seeking shelter in ETFs as the market melted down, data shows

vgajic/Getty Images Retail investors bought $2.2 billion in equities during Monday's rout, according to Vanda Research. ETFs accounted for 44% of total retail purchases, higher than the average of 29%. The data suggest that retail investors were scared to buy the dip in individual stocks. See more stories on Insider's business page. Retail investors shoved more than $2 billion into the US stock market during Monday's rout, taking advantage of sliding prices largely by ramping up purchases of shares in major index funds, data released by Vanda Research Wednesday showed. Individual investors bought a record $2.18 billion in equities during the selloff at the start of the week, Vanda said in a note. The worst session for stocks so far in 2021 was set off by fears that rising COVID...
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Virgin Galactic drops 8% after rival Blue Origin launches Jeff Bezos into space at higher altitude

Bezos Blue Origin Launch July 2021 Blue Origin / New Shepard First Human Flight Shares of Virgin Galactic fell as much as 8% on Tuesday after rival Blue Origin launched Jeff Bezos into space.Blue Origin's launch came about one week after Virgin Galactic launched Richard Branson 53 miles above earth.Blue Origin's launch hit a higher altitude than Virgin Galactic, as it surpassed the Karman line 62 miles above earth.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Virgin Galactic was under pressure on Tuesday, falling as much as 8% following the successful launch of Blue Origin's rocket, which briefly carried Jeff Bezos and others into space.Amazon founder Bezos, his brother Mark, Wally Funk, and Oliver Daemen were launched 66 miles above the earth, surpassi...
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Dow falls 500 points as fears grow over spread of COVID-19 Delta variant

JOHANNES EISELE/AFP via Getty Images US stocks fell Monday as investors eye a spike in global COVID-19 cases led by the Delta variant, creating a roadblock to a full recovery of the economy. The Dow Jones Industrial Average fell over 500 points at the open. The yield on the 10-year Treasury note was 1.217%, down 8.2 basis points on the day, reflecting the pickup in investor desire for safe-haven assets.The rising cases, which may result in a new wave of lockdown restrictions, weighed on markets. The Delta variant, according to health experts, is the most transmissible variant yet. "The market appears ready to take on a more defensive character as we experience a meaningful deceleration in earnings and economic growth," Morgan Stanley strategists led by Michael Wilson said ...
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Robinhood co-founders each stand to gain $1.4 billion in equity awards if stock price hits $101.50 by 2025

Robinhood co-founders and co-chief executives Baiju Bhatt and Vladimir Tenev Thomson Reuters Robinhood co-founders Vlad Tenev and Baiju Bhatt stand to receive $1.4 billion in equity awards if it hits a big milestone.Both co-founders will receive 13.8 million shares of Robinhood if the stock price hits $101.50 by 2025, according to the company's S-1 filing.The popular trading app is expected to go public later this year and is seeking a $40 billion valuation.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Robinhood co-founders Vlad Tenev and Baiju Bhatt stand to receive up to $1.4 billion worth of Robinhood stock if they hit certain stock performance targets once it goes public, according to its S-1 filing made with the SEC last month.Both co-founders will...
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Dow slides 300 points to cap off first weekly decline in a month amid inflation worries

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, New York, US, March 3, 2020. Andrew Kelly/Reuters US stocks fell on Friday and recorded their first weekly loss in a month, with stocks dropping about 1% as investor concerns about rising inflation continued to weigh on prospects of an economic recovery.On Thursday, Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen Both expressed concerns at the current pace of rising inflation and expect the trend to continue over the next few months before cooling down as supply chain disruptions are resolved.If inflation doesn't cool off soon, the Fed may be forced to hasten its hawkish policies like rolling back monthly bond purchases and raising interest rates, which could hurt risk assets like s...
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These are the top 10 meme stocks Reddit’s Wall Street Bets is talking about right now

Photo illustration by Jakub Porzycki/NurPhoto via Getty Images It's paid to follow what stocks Reddit's Wall Street Bets crowd are talking about this year, as several have gone through epic rallies and seen. From GameStop in January to AMC Entertainment last month, the 10.7 million-member forum has driven the conversation in so-called meme stocks that have exploded higher amid overwhelming demand from retail investors. Strong demand for stocks with shaky fundamentals has led to several hedge fund blowups that were caught on the opposite side of the trade betting against the company in question.GameStop's short-squeeze, in-part led by the Wall Street Bets crowd, led to a more than 50% drawdown in multi-billion dollar hedge fund Melvin Capital. Meanwhile, the sharp rally in struggl...