Tag: Markets

Escalating tensions between Russia and Ukraine have boosted gold prices to their highest levels since June.  Gold has gained in 12 of the past 15 sessions, including seven straight through Monday, lifted by demand from investors nervous that an outbreak of war could spark losses in other investments. Investors prize gold for its stability in times of turmoil. 

Dozens of banks had rejected Ann Marie and Dan Ellis when they opened Bank of America Corp. checking accounts last February to fund their southern Arizona network of automated teller machines. In April, the bank closed the accounts. Their money—used to fund around $450,000 in weekly customer withdrawals—was frozen. Branch managers told them to call the bank’s risk and fraud department.

WASHINGTON—The Securities and Exchange Commission pushed back Friday on Tesla Inc.’s allegation that regulators are harassing Chief Executive Officer Elon Musk over his compliance with a 2018 regulatory settlement. That deal focused on claims that Mr. Musk misled investors with a tweet in 2018 about taking the electric-vehicle maker private. The judgment required Tesla to preclear some of Mr. Musk’s public statements, including tweets deemed material to shareholders.

U.S. stocks posted weekly losses Friday as the threat of an invasion of Ukraine and the uncertain path of monetary policy weighed on market sentiment. Investors tracked headlines on the Ukraine situation throughout the week. U.S. officials warned they expect a Russian attack on Ukraine in the next few days and said prospects for averting war appear dim.

America’s largest frackers are reporting huge profits but plan to keep oil production in low gear this year, adhering to an agreement with Wall Street, even as prices approach the $100-a-barrel mark for the first time since 2014. Three of the largest shale companies, Pioneer Natural Resources Co. , Devon Energy Corp. and Continental Resources Inc., this week reported their highest annual profits in more than a decade for 2021. The companies said they collected record amounts of extra cash by hanging on to the money they earn selling oil and natural gas and reinvesting only what they needed to keep output roughly flat. All three said they would continue to limit production growth this year.

There is reason to believe that America’s housing market will be able to weather rising interest rates. That doesn’t mean that higher borrowing costs can’t blow a few shingles off. The National Association of Realtors on Friday reported that 6.5 million previously owned homes were sold in January at a seasonally adjusted, annual rate, up from 6.09 million a month earlier and well above the 6.1 million economists had expected.

Don’t look at me. That’s just about every investor’s motto when something goes wrong. In the old days, you could blame your stockbroker or fund manager for losing your money. Now that your stockbroker is your phone and your fund manager is an index, it’s a lot harder to point your finger at somebody else.

Just when you think you’ve seen the most embarrassing bit of television punditry, another guru says “hold my beer.” The common thread lately has been to make pandemic video-calling star Zoom Video Communications Inc. look bad. Back in October, stock trader Mark Minervini, who charges $999 a month for his “Private Access” service, was touting a company he had recommended on CNBC, Upstart Holdings Inc., when host Tyler Mathisen asked him what the company did. The suddenly tongue-tied guest then claimed that he couldn’t hear the question, cutting the interview short. Roasted on social media, Mr. Minervini tweeted, “Sorry... they lost my audio right at the middle of the segment. Short $ZM... LOL!”

Wall Street stock indexes opened lower, putting them on track for weekly losses amid fears of war in Ukraine. Here’s what we’re watching in Friday’s trading: Streaming TV company Roku topped expectations with its latest earnings and revenue figures but came up short with its outlook for the current quarter. Digital sports entertainment and gaming company DraftKings  reported a quarterly loss that widened from a year ago. Cognex reported a strong fourth-quarter financial performance that drove the company to a record year with more than $1 billion in revenue. Cloud-software company Dropbox reported quarterly results above Wall Street forecasts as it topped $2 billion in annual sales. Shake Shack said inflation hurt its business in the recent quarter, as did more investment ...

The world’s three most valuable luxury companies are all French, controlled by founding families, and bankrolled by handbag brands. But their approach to doing business is very different, as recent variations in sales growth show. Hermès International shares fell 5% on Friday after the Paris-based leather-goods maker reported a sales increase of 11% in the fourth quarter, compared with the same period of 2020 at constant exchange rates—meager in light of what others managed. Kering said Thursday that its sales were up 32% over the three months through December as demand picked up for its flagship Gucci brand. LVMH Moët Hennessy Louis Vuitton, the largest of the trio, grew by 27% over the period.