October 13, 2016: Markets opened lower Thursday following a weaker view on China’s trade balance joined with worries about the Fed and third-quarter earnings leave investors with the jitters. Citi, Wells Fargo, and JPMorgan all report quarterly results before the opening bell Friday. The financial sector was down about 1% late in the afternoon and gains in utilities and real estate were not enough to offset that and other sector decliners. WTI crude oil for November delivery settled at $50.44 a barrel, up 0.5% for the day following a sharp increase in inventories. December gold closed up 0.3% on the day to settle at $1,257.60. Equities were headed for a lower close before the bell as the DJIA traded down by 0.20% for the day, the S&P 500 traded down 0.26%, and the Nasdaq Composite traded down 0.43%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was Chevron Corp. (NYSE: CVX) which traded down 1.26% at $100.86. The stock’s 52-week range is $75.33 to $107.58. Volume was about equal to the daily average of around 6.3 million shares. The company is looking to sell a gas field in Bangladesh for $2 billion.
Best Financial Stocks To Buy For 2018: Nuveen Municipal Value Fund Inc.(NUV)
- [By Donald van Deventer]
The latest implied forward rate forecast from Kamakura Corporation shows projected 10-year U.S. Treasury yields differing -0.07% to 0.03% from last week while fixed rate mortgage yields varied by -0.01% to 0.08%. Mortgage yields, determined by the Monday through Wednesday weekly survey of the Federal Home Loan Mortgage Corporation, lag Treasury movements simply because of the 3-day yield calculation used in the Primary Mortgage Market Survey. The 10-year U.S. Treasury yield is projected to rise from 2.92% at Thursday’s close (down 0.06% from last week) to 3.374% (down 0.06% from last week) in one year. The 10-year U.S. Treasury yield in ten years is forecast to reach 4.639%, 1 basis point lower than last week. The 15-year fixed rate mortgage rate is forecast to rise from the effective yield of 3.69% on Thursday (down 0.001% from last week) to 4.222% (down 0.006% from last week) in one year and 6.29% in 10 years, up 0.038% from last week. We explain the background for these calculations in the rest of this note, along with some mortgage servicing rights metrics. The forecast allows investors in exchange traded U.S. Treasury funds (TLT) (TBT), total return bond funds (BOND), municipal bonds (NUV) and exchange traded mortgage funds (REM) to assess likely total returns over the next 120 months. Treasury-related exchange traded funds affected by the forward rates include:
Best Financial Stocks To Buy For 2018: Swedish Export Credit Corp (GRU)
- [By Casey Wilson]
Investing in commodity-based ETFs (exchange-traded funds) or ETNs (exchange-traded notes) is a great way to gain exposure to a specific commodity, like corn (NYSE Arca: CORN), livestock (NYSE Arca: COW), or grains (NYSE Arca: GRU).
Best Financial Stocks To Buy For 2018: CME Group Inc.(CME)
- [By ]
Market Exchanges like the CME Group (Nasdaq: CME) have just started allowing trading in bitcoin futures and could attract an entirely new type of retail user as well as allowing institutional clients access to the bitcoin theme. Exchanges make their money on transactional volume, so a bursting of the bitcoin bubble wouldn’t necessarily mean weakness for shares.
- [By David Zeiler]
Bitcoin futures trading started at the CBOE Global Markets Inc. (Nasdaq: CBOE) on Dec. 10 and on the much larger CME Group Inc. (Nasdaq: CME) on Dec. 18. Nasdaq Inc. (Nasdaq: NDAQ) plans to begin trading Bitcoin futures in the first half of next year.
Best Financial Stocks To Buy For 2018: Virtus Investment Partners Inc.(VRTS)
- [By Lisa Levin]
Shares of Virtus Investment Partners Inc (NASDAQ: VRTS) got a boost, shooting up 19 percent to $111.05 following Q3 results. Virtus Investment posted Q3 earnings of $1.64 per share on revenue of $82.3 million.
Best Financial Stocks To Buy For 2018: RenaissanceRe Holdings Ltd.(RNR)
- [By WWW.MONEYSHOW.COM]
RenaissanceRe Holdings (RNR) is a global provider of reinsurance, as well as various types of insurance and related services. The company was founded in 1993 and is headquartered in Bermuda, notes Jack Adamo, editor of Insiders Plus.
Best Financial Stocks To Buy For 2018: Digital Realty Trust Inc.(DLR)
- [By Benzinga News Desk]
Last year was brutal for hedge fund investors — but you wouldn’t know it from the fund managers’ paychecks: Link
The MBA’s index of mortgage application activity for the latest week is schedule for release at 7:00 a.m. ET.
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
Jefferies Upgraded ConocoPhillips (NYSE: COP) from Hold to Buy
JPMorgan Upgraded Clovis Oncology (NASDAQ: CLVS) From Neutral to Overweight
Morgan Stanley Upgrades TJX Companies (NYSE: TJX) From Equal-Weight to Overweight
Macquarie Downgraded Disney (NYSE: DIS) from Outperform to Neutral
Deutsche Bank Downgraded AvalonBay (NYSE: AVB) from Buy to Hold
Wells Fargo Downgrades Digital Realty Trust (NYSE: DLR) From Outperform To Market Perform
This is a tool used by the Benzinga News Desk each trading day — it's a look at everything happening in the market, in five minutes. To get the full version of this note every morning, click here or email firstname.lastname@example.org.
- [By Lisa Levin]
DuPont Fabros Technology, Inc. (NYSE: DFT) shares shot up 10 percent to $61.07. Digital Realty Trust, Inc. (NYSE: DLR) announced plans to merge with DuPont Fabros.