Women make up only 22% of top 500 boards; up from 14% in 2008: Report

Gender diversity at the board level has improved steadily over the years across the world but it is still a long way for equalisation in terms of female representation at the top level, says a report.
According to a Bank of America Merrill Lynch (BofAML)report, a gender diverse board better represents the company and identifies with its customers, brings a diverse range of opinions and helps the company adapt to changes.

"The diversity of S&P 500 boards has been steadily improving over the last decade, as the average board currently has 22 per cent women, up from 14 per cent in 2008," BofAML strategist Savita Subramanian said in a research note.

Though diversity at the board level has increased, it still has a long way to go.
"While having quadrupled since 2008, just 11 per cent of companies have at least one-third of their board seats held by women and just 1 per cent (five companies) have half or more of their board seats held by women," the report said, adding that one per cent of boards remain all-male, down from 15 per cent in 2008.

Wall St bounces back 1%; yields on 10-year US notes end week little changed

Wall Street's three main indexes rose more than 1% on Friday, bouncing back from a steep selloff this week that pushed the Dow Jones Industrial Average and the S&P 500 into correction territory

Stocks had plunged 4% on Thursday, sending the Dow and the S&P more than 10% below their record highs on Jan. 26 and adding to the sense that rising US government bond yields had begun a major correction to nine years of near uninterrupted gains for Wall Street.
The yield on benchmark 10-year US Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.85%, set to end the week little changed since hitting a near a four-year high of 2.885% Monday.

"The fact that Monday's lows were breached (on Thursday)signals more trouble ahead and rallies are likely to give way to rising bond yields," said Peter Cardillo, chief market economist at First Standard Financial in New York.

Wall Street slips after report says China may slow US bond purchases

Wall Street's major indexes slipped on Wednesday, stalling the rally that marked the start of 2018, after a report that China is considering slowing or halting purchases of US government debt.

Apple, Microsoft and Amazon were among the biggest drags on the S&P 500 and the Nasdaq, while a 0.7 percent drop in Boeing and Caterpillar weighed on the Dow.

The S&P and the Nasdaq have closed at record highs on every single day in 2018, buoyed by optimism over global economic growth and expectations of strong quarterly earnings.

"For a market that was probably looking for reason to take a pause, it's not unreasonable to use today's rise in yield as a catalyst," said Art Hogan, chief market strategist at B Riley FBR in Boston.

The dollar dropped 0.4 percent against a basket of currencies, while long-dated Treasury yields hit fresh 10-month highs after Bloomberg reported the US bond market was becoming less attractive for Beijing.

The CBOE Volatility index, a widely followed measure of market anxiety, rose to its highest level in more than a week at 10.41.

At 9:46 a.m. ET (1446 GMT), the Dow Jones Industrial Average was down 67.02 points, or 0.26 percent, at 25,318.78 and the S&P 500 was down 7.64 points, or 0.27 percent, at 2,743.65. The Nasdaq Composite was down 25.48 points, or 0.36 percent, at 7,138.09.
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Drop in Apple shares due to weak iPhone X demand drags Wall Street lower

Wall Street's main indexes came under pressure on Tuesday following a 2.8 per cent drop in Apple's shares on a report of weak iPhone X demand.

Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units, Taiwan's Economic Daily reported, citing unidentified sources.

That, along with some bearish brokerage calls on iPhone X demand, put its shares on track for their worst single-day percentage fall since Aug. 10.

Shares of companies that supply parts to Apple, including Broadcom, Skyworks Solutions, Finisar and Lumentum Holdings, fell between 1.8 per cent and 3.5 per cent.

The S&P technology index fell 0.9 per cent, the only loser among the 11 major S&P 500 sectors.

Most markets around the world, including parts of Europe and Asia, were shut on Tuesday. Trading volumes are also expected to be light in the holiday week.

"It's going to be slow trading for most of the week. A market that's going to stay within a trading range, we could have a plus or a negative day, but nothing exciting," said Peter Cardillo, the chief market economist at First Standard Financial in New York.

At 9:34 a.m. ET (1434 GMT), the Dow Jones Industrial Average was down 8.32 points, or 0.03 per cent, at 24,745.74 and the S&P 500 was down 2.4 points, or 0.09 per cent, at 2,680.94.

The Nasdaq Composite was down 29.11 points, or 0.42 per cent, at 6,930.86.

Sucampo Pharma surged 6 per cent after Mallinckrodt said it would acquire the drugmaker for $1.2 billion, to gain access to its constipation drug Amitiza. Mallinckrodt shares rose 4.3 per cent.
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S&P, Dow move higher as bank stocks climb again

The S&P 500 and the Dow indexes rose in morning trading on Wednesday as bank stocks added to gains following strong economic data and encouraging comments from Federal Reserve officials that sealed the case for a December rate increase.
JPMorgan climbed 1.9 percent and Bank of America rose 2.2 percent, making the S&P financial index the biggest gainer among S&P 500 sectors.

Fed chair nominee Jerome Powell said on Tuesday the case for a December rate hike was coming together and also hinted at lighter bank regulation, while Fed chair Janet Yellen said on Wednesday that a strengthening economy will warrant continued rate increases.

"Economic data has been very strong and the economy looks as good now as it ever has," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

The second revision of third-quarter gross domestic product showed growth increased at a 3.3 annual rate, up from the previously reported 3 percent.

The Fed's preferred gauge of inflation, the personal consumption expenditures (PCE) price index excluding food and energy, rose 1.4 percent in the third quarter, in line with the forecast by economists polled by Reuters.

Investors are keeping a keen eye on progress on US tax bill. Senate Republicans on Tuesday rammed forward the bill, which corporate America is hoping will slash business tax rates, in an abrupt, partisan committee vote that set up a full vote by the Senate as soon as Thursday.
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Technology stocks boost Wall Street to hit fresh records

Major Wall Street indexes hit fresh records at the open on Monday on gains in financial and technology stocks even as investors awaited a barrage of earnings reports this week.

Apple gained 1.05 percent, providing the biggest boost to the Nasdaq and the S&P after KeyBanc upgraded the stock to "overweight".

Financial stocks gained for the first time in four days, led by bank stocks. Reactions to bank results last week were muted on concerns about credit card losses at JPMorgan and Citigroup and weak trading activity across the sector.

Investment banks Goldman Sachs and Morgan Stanley report before markets open on Tuesday. Insurer Travelers jumped 2 percent, providing the biggest boost to the Dow.

Video-streaming pioneer Netflix reports third-quarter results after market.

"The market still wants to be optimistic, it wants to continue to move higher from here," said Robert Pavlik, chief market strategist at Boston Private Wealth.
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S&P opens at record high as Irma weakens; Apple in focus

The S&P opened at a record high on Tuesday as Irma further weakened to a post-tropical cyclone, and ahead of the highly anticipated launch of the new iPhone.

The weakening of Irma, the second major natural disaster to hit the United States after Hurricane Harvey, allayed concerns about the severity of its financial impact.

"Investors have gained confidence that the worst is over and concerns over Irma's economic impact seem to have disappeared for the moment," said Andre Bakhos, managing director of Janlyn Capital in Bernardsville, New Jersey.

All eyes will be on Apple as it prepares to unveil the 10th anniversary edition of the iPhone, whose sales will also have repercussions on its rivals and many suppliers.

Apple shares dipped 0.3 percent ahead of the event, scheduled to start at 1:00 p.m. ET (1700 GMT).

At 9:39 a.m. ET, the Dow Jones Industrial Average was up 64.64 points, or 0.29 percent, at 22,122.01 and the S&P 500 was up 6.76 points, or 0.27 percent, at 2,494.87.

The Nasdaq Composite was up 16.20 points, or 0.25 percent, at 6,448.46.
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S&P, Dow dip as Irma approaches US; Disney also weighs

The Dow and the S&P were slightly lower in late morning trading on Thursday as investors kept a close watch on Hurricane Irma, which was barreling toward Florida.

Indexes were also weighed down by a 3.1 per cent fall in Walt Disney shares, after the company said its Marvel and Star Wars titles would go exclusively to its planned streaming service.

Irma plowed past the Dominican Republic on Thursday after devastating a string of Caribbean islands and killing at least 11 people as one of the most powerful Atlantic storms in a century took aim at Florida.

"As the hurricane moves, investors are looking for a better grip on the damage that can be done. There are far-reaching implications now that we have back-to-back ones," said Andre Bakhos, managing director of Janlyn Capital in Bernardsville, New Jersey.

Hurricane Harvey, which hit Texas and Louisiana more than a week ago, had claimed 60 lives and caused property damage estimated as high as $180 billion.

Worries about the impact of hurricanes and weak U.S. jobless claims data sent the benchmark 10-year Treasury yields to their lowest since Nov. 10.

What is on investors' minds is that yields continue to move lower. It gives you an indication that people are still a little bit nervous - about North Korea and what the future holds for the (Trump) administration as far as what it is going to accomplish," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.
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Wall Street slips as tensions with North Korea rattle investors

US stock indexes opened lower on Wednesday as investors turned risk averse following rising tensions between North Korea and the United States.

North Korea said it was considering plans to fire missiles at Guam, a US-held Pacific island, after President Donald Trump on Tuesday warned the nuclear-armed nation that it would face "fire and fury" if it threatened the United States.

Safe-haven assets gained following the mounting geopolitical tensions. Gold rose 1.2 percent, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years.

Trump's comments also sparked a late afternoon selling on Tuesday, with the Dow ending a nine-day streak of closing records.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, was up 1.03 points at 11.98 points, its highest level in a month.

"The geopolitical tensions have prompted a risk off trade amid investors," said Naeem Aslam, chief market analyst at Think Markets UK.

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Wall Street adds to record rally on strong earnings

Wall Street continued its record run on Thursday, powered by a barrage of strong quarterly earnings, particularly from Facebook and Verizon.

Facebook jumped 5.49 percent, lifting both the S&P 500 and the Nasdaq Composite indexes, after the social network's results topped Wall Street estimates.

Verizon surged 6.37 percent after the company reported quarterly subscriber additions that topped estimates. The stock was the second-biggest gainer on both the S&P and the Dow, and put the S&P telecommunications index on track to post its biggest one-day percentage gain in nearly six years.

Earnings of S&P 500 companies are now expected to have climbed 9.9 percent in the second quarter, up from an 8 percent rise estimated at the start of the month, according to Thomson Reuters I/B/E/S.

With equity markets at record levels, investors have been counting on strong earnings to justify the relatively expensive stock valuations.

"While multiples are not cheap and are expected to grow further, strong earnings are justifying these levels," said Aaron Clark, portfolio manager at GW&K Investment Management.
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Wall Street flat as James Comey's testimony underway

US stocks were little changed in choppy late morning trading on Thursday as former FBI Director James Comey's testimony got underway.

Comey is being grilled by Washington politicians over his claims that President Donald Trump asked him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia's alleged meddling in the 2016 presidential election.

Comey said he had no doubt that Russia interfered with the election but was confident that no votes had been altered.

"Today is about Washington and the drama surrounding Comey's testimony. But the talk about the demise of President Trump's presidency or growth agenda seems premature, short of a smoking gun," said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis.

"I expect equities to generally tend sideways today, short of any new revelations coming out of the testimony."

Earlier on Thursday, the European Central Bank signalled no further interest rate cuts as euro zone prospects improved but said subdued inflation meant it would continue to pump more stimulus into the region's economy.

Investors are also keeping an eye on the outcome of the UK general election, with opinion polls showing Theresa May's Conservative Party leading between 5 and 12 percentage points over the main opposition Labour Party, suggesting she would increase her majority.

At 10:35 am ET (1435 GMT), the Dow Jones Industrial Average was up 5.62 points, or 0.03 per cent, at 21,179.31, the S&P 500 was down 1.51 points, or 0.06 per cent, at 2,431.63.

The Nasdaq Composite was down 0.56 points, or 0.01 per cent, at 6,296.82.

Eight of the 11 major S&P sectors were lower, with the defensive utilities index's 1.08 per cent loss topping the decliners.

Shares of Alibaba Group Holding were up 9.5 per cent at $137.55 after the company said it expects revenue growth of 45-49 per cent in the 2018 financial year.

Yahoo, which owns a 15.5 per cent stake in Alibaba also rose 7.2 per cent to $54.18.

Nordstrom jumped 11.4 per cent to $45.09 after the department store operator said that some members of the controlling Nordstrom family have formed a group to consider taking the company private.

Among other retailers, Macy's was up 2.1 per cent, and JC Penney 1.2 per cent.

Declining issues outnumbered advancers on the NYSE by 1,410 to 1,252. On the Nasdaq, 1,408 issues rose and 1,162 fell.
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Amazon shares break $1,000; accounts for 17% market cap of the S&P 500

Amazon.com on Tuesday became the second of the current S&P 500 components to hit the $1,000 price mark, beating Google parent Alphabet to the punch and underscoring a massive rally in large-cap technology-related stocks.

Shares of Amazon have risen 33 percent so far in 2017 alone, adding roughly $120 billion to its market value. Priceline was the first S&P 500 stock to hit $1,000, doing so in September 2013. Analysts on average expect Amazon to rise another 10 percent according to the median price target of $1,100.

"The world is becoming more and more aware of how unstoppable the business plan is," said Tim Ghriskey, chief investment officer of Solaris Asset Management in New York. He said Amazon accounts for 3.5 percent to 5 percent of the firm's portfolios.

"The $1,000 is a bit of a psychological barrier for any stock, but it is just another number and we're still big believers in it."

Among the other four largest U.S. companies by market cap, Apple and Facebook share prices have also risen nearly 33 percent this year while Alphabet has gained 26 percent and Microsoft has added 13 percent.

The combined market cap of the top five is near $3 trillion, or more than 13 percent of the S&P 500 index stocks' capitalization.

Amazon, the only one of the top five not in the technology sector, accounts for 17 percent of the market cap of the S&P 500 consumer discretionary sector.

In terms of stock prices, Amazon's high of $1,001.20 is second among the S&P 500 behind Priceline, which recently hit $1,850.50. Priceline's near $92 billion market cap is, however, runs far below Amazon's $476 billion.

Apple dominates that metric with a capitalization of more than $800 billion.

Amazon beat Alphabet, which recently hit $994.32, in a race to $1,000. The other S&P component above $900 per share is Intuitive Surgical, at $912.80.

Apple three years ago split its stock in seven. If it had not, its current stock price would be about $1,080.11.

Amazon is ahead of Facebook in the race to become the fourth U.S. company with a market cap of more than half a trillion dollars, joining Apple, Alphabet and Microsoft.
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Wall Street opens higher as Donald Trump slump eases

US stocks opened higher on Friday, led by technology stocks, as a sense of calm prevailed over Wall Street in a week that was dominated by political uncertainty surrounding Donald Trump's presidency.

The Dow Jones industrial average was up 34.11 points, or 0.17 per cent, at 20,697.13, the S&P 500 was up 6.46 points, or 0.273067 per cent, at 2,372.18 and the Nasdaq composite was up 19.85 points, or 0.33 per cent, at 6,074.98.
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