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Wall Street closes lower as investors size up earnings, inflation

Stocks gave up early gains and closed broadly lower Tuesday as investors weighed the latest quarterly earnings reports from big United States companies and new data pointing to rising inflation.

The S&P 500 fell 0.4 percent, with most of the companies in the benchmark index losing ground. Banks, industrial stocks and companies that rely on consumer spending accounted for a big share of the decline.

Technology stocks bucked the trend, helping counter some of the broader slide. Small company stocks took some of the heaviest losses.

The pullback brought the major stock indexes slightly below the record highs they set a day earlier. Treasury yields rose.

Investors sized up mixed quarterly earnings reports from Goldman Sachs, JPMorgan Chase, PepsiCo and other big companies. They also got another snapshot of how inflation continues to show up in the economy as a rapid spike in consumer demand and supply constraints translate into higher prices for consumer goods.

The latest report from the US Department of Labor showed yet another increase in consumer prices in June that surprised economists.

“You had the element of just incredible earnings reported for the most recent quarter, but in some of the commentary that came out there were some questions about, ‘OK, what about cost pressures going forward?’” said Alan McKnight, chief investment officer at Regions Asset Management. “Then you pair that with the inflation report today where we see another high print.”

The S&P 500 fell 15.42 points to 4,369.21. The Dow Jones Industrial Average dropped 107.39 points, or 0.3 percent, to 34,888.79. The tech-heavy Nasdaq Composite Index slid 55.59 points, or 0.4 percent, to 14,677.65, while the Russell 2000 index of smaller companies lost 42.96 points, or 1.9 percent, to 2,238.86.

Inflation has been a lingering concern for the markets as investors try to gauge how it will impact everything from the trajectory of the economic recovery from the coronavirus pandemic to what actions the Federal Reserve will take to tackle it.

The Labor Department said Tuesday that prices for US consumers jumped in June by the most in 13 years, extending a run of higher inflation that has been raising concerns on Wall Street that the Federal Reserve might consider withdrawing its low interest rate policies and scaling back its bond purchases earlier than expected.

The US Department of Labor said Tuesday that prices for US consumers jumped by the most in 13 years in June, perpetuating concerns on Wall Street that the Federal Reserve might consider withdrawing its low interest rate policies and scaling back its bond purchases [File: Richard Drew/AP Photo]

Much of the increase in prices for goods, such as used cars, is mostly tied to a surge in demand and lack of supply. But prices for many items, like lumber and other raw materials, either is easing or will ease as suppliers continue to ramp up operations, said Jamie Cox, managing partner at Harris Financial Group.

“That’s a problem and it shows up in all kinds of places but it’s not going to be there forever,” Cox said.

Major companies opened up the latest round of corporate earnings, with investors listening closely for clues about how companies have fared during the recovery and how they see the rest of the year unfolding.

Goldman Sachs fell 1.2 percent despite reporting the second-best quarterly profit in the investment bank’s history. JPMorgan Chase dropped 1.5 percent after giving investors a mixed report with solid profits but lower revenue as interest rates fell over the last three months.

“The financials have had that real tailwind of rates going higher,” McKnight said. “We’ve already priced that in. Now it’s almost a ‘show me’ story. Can you actually prove that you can deliver earnings at a much higher clip once we get back to a more normalised environment?”

Conagra Brands slid 5.4 percent for the biggest drop in the S&P 500 after the owner of Chef Boyardee and other packaged food brands gave investors a weak financial forecast, citing inflation pressure. Fastenal, a maker of industrial and construction fasteners, also said it expects more pressure from inflation in product and transportation costs. The stock fell 1.6 percent.

Bond yields reversed course from early trading and rose to 1.42 percent from 1.36 percent late Monday. Overall, yields have been falling for months after a sharp spike earlier in the year.

The calmer bond market is partly signalling more confidence that rising inflation will likely be temporary and tied mostly to the economic recovery.

“That narrative is pretty well anchored and the bond market doesn’t fear the Fed tapering or raising rates,” Cox said.

Solid earnings did help some companies make gains. PepsiCo rose 2.3 percent after beating Wall Street’s second-quarter profit and revenue forecasts.

Boeing fell 4.2 percent after the company announced production cuts for its large 787 airliner because of a new structural flaw in some planes that have been built but not delivered to airline customers.

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This post originally posted here Al Jazeera – Breaking News, World News and Video from Al Jazeera

No More Heroes III Switch File Size Seemingly Revealed

This August, the legendary assassin Travis Touchdown makes his glorious return in No More Heroes III for the Switch.

Grasshopper Manufacture’s new game requires players to battle to the top of the Galactic Superhero Rankings and stop alien invaders in their tracks. If you’re planning on picking this game up digitally, you might be interested in the game’s file size, and according to an eShop listing, it’ll take up 6.8GB of space.

In somewhat related news, publisher Pix’n Love has announced it will be releasing a deluxe and collector’s edition of No More Heroes III. The Deluxe Edition will be limited to just 500 copies and comes with a certificate of authenticity signed by Suda51.

Pre-orders will open for these special physical versions later today at 4pm BST. Will you be picking up a physical or digital copy of No More Heroes III? Leave a comment down below.

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Read more here >>> Nintendo Life | Latest News

Boxing superstar Canelo opponent Saunders mocked after claim

Canelo Alvarez foe Billy Joe Saunders has been mocked after his father, Tommy, claimed that the fighter was preparing to fly back to Britain today because the two sides cannot agree over the size of the ring for Saturday’s scrap.

In an apparently emotional interview, notorious wind-up merchant Saunders’ dad insisted that the much-anticipated biggest fight of his offspring’s career was off, adding that his entourage had been told to pay for their flights home because of an argument centered around 2ft of ring space.

Modern great Canelo is said to want a smaller ring at the AT&T Stadium in Texas, where more than 60,000 fans are expected to watch the pair meet despite Saunders senior warning ticket holders and pay-per-view subscribers to ask for refunds just four days before the scheduled bout.

“The negotiations have broken down, big time,” he told iFL, comparing Canelo to a baby having a tantrum.

“I’m not going to let my son box in a 20ft ring against the supposed pound-for-pound king of boxing. They’re trying to take his legs away.

“He is adamant he wants to go home. We’re not going to take this bulls*** any more.

“Canelo’s chucked his rattle, bottle and whatever out of his pram because someone’s said no to him.”

Echoing the fighter’s earlier complaints, Saunders seethed that Canelo had initially asked for an “amateur” 18ft ring and moved up to 20ft, while his opponent’s team had moved down from a 24ft ring and are willing to accept a 22ft compromise.

He said he was “absolutely gutted” that the fight was seemingly off, strongly suggesting that Saunders’ renowned movement would be limited by a smaller ring.

The curious pre-flight flashpoint reminded many fans of the build-up provided by Saunders’ close friend and teammate, heavyweight champion Tyson Fury, before he dethroned Wladimir Klitschko in Dusseldorf in 2015.

Fury’s uncle, Peter, angrily threatened to call that fight off at extremely short notice over a heated argument about the firmness of the ring canvas, making a clear point to Klitschko that he would not have everything his own way.

Saunders believes that Canelo has enforced similar advantages in the build-up to his previous wins over the likes of Briton Callum Smith, jibing that the Mexican megastar would love the opportunity to stipulate that Saunders should fight with a hand tied behind his back.

The wrangle has left Eddie Hearn with work to do to ensure a fight goes ahead during fight week for the second time this month.

Last week, heavyweight Derek Chisora’s mother had to be called to ensure that the Londoner proceeded with his encounter against Joseph Parker after he voiced a series of last-minute complaints.

Fury’s bull-headed mindgames paid off against the evidently rattled Klitschko, and team Saunders will be hoping for a similar upset on Saturday.

“I don’t think he wants to fight Billy Joe,” said his father. “He’s seen a few clips of him and he doesn’t fancy it.

“That’s what’s going to win this fight – his movement. If Canelo gets beat, it’s the end of the gravy train for them all. That’s what it comes down to.”

Fury beat the Ukrainian giant in a ring spanning the maximum 24ft of space. His emphatic victory in the US over Deontay Wilder last year took place in a 20ft setting.

British super-middleweight contender John Ryder, who is due to be on commentary duties for the fight, said he had packed his “gloves, gumshield and boots” in readiness to step in should Saunders go ahead with scuppering the multi-million dollar main event.

“I agree with the stance he’s taking,” Ryder told Boxing News about the man he lost to on points in 2013. “I agree with the fuss he’s kicking up.

“A bigger ring suits him but if it was that important, it really should be stipulated in the contracts and agreed way before fight week.

“His best way of winning is to have a bigger ring and get the movement off. Canelo sees himself as the A-side – he’s right to stick to his guns and say no.

“We know Billy Joe likes a bit of fight week antics and I’m sure Canelo’s happy to oblige him. [But] they’ve trained for each other: they both want to fight, they’re desperate to fight.”

Fans largely agreed. “Sounds like when Fury fought for the title in Germany,” observed one. “All mind games. No way the fight is off.”

Also on rt.com ‘Canelo’s never faced a Fighting Gypsy’: Fury backs ‘different breed’ Saunders ahead of blockbuster Alvarez clash

Author: RT
This post originally appeared on RT Sport News

Billy Joe Saunders vs Canelo Alvarez fight OFF claims Tom Saunders after ring size feud

Billy Joe Saunders’ father Tom claims his son will not step into the ring to face Canelo Alvarez in Texas this weekend. The duo were due to square up in their super middleweight title unification fight at the AT&T Stadium on Saturday night (approx 4am Sunday UK time) but have been locked in a dispute about the size of the canvas.
And one year on from COVID-19 scrapping the 12-round fight, Tom Saunders insists the feud over the size of the ring means the rearranged bout has also fallen apart just days before the pair were to set to trade rubber.

The unbeaten Saunders, the WBO champion, was looking to inflict just the second defeat of Canelo’s career, which has spanned 55 fights and only saw him lose to Floyd Mayweather back in 2013.

But it appears Billy Joe and his team may be headed back to the United Kingdom before even getting the chance to get the better of Canelo, with the Mexican’s representatives refusing to meet their demands for the ring to be made bigger.

Tom Saunders suspects that the WBC and WBA king does not want to fight his son out of fear of suffering a loss in front of 70,000 baying fans in Dallas, the bulk of whom will be supporting him against his English opponent.

Billy Joe was not present for the first planned face-off between the two fighters on Tuesday with Canelo left to stand alone in front of the cameras.

Speaking to iFL TV earlier in the day, Saunders Snr said: “I can’t see them coming face to face, the issue with the ring has still not been sorted. There’s nothing in the contract about the ring size, it’s all negotiations. The negotiations have broken down big time.

“Canelo’s put an 18ft ring, which I think is an amateur ring, that’s the fight ring. His plan was to put an 18ft ring there. They knew we we were going to start, they said: ’20ft ring, that’s it.’ That was his gameplay, to fight in a 20ft ring.

“We want a 24ft ring. We’ve come down to 22ft and they’re trying to take Billy Joe’s legs away. We’re up against everything here, everything.

“At the end of the day, I’m not going to let my son box in a 20ft ring against who is supposed to be the pound for pound king of boxing, you know?

“We’re up against everything. We’ve spoken to them this morning, they’ve said, ‘It’s either 20ft or book your flights home.’

“Unfortunately, we apologise to the fans, British, American and around the world, I can’t let my son box in a 20ft ring against Canelo on Cinco de Mayo weekend.

“We’ve given into a lot of stuff here but this, we just cannot give into. The fight would not be fair. The fight’s off. The fight’s off.

“The negotiations have broken down completely. I wouldn’t be surprised if they’ve got a late substitute, someone they’re going to try and dig out from somewhere.

“It’s all a big con, people. If you’re subscribed to the channel, ask for your money back. If you’ve bought tickets, ask for your money back. That’s all you’re going to see, a bum in there with Canelo and Canelo just having a sparring session.

“I don’t think he wants to fight Billy Joe. I think he’s seen a few clips and I don’t think he fancies it, he only wants a sure thing. Billy Joe is not a sure thing and we can’t give his legs away.

“That’s what will win this fight, his movement but unfortunately it looks like the public won’t see this fight.

“We all want to see this fight. This would have been a very, very good fight. But no, he’s adamant he wants to go home.

“We’re not going to take this bulls*** anymore. Enough’s enough. We can’t bend over backwards to please Canelo.

“He’s chucking his sweets out the pram because someone has said no to him. These people are used to fighters coming over for a pay cheque and saying, ‘yes sir, no sir, three bags full sir.’

“We’re not being put in a position where everything is on their side or in their corner. It’s not fair. All we’ve asked from day one is a fair chance.”

Earlier this week, Billy Joe told talkSPORT: “The problem is I come over here and they try to chuck me in a phone box of a boxing ring.

“You know, all these games and other bits and bumps played along the way for this fight is all mind games.

People say stuff to get under people’s skin and under camp’s skin, but it’s hundreds and hundreds of feet long and they want to stick a 16ft to 18ft ring in the middle of it.

“For me, that’s just unacceptable. I want a 24ft ring and they’re saying it’s not gonna happen and it is what it is. But I’ve left it to my team and I’m sure they’ll solve it – otherwise there won’t be any fight.

“You can’t just fly me in here and show me the ring that we’re using and I’ve been training all of my camp in a 24ft ring.

“It’s a unification fight, not a British title. It’s like someone training on the 200m running track and someone training on the 400m running track — there’s a big difference.

“Anybody who knows boxing knows this fight, how I’ve got it in my head to plan out — won’t give too much away for the game plan.

“And I know he’s got his own style of fighting and his game plan, and I know his game plan. His game plan is not waiting around, his game plan is coming to me. And I want somewhere where I can move and get my boxing off.

“Every world title fight, all of these unification fights, they’re always in big-sized rings. Name me one, name me two fights where you see an 18ft ring unification?”

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This post originally appeared on Daily Express :: Sport Feed

UFC star Poirier proves size doesn’t matter

UFC superstar Dustin Poirier has proved that a near 250lbs weight difference doesn’t mean much on the mats, working four-time World’s Strongest Man Brian Shaw in front of a chuckling gym audience in a recent grappling session.

Poirier, who it was confirmed on Saturday will fight Conor McGregor for a third time at UFC 264 on July 10, is well-known for the concussive style of striking that he used so effectively to hand his rival the first TKO defeat of his career in January.

The Louisiana native has more than a few submissions skills up his sleeve, too, boasting seven career submission wins to become the UFC’s top-ranked lightweight.

Now Poirier has shown once again that when two opposing forces meet on the mats, the bigger they come, the harder they will fall.

In footage showing the former interim UFC lightweight champion rolling with world-renowned strongman Shaw, Poirier can be seen putting the 400lb Shaw through his paces before taking his back and sinking in a rear-naked choke submission which quickly coaxes a tap from the American behemoth.

The 27-6 mixed martial artist didn’t have it all his own way, though. Another video released from the session portrays him struggling to escape from underneath the colossal muscleman.

This isn’t the first time that a prominent MMA fighter has tried his hand against one of the world’s strongest men.

Similar footage of McGregor once showed the Irishman sparring with Thor Bjornsson, better known to many for his role as ‘The Mountain’ in HBO’s hit series ‘Game of Thrones’.

Reacting to the clip, some fans questioned why Poirier didn’t use the style of grappling in his world title fight with former champion Khabib Nurmagomedov during their main event scrap at UFC 242 back in September 2019.

Why didn’t he do that to Khabib?” one fan cheekily asked, while another warned: “If this wasn’t all fun and games, Dustin wouldn’t be able to do anything with that guy”.

A third remarked that Poirier “literally looks like a child on his back“, such was the extreme weight difference in the scene featuring two wholly contrasting athletes.

Poirier won’t have to contend with such an extreme weight handicap in his next fight against McGregor this summer.

But the Irishman will know that he will likely be in for a short evening if Poirier finds himself in a similar position come July 10.

Also on rt.com ‘Adjust and absolutely f**king destroy’: Conor McGregor fires warning to Dustin Poirier as he confirms July 10 UFC rematch is ON

RT

Sharon Stone, 63, Reveals A Surgeon Increased Her Bust Size By ‘A Full Cup’ Without Consent

Sharon Stone found out about the change after a surgery to remove benign tumors.

Sharon Stone[1], 63, is speaking out about a surgeon shockingly increasing her breast size without her consent during a non-cosmetic surgery, in a new interview. The actress[2] had an operation to remove benign tumors in 2001 and when she walk up, she got the surprise of a lifetime. “When I was un-bandaged, I discovered that I had a full cup-size bigger breasts, ones that he said, ‘go better with your hip size’,” she told The Times[3].

“He had changed my body without my knowledge or consent,” she continued while further explaining that the surgeon “thought that I would look better with bigger, better boobs.”

Sharon Stone
Sharon Stone looking great at a previous event. (Shutterstock)

In addition to the wild surgery experience, Sharon opened up[4] about how she almost got into a fistfight with actor Michael Douglas[5], 76, after they allegedly argued about a mutual friend. Although the two are known for starring in the 1992 film Basic Instinct together, the blonde beauty revealed the altercation took place years before they filmed that.

“We went outside. I was like, ‘You don’t know me,’ he’s like, ‘And you don’t know me’,” she explained. “We had this fantastic high school argument.”

Sharon Stone
Sharon Stone claims a surgeon increased her breast size without her consent in a new interview. (Shutterstock)

Sharon’s latest admissions aren’t the first shocking ones she’s made headlines discussing. Earlier this month, she got attention for insisting she was tricked into not wearing underwear in an up-skirt scene in Basic Instinct. She reportedly wrote the claim in her upcoming memoir, The Beauty of Living Twice, and explained that the film’s production crew told her to take off her underwear during the famous interrogation scene and promised her private area would not be shown on-screen, which didn’t turn out to be the case.

She further explained[6] that she didn’t find out until she saw the movie  “a room full of agents and lawyers, most of whom had nothing to do with the project… That was how I saw my vagina-shot for the first time, long after I’d been told, ‘We can’t see anything — I just need you to remove your panties, as the white is reflecting the light, so we know you have panties on.”

Although she said she “slapped” director Paul Verhoeven and got an attorney involved after realizing she was lied to, she ultimately decided to keep the scene in the film because the director allegedly told her she “didn’t have a choice” and she came to the decision that it “was correct for the film.”

The Beauty of Living Twice will be released on Mar. 30.

References

  1. ^ Sharon Stone (hollywoodlife.com)
  2. ^ actress (hollywoodlife.com)
  3. ^ The Times (www.thesun.co.uk)
  4. ^ opened up (hollywoodlife.com)
  5. ^ Michael Douglas (hollywoodlife.com)
  6. ^ further explained (hollywoodlife.com)

Erin Silvia

China’s economy could double in size by 2035, eclipsing US along the way – Bank of America

In terms of post-Covid recovery, China is one of the fastest growing economies in the world and has a good chance to double its GDP by 2035, according to Helen Qiao, head of Asia economics at Bank of America Global Research.

She told CNBC that some reform measures would help China get there. The doubling of China’s GDP would require an average annual growth of 4.7 percent for the next 15 years. “We think China would be able to achieve it,” Qiao said.

The economist predicted that, in addition to doubling its gross domestic product, the Asian nation will surpass the United States as the world’s largest economy in around 2027 to 2028.

Also on rt.com China partners with SWIFT to boost global use of yuan & cut reliance on US dollar

The Chinese economy expanded by 2.3 percent last year, official data showed. The International Monetary Fund (IMF) has said China will grow 8.1 percent this year. Meanwhile, the United States contracted by 3.5 percent in 2020, according to the latest government estimates. The IMF expects the US economy to grow by 5.1 percent this year.

In a report published earlier this month, Qiao addressed the common concerns – such as aging population, high debt-to-GDP ratio, and the country’s investment-led growth model – that could prevent China from reaching its 2035 economic goals. Those concerns will slow, but not derail, China’s overall growth trajectory, Qiao said.

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