Daily Archives: October 28, 2021

At the close, the Dow fell 267 points to 35,491, while the S&P 500 eased 23 points at 4,552 and the tech-heavy Nasdaq was unchanged at 15,236

US stocks finished the day mixed as a few Big Tech financial results boosted the Nasdaq.

At the close, the Dow fell 267 points, or 0.7%, to 35,491, while the S&P 500 eased 23 points at 4,552 and the tech-heavy Nasdaq was unchanged at 15,236.

Notable movers included shares of () and (), both of which climbed more than 4% on better-than-expected financial results.

US stocks were mixed midday Wednesday amid strong earnings.

However, strong results have been key to pushing the major averages to new highs. The S&P 500 has rallied more than 6% in October, on track for its best monthly performance since November 2020.

As of noon, the Dow Jones Industrial Average fell 103 points, or 0.29%, to 35,653. The S&P 500 was near flat line, up 0.46 points to 4,574.

The tech-heavy Nasdaq increased 86 points, or 0.53%, to stand at 15,321.

Joshua Mahony, senior market analyst at online trading group IG, called US stocks an outlier'' on continuing earnings strength.

US tech stocks are the one outlier to an otherwise downbeat day in Europe and the US, with gains across Microsoft, Alphabet, and Tesla helping to keep the Nasdaq in positive territory, he said. This highlights the importance of Q3 earnings season as a driver of market upside thus far, with 83% of those S&P 500 names that have reported seeing better-than-expected earnings. Interestingly, the tech sector has been a significant outperformer, with 93% of the 30 reporting tech stocks beating market estimates.

The biggest gainer on the day so far is (), up 28% to $49.13a share.

Quaterra Resources awards McClelland Laboratories a key contract to support the advancement of the MacArthur oxide copper project

Goldseek Resources wraps up 5,000 metre drill program at Beschefer gold project

BioHarvest Sciences adds Steven Lehrer to its board of advisors

Western Magnesium says progress continues at Harrison County plant site

Naturally Splendid says Natera plant based foods featured at BCIT Meatless Monday

Mindset Pharma ends its first full fiscal year with $6.6M in cash to advance novel psychedelic portfolio

DGTL Holdings secures new strategic agency channel partner in Asia-Pacific market

(, ). announces biggest CO2 Delivery Solutions deal yet with commercial installation sale to Hidroexpo

Pure Gold Mining expects its Red Lake mine to be at full capacity by end of first quarter 2022

FansUnite Entertainment inks deal with Sportradar to improve its sports betting platform

() announces launch of its first two products - Bloom and Auralief

Mydecine reports successful synthesis of novel tryptamine, improving the pharmaceutical properties of psilocin

LexaGene selected as a Best in Show Spotlight company for the 47th Annual Petcare Innovation Summit

Neo Lithium says feasibility study for 3Q shows project to have one of lowest projected operating and capital costs in the industry

Else Nutrition enjoys strong performance on Amazon; outpacing other brands in the same category

Lumina Gold announces commencement of drilling at Cangrejos gold-copper project

() hits highest grade copper-gold interval at Kwanika; discovery seen as 'game changer' for company

Los Andes Copper names experienced mine-developer R. Michael Jones as its new CEO; Amberg steps down but remains chief geologist

New Pacific announces expanded discovery drill program at the Carangas silver project

US stocks started mixed on Wednesday with the Nasdaq climbing but the Dow Jones Industrial Average (DJIA) and S&P 500 heading lower as earnings season continues.

It comes after the DJIA and S&P closed at record highs on Tuesday.

In early deals in New York Wednesday, the Dow Jones slipped almost 53 points at 35,703.

The broader-based S&P 500 lost around six points at 4,568. The tech-laden Nasdaq added over 28 points at 15,264 amid the slew of more big tech earnings.

On Tuesday, the Dow Jones gained around 15 points to end the day at an all-time high - the third straight day of gains, while the S&P gained 0.18% for its ninth positive session in the last ten.

US stocks are expected to open slightly lower after major indices closed at new records on Tuesdaysupported by continuing strong earnings from the likes of () and UPS as the third-quarter reporting season progresses.

Futures for the Dow Jones Industrial Average futures declined 0.04% in Wednesday pre-market trading, while contracts for the broader S&P 500 index shed 0.09% and those for the tech-heavy Nasdaq 100 retreated 0.15%.

Nearly 30% of S&P 500 companies have reported earnings and more than 80% of them have beaten Wall Street expectations. And S&P 500 companies are expected to grow profits by more than 35% in the third quarter.

The Dow ended Tuesday trading 16 points higher at 35,757, while the S&P rose 8points to 4,575 points and the Nasdaq added 9 points to close at 15,236.

Ahead of some major post-close earnings reports from the tech sector, the S&P 500 eked out a further 0.2% gain yesterday to close at a new record high, commentedDaiwaCapital Markets analystEmily Nicol.

Post-close earnings reports from tech giants Microsoft, Alphabet and Twitter appear to have broadly accorded with investor expectations and so US equity futures are presently little changed and UST (US Treasury)yields only fractionally higher.However, sentiment has soured somewhat in Asian markets, with most of the key bourses in the red today, she added.

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US stocks end mixed as Big Tech continues to shine - Proactive Investors USA & Canada

It has been troubling times for the country's biggest tech companies. Apple and Microsoft are scaling back production amid the global chip...

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It has been troubling times for the country's biggest tech companies. Apple and Microsoft are scaling back production amid the global chip shortage. The House Judiciary Committee is wondering aloud if Amazon executives lied to Congress while under oath. Dozens of state attorney generals are pursuing Google on antitrust grounds. Facebook faces a brand new existential crisis seemingly every other day.

And now, trust on Wall Street is waning.

The tech giants were riding high during much of the pandemic. On the surface, things appear to be going smoothly: Bloomberg Intelligence projects the cohort of Facebook, Amazon, Apple, Alphabet, and Microsoft collectively known as FAAMG to report combined profits of $67 billion in the third quarter, a 30% year-over-year increase roughly in-line with growth of the S&P 500. But as growth slows, optimism is diminishing.

According to Goldman Sachs Group Inc.'s prime broker, hedge fund exposure to the big five tech companies is now at a two-year low, andi it isn't hard to see why:

Interest-ing Factor: Interest rates are rising, which means smaller companies will suffer, right? Not so, says a new study being circulated by the National Bureau of Economic Research. Lower interest rates helped the big five grow much faster than smaller firms, while high rates may see a competitive rebalancing, the study shows yet another reason for hedge fund caution.

Oh, Snap!: Snap, the plucky little sibling of FAAMG stocks, reported a revenue miss in its third-quarter earnings call on Thursday, placing the blame on new iOS privacy changes that are disrupting the digital ad agencies. The bad news for Snap was a warning sign for Facebook and Google and sparked a sell-off in both ad-dependent firms.

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Hedge Fund's Confidence In Five Big Tech Companies Sinks To Multi-Year Low - The Motley Fool

Four years ago, in a pioneering diplomatic move, the government of Denmark appointed the worlds-first Tech Ambassador to Silicon Valley in attempt to improve relations with the tech industry and seek to more effectively regulate big tech.

Many commentators have raised the alarm on the power of global big tech corporations such as Amazon,Google,and Facebook.Amazon, for example, has a market cap of $1.7 trillion, which is larger than the GDP of tech savvy South Korea.

Casper Klynge, the first ever Danish Tech Ambassador to Silicon Valley, agrees. Speaking to the Danish diplomatic corps in 2017, he remarkedWhat has the biggest impact on daily society? A country in southern Europe, or in Southeast Asia, or Latin America, or would it be the big technology platforms?

Unsurprisingly,four years on from the Tech Ambassadors appointment,Denmarkhas not been able to regulate big tech in the ways itmighthave liked. But neither has any other country around the world. Denmark has, however, improved the countrys tech capabilities and investments with the help of a promotional campaignthat included the Tech Ambassador. Furthermore, for a country of its size, Denmark has had a positively disproportionate role in regional and global discussions on how to better regulate big tech.

According to official documents, the Tech Ambassadors role focuses ondemocracy, security andresponsibletech development.But has this change made any tangible differences to Denmarks relationshipwith tech?

Although it is difficult to draw a causal link, data fromGlobalDatasDisruptor platform shows that Denmarks deal volume and deal value has increased in the Tech,Media,and Telecoms sector between 2017-2020 coinciding with Denmarks TechAmbassadors first term.

Furthermore, jobs in the Tech industry have increased significantly in the last two years, signalling increased investment in the sector.

Denmark has positioned itself front-and-center in EU leadership when it comes to tech regulation for the benefit of its citizens. The country has partnered with France to promote a Declaration on a European Vision for the Digital Age,a commitment to work together and a set of policy recommendations which would, if adopted, commit the bloc to a democratic and human rights-based approach to technology. Additionally, Denmark has consistently raised concerns regarding the human rights implications of new tech, such as misinformation, to the UN Human Rights Council and, along with Australia, has launched an annual Cyber and Tech Retreat attended by over 20 countries.

Domestically, 30 of Denmarks media companies joined forces in June to negotiate a remuneration for use of their online content by Google and Facebook. These negotiations, however, could take years to finalize, but the shift in power and impetus is notable.

Denmarks Tech Ambassador has also penned a White Papertitled Towards a better social contract with big tech which argues in favor of safeguarding democracy,protecting young people, andtax compliance, to name a few.

However, many of these demands are far from being met. This month, with theCongressional testimony ofFacebook whistle-blower Frances Haugen, we saw that Facebook neglects vulnerable young users and fails to do enough to protect democracy.Furthermore, Facebooks 2018 Cambridge Analytica scandal led to 2.7 million EU citizens having their data improperly shared. Simultaneously, Amazon and Google continue to avoid paying their fair share of taxes across the EU.

But mostimportantly, Denmark hasunderstood the pervasive impact of big tech on its citizenry andhas taken a leading role in global tech regulation. Denmark has proven itself to be both creative and committed when it comes to dealing with big tech, ifmore countries followed suit, big tech would certainly become more accountable to those that it serves around the world.Related Report Download the full report from GlobalData's Report StoreGet the Report

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The art of techplomacy: How Denmark deals with Big Tech - Verdict

(The Center Square) Lawmakers need to rethink their strategy to regulate Big Tech as calls for increased oversight grow louder, according to a small business advocacy group.

Colorado Attorney General Phil Weiser and Pennsylvania Attorney General Josh Shapiro recently penned aletterto Congress urging them to establish responsible oversight of social media companies like Facebook and Twitter.

The letter was filed in response to a recent Facebook whistleblower about the companys internal actions. In the letter, the attorneys general argued that the social media platforms have a unique ability to harm both the mental health of youth and the stability of our democratic institutions.

Jake Ward, president of the Connected Commerce Council, a group that says it seeks to promote small businesses access to essential digital technologies and tools,told The Center Square in an interview that the need for more oversight shouldnt outweigh the needs of small businesses who rely on social media platforms for their operations.

For example, Ward pointed to a recently introducedbillin the U.S. House of Representatives that would restrict the use of targeted ads, which Ward said are often cheaper for small businesses to buy than traditional ads.

A lot of small businesses rely on these algorithms to run their daily operations, so changing them could be detrimental especially at a time when many businesses are still trying to recover from the pandemic, Ward said.

Another billintroducedlast week by U.S. Sens. Amy Klobuchar, D-Minn., and Chuck Grassley, R-Iowa,seeks to prevent companies like Amazon, Apple, and Google from using their marketplace to stifle competition.

Ward described the bill as a way to punish companies for giving their customers what they want when they want it.

I think its important to remember that no small businesses asked for these increased regulations, Ward said. Its just been big companies like Oracle and other internet service providers who can pay the cost of abiding by the new laws. Its a tilted playing field.

By Robert Davis | The Center Square contributor

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Small business advocacy group asks lawmakers to rethink Big Tech regulation strategy - The Georgia Virtue

Tesla is driving up the S&P 500 indexs exposure to disruptive technology, with Big Tech helping to lift the U.S. stock-market benchmark to new peaks this month.

The S&P 500s technology sector plus Google parent Alphabet, Facebook, Amazon.com and Tesla add up to 40% of the market-capitalization-weighted index, according to a DataTrek Research note Wednesday. No other broad market index around the world has a 24 percent weight to its top 6 names, which also include Apple AAPL, -0.31% and Microsoft MSFT, +4.21%, the note shows.

Weve halfway joked since starting DataTrek that Tech would eventually be 50 percent of the S&P 500 but thought that was maybe a 2030 event, said Nicholas Colas, co-founder of DataTrek, in the note. The way things are going, it will come long before that.

Teslas market value rose to more than $1 trillion this week as shares of the electric-vehicle company rallied to a record high after Hertz Global Holdings announced plans to order its cars. Tesla, co-founded by its chief executive officer Elon Musk, joined the S&P 500 in December.

The S&P 500 SPX, -0.51% closed at another new peak Tuesday and was trading about 0.1% higher Wednesday afternoon, according to FactSet data. Shares of Tesla TSLA, +1.91% were up almost 2% in afternoon trading, bringing the electric-car companys gains to around 34% in October and about 47% so far this year, the data show, at last check.

Teslas rally is making the S&P 500 even more of a concentrated bet on disruptive technology, Colas wrote, pegging it at 2.1% of the index. Tesla is now solidly in must watch territory along with the rest of U.S. Big Tech for its potential impact on day to day moves in the S&P 500.

See: Microsoft earnings top $20 billion in a quarter for first time, stock heads toward record high

Information technology SP500.45, -0.19%, communication services and consumer discretionary were the only sectors in the S&P 500 trading up Wednesday afternoon, according to FactSet data. Tesla and Amazon are part of the indexs consumer discretionary sector SP500.25, +0.24%, while Google and Facebook FB, -1.14% fall within communication services in the S&P 500, the DataTrek note shows.

The S&P 500 consumer discretionary sector XLY, +0.22% can longer be used as a proxy for U.S. consumer spending, according to DataTrek.

Thats because Amazon AMZN, +0.49% and Tesla are 20 percent and 19 percent of the index each, or 39 percent together, Colas wrote. The names you associate with this group, like Home Depot (9 percent weight) and McDonalds (4 pct), dont have much influence.

While the S&P 500s heavy exposure Big Tech puts it at risk of a sizeable correction, DataTrek said wed far rather own the S&P 500 than Europe or Japan or even China for the long term, simply because you need to own as much disruptive technology as you can bear to earn a decent return on investment capital.

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Tesla drives up S&P 500s disruptive tech exposure as the index rides to record highs in October - MarketWatch