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October 23, 2021

Dow posts all-time closing high, Nasdaq dips as Snap shares drop by record

Stocks were mixed on Friday as investors digested new commentary on asset-purchase tapering and inflation from Federal Reserve Chair Jerome Powell, amid a slew of fresh earnings reports from major companies.

The Dow set a record closing high, taking out a previous record close from August 16. The S&P 500 retreated after setting a fresh intraday record high. The reversal to the downside came as Powell said the central bank was “on track to begin a taper of our asset purchases that, if the economy evolves broadly as expected, will be completed by the middle of next year” during a virtual event hosted by the South African Reserve Bank Friday. The central bank had previously telegraphed it believed the economy was nearing the recovery threshold that would warrant the start to tapering of the Fed’s crisis-era asset purchase program.

Powell also noted he expected elevated inflationary pressures spurred by global supply constraints “are likely to last longer than previously expected, likely well into next year.”

The Nasdaq underperformed following a couple of weaker-than-expected technology earnings.

Snap (SNAP) shares sank by a record 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after missing third-quarter revenues and offering weak current-quarter guidance, with Apple’s iOS privacy updates denting the social media platform’s advertising business. The miss also catalyzed a drop in shares of peer social media companies including Facebook (FB) and Alphabet (GOOGL).

Shares of Intel (INTC) also dropped after the company said margins would be under pressure for the next up to three years, in part reflecting challenges from global materials shortages. And Chipotle (CMG) shares fluctuated between small gains and losses despite posting better-than-expected quarterly same-store sales, though the company flagged widespread staffing shortages.

Despite some of the more recent, mixed earnings results, the S&P 500 and Dow have hovered within striking distance of their all-time highs, boosted by a string of earlier estimates-topping quarterly corporate profits and economic data. Both have served to stave off concerns over a decelerating growth environment after a surge in reopening activity earlier this year.

New data on Thursday showed weekly jobless claims improved to their lowest level since March 2020 last week, falling more-than-expected as firings, layoffs and other involuntary separations slowed further in the labor market. And existing home sales posted their biggest jump since September 2020 last month, showing still-robust demand for homes even as inventory remained tight and prices crept higher.

And based on quarterly results so far, many companies have shown they managed to grow profits even in the face of rising input and labor costs and supply chain challenges.

“Let’s not forget, we’re coming off of very high margins, so there is room for a little compression there. What we’re seeing in the early earnings releases, which is maybe the reason for equity markets hitting new highs, is that the operating leverage inside of companies right now is so significant,” Gibson Smith, Smith Capital Investors founder, told Yahoo Finance Live on Thursday. “Think of top-line growth in the 18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} arena, or you see bottom-line growth in the 50, 60, 70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. These are all positives for corporate America, and I think will actually be the fuel to launch equity prices to higher levels.”

Investors are hoping for more affirmation on the solid trends seen so far in corporate profits next week, with a more robust set of third-quarter earnings results due for release. The heavily weighted stock index components, from Apple to Amazon and Facebook, are set to report quarterly results throughout next week.

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4:13 p.m. ET: Stocks end mixed, Dow logs record close

Here’s where markets closed out Friday’s session:

S&P 500 (^GSPC): -4.88 (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,544.90
Dow (^DJI): +73.94 (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,677.02
Nasdaq (^IXIC): -125.5 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,090.20

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11:37 a.m. ET: American Express shares jump to a record after strong Q3 results, while VF Corp. slides on lingering manufacturing constraints

American Express (AXP) shares hit an intraday all-time high Friday morning after posting third-quarter results that easily topped estimates.

Revenue of $10.93 billion was up 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year, and exceeded the $10.54 billion expected, according to Bloomberg consensus data. Earnings per share of $2.27 were also better than the $1.77 estimate.

American Express also issued upbeat commentary on the state of the U.S. consumer, suggesting spending among individuals and small businesses was rebounding to pre-virus levels.

The card company said it saw a “continued rebound in travel and entertainment spending, with restaurant spending notably resilient, growing above pre-pandemic levels.” It also noted consumer and small business spending on goods and services grew 19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the third quarter of 2019, on a currency adjusted basis. New users to premium Platinum and Gold Cards also reached all-time highs

Meanwhile, VF Corp.’s (VFC) posted disappointing quarterly results in a report also issued Friday morning, reflecting the negative impacts from ongoing supply-chain challenges for apparel-makers.

The parent company of brands including The North Face and Vans posted adjusted earnings from continuing operations of $1.11, or four pennies below estimates, for its fiscal second quarter. Revenue came in $3.2 billion, or a 23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump over last year but still a miss compared to the $3.5 billion consensus estimate.

VF Corp attributed the miss to a resurgence of Covid-19 lockdowns in its key sourcing companies, which generated manufacturing capacity constraints during the quarter.

“Additionally, continued port congestion, equipment availability and other logistics challenges have contributed to increasing product delays,” the company added. “VF is working with its suppliers to minimize disruption and is employing expedited freight as needed.”

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11:13 a.m. ET: U.S. service sector activity expands at a faster-than-expected clip in October, while manufacturing activity decelerates slightly

U.S. service sector activity picked up by a greater-than-expected margin in early October, while ongoing supply chain constraints weighed on goods-producing industries, according to new data from IHS Markit on Friday.

IHS Markit’s U.S. services purchasing managers’ index rose to 58.2 in the preliminary October print, exceeding consensus estimates for a reading of 55.2, according to Bloomberg data. The PMI had come in at 54.9 in September, and the latest October print reflected the strongest growth in three months. Readings above the neutral level of 50.0 indicate expansion in a sector.

“Driving growth in October was the quickest rise in inflows of new work since July, that was commonly attributed to stronger demand conditions as COVID-19 worries eased during the month,” IHS Markit said in its release. “Concurrently, service providers recorded more intense capacity pressures amid reports that firms were struggling to cope with growing sales due to labour issues and supplier delays.”

The manufacturing sector, however, posted a larger-than-expected dip in its PMI compared to September, largely reflecting the impact of rising input costs and materials and labor shortages. The U.S. manufacturing PMI slipped to 59.2 in early October from 60.7 in September, marking a third straight monthly decline. Consensus economists were looking for a reading of 60.5 in October.

“The slower improvement in conditions reflected a weaker expansion in output and a moderation in order book growth during October,” IHS Markit said in its release. “Factory production rose only modestly, with the pace of increase the slowest since July 2020 as output continued to be hampered by supply chain issues and shortages. October saw a record lengthening of suppliers’ delivery times. Supply issues and sustained sales growth prompted firms to further increase their buying activity and inventories.”

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9:32 a.m. ET: Stocks open mostly lower amid mixed earnings

Stocks were mixed as markets opened for trading on Friday, but still paced toward weekly gains following a record-setting march higher earlier this week.

The Dow traded higher by just 22 points, or less than 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, shortly after the opening bell. Both the Nasdaq and S&P 500 dropped as technology stocks sank following earnings misses from Snap and Intel. U.S. crude oil prices rose more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to break back above $83 per barrel, while the 10-year Treasury yield hovered around 1.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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7:21 a.m. ET Friday: Stock futures trade mixed, with Nasdaq under pressure

Here’s where markets were trading ahead of the opening bell:

S&P 500 futures (ES=F): +4.75 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,546.5
Dow futures (YM=F): +59 points (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,539.00
Nasdaq futures (NQ=F): -25.75 points (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,453.00
Crude (CL=F): +$0.54 (+0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.04 a barrel
Gold (GC=F): +$11.50 (+0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.40 per ounce
10-year Treasury (^TNX): unchanged, yielding 1.674{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:07 p.m. ET Thursday: Stock futures edge lower

Here’s where markets were trading Thursday evening:

S&P 500 futures (ES=F): -13.25 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,528.50
Dow futures (YM=F): -31 points (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,449.00
Nasdaq futures (NQ=F): -93.75 points (-0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,385.00

NEW YORK, NEW YORK - SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

October 23, 2021

Businesses Nervously Await Fine Print of Vax-Or-Test Rule | Business News

By ZEKE MILLER and DAVID KOENIG, Related Press

WASHINGTON (AP) — Extra than 6 months right after promising a new vaccination-or-testing rule covering the hundreds of thousands of Americans at companies with 100 or much more workers, President Joe Biden’s most aggressive transfer nonetheless to fight the COVID-19 pandemic is virtually completely ready to see the light-weight of working day.

An obscure White Property place of work is expected to give the inexperienced mild any day to the rule’s wonderful print detailing how and when companies will have to involve their staff to be vaccinated or undertake weekly screening.

The comprehensive enforcement deadline, which could have penalties of about $14,000 for each violation, may not take result until eventually soon after the new year. That’s why Biden and his aides have for months encouraged enterprises to act as although the rule was by now in impact and start off imposing vaccination specifications.

The regulation, to be printed in the Federal Sign-up, was drafted by the Occupational Security and Health and fitness Administration below crisis authorities to guard employee protection and will cover an believed 80 million U.S. workers. The White Dwelling sees it as a strong software to winnow down the ranks of approximately 65 million People who have consequently significantly refused to get a shot.

Political Cartoons

In contrast to health care suppliers or federal staff, who may perhaps not have a testing substitute to vaccination, private sector staff won’t automatically deal with termination if they really do not get vaccinated. But some organizations could decide on to impose their individual far more stringent vaccination mandate, and it is really achievable that firms may be permitted to pass on the expense of weekly COVID-19 screening to their unvaccinated staff members.

White Property officials declined to discuss when the rule will be released or go into facts on when organizations will have to comply.

For the final week, federal officers have hosted more than two dozen listening classes with field groups, businesses and advocacy companies. Some have been supportive of the rule, other people vehemently opposed, but all are keen to master additional about the fine print of the regulation.

The U.S. Chamber of Commerce and other groups that depict big businesses are worried that the proposal’s threshold -– making use of to corporations with 100 or a lot more workforce – could induce workers to migrate to work at more compact employers in which they won’t have to have to be vaccinated.

“We genuinely pressured the worry about companies dropping workforce, and what that would imply in the context of recent source-chain difficulties and the upcoming getaway season,” claimed Marc Freedman, vice president for employment coverage at the Chamber of Commerce. “You could start to see some quite major disruptions.”

Freedman, who took component in the chamber’s contact with administration officers, explained the 100-employee threshold would also harm career development by giving employers who have 90 or 95 employees a rationale not to grow.

The encounter of United Airways and wellness-treatment companies that acted early to have to have vaccination suggests that incredibly couple workforce will give up their positions due to the fact of a vaccine mandate. United says about 200 of its 67,000 U.S. staff deal with termination for refusing to get vaccinated and another 2,000 are continue to in search of professional medical or spiritual exemptions.

Condition govt vaccination mandate deadlines went into outcome this week in Washington condition, Massachusetts and New Jersey after a host of authorized issues by point out employees and first responders’ unions.

In Washington, the state patrol missing 127 workers, such as 67 troopers, who left because of to the COVID-19 vaccination mandate for point out employees, about 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the agency’s team, officials said.

The Northwest state’s mandate also led to the substantial-profile firing of Washington Condition soccer coach Nick Rolovich and his 4 assistants, who would not get vaccinated.

In Massachusetts, almost 1,600 state workers experienced not proved they ended up vaccinated or experienced sought a vaccine exemption by a Sunday deadline. Republican Gov. Charlie Baker declared in August that some 44,000 government branch employees and contractors would be required to get vaccinated or deal with suspension and in the end the loss of their employment.

The Nationwide Affiliation of Makers is arguing that companies must get credit — probably an exemption from the principles — for using early measures to get a significant percentage of staff vaccinated. Producers have expressed fret that they could see greater stop charges simply because quite a few vegetation are located in rural spots where opposition to vaccination is more robust.

The makers, the Chamber of Commerce and other company teams are also pushing the administration to let employers make unvaccinated employees pay for their have weekly COVID-19 screening.

“A whole lot of our customers feel strongly that the vaccine is greatly obtainable, it is cost-free, and so if a man or woman opts not to be vaccinated most likely the onus of the exam can and should really fall on the staff who has manufactured a decision not to vaccinate,” claimed Robyn Boerstling, a NAM vice president. She explained companies really should fork out for screening if an personnel has a clinical problem or a “proven and true” spiritual cause for seeking an exemption.

Business groups, nevertheless, are not optimistic on the take a look at-value situation, expressing that OSHA has a record of earning employers bear the charge of new regulations.

Merchants are nervous about the timing of the new regulation getting influence as they put together for the important holiday break time. They want to thrust the rule’s productive date into subsequent calendar year.

Quite a few individuals who took aspect in the discussions with the Office of Information and facts and Regulatory Affairs, which is doing the final review of the proposal, claimed they obtained no hints whether their arguments would sway the administration. They explained convention-connect with meetings –- virtual since of the pandemic -– in which White Residence staffers listened and did not reply to their arguments.

It is not clear how the enterprise local community will reply the moment the remaining rule is printed.

Business enterprise officers said lawful troubles are more probable to occur from Republican-led states such as Texas. And Alfredo Ortiz, president and CEO of the conservative Career Creators Network, reiterated his pledge Tuesday just after meeting with the White Home officials to sue to block the rule’s implementation. Two dozen lawyers standard in GOP states vowed final thirty day period to use “every out there lawful option” to destroy the mandate.

Koenig claimed from Dallas. AP writer James Anderson in Denver contributed.

October 22, 2021

Here are the best and worst states for jobs

Preliminary unemployment claims reached their most affordable amount given that March 2020 previous 7 days, as the quantity of firings and other voluntary separations slowed even further in the recovering financial state. New filings totaled 290,000 through the 7 days ended Oct. 16, closing in on a pre-virus common of just around 200,000 all through 2019.

The job picture has enhanced markedly at the nationwide level above the training course of 2021, aided by a pick-up in economic activity as vaccinations took place and organizations reopened at scale. On the other hand, some states are nonetheless demonstrating concentrations of unemployment notably above the countrywide normal, as measured by their hottest insured unemployment costs.

The countrywide insured unemployment level was at 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, not seasonally modified, as of the week ended Oct. 2, marking a slight go reduce from the previous week’s 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} amount. The insured unemployment amount captures the ratio of people boasting jobless gains divided by the overall dimensions of the labor pressure.

At the start out of October, Puerto Rico overtook Illinois to log the greatest insured unemployment charge for an specific condition or territory in the country. Puerto Rico’s level remained unchanged for the 7 days finished Oct. 2 at 4.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, holding previously mentioned the 4.{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stage for three consecutive months immediately after a short advancement to down below 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the spring. The territory’s insured unemployment price had peaked in the course of the pandemic era at 26.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in late June 2020.

Illinois’s insured unemployment amount fell notably to 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 4.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the 7 days ended Oct. 2. Nevertheless, this however marked the next-greatest in the country.

California rounded out the top-a few areas with the maximum insured unemployment prices at 3.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with this level coming in unchanged when compared to the week prior. Even now, this marked a considerable enhancement from its pandemic-era large charge of 27.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from April 2020, when prevalent stay-in-location orders took impact in the condition. California, Illinois and Puerto Rico have remained the three parts with the best insured unemployment costs for 3 consecutive months.

Other states with elevated insured unemployment charges integrated Hawaii and the District of Columbia, which each posted premiums of 3.{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as of early Oct. Both equally also represented slight will increase in contrast to their fees from a week before, when Hawaii had posted a price of 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and D.C. noticed a level of 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

On the other hand, a range of other states also had insured unemployment costs very well beneath the nationwide ordinary. South Dakota’s fee was the most affordable in the nation, coming in at .2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for an unchanged studying from the prior week. Alabama experienced the next-cheapest insured unemployment rate at .3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, also unchanged from a 7 days previously. The third-lowest amount was a four-way tie between Idaho, Nebraska, North Dakota and Utah, which every posted insured unemployment costs of .4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} all through the commencing of Oct.

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Emily McCormick is a reporter for Yahoo Finance. Adhere to her on Twitter: @emily_mcck

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October 22, 2021

Betches Media Announces New Original Podcast, “Money Please,” Dedicated To Personal Finance For Millennials And Gen Z

Dollars Remember to will be hosted by Berna Anat

Photo Credit: Betches Media

Betches, the woman launched media and amusement firm, currently announces a new personalized finance podcast, “Money Be sure to.” The podcast will be hosted by Berna Anat (@HeyBerna), a self-proclaimed “Financial Buzz Girl,” who will guideline listeners by way of cash building decisions that will reward them in the extended operate. She will contact on almost everything from how to navigate a 401k to understanding what goes into buying a dwelling. General public.com, the well-liked investing application with a community of 1M+ members, will provide as the podcast’s presenting sponsor for the initially 5 episodes of season one.

The weekly podcast will function money analysts, financial investment educators, personal debt gurus and far more along with Berna to share suggestions, guidelines and assets obtainable for listeners to expend properly. On Thursdays, Income Please will air a “Loose Change” episode, which will be a continuation of the guest interview from earlier in the 7 days, with further dialogue on that week’s matter.

“In this freaky capitalistic hellscape we’re all caught in, income treatment is self care. But we are done with finding funds information exclusively from unrelatable finance dudebros and scorching-breath Fb uncles,” says host Berna Anat. “I’m honored to husband or wife with Betches to assist make economical education and learning sense much more available, partaking, and freakin’ pleasurable — in particular for my fellow very first-gen learners starting from scratch. Honestly, I lowkey made use of this podcast as a professional justification to strike up my smartest finance buddies. I’m hyped to attribute their brilliance and amplify as numerous underrepresented financial voices as feasible.”

“Money Please” joins Betches’ podcast community slate of well-liked demonstrates which include millennial dating and romantic relationship podcast “U Up?,” wellness podcast “Diet Starts Tomorrow,” and real criminal offense podcast “Not A different True Criminal offense Podcast,” amongst other people.

“After seeing what presently exists in the financial instruction area and listening to our community’s requirements, we felt that there was a large prospect to make content material that breaks down the complex issues that young ladies are struggling with when it comes to their finances, in a fun and engaging manner,” claims Sami Sage, Co-Founder and Chief Content material Officer of Betches Media. “Pairing this observation with our 136{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} YOY growth on @whenshappyhr Instagram account (Betches’ vertical dedicated to career & finance), it was an clear next move for us. We think it is these types of a significant conversation, and we’re proud to teach our viewers on money selections because it is a single of the key foundations for females who want regulate above their career paths and futures.”

The very first episode of “Money Please” from Betches will be out there on all significant podcast platforms on Thursday, Oct 26th. Subscribe to hear Right here.

October 22, 2021

NEXT Insurance Announces NEXT Connect

Partners can now embed coverage specifically into their system which offers customers much more decision and simplicity when buying insurance policy procedures

PALO ALTO, Calif., Oct. 21, 2021 /PRNewswire/ — Subsequent Insurance coverage, the major electronic insurtech enterprise transforming compact business insurance coverage, right now announced the availability of Following Join, a reliable embedded insurance policies option for some of the major compact business software program ecosystems in the U.S. Up coming Link permits modest businesses to obtain quickly and inexpensive coverage in a way that is effortless for them, either fully online or with the aid of a accredited insurance policies agent. In addition, it gives an unmatched opportunity for dependable smaller enterprise partners. Compact business enterprise ecosystems in industries together with payroll, POS, accounting, e-commerce, banking and many others can now effortlessly embed NEXT’s insurance coverage offerings into their present platforms. By leveraging various insurance policy carriers, such as Subsequent, companions can handle the full coverage desires of just about any variety of smaller organization any place in the U.S.

Future Connect is a result of NEXT’s before acquisition of AP Intego in March of this calendar year. It brings together AP Intego’s companion-primarily based, multi-provider design with NEXT’s unmatched strengths in client encounter, shopper care and know-how. Subsequent Link strengthens Future as a small business and furthers the organization mission to much better serve even much more smaller organizations and likely partners.

“Following Connect makes an unmatched opportunity for our small enterprise ecosystem associates to embed insurance choices directly into their platforms,” mentioned Steve Hauck, VP, Partnerships at Next. “We are moving into an age the place our customers want and are entitled to the option to obtain the finest insurance procedures for their enterprise, from a trusted resource, and with this new Subsequent Join providing, we are able to deliver that remedy.”

Subsequent Insurance policy transforms tiny company insurance policy by leveraging new technology, which include synthetic intelligence and machine discovering, to deliver a straightforward and economical purchasing working experience. Future Connect proceeds NEXT’s main mission to help modest corporations thrive by simplifying access to insurance policy and conference prospects in which they are.

Next will be at Dollars 20/20 in Las Vegas from Sunday, October 24-Wednesday, October 27, 2021. Learn additional about Following Hook up by viewing our booth #5126.

About Next Insurance coverage:
Future Insurance plan is reworking tiny enterprise insurance policy with simple, electronic and inexpensive coverage tailor-made to the self-employed. Dependable by 300k business house owners, Up coming gives insurance policies that are straightforward to get in 10 minutes or less and provides 24/7 obtain to Are living Certificates of Insurance policies, Supplemental Insured, and far more, with no excess charges. Revolutionizing a historically intricate insurance policy marketplace, Upcoming utilizes AI and machine mastering to simplify the acquiring course of action and push down prices by up to 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as opposed to common guidelines. Established in 2016, the business is headquartered in Palo Alto, has obtained a complete of $881 million in venture money funding, is rated “A- Excellent” by AM Most effective and has been acknowledged by Forbes Fintech 50, JMP Securities InsurTech 50 and Forbes Best StartUp Employers. For a lot more info go to NextInsurance.com. Continue to be up to date on the most recent with Upcoming on Twitter, LinkedIn, Fb and our blog.

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Watch primary written content:https://www.prnewswire.com/news-releases/subsequent-insurance plan-announces-subsequent-link—embedded-insurance coverage-for-ecosystem-partners-to-provide-seamless-coverage-coverage-to-modest-businesses-301405776.html

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October 22, 2021

Stocks trade mixed, Dow pulls back from record as earnings roll in

Stocks were mostly higher on Thursday, with the S&P 500 rising to log an all-time high as a parade of strong earnings results and economic data helped buoy equity prices.

The S&P 500 gained 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach record intraday and closing highs, led by outperformance in the consumer discretionary and information technology sectors. A better-than-expected report on new weekly jobless claims also helped boost risk assets, with these improving to a fresh pandemic-era low. The Dow dipped but came off session lows. The 30-stock index had set a fresh record intraday high during the regular trading day on Wednesday, marking its first all-time high since mid-August.

Netflix and Tesla also logged record highs on Thursday, helping pull the tech-heavy Nasdaq up by 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Bitcoin prices (BTC-USD) pulled back from an all-time high of $66,000 reached earlier on Wednesday.

Estimates-topping earnings results from companies from Verizon (VZ) to Anthem (ANTM) and Abbott Laboratories (ABT) extended a streak of strong quarterly reports kicked off by the big banks last week. Tesla (TSLA) shares pushed higher after the electric-vehicle maker posted profits that exceeded estimates on the back of record quarterly deliveries, though revenues fell short.

With stocks trading near record levels, these kinds of earnings beats will need to be maintained in order to fuel further appreciation, some strategists said.

“Both the fiscal stimulus and monetary stimulus has been driving markets really since the ricochet off the bottom of COVID,” Michael Vogelzang, chief investment officer for Captrust, told Yahoo Finance Live on Wednesday. “What we’re looking at now is, the easy work is done. The Fed is beginning to taper shortly, we expect. We don’t expect interest rates to rise much from here. But what it means is that the market is reasonably valued. It’s not cheap by anyone’s estimation. And in order to progress here … we’re going to have to see stronger earnings growth, and continued strong earnings growth.”

“We’ve seen the peak cycle acceleration,” he added. “Now it’s the hard work – can we continue to create profit growth in our various companies? Can the market and the economies around the globe work through some of the logistical issues?”

So far this earnings season, many goods-producing companies have highlighted concerns over rising input prices and ongoing supply chain disruptions. Tesla noted in its earnings release that “a variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed.” And Procter & Gamble (PG) earlier this week estimated it would see over $2 billion in expenses this fiscal year related to rising commodity and freight costs.

However, investors have so far at least momentarily looked through these concerns, and clutched to optimism that these pressures will prove temporary.

“What we have done, in large part, by having massive aggregate demand outpacing aggregate supply is likely not destroyed demand. We likely delayed demand,” Art Hogan, chief market strategist at B Riley-National, told Yahoo Finance Live on Wednesday. “And I think that elongates the economic cycle into ’22.”

“It means we’re going to have above-mean economic growth or GDP growth in ’22, higher than we’re estimating right now, likely, as we start seeing some of that supply response come online,” he added. “I certainly think that when we look at those companies that have to discuss things like margin degradation because of supply chain logistics and not having pricing power, you’re definitely going to have that environment where you have winners and losers.”

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4:04 p.m. ET: S&P 500 logs record as Netflix, Tesla set new all-time highs

Here’s where the major indexes closed out the session on Thursday:

S&P 500 (^GSPC): +13.59 (+0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,549.78
Dow (^DJI): -6.26 (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,603.08
Nasdaq (^IXIC): +94.02 (+0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,215.70

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2:12 p.m. ET: It’s still an ‘equity friendly’ investing environment for stocks: Strategist

Even as concerns over inflation and the global economic outlook remain at the forefront of investors’ attention, the overarching backdrop for equities remains strong due to two key factors, according to at least one strategist.

“We’re continuing to believe that we’re in what we’re calling an ‘equity friendly’ investing environment. We’re right in the middle of earnings … and two key drivers to the market are always earnings and interest rates,” Leo Grohowski, BNY Mellon chief investment officer, told Yahoo Finance Live. “Coming into the third quarter, we had a lot of [earnings] warnings. In fact we had the third-highest warnings of any quarter in the last 10 years. So I think expectations were measured. And so far, with about 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the [S&P 500] companies in, we’re running about 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} better than expected. So earnings we believe will continue to move forward at a nice clip.”

“And the key is interest rates. Our thought has been the 10-year doesn’t get higher than maybe 1.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by the end of the year,” he added. “That supports market multiples at around the 23 level … [getting] us to a market forecast of 4,600 to 4,700 this year. So we’re continuing to be constructive on the equity market based on the earnings and interest rate market.”

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10:00 a.m. ET: Existing homes sales bounced back in September, jumping far more than expected

Existing home sales rebounded in September after a dip in August, jumping by the most in a year as demand for housing remained robust.

Sales of previously owned homes were up 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September month-on-month, the National Association of Realtors (NAR) said in a new report Thursday. This was the biggest leap since September 2020, and brought sales to a seasonally adjusted annual rate of 6.29 million units. Consensus economists were looking for an only 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in September, according to Bloomberg data. In August, existing home sales had dropped by 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in their first decline since May.

“Some improvement in supply during prior months helped nudge up sales in September,” Lawrence Yun, NAR’s chief economist, said in a press statement. “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”

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9:51 a.m. ET: WeWork opens at $11.28 per share after hitting public markets via SPAC merger

Co-working company WeWork opened for trading at $11.28 per share after making its public debut via a merger with the special-purpose acquisition company BowX Acquisition Corp. The combined company is now trading under the ticker “WE” on the New York Stock Exchange. The SPAC had closed Wednesday at $10.38 per share.

The listing comes after a series of stumbles for WeWork, which resulting in the ousting of its co-founder Adam Neumann after a failed attempt to go public via a traditional initial public offering in 2019. The SPAC merger gives the company a valuation of about $9 billion, versus an as much as $47 billion valuation after a an investment by SoftBank in the private markets.

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9:32 a.m. ET: Stocks open slightly lower

Here’s where markets were trading just after the opening:

S&P 500 (^GSPC): -3.92 (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,532.27
Dow (^DJI): -42.63 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,566.71
Nasdaq (^IXIC): -6.73 (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,114.95
Crude (CL=F): -$0.45 (-0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $82.97 a barrel
Gold (GC=F): -$1.90 (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,783.00 per ounce
10-year Treasury (^TNX): +2.1 bps to yield 1.656{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:33 a.m. ET: New weekly jobless claims set fresh pandemic-era low, dropping to 290,000

Initial unemployment claims improved to their lowest level since March 2020 last week, as the number of firings and other voluntary separations slowed amid widespread labor shortages.

Weekly unemployment claims totaled 290,000 during the week ended Oct. 16, the Labor Department’s data showed on Thursday. The prior week’s jobless claims were upwardly revised slightly to 296,000 from the 293,000 previously reported.

Continuing jobless claims for the week ended Oct. 9 also came in at their lowest level since March of last year. These unexpectedly broke below 2.5 million for the first time since the start of the pandemic, totaling 2.481 million.

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7:25 a.m. ET Thursday: Stock futures give back some gains after Dow’s record-setting session

Here’s where markets were trading Thursday morning:

S&P 500 futures (ES=F): -12 points (-0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,516.00
Dow futures (YM=F): -104 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,373.00
Nasdaq futures (NQ=F): -34.25 points (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,343.25
Crude (CL=F): -$0.65 (-0.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $82.77 a barrel
Gold (GC=F): -$3.40 (-0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,781.50 per ounce
10-year Treasury (^TNX): +2.6 bps to yield 1.661{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:05 p.m. ET Wednesday: Stock futures edge lower

Here’s where markets were trading Wednesday evening:

S&P 500 futures (ES=F): -2.25 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,525.75
Dow futures (YM=F): -30 points (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,447.00
Nasdaq futures (NQ=F): -18 points (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,359.5

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter