By Devik Jain

Oct 6 (Reuters)The S&P 500 and the Nasdaq retreated on Tuesday as Federal Reserve Chair Jerome Powell warned the U.S. economic recovery remained far from complete, with a selloff in some of the biggest technology companies also weighing on sentiment.

The domestic rebound could still slip into a downward spiral if the coronavirus is not effectively controlled and growth sustained, Powell said, in a call for more help to businesses and households.

“Markets are worried about what the Fed knows that we don’t know,” said John Augustine, chief investment officer at Huntington National Bank in Columbus, Ohio.

“The things that are obvious to us are that small businesses are closing and unemployment remains high in the services sector. The Fed aggressively wants to address both of those with more fiscal stimulus.”

Comments from officials that a stimulus deal was still possible had lifted the

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PARIS/BERLIN (Reuters) – Shares in Puma <PUMG.DE> fell 3.5% on Tuesday after French luxury group Kering <PRTP.PA> said it had completed the sale of a 5.9% stake in the German sportswear company for approximately 656 million euros ($772 million).

Kering has increasingly focused on its high-margin luxury brands like Gucci, Saint Laurent and Balenciaga in recent years, spinning off 70% of Puma to its shareholders in 2018.

Puma struggled after it was bought by Kering for 5.3 billion euros in 2007, but it has enjoyed a revival in the last few years, helped by sponsorships of top soccer teams and partnerships with celebrities like Rihanna and Selena Gomez.

The sale reduces Kering’s stake in Puma to 9.8% from a previous 15.7%. Kering, which had announced its plan to sell the stake on Tuesday, said the transaction corresponded to a selling price of 74.50 euros per share.

Puma’s shares traded down

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The number of people filing initial unemployment claims dipped slightly last week to 837,000, holding relatively steady for the fifth week in a row as the labor market’s recovery continues at a crawl.

The figure, released Thursday by the Labor Department, is a decrease of 36,000 from the previous week’s revised level.

Claims have stagnated at a historic level, though they remain well below a peak of nearly 7 million in March. The four-week moving average was 867,250 last week, while the pre-pandemic record sits just shy of 700,000.

Another 650,120 people applied for benefits through the Pandemic Unemployment Assistance program, which was created by Congress to aid workers who would not otherwise qualify for jobless benefits, such as gig workers and self-employed people.

The number of people continually receiving jobless benefits, however, fell notably, decreasing by 980,000 to 11.8 million in the week ending Sept. 19 – a positive

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Even though the number of Covid-19 tests done across the country fell from nearly 15 lakh on Thursday to nearly 7 lakh on Sunday, there was only a slight drop in number of daily cases, indicating a sudden increase in positivity rates.

On a total of a record 14.92 lakh tests done on Thursday, the number of fresh cases reported was 86,052. However, 82,170 new cases were reported on Sunday when around 7.09 lakh tests were conducted. The positivity rate on Sunday was recorded at around 11.58 per cent whereas on Thursday, it was at 5.77 per cent. Positivity rate is calculated by dividing the number of cases by total tests done.

However, independent experts said there was not much to worry about this seemingly high positivity rate.

“I would not read much into figures of one-off day. But, if these figures remains consistently at that level, then it becomes

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(Bloomberg) — Stocks climbed as dip buyers appeared after the market slide and traders awaited developments on U.S. stimulus talks.

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After the close of regular trading, House Speaker Nancy Pelosi’s spokesman said that she talked with Treasury Secretary Steven Mnuchin Friday regarding a relief package, and they agreed to continue their conversation. Tech companies led gains in the S&P 500, while real-estate, industrial and consumer-discretionary shares rose at least 1.4%. Boeing surged on a news report the top U.S. aviation regulator plans to test-fly the grounded 737 Max on Wednesday. Carnival and Royal Caribbean Cruises rallied after being upgraded at Barclays, which said the “worst is in the past” for cruise companies. The dollar advanced.

The benchmark gauge of American equities still posted its fourth straight weekly drop — the longest losing streak since August 2019. Amid mounting signs that the pace of recovery will ebb with an

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InvestorPlace – Stock Market News, Stock Advice & Trading Tips

Facebook (NASDAQ:FB) stock — alongside the rest of the tech sector — has plunged in September, with shares falling as much as 18% in a matter of just three weeks.

Source: Chinnapong / Shutterstock.com

Do not stress this recent weakness. This dip is little more than a golden buying opportunity, before FB stock rips significantly higher over the 12 to 15 months.

Why?

Three big reasons:

  1. Ad spending is on the cusp of rebounding in a big way in 2021.
  2. Instagram Reels will provide a huge engagement and revenue tailwind for Facebook over the next few quarters.
  3. Facebook stock is attractively undervalued ahead of those upside catalysts.

So, don’t overcomplicate this one. Buy the dip in FB stock. Hold for big upside in 2021.

Here’s a deeper look.

Rebounding Ad Spend

As goes consumer spending, so goes ad

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A pedestrian wearing a face mask looks at a smartphone while passing in front of the New York Stock Exchange (NYSE) in New York, on Monday, July 20, 2020.

Michael Nagle | Bloomberg | Getty Images

After another week of losses, tech could be at the heart of a tug of war as dip buyers look for bargains in some of their favorite names and others see the group as still too frothy.

In the past week, the S&P 500 and Nasdaq were both down about 0.6%, the third losing week. It was the S&P 500’s longest losing streak since October. Tech was broadly lower, with Amazon and Facebook both down 5% for the week. Information technology shares lost 1% but communications which includes Facebook and Google fell 2.3% for the week.

“I think every time you’ve had a significant pullback in the familiar names, that tends to draw in

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SINGAPORE — Stocks in major Asia-Pacific markets mostly traded lower Thursday morning as investors react to overnight developments from the U.S. Federal Reserve.

Mainland Chinese stocks were lower in early trade, with the Shanghai composite down 0.52% while the Shenzhen component declined 0.697%. Hong Kong’s Hang Seng index shed 0.56%.

Japan’s Nikkei 225 slipped 0.46% in morning trade while the Topix index dipped 0.25%. South Korea’s Kospi shed 0.63%.

In Australia, the S&P/ASX 200 traded slightly lower. The moves came as data showed seasonally adjusted employment in Australia increasing by 111,000 people between July and August — according to the country’s Bureau of Statistics. That compared against expectations of a 50,000 decline in a Reuters poll.

Meanwhile, the Straits Times index in Singapore bucked the overall trend regionally as it rose 0.28% after official data showed Thursday that August non-oil domestic exports rose 7.7% year-on-year. That was higher than expectations

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By John McCrank

NEW YORK, Sept 14 (Reuters)Asian shares looked set to open lower on Tuesday as investors shifted focus to upcoming data and central bank meetings although positive developments around potential COVID-19 vaccines and increased deal activity are likely to stem losses.

Australia’s S&P/ASX 200 futures YAPcm1 were down 0.22% and Hong Kong’s Hang Seng index futures .HSIHSIc1 lost 0.08%. Japan’s Nikkei 225 futures NKc1 were flat after Chief Cabinet Secretary Yoshihide Suga won a ruling party leadership election, paving the way for him to succeed Prime Minister Shinzo Abe.

E-mini futures for the S&P 500 EScv1 gained 0.11%.

On the economic data front, China’s industrial production and retail sales for August are expected to show an improving economy later on Tuesday. Chinese house price data for August is also due.

“The global economic recovery is currently being driven by China’s fast rebound,” said Joseph

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Wayfair (NYSE:W) stock has dropped over 20% from its late August high. The slump wasn’t fueled by any official news from the e-commerce specialist. Instead, investors pulled shares lower as part of the wider tech sell-off. There are also rising concerns that Wayfair’s short-term growth might not live up to expectations.

But taking advantage of the decline might set investors up for bigger gains down the road — if you believe in the bullish outlook for this business. Let’s take a closer look at why you might want to capitalize on Wayfair’s latest pullback.

Great engagement

Wayfair has had about the best first half to fiscal 2020 that shareholders could have hoped for. A pandemic-related shift toward e-commerce spending, especially in home furnishings, has helped it add $2.3 billion, or 53%, to its sales in six months. That result includes the dramatic 84% surge in revenue in the fiscal second

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