54 minutes ago
Investors pulled cash from money market funds in the biggest dollar outflow since July 2020
Total money market fund assets fell $68.64 billion in the week ended April 19, according to data from the Investment Company Institute.
According to ICI, this was the largest dollar outflow from these funds since July 2020. The outflows come at a time when investors have parked cash in relatively safe instruments to seek attractive yields. Even after the outflows, these funds still have $5.21 trillion in assets. The Crane 100 Money Fund Index touts a 7-day annualized return of 4.64% as of April 20th.
Institutional funds accounted for the lion’s share of the outflows: $58.92 billion. However, retail money market funds saw assets decline by $9.72 billion.
– Darla Mercado
Before an hour
Individual investor pessimism above average for 69th week of 74, says AAII
According to the American Association of Individual Investors, stock market pessimism was above average for the 69th week of the past 74 weeks.
Bearish views made up 35.1% of respondents in the AAII’s latest poll, up from 34.5% the previous week and a long-term historical average of 31.0%. The AAII pessimism that stock prices would fall in the next six months was above average for the ninth straight week.
Neutral sentiment fell to 37.7% from 39.5% but was above the historical average of 31.5% for the 15th of the last 16 weeks.
Bullish views rose a hair’s breadth from 26.2% to 27.2%, compared to a historical average of 37.5%, in the 72nd of 74 weeks that bullish sentiment has been below average.
Like other sentiment polls, the AAII poll is a contrarian indicator. High levels of bearishness indicate lower risk, while high levels of upside indicate greater risk.
– Scott Snapper
Before an hour
Cathie Wood says Tesla could hit $2,000 by 2027
Ark Invest’s Cathie Wood said Thursday that her EV darling Tesla could hit $2,000 in five years due to a robotaxi boom.
The innovation investor updated its price target for Elon Musk to $2,000 by 2027, a whopping 1,127% increase from Tesla’s close of $162.99 on Thursday.
“It’s one of the most important investments of our lives,” Wood said of robotaxis. Wood believes the Robotaxi opportunity could generate $8 trillion to $10 trillion in revenue by 2030.
— Yun-Li
Before an hour
Stocks make the biggest moves after the bell
Check out the companies making headlines in extended trading.
CSX — Shares of the transportation company rose 2.6% after the company’s first-quarter earnings and revenue beat analysts’ expectations. CSX posted earnings of 48 cents a share on revenue of $3.71 billion. Analysts polled by Refinitiv had expected earnings of 43 cents a share on revenue of $3.58 billion
Knight-Swift Transportation – Shares fell less than 1% after the freight transportation company reported a shortfall in first-quarter earnings. The company reported adjusted earnings of 73 cents per share, according to FactSet, while analysts estimated earnings per share at 81 cents. However, the company’s revenue of $1.64 billion beat analysts’ expectations of $1.61 billion. Knight-Swift also lowered its full-year EPS guidance for 2023.
WR Berkley — Shares of the commercial insurance insurer slipped 2% after WR Berkley reported net premiums that were lower than analysts’ estimates and came in at $2.49 billion versus expectations of $2.53 billion, according to FactSet -Dollar. The company generated operating earnings per share of $1.00, compared to $1.10 per share a year ago.
The full list can be found here.
— Hakyung Kim
Before an hour
Stock futures were little changed Thursday night
Stock futures opened unchanged on Thursday.
Futures linked to the Dow fell 0.05%. S&P 500 futures lost 0.01%, while Nasdaq 100 futures gained 0.06%.
— Hakyung Kim