Connect with us

NEWS

Stock futures rise as Wall Street looks to rebound after sell-off

Published

on

U.S. stock futures were slightly higher on Thursday morning after another choppy trading session as investors remained cautious amid rising rates and the Nasdaq dipped into correction territory.

Futures tied to the Dow Jones Industrial Average gained 76 points, or 0.22%. S&P 500 futures added 0.24% and Nasdaq 100 futures traded about 0.42% higher.

United Airlines shares fell about 2.5% in extended trading after the company reported its quarterly results and warned that omicron has dented bookings and will delay its pandemic recovery.

In regular trading, the Dow fell for the fourth day in a row, by 339 points, or 0.9%. The S&P 500 also fell 0.9%. The Nasdaq Composite closed down by 1.15% and now sits about 10% from its November record.

This year’s turbulence in tech stocks, set off by a spike in yields in the first week of January, continued Wednesday as the 10-year U.S. Treasury yield hit a high of 1.9%. It started the year at about 1.5%.

Brad McMillan, chief investment officer at Commonwealth Financial Network, acknowledged that the turbulence could last for some time but said investors shouldn’t panic about interest rate increases and that they’re normal as the economy returns to normal.

“The economy and markets can and do adjust to changes in interest rates,” McMillan said. “This environment is a normal part of the cycle and one we see on a regular basis. The current trend is perhaps a bit faster than we’ve been seeing, but it is a response to real economic factors—and, therefore, normal in context.”In addition to growth stocks, banks also pulled back Wednesday, despite strong earnings reports from Bank of America and Morgan Stanley, both of which saw shares rise.

Big regional banks Regions Financial and Fifth Third will report earnings Thursday before the bell, as well as American Airlines, Union Pacific and Baker Hughs. Netflix is the big name to watch Thursday. The streaming giant is set to report its quarterly results after the bell.

In economic data, investors are expecting numbers on jobless claims and existing home sales Thursday.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

NEWS

Nigerian students’ association threatens to shut down all international airports over prolonged ASUU’s strike

Published

on

ASUU to begin fresh strike

The National Association of Nigerian Students (NANS) Southwest Zone D has threatened to shut down all international airports over the failure of the Nigerian government to address the lingering strike action of the Academic Staff Union of Universities and other staff unions.

Coordinator of the NANS Zone D, Adegboye Olatunji in a statement said the students had waited long enough for the government to resolve the crisis.

He added that students would take the bull by the horns and no longer keep quiet, pointing out that President Muhammadu Buhari’s position on the crisis could ruin their future.

The statement read, “It is timely and urgent to address this press conference today with a view to putting an end to the long lingering strike action of ASUU and ASUP (Academic Staff Union of Polytechnics), a total reformation of the educational sector.

“The Leadership of the National Association of Nigerian Students Southwest (Zone D) in conjunction with the National Association of University Students Southwest (NAUS) has taken it upon herself to categorically stand against the dilapidated state of the educational sector in Nigeria.

“We are at a time when Nigerian Students have lost hope and do not know what’s next on the radar. ASUU strike has been on for over 3 months without forgetting the ASUP warning strike of 2 weeks.

“We have also waited for long to see if the Federal Government will dance to the music of Nigerian students who have been clamouring for an end to the ASUU strike but the reverse is the case. We’ve had several press conferences, granted several interviews, and held several meetings to plead with both ASUU and Federal Government. Our future is been jeopardised. We’re in a country where age is a key factor in labour market.

“Aviation unions gave a 2-day warning strike on shut down of flight operations. A meeting was scheduled by the Federal Government and strike action was called off in less than 24hours because the first-class citizens would be affected. But it is so obvious that none of them is affected by ASUU/ASUP Strike. They have their children all over the world enjoying a smooth educational system.

“On Monday, May 16th, 2022, the Accountant General of the Federation, Ahmed Idris was arrested over alleged money laundering and diversion of public funds of at least N80 Billion by the Economic and Financial Crimes Commission (EFCC). Where is the integrity of the government preaching against corruption? How much of the public funds would have settled the educational sector and put an end to the yearly ASUU/ASUP Strike action.

“For so long, ASUU/ASUP strike has been ongoing and the Federal Government has not been showing concern through the Minister of Education.

“We are ready to take the bull by the horns as Nigerian students will not keep silent and watch our future being ruined by the prolonged ASUU/ASUP Strike.

“According to the Commandment of Solidarity, we’re on the last C of ALUTA which is Confrontation. This is the time to call on all Nigerian students across all zones to come out in mass to take over all international airports in the country. Nigerian students are tired of the long-overdue strike action.

“The leadership of the National Association of Nigerian Students Southwest (Zone D) in conjunction with the National Association of University Students (NAUS) hereby declares a massive protest to shut down all international airports in Nigeria. We must state categorically to the Federal Government that all activities shall be shut down by over twenty-two million five hundred and twenty-seven (22,575,000) Nigerian students across Southwest Nigeria until ASUU / ASUP Strike is called off totally.”

Continue Reading

NEWS

VIDEO: Tension as Okada riders, policemen clash in Lagos

Published

on

There is tension in the Ojo Local Government Area of Lagos over an attempt by policemen to enforce the state government ban on the operation of commercial motorcycle operators also known as Okada riders.

The state government had on Wednesday issued a total ban on the activities of the Okada riders in six local government areas of the state over the killing of a sound engineer, David Imoh, at Lekki.

Policemen from Onireke Police Station, Ojo, had impounded some commercial motorcycles for operating along the Mile 2 – Badagry expressway, an action which the riders resisted.

The riders attempted to overrun the station and possibly set free some of their members who were arrested by the policemen.

The riders set fire in the middle of the road, while the owners of vehicles abandoned them by the side of the road due to the chaos.

The crisis led to a stampede as pedestrians fled for fear of being caught up in the crossfire.

Moreso, the incident created heavy vehicular movement on both sides of the road.

While the policemen fired several shots into the air to disperse the commercial motorcycle operators, the riders themselves pelted the officers with stones, daring the policemen to come after them.

A yet to be ascertained number of persons sustained different wounds as they tried to run away from the trouble zone.

Presently, a combined team of anti-riot policemen and some soldiers have been deployed to return normalcy to the area.

WATCH THE VIDEO OF THE CLASH BELOW:

Continue Reading

NEWS

Army Major commits suicide 3 days to court-martial verdict

Published

on

A former Battalion Commanding Officer who led the fight against Boko Haram in the North East, Major UJ Undianyede, is said to have committed suicide.

According to sources, he killed himself less than 72 hours to the verdict of a court-martial trying him for alleged military infractions during the war.

The sources, who confirmed the incident last night, said the Major killed himself on Monday on the premises of the Nigeria Defence Academy (NDA) in Kaduna, with his service pistol.

“I think he killed himself because of the judgment of the court-martial which has been fixed for tomorrow (today, May 19). We only learnt about his death today (Wednesday).

“In prosecuting the war, the Major with some of his colleagues allegedly committed some infractions for which he was being tried at the 1 Division in Kaduna,” one of the sources said.

The offences listed against the deceased officer by the court martial in the 1 Division included misappropriation of funds, abandonment of military post, insubordination, and desertion, among others.

Another source attributed the Major’s death to post-traumatic stress disorder (PTSD), noting that he had been in the North East for some time battling Boko Haram terrorists.

The Major, a Course 55 Regular Officer and other members of his class, were said to be due for promotion to the rank Lieutenant Colonel this September.

When contacted, the spokesman of the Nigerian Army, Brig.-Gen. Onyema Nwachukwu, said he had not been briefed.

However, the Public Relations Officer of the NDA, Major Bashir Jajira, dismissed the report, saying no officer of the academy was involved in suicide.

“No personnel of the academy was involved in suicide as reported, and in fact, our cadets are presently in Kachia for combat shooting training, they are not in the academy. So, no such training took place.”

In the same vein, the Assistant Director, Army Public Relations, 1 Division Headquarters, Kaduna, Major Musa Yahaya stated that he was not aware of any court-martial taking place in the division as earlier reported.

Continue Reading
Advertisement

Latest News

Advertisement

Trending