Day: September 16, 2020

S&P 500 Takes a Tech Tumble as GE and Oil Stocks Surge, but Apple, Facebook Overwhelm Winners

The S&P 500 Index (SNPINDEX:^SPX) closed down 15.7 points Wednesday, or almost 0.5%, ending a three-day streak of gains that started last Friday. Today’s culprit was the usual recent suspect, with tech stocks falling sharply.

The Technology Select SPDR ETF (NYSEMKT:XLK), which tracks the tech stocks in the S&P 500, fell 1.4% today. This erased a day of huge gains for oil stocks, with the Energy Select Sector SPDR ETF (NYSEMKT:XLE) up 4.2% on a big oil-price surge. Financials and industrial stocks also gained today, albeit more modestly. 

Today’s biggest winners included General Electric (NYSE:GE), with shares up 10.7%, followed by independent oil producers Occidental Petroleum (NYSE:OXY) and Diamondback Energy (NASDAQ:FANG), both up around 8%.

But those gains weren’t enough to offset the losses at the top of the index, with Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) falling 3% today; the combined $2.7 trillion market cap of these

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How Singaporean gaming company Razer thrived through the pandemic

  • Boosted by stay-at-home trends, Singaporean gaming and lifestyle company Razer posted record-high earnings in the first half of 2020.
  • Razer’s fintech arm saw a 114.3% year-on-year increase in total payments volume (TPV) fueled by demand for digital payments due to the pandemic.
  • Concerns over shrinking mask supplies led the firm to convert one of their supply lines to a mask production facility.
  • This article is part of a series called Resilient Singapore, which focuses on Singapore’s resilient and sustainable growth in the post-pandemic world.

As businesses and economies around the world reeled from the impact of COVID-19, Razer, the gaming company — which has interests in gaming hardware, software, and services, as well as virtual gaming credits and fintech — saw slow behavioral shifts that worked out in their favor, said Razer’s Chief Strategy Officer Lee Limeng.

“The last six months [proved] very interesting. With people unable to leave their

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Womply Reveals Initial Impact of Benchmark API on COVID-19 Analysis by Government, Non-Profit, Academic, Financial, and Media Organizations

  • Respected institutions such as the Federal Reserve, Harvard University, JP Morgan Chase, and Bloomberg have used Womply’s benchmark data to better understand COVID-19’s impact on local markets and the broader U.S. economy

Womply, the local commerce platform that provides apps, APIs, marketing, and financial tools to make local commerce happen, today revealed a summary of how the company’s Benchmark API has helped a wide range of public and private institutions make sense of evolving consumer spending patterns amid COVID-19.

During the U.S. outbreak, Womply’s Benchmark API has become a ubiquitous source of truth for understanding local commerce. Since March 2020, scores of respected organizations in government, non-profit, academia, finance, and journalism have used the Benchmark API or its underlying data to visualize how the novel coronavirus is impacting local markets and, by extension, the broader economy. Womply provided free data access to these institutions to help advocate for struggling American

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Netflix US cancellation-page traffic up after ‘Cuties’ release: data

  • People are threatening to cancel their Netflix subscriptions over the controversial French film “Cuties,” and third-party data suggests that some US subscribers may be carrying out those threats.
  • SimilarWeb, a firm that tracks website and app usage, found that traffic to Netflix’s US cancellation-confirmation page spiked 187% on September 10 from the day before.
  • The uptick coincided with the September 9 release of “Cuties” on Netflix and the #CancelNetflix hashtag that began trending on Twitter the following day.
  • Netflix’s subscriber base has grown at an unprecedented clip since the pandemic forced people indoors, and it’s possible that some people were planning on canceling the service anyway. 
  • “‘Cuties’ is a social commentary against the sexualization of young children,” a Netflix spokesperson said in a statement that encouraged people who care about these issues to watch the film.
  • Visit Business Insider’s homepage for more stories.

The award-winning French film “Cuties” has sparked

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Hotels.com Launches Site For Space Hotel Bookings… Someday

We have seen the future of hospitality – and it doesn’t include masks. Or human interaction at all, since the concierges of will be AI and the room service will be robots. As part of National Aviation Week, Hotels.com has begun to imagine what space hotels of the distant future might look like, in an effort to raise awareness for the space tourism industry and the role the company hopes to play in connecting prospective space tourists with the theoretical myriad of space hotel options we’ll someday have to choose from.

The new site, “One Small Step for Hotels,” definitely takes some liberties with the possibilities for future space hospitality based on existing technology and, well, physics, but it’s fun to dream. Imaginative, technicolor mock-ups on the site show what hotel life in space might look like: space-suit inspired robes, moon boot slippers, and

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US stocks close lower after Fed rate decision

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A currency trader stands near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Wednesday, Sept. 16, 2020. Shares were mostly higher in Asia on Wednesday after advances for big technology companies carried Wall Street to further gains overnight.

AP

Stocks closed lower on Wall Street Wednesday after a rally following the Federal Reserve’s latest interest rate policy update faded in the final hour of trading.

The S&P 500 fell 0.5% after having been up 0.6% following the 2 p.m. Eastern time Fed announcement. The central bank signaled it will keep interest rates near zero into 2023 and issued a slightly less dire outlook for economic growth and unemployment this year.

The Fed’s decision to leave rates unchanged had been widely expected by Wall Street and continues the central bank’s policy of unprecedented support for financial markets

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US stocks close mixed as tech slump overshadows Fed’s plans for long-term support

  • US stocks closed mixed on Wednesday as sliding tech giants overshadowed the Federal Reserve’s pledge to keep monetary support intact for the foreseeable future.
  • Central bank policymakers signaled near-zero interest rates would last through 2023 to buttress the US economic recovery.
  • The tech sector dragged major indexes into intraday losses, with mega-caps including Apple and Facebook leading the slump.
  • Retail sales grew by just 0.6% in August, missing the average economist estimate of 1% and marking a slowdown from July’s 1.2% growth.
  • Oil prices increased on reports of US stockpiles falling by 9.5 million barrels last week. West Texas Intermediate crude jumped as much as 5.4%, to $40.33 per barrel.
  • Watch major indexes update live here.

US equities closed mixed on Wednesday as investors weighed the Federal Reserve’s latest policy decision against a tech-sector slump.

Tech names slowed their roll on Wednesday after rebounding in recent sessions. Mega-caps

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Personal Technology With Joanna Stern

Personal Technology With Joanna Stern

Season 1 Episode 68

Apple’s latest iOS 14 can completely change the look of your iPhone

By Joanna Stern

Apple’s iOS 14 is full of new features that can make your iPhone more productive—if you can find them. WSJ’s Joanna Stern shows you how to use the new widgets, App Library, picture-in-picture mode and more. Photo illustration: Alex Kuzoian

Personal Technology With Joanna Stern

Technology is overwhelming and making decisions about what gadget to buy is harder than ever. WSJ personal tech columnist Joanna Stern makes it all a bit easier in her lively and informative videos.

Up Next in Personal Technology With Joanna Stern

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Facebook’s Project Aria is test-driving tech for AR glasses on real-world people this year

frl-research-project-aria-research-participant

Project Aria on a tester, and what they’ll look like: thick glasses with lots of sensors and cameras.


Facebook

We won’t be wearing our magic Tony Stark AR smartglasses this year, or the year after, or maybe not even the year after that. Although Facebook is already working on smartglasses with Luxottica, those won’t be world-sensing mixed reality devices yet. But Facebook’s Project Aria is ready to start mapping the real world with a head-worn sensor array being deployed to 100 or so testers in Seattle and the San Francisco Bay Area starting this month. The company announced the news Wednesday at its virtual Facebook Connect conference.

Facebook’s current immersive product is the Oculus Quest 2, an advanced stand-alone VR headset that can scan the real world a bit. But Facebook’s AR ambitions are going a lot further than that: The company’s currently working on mapping a spatial scan

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Twitter removes Kanye West tweet sharing Forbes editor’s personal info

gettyimages-1051902348

Kanye West is running for president but isn’t on the ballot in all states.


Getty Images

Twitter on Wednesday removed a post by Kanye West that shared personal information about a Forbes editor. Still, the tweet was up long enough to garner about 17,000 retweets. 

West, the rapper who at times appears to post a stream of consciousness on Twitter, called Forbes’ chief content officer a white supremacist and shared his phone number, which is against Twitter’s policies. As a result, the social media site removed the tweet, leaving the note “This Tweet is no longer available” in its place. 

But Twitter had left the post in place for about 30 minutes before determining it violated policy, according to Business Insider. The Forbes editor targeted in the post, Randall Lane, wrote about West in early July following a long-ranging interview that covered everything from West’s bid for president to his

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