Something unusual is happening in financial markets and it could mean more gains lie ahead for stocks, if history is any indication.Marketsread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
See which stocks are posting big moves after the bell on June 26.Market Insiderread more
Ten 2020 Democratic presidential candidates will take the debate stage Wednesday at the Adrienne Arsht Center for the Performing Arts in Miami.2020 Electionsread more
Credit Suisse initiated coverage of Tesla Wednesday with an "underperform" rating and a price target 15% below where the stock closed.Marketsread more
Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
These attacks have given the public the opportunity to examine the problems associated with ransomware, where corporations -- not obligated to disclose these attacks -- have...Technologyread more
Online home goods retailer Wayfair sold roughly 1,600 mattresses and 100 bunk beds to Baptist Child and Family Services, a nonprofit that works as a federal contractor...Retailread more
HPV infections declined substantially since a vaccine was introduced, providing 'strong evidence' the vaccine prevents cervical cancer in the real world, according to a World...Health and Scienceread more
"As a private company we don't have the tools to make the Russian government stop," Facebook CEO Mark Zuckerberg said at the Aspen Ideas Conference on Wednesday. "We can...Technologyread more
Bitcoin jumped to its highest price since January 2018 on Wednesday.Bitcoinread more
Bill Gross had a bad day Tuesday.
The portfolio manager's Janus Henderson Global Unconstrained Bond Fund declined by nearly 3 percent, its worst day since inception, as bond market volatility surged on Italian geopolitical concerns. The fund is now down 5.9 percent for the year to date through Tuesday, according to Morningstar.
As of the end of March, the fund had minimal, if any, exposure to Italy. The European country, in the headlines this week because of political turmoil, is not listed among the fund's 10 largest country exposures.
Instead, the drop in performance may have been driven by a negative bet against Treasury bonds, looking for their price to fall.
In a letter to investors about the first quarter, Gross wrote, "Volatility sales on U.S. interest rates contributed to performance, namely positions structured to benefit from a moderate rise in rates."
Assuming he didn't change that position in the second quarter, that bet would have blown up. On Tuesday, bond prices rallied as yields tumbled when investors grasped for a safe haven from the prospect of another euro zone crisis.
The yield on the benchmark 10-year Treasury note broke below 2.8 percent on Tuesday, declining more than 15 basis points from the previous session and off its highs above 3.13 percent earlier this month. Bond yields move inversely to prices.
Gross is the portfolio manager of the firm's $2.1 billion Global Unconstrained Bond Fund. Previously, he co-founded and was chief investment officer of Pimco.
Janus Henderson did not immediately respond to a request for comment.