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
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.Economyread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and it's hurting America."Economyread more
Bitcoin topped the $13,000 level Wednesday, rallying to its highest price since January 2018.Bitcoinread more
Wayfair drew backlash and calls from some customers for a boycott after employees protested the company's apparent sale of $200,000 of mattresses and bunk beds destined for a...Retailread more
The president raised $6 million alone at a fundraiser he attended at the Trump International Hotel on Tuesday in Washington.Politicsread more
During the foreclosure crisis, investors transformed the single-family home rental market into a formally managed asset class. Now they want new homes.Real Estateread more
The first debates will give most of the contenders their biggest platform yet to present themselves to the American people.Politicsread more
The shutdown of the fire-damaged Philadelphia Energy Solutions refining complex could send gasoline prices higher across the U.S., but particularly in the mid-Atlantic region...Market Insiderread more
President Trump lambastes Twitter, Google and other technology giants for what he claims as their efforts to stifle him.US Economyread more
Shares of technology giants have fallen out of favor with fund managers, replaced by bets on the U.S. dollar as the most crowded trade.
The so-called "FAANG + BAT" stocks, including Facebook, Amazon, Apple, Netflix, Google's Alphabet, along with Baidu, Alibaba, Tencent, had been the most crowded trade since February, according to the latest monthly Bank of America Merrill Lynch Fund Manager Survey. But now, the dollar has become fund managers' number one trade.
Over the past three months, Apple shares have plunged more than 20 percent, while Facebook shares have fallen 13 percent. Amazon shares also have fallen since the company reached a $1 trillion valuation earlier this year. Shares of the e-commerce giant are down 22 percent in the last three months, bringing the company's valuation back down to $744 billion, but share prices are still up more than 30 percent in 2018.
The greenback, in the meantime, has strengthened on the back of solid U.S. data including strong consumer spending. The safe-haven buying amid the recent stock rout and increased volatility has also pushed the dollar higher. It reached an 18-month high last week.
FAANG is still the second most-crowded trade, followed by bets against emerging markets, the survey showed.
The survey took place from Dec. 7 to 13. It included responses from 243 investors who collectively have nearly $700 billion under management.
Bank of America Merrill Lynch also released it survey of fund managers on Tuesday. It found that investors are fleeing stocks and buying bonds in record numbers amid the global sell-off in equities.