Workplace messaging firm Slack is about to go public in a red-hot IPO market, but it's approach to going public--using a "direct listing"--is slightly different than an IPO. » Read More
By: Bob Pisani
IPO watchers were fearful an avalanche of IPOs would cause a crash in the market, but the big tech unicorns have been winners so far. » Read More |
Traders are concerned there is another shoe to drop: more retaliatory measures from China, which may or may not come in the form of tariffs.
Wall Street is increasingly concerned that this is more about the 2020 election than about U.S.-China trade.
According to Renaissance Capital, 42 IPOs have priced this year. The average first-day pop has been 22%, well above the average of 13% to 15%.
Higher tariffs and the absence of a trade deal will force investors to lower estimates for the earnings multiple associated with higher global growth.
The market is pricey — the forward earnings multiple for the S&P 500 is over 17, well above the historic norm of 15 to 16.
Jeffrey Hirsch, who runs Stock Trader's Almanac, says he's fairly bullish about the short-term prospects for the market.
With 261 companies reporting in the S&P 500, earnings are up 0.7% on a blended rate, according to Refinitiv.
SEC Chairman Jay Clayton is making awareness of the retirement crisis a priority for the agency.
Earnings for the S&P 500 are now expected to be flat for the first quarter after dire predictions in December.
Stock traders do not view a new high as really valid unless there is some serious action.
Stock traders do not view a new high as truly valid unless there is some serious action. And that is what is missing from the rally.
It was all so damn long ago: CNBC was born on April 17, 1989.
Early earnings returns from the first quarter are in, and there is a clear warning: higher wage costs, higher raw material costs, and higher transport costs are weighing on earnings.
Stocks are rallying around the world on strong China economic data and Jamie Dimon's supportive comments on the U.S. economy.
First-quarter earnings for the S&P 500 are projected to decline 2.5% year over year, according to Refinitiv consensus estimates.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
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