Stocks slid into the close on Monday as investors shunned high-flying tech stocks. The Dow finished lower after touching a fresh record high during the session. The S&P 500 fell 44 points. The Nasdaq got walloped, tumbling 350 points. Stock losses outside of the tech sector were limited by strength in economically-sensitive names. That portfolio adjustment towards sectors that should do well in an economic upswing isn’t done, says Julia Carlson, CEO, Financial Freedom Wealth Management Group."I think we're going to still see strength in value based companies, in real estate investment trust, the equity real estate. I also think financials will do well and, you know, more of those consumer staple investments."But in a reminder that the rebound is still in its early phase – look at travel and tourism stocks. Profits and sales at hotel chain Marriott came in weaker than expected. Marriott, which gets about three-quarters of its revenues from North America said bookings in the U.S. were still down sharply.Tyson Foods topped earnings and revenue forecasts for the quarter and guided full-year sales estimates higher. But it had a warning. The largest U.S. meat processor said it is "seeing substantial inflation across our supply chain," which it says will put a squeeze on profits in the second-half of the year.Colonial Pipeline, the largest fuel pipeline in the United States and the victim of a cyber attack that shut down its entire network, expects to "substantially" restore operational service by the end of the week. Energy watchers fear the disruption, which comes as more Americans hit the road, could push gasoline prices to their highest level since 2014. In cryptocurrency news: ethereum hit a record high above 4,000 dollars amid rising demand for the bitcoin alternative.
Jeremy Welch, Kraken's Chief Product Officer, joined Yahoo Finance to discuss the outlook for crypto and Dogecoin after Elon Musk calls it ‘a hustle’ on SNL.
Mario Morris, Notre Dame's Deputy Atheltic Director, discuessed how COVID-19 impacted collge sports and the future of NCAA athltetes earning sponsorships with Yahoo Finance.
Dr. Sejal Hathi, Physician & Clinical Fellow at Massachusetts General Hospital & host of “Civic Rx” podcast, joined Yahoo Finance to discuss the lastest on covid-19.
CUNY Chancellor Felix V Matos Rodriguez joined Yahoo Finance to discuss the Class of 2021 and the future of high education.
Palestinian militants in the Gaza Strip fired rockets toward the Jerusalem area and southern Israel, carrying out a threat to punish Israel for violent confrontations with Palestinians in Jerusalem.The Gaza health ministry said nine Palestinians, including three children, were killed "in a series of strikes in northern Gaza." It did not explicitly blame Israel for the deaths, in an area that has been a staging ground for militants' cross-border rocket attacks.Rocket sirens sounded in Jerusalem, in nearby towns and in communities near Gaza minutes after the expiry of an ultimatum from the enclave's ruling Hamas Islamist group demanding Israel stand down forces in the al Aqsa mosque compound and another flashpoint in the holy city.Lieutenant-Colonel Jonathan Conricus said that on Monday, at least six of the 45 rockets fired from Gaza were launched towards Jerusalem's outskirts, where a house was hit. No casualties were reported.He said Israel had carried out an air strike in northern Gaza against Hamas militants and was looking into reports that children were killed.
The ransomware group accused of crippling the leading U.S. fuel pipeline operator said on Monday that its goal was to make money and not sow mayhem. The FBI accused the group that calls itself DarkSide of a digital extortion attempt that prompted Colonial Pipeline to shut down its vast network that transports nearly half of the East Coast's fuel supplies.Deputy National Security Adviser for cyber Anne Neuberger told reporters that the FBI had been tracking DarkSide since at least last October. “In this case the ransomware that was used is a known variant..." And the intelligence community is investigating whether the hackers have ties to the Russian government. "At this time, we assessed that DarkSide is a criminal actor but that's certainly something that our intelligence community is looking into." President Joe Biden on Monday weighed in: BIDEN: "I'm going to be meeting with President Putin and so far there's no evidence based on, from our intelligence people that Russia is involved. Although there is evidence that the actors' ransomware is in Russia. They have some responsibility to deal with this." The terse news release posted to DarkSide's website early on Monday did not directly mention Colonial Pipeline but, under the heading "About the latest news," it noted that "our goal is to make money, and not creating problems for society." The statement - which had several spelling and grammatical errors - did not say how much money the hackers were seeking.Some security experts interpreted the statement as an indication that the DarkSide hackers were now trying to put some distance between themselves and the chaos they had unleashed. Days after shutting down the pipeline, Colonial on Monday said it has a phased restart program and hopes to "substantially" restore service by the end of the week. U.S. Homeland Security Advisor Elizabeth Sherwood-Randall said the company was moving cautiously.“Colonial is currently working with its private cybersecurity consultants to assess potential damage and to determine when it is safe to bring the pipeline back online. Thus far, Colonial has told us it has not suffered damage and can be brought back online relatively quickly, but that safety is a priority, given that it has never before taken the entire pipeline down.” As to whether the U.S. government was advising Colonial on whether to pay a ransom, officials said it's up to the company... adding that the administration has not offered further advice at this time.
Sadie Kurzban, Founder & CEO of 305 Fitness, joined Yahoo Finance Live to discuss the reopening of all the company's studios and her outlook for the fitness industry.
The White House on Monday declined to clarify its stance on abolishing qualified immunity, a provision holding up negotiations of the administration’s preferred police reform bill, which is struggling to gain traction in the Senate.
Elon Musk's SpaceX will start accepting dogecoin for lunar missions, but Financial Freedom Wealth Management CEO Julia Carlson tells Reuters' Fred Katayama why she thinks investors are best off dodging it altogether.
Scott Bauer, Prosper Trading Academy CEO, joins Yahoo Finance Live to discuss impacts from one of America's largest pipelines shutting down after being hit by a cyber attack.
Frank Hodge, Orin and Janet Smith Dean of the University of Washington’s Foster School of Business, joins Yahoo Finance Live to discuss what the future holds for 2021 college graduates.
During the White House press briefing on Monday, Homeland Security adviser Elizabeth Sherwood-Randall said the cyber breach did not affect fuel supplies.
Attorneys general from 44 states and territories urged Facebook CEO Mark Zuckerberg on Monday to ditch plans to launch a version of Instagram for children under 13.In a letter - signed by the attorneys general of New York, Texas, California, Massachusetts and others - they said: "Use of social media can be detrimental to the health and well-being of children, who are not equipped to navigate the challenges of having a social media account."In the letter the attorneys general said Facebook has "historically failed to protect the welfare of children on its platforms."The officials cited 2019 media reports that showed Facebook’s Messenger Kids app, intended for kids between ages six and 12, contained a design flaw that allowed them to bypass restrictions and join group chats with strangers that were not previously approved by their parents.In response to the letter, a Facebook spokesman said the company has just started exploring a version of the photo-sharing app for kids.And that with any Instagram experience it would prioritize the children's safety and privacy and commit to not showing ads.
In remarks at the White House on Monday, President Biden touted the American Rescue Plan and defended his policies since taking office, saying “Our economic plan is working.”
Jefferies managing director Andy Barish discusses the state of the restaurant industry, including labor shortages, wage concerns and what companies stand to benefit from current conditions.
It's shaping up to be a battle over fast-food workers. Burrito chain Chipotle Mexican Grill threw its hat in the ring on Monday, announcing that it plans to hire 20,000 more employees as fast-food chains scramble to reopen dining rooms now that the health crisis has eased. In order to lure workers to its restaurants, Chipotle is bumping-up its average hourly wage to $15 by the end of June, but pay could go as high as $18 an hour.In addition, Chipotle is offering a $200 employee referral bonus for crew members and $750 for apprentices or general managers. It is not alone in its efforts. Several U.S. chains, including the biggest of them all, McDonald's, are adding benefits or running hiring events in attempt to lure new employees. Some business leaders say they are facing a worker shortage, even though there are still millions of Americans out of work. There is a debate over the reason why. Extra jobless benefits are being blamed for keeping lower-wage workers at home, lack of adequate child care is another factor believed to be a cause and then there are some Americans who might still feel it is not yet safe to go back to work.
The Committee on House Administration hears testimony from Capitol Police Inspector General Michael Bolton about the Jan. 6 attack on the U.S. Capitol.