Gold futures rose Wednesday for a third straight session to post their highest settlement in more than a month. "Gold price moves are all about...investment demand in the short term," said Chintan Karnani, chief market analyst at Insignia Consultants. Current weakness in the dollar is the reason for the climb in gold prices, he said, adding that he believes hedge funds will short the dollar if there is a "close-fought U.S. presidential election." December gold rose by $14.10, or 0.7%, to settle at $1,929.50 an ounce. That was the highest finish for a most-active contract since Sept. 18, according to FactSet data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Shares of Datto Holding Corp. rallied out of the gate, as they opened 18.5% above the initial public offering price, before paring gains. The cloud-based software company, which is a wholly owned subsidiary of New York Stock Exchange parent Intercontinental Exchange Inc. , raised $594.0 million in the IPO, which priced at $27 a sjare, at the top of the expected range of $24 to $27 a share. With 157.55 million shares outstanding after the IPO, the pricing valued the company at about $4.25 billion. The stock's first trade on the NYSE was at $32.00 at 12:05 p.m. Eastern for 2.3 million shares. The stock has pulled back since then, to trade 4.7% above the IPO price. Morgan Stanley, BofA Securities, Barclays and Credit Suisse were the lead underwriters. In the six months ended June 30, Datto recorded net income of $10.1 million on revenue of $249.1 million, after a net loss of $25.7 million on revenue of $214.9 million in the same period a year ago. The company has gone public at a time that the Renaissance IPO ETF has rallied 23.9% over the past three months while the S&P 500 has gained 6.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Ebay Inc. said Wednesday that it has launched a "certified refurbished" platform that will sell items like power tools, small kitchen appliances and laptops. These items will come directly from the brands at a savings of up to 50%. Among the brands that eBay has an exclusive relationship with are Mikita, Philips and Hoover, though items from a range of other brands are available. The platform comes at a time that more consumers are looking to make eco-friendly purchases and eliminate waste. Moreover, eBay is launching the platform at the start of the holiday shopping season, one in which many shoppers plan to spend less compared with last year. An eBay survey found that 78% of respondents would welcome a refurbished electronic gift. And 37% say their holiday budgets have declined. Last week, eBay announced that it has stepped up its sneaker authentication program. Ebay stock has surged 46.6% for the year to date while the S&P 500 index is up 6.5% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 1 million barrels for the week ended Oct. 16. That followed a 3.8 million-barrel decline the week before. On average, analysts polled by S&P Global Platts forecast a weekly decrease of 1.9 million barrels, while the American Petroleum Institute on Tuesday reported an increase of 584,000 barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1 million barrels for the week. Gasoline supply, meanwhile, climbed by 1.9 million barrels, while distillate stockpiles fell by 3.8 million barrels. The S&P Global Platts survey had shown expectations for supply declines of 1.6 million barrels for gasoline and 3 million barrels for distillates. December West Texas Intermediate crude was down 77 cents, or 1.9%, at $40.93 a barrel on the New York Mercantile Exchange. Prices traded at $41.01 before the supply data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Exchange-traded funds that track the price of cryptocurrencies jumped Wednesday after PayPal Holdings Inc. said it would allow customers to buy certain cryptocurrencies and hold them in PayPal Wallets. The Grayscale Bitcoin Trust was up 6.1%, and the Grayscale Ethereum Trust gained 5.6%, while PayPal stock jumped 4%. There are no ETFs that hold cryptocurrencies directly, so the Grayscale products are the closest means of making a bet on their prices. Bitcoin prices rose 4.6% Wednesday morning, and Ethereum was up 4.3%. In the year to date, Bitcoin price have gained about 79% and those for Ethereum are up about 190%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.