Chinese stocks plunge as tensions rise over Pelosi . visit
Stock futures open flat
Stock futures opened flat in overnight trading Monday.
Futures linked to the Dow Jones Industrial Average were up 0.06%, or 21 points. S&P 500 futures and Nasdaq 100 futures fell 0.06% and 0.01%, respectively.
— Samantha Subin
The benefit from here is limited in the coming months, says Truist’s Lerner
Investors overly focused on equities should consider using current market conditions to shorten their positions, as the advantage to equities going forward is limited, said Keith Lerner, Truist’s co-chief investment officer.
According to Lerner, the upside potential for the market in the coming months is likely to be limited in the 3% to 5% range, but the downside could exceed that amount.
“The market has undoubtedly been very resilient and maybe it will stay that way for a bit, but we don’t see the risk reward as compelling here,” he said.
This is by no means an indication of the top of the market and stocks could rise, but it is an opportunity to reassign exposure after last month’s strong market rally, Lerner added.
Pinterest shares 21% pop as Elliott Management reveals top investor position
Pinterest shares rose more than 21% after the company posted stronger-than-expected user numbers and Elliott Management revealed it is the largest shareholder in the image-sharing company.
Activist investor Elliott said in a statement it is “convinced of the ability to create value” at Pinterest, calling the social media company a “highly strategic company with significant growth potential.”
“As the market-leading platform at the intersection of social media, search and commerce, Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest’s next growth phase,” wrote Elliott.
Despite the stock move, Pinterest missed second-quarter estimates on the top and bottom lines. Monthly active users for the period exceeded estimates by 2 million.
— Samantha Subin