Stocks erased earlier gains and traded lower Tuesday, as investors continued to eye states’ reopening plans and mulled recent corporate earnings results. Market participants also eyed the start of the Federal Reserve’s program to purchase corporate debt exchange-traded funds, which kicks off Tuesday....
(Bloomberg) -- The Federal Reserve’s dive into corporate debt on Tuesday aligns the U.S. central bank with money managers around the world pivoting toward America Inc.’s bonds and away from its shares.Exchange-traded funds investing in credit saw $2.4 billions of inflows in the past week, compared to outflows for equities, data compiled by Bloomberg show.Funds targeting American stocks posted $9.3 billion of outflows in the period ending May 6, the most in six weeks, according to a Bank of America note citing EPFR Global data. The six-week inflow for high-yield bonds hit a record $32 billion.It’s the “follow the Fed” mantra in action as investors fresh from the first-quarter turmoil seek safety higher up in the capital structure.“We decided to reduce our global equity exposure in favor of global investment grade corporate bonds,” said Greg Perdon, chief investment officer of Arbuthnot Latham & Co Ltd. “We have preference for bonds that...
(Bloomberg) -- The human cost of producing 99-cent chickens and affordable burgers during a pandemic is pushing U.S. meatpackers to eye major operational changes that will likely make American meat more costly.Some plants are already running slower than normal to adhere to social distancing. But companies are also considering how best to redesign their operations to prevent infections, including by automating some lines altogether. The likely result: higher costs for an industry dominated by the likes of Tyson Foods Inc. and JBS SA that’s been very efficient at pumping out cheap meat.The changes are arriving as concerns mount over mega-plants staffed with low-paid workers operating elbow-to-elbow. More than 10,000 meat workers have been infected by the coronavirus, and at least 30 have died, according to the United Food and Commercial Workers International Union.“Americans want to buy cheaper and cheaper and cheaper food,” said Matthew Wadiak, founder of Cooks Venture, a small...
CARB’s new targets may be unrealistic, but will they propel the electrification market? Also: Tesla releases Autopilot crash data; autonomous start up attacks the middle mile. ...
Yahoo Finance’s Emily McCormick joins Yahoo Finance’s Seana Smith to discuss President Trump tweeting earlier for California to allow Tesla CEO Elon Musk open the electric automaker factory in the state....
