Chinese stocks fall as tensions rise over Pelosi’s visit
Stock futures open flat
Stock futures opened Monday night.
Futures linked to the Dow Jones Industrial Average were down 0.06%, or 21 points. S&P 500 and Nasdaq 100 futures fell 0.06% and 0.01%, respectively.
— Samantha Subin
The upside from here is limited over the next few months, Truist’s Lerner says
Investors overweight the stock should consider using current market conditions to trim their positions, as the stock’s upside is limited going forward, says Keith Lerner, co-chief investment officer at Truist.
According to Lerner, the upside for the market over the next few months will likely be limited to the 3% to 5% range, but the downside could exceed that amount.
“The market has been very resilient, certainly, and maybe it will stay that way for a little bit, but we don’t see the risk-reward here being that compelling,” 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 reallocate exposure after the market’s sharp rally last month, Lerner added.
-Samantha Subin
Pinterest shares surge more than 21% as Elliott Management reveals its position as the largest investor
Pinterest shares rose more than 21% after the company posted stronger-than-expected user numbers and Elliott Management revealed it is the image-sharing company’s largest shareholder.
Activist investor Elliott said in a statement that it is “convinced in the opportunity for value creation” in Pinterest, calling the social media company a “highly strategic business with significant growth potential.”
“As the market-leading platform at the intersection of social, search and commerce, Pinterest is uniquely positioned in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee the next phase of growth from Pinterest,” Elliott wrote.
Despite the stock move, Pinterest missed Q2 estimates on both the top and bottom lines, with monthly active users for the period coming in 2 million above estimates.
— Samantha Subin