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Materials Down After Fed Minutes As Dollar Rises — Materials Roundup

Provided by Dow Jones Apr 7, 2021 8:43 PM UTC Producers of metals and other raw materials fell as the dollar rose in the wake of minutes from the Federal Reserve s latest meeting. Fed officials forecast robust economic growth in their most recent meeting while agreeing to provide continued support through ultralow interest rates and large monthly bond purchases. The prospect of U.S. growth outstripping that in other parts of the world is pushing up the relative value of the dollar, which, in turn, weighs on commodity prices. Should U.S. growth ramp up to the extent that it spurs inflation, however, commodity prices could rebound.

Consumer Cos Down Amid Doubts About Travel Industry Prospects — Consumer Roundup

Provided by Dow Jones Apr 7, 2021 9:24 PM UTC Shares of retailers and other consumer companies fell slightly as investors hedged their bets on the outlook for the travel industry. Carnival shares ticked up even after the cruise-line reported that first-quarter revenue plunged to $26 million, reflecting a worldwide halt in cruise travel. Carnival and its rivals are lobbying for clearance to sail in the near future. The companies argue that the Centers for Disease Control and Prevention s latest guidance that travel poses low risks for fully vaccinated individuals should apply to cruises, too. Write to Rob Curran at rob.curran@dowjones.com

Tech Up As Treasury Yields Tick Down — Tech Roundup

Provided by Dow Jones Apr 7, 2021 9:34 PM UTC Shares of technology companies rose as investors rotated back into the sector in light of moderation in Treasury yields. Chip and smart-phone giant Samsung Electronics forecast a 44% rise in operating profit despite its U.S. chip production getting wiped out for weeks due to severe weather in Texas. Grocery-delivery service Instacart has chosen JPMorgan Chase to issue a credit card that will reward frequent users, The Wall Street Journal reported, and restaurant-delivery service DoorDash is also pursuing a card offering. Tencent Holdings largest shareholder is selling up to $14.7 billion worth of stock in the Chinese internet and videogaming giant, cashing in on one of the most lucrative technology bets in history after the pandemic gave a huge boost to the sector.

Consumer Cos Up On Vaccine Rollout Optimism — Consumer Roundup

Provided by Dow Jones Apr 6, 2021 10:21 PM UTC Shares of retailers and other consumer companies rose amid optimism about the pace of vaccination rollouts and economic reopening in the U.S. All U.S. adults will be eligible for Covid-19 inoculations by April 19, according to the Biden administration. Signet Jewelers, parent of mall-based chains such as Kay Jewelers, Zales, Jared and others, agreed to buy jewelry rental service Rocksbox. Baseball-card maker Topps is going public through a combination with a special-purpose acquisition company, as the company, which had struggled on public markets in a previous incarnation, looked set to capitalize on two trends blank-check companies and digital collectibles.

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