Bloomberg:
- Options Bears Are Backing Away From S&P 500 Fund. While the S&P 500 Index’s on-again, off-again recovery from this month’s slump is a sign of investors’ indecision about whether it’s safe to move back into stocks, the options market is sending a clearer signal. The cost of protecting against declines in the biggest exchange-traded fund that tracks the U.S. equity benchmark has fallen hard and fast as stocks clawed back their losses from the Feb. 8 low.
- ProShares Slashes Leverage on Surviving Volatility Products. After this month’s volatility earthquake blew up a number of exchange-traded products linked to Wall Street’s fear gauge, an issuer of similar funds is trying to prevent any aftershocks. ProShares Advisors announced changes to its investment objectives to reduce leverage on its Short VIX Short-Term Futures exchange-traded fund (ticker SVXY) and Ultra VIX Short-Term Futures ETF (ticker UVXY). The former, which allowed investors to bet against a rise in volatility, is now aiming to deliver returns equal to one-half the inverse move of the S&P 500 VIX Short-Term Futures Index. Previously, the product had sought to be a perfect mirror image each session.
Wall Street Journal:
- Fed’s Powell Says His Economic Outlook Has Improved. Central-bank chief sees ‘further gradual increases’ in interest rates.
- In Digital Age, Defendants Can Lose Even When They Win. Courts are faulting the search, but allowing the information, as case law lags behind technology.
- Dividends Climb Amid Rising Competition From Bonds. More than a fifth of the S&P 500 have boosted their payouts this year, but higher bond yields threaten to diminish the allure of high-dividend stocks.
- Germany Paves Way for Diesel Ban, Dealing Blow to Auto Makers. Court allows major German cities to ban older diesel vehicles.
- Goldman Sachs(GS), Adviser to the Elite, Wants to Be Your Local Banker. Under its Marcus brand, the Wall Street powerhouse is planning to sell insurance, mortgages and car loans, consumer businesses it once disdained.
MarketWatch.com:
Zero Hedge:
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