A swift rise in government-bond yields is hitting shares of technology stalwarts that have powered major indexes higher for years, testing investors' faith in some of the stock market's most popular trades.
Shares of software giant Microsoft Corp., Google parent Alphabet Inc. and chip maker Nvidia Corp. have fallen about 4.5% or more so far this week, dragging down major indexes and equity funds that give companies with large market values greater influence. Together with Apple Inc., Amazon.com Inc., Facebook Inc. and Netflix Inc., the seven companies lost about $315 billion in market value Tuesday, the largest slide since last October, according to Dow Jones Market Data. The S&P 500 is now down 3.8% in September and on track for its largest monthly decline in a year.
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University Endowments Mint Billions in Golden Era of Venture Capital
Large college endowments have notched their biggest investment gains in decades, thanks to portfolios boosted by huge venture-capital returns and soaring stock markets.
The University of Minnesota's endowment gained 49.2% for the year ending June 30, while Brown University's endowment notched a return of more than 50%, said people familiar with their returns, which aren't yet public.
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Bank of Thailand Keeps Rate Unchanged at Record Low
Thailand's central bank maintained its benchmark interest rate at a record low, as the Covid-19 pandemic showed some signs of easing.
The Bank of Thailand said Wednesday that its policy committee voted unanimously to hold its one-day repurchase rate unchanged at 0.50%.
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Republicans Block Latest Effort by Democrats to Advance Debt-Ceiling Bill
WASHINGTON-Republicans blocked Democrats' latest effort to raise the debt limit, intensifying a high-stakes showdown in the Senate hours after Treasury Secretary Janet Yellen told lawmakers the government would be unable to pay all of its bills on time starting Oct. 18 unless Congress acts.
With Senate Republicans having lined up against the debt-limit increase, the developments raise pressure on Democratic leaders to find a backup plan to avoid a default on U.S. obligations. That could include adding a debt-ceiling measure to an already complicated package to bypass a GOP filibuster in the Senate, or exploring other, unprecedented approaches to keep the federal government liquid.
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Progressives Split on Backing Thursday's House Infrastructure Vote
WASHINGTON-The House Democrats' powerful progressive bloc split Tuesday over whether lawmakers should vote for a roughly $1 trillion bipartisan infrastructure package this week even if a larger education, healthcare and climate package remains in flux.
In a sign of a growing conflict with House Democratic leaders, some liberals reiterated their determination not to vote for the infrastructure bill until the $3.5 trillion package has passed the Senate, while others signaled they could be reassured by firm signs of progress in reaching an agreement on the package.
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Citadel Securities Faces New Pressure Over GameStop Frenzy
Billionaire Ken Griffin's electronic trading firm, Citadel Securities, is under fire again over its role in the January trading frenzy in shares of GameStop Corp. after new information surfaced in a lawsuit.
Citadel Securities in a statement Tuesday rejected "Internet conspiracies and Twitter mobs" that have again accused the firm of pushing Robinhood Markets Inc. and other brokerages to limit trading in GameStop and other meme stocks on Jan. 28, a move that resulted in losses for many small investors.
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Hidden Debt Plagues China's Belt and Road Infrastructure Plan, Studies Find
Hidden debt and problematic projects are emerging as features of China's Belt and Road Initiative, with several research reports pointing to headwinds facing President Xi Jinping's international infrastructure-development program.
Trillions of dollars in investment are needed around the world for infrastructure, which can mean anything from bridges to healthcare. China's program represents an enormous injection of funds for some of the most needy nations, but it has stirred global debate about the way China finances and manages its projects.
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India Aims to Produce mRNA Covid-19 Vaccine This Year
NEW DELHI-India is preparing to produce its own mRNA-based Covid-19 vaccine by the end of the year, in what would be a scientific breakthrough for the country's growing pharmaceutical industry and help expand the range of global production hubs for the shots.
A host of companies across the world are pushing to bring their own vaccines using the mRNA technology to market following the success of the Pfizer Inc. and Moderna Inc. shots. Indian firms, urged on in part by Prime Minister Narendra Modi, aim to be significant players in the new sector, with Gennova Pharmaceuticals Ltd. hoping to be the first.
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Industry Lobbyists Aim to Pick Apart Democrats' $3.5 Trillion Spending Bill
WASHINGTON-Industry lobbyists are working to undermine key elements of the Democrats' $3.5 trillion spending bill, adding another complication to efforts by President Biden and Democratic leaders to move their domestic agenda through Congress this fall.
The attacks are coming on multiple fronts, and are focused on persuading key Democratic lawmakers to win changes in the bill, given that Republicans are already opposed to it.
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Fumio Kishida to Become Japan's Next Prime Minister
TOKYO-Fumio Kishida, a former foreign minister who has called for Japan's missile defenses to be beefed up, was elected ruling party leader on Wednesday, assuring him of becoming the nation's next prime minister.
Mr. Kishida, 64 years old, is an establishment choice who, like his predecessors, supports a strong U.S.-Japan alliance and is concerned about China's military expansion. He also favors aggressive government spending worth hundreds of billions of dollars to lift Japan's economy out of the doldrums caused by measures to limit the spread of Covid-19.
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Japanese Prosecutors Seek Two Years in Prison for Former Ghosn Aide Greg Kelly
TOKYO-Former Nissan Motor Co. executive Greg Kelly should spend two years in prison for his alleged role in helping hide former Nissan chief Carlos Ghosn's pay from the public, Japanese prosecutors told a Tokyo court on Wednesday.
The sentencing request came during prosecutors' closing arguments in the case at Tokyo District Court. Mr. Kelly says he is innocent, and the court's three-judge panel is expected to issue a verdict next year. If he is found guilty, the court would also decide his sentence.
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U.S. Deports High-Profile Hacker to Russia Before End of Prison Sentence
WASHINGTON-The U.S. released a high-profile Russian cybercriminal from its custody this week, at least a year before his prison sentence was expected to finish, handing him over to Russian authorities despite long resisting Moscow's efforts to retrieve him.
Alexei Burkov, 31, was placed on a commercial airline flight on Monday after being released from federal prison last month, officials said. He was detained by Russian authorities at a Moscow airport Tuesday, according to Russian state media.
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New FAA Technology Aims to Speed Takeoffs of Planes Idling on Runways
The top U.S. aviation regulator is betting a new suite of software will help ease a longtime frustration for airline passengers: being stuck on a plane that is waiting to get to a runway for takeoff.
The Federal Aviation Administration plans to deploy in the next several years new software at airports that is meant to make it easier to calculate when a plane can travel out to a runway and depart, agency officials said Tuesday.
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Write to sarka.halas@wsj.com
TODAY IN CANADA
Earnings:
AGF Mgmt Limited (AGF.B.T) 3Q
Economic Indicators (ET):
0830 Aug Industrial product & raw materials price indexes
Stocks to Watch:
TransGlobe Energy Shares Rise After 3Q Production Update
Shares in TransGlobe Energy Corp. rose Wednesday after the group said its oil-and-gas production has averaged 12,902 oil-equivalent barrels a day year-to-date.
The Canada-based company reported an output of 13,200 barrels a day for the first 18 days of September, 13,551 for the whole of August and 13,541 for July. This is up from an average of 13,077 barrels a day in the second quarter of the year.
Shares at 0818 GMT were up 8.9% at 166 pence.
Tesla Supplier CATL to Acquire Millennial Lithium for Nearly $300M
Tesla Inc. supplier Contemporary Amperex Technology Co. will acquire Millennial Lithium Corp. in an all-cash deal worth 377 million Canadian dollars (US$297.1 million).
The Chinese electric-vehicle battery maker will buy all outstanding shares of Canada-based Millennial Lithium at C$3.85 each. That is a 6.9% premium to an earlier offer made by Ganfeng Lithium Co., Millennial Lithium said Tuesday. Millenial Lithium had received the nonbinding proposal from CATL for the acquisition on Sept. 8.
The acquisition is subject to shareholder, regulatory and court approvals, Millennial Lithium said. The company, which operates lithium mines in Argentina, said it expects to convene a shareholders meeting on Nov. 15 to vote on the deal.
Upon completion of the transaction, Millennial Lithium's shares will be delisted from the TSX Venture Exchange, it added.
As one of the world's largest electric-vehicle battery makers, CATL has unveiled multibillion-dollar plans to ramp up production capacity in the longer term amid a booming electric-vehicle industry. It said in August that it planned to sell US$9 billion in stock to fund expansion projects.
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Market Talk:
Trudeau Says Decision Expected Soon on Possible Huawei 5G Ban
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09-29-21 0607ET
