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Stock Market Today: Market’s Spark Fades, But Fireworks Abound

The major indices followed Monday’s raucous rally with a tamer, flatter Tuesday. The Dow Jones Industrial Average declined 0.6% off its record high to 29,783, while the Nasdaq Composite slipped by a thin 0.2% to 11,899.

But the relative calm belied a number of exciting developments over the past 24 hours.

One of the market’s most anticipated initial public offerings (IPOs) is one step closer to happening, as vacation rental marketplace Airbnb filed its S-1 – an important precursor to an eventual offering.

And Tesla (TSLA, +8.2%) shot higher following Monday night’s announcement that it would join the S&P 500 Index.

Wedbush analyst Daniel Ives called the development “a major feather in the cap for the Tesla bulls after much agonizing around not getting into the S&P 500 in early September.” It’s a complicated move, too – funds benchmarked to the index will have to make billions of dollars’ worth

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  • November 18, 2020
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Future Returns: Playing Offense in Credit Markets

Arena Investors specializes in investing in credit markets, scouring the globe for opportunities that meet return-versus-risk standards for its private debt funds. 

The firm’s approach is to “play offense,” avoiding investments that could be harmed by a 2008-style financial crisis brought on by the coronavirus pandemic, and not investing in the flavor-of-the-month, according to
Dan Zwirn
, founder, CEO and chief investment officer at Arena, a US$1.6 billion asset manager for institutions and wealthy individuals that’s owned by Westaim, a Canadian company. 

“We are able to go and do what makes sense, across asset types, geographies, instruments, private, public—whatever,” Zwirn says. 

The firm, which creates portfolios diversified across these geographies and sectors, also seeks to avoid “macro exposure”—that is, it doesn’t expect to benefit from shifts in sweeping economic or political events. During a time of turmoil, it will look for the “proverbial babies getting thrown out with the bathwater,”

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  • October 20, 2020
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Technology to Play Increasing Role in Film Festivals and Markets, Locarno Panelists Say

Day three of the Locarno Film Festival StepIn 2020, moderated by Variety‘s Leo Barraclough and hosted by the Variety Streaming Room platform, brought professionals from various parts of the film festival and market sectors together for a panel on the Future of Film Festivals and Film Markets.

Jérôme Paillard, executive director of Cannes Film Market; Lili Hinstin, artistic director of the Locarno Film Festival; Alberto Barbera, artistic director of the Venice Film Festival; Sarah Schweitzman, from CAA’s Film Finance and Sales Group, which helped set up the agency-led virtual film market at Cannes; and Tabitha Jackson, director of Sundance Film Festival, made up the panel’s members.

More from Variety

As many events this year have gone virtual on account of the COVID-19 pandemic, some film festivals also had to adapt and utilize online platforms, including Cannes. The panelists noted that the virtual route has so far offered both positive

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  • August 10, 2020
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European Markets Slip Back, While Halfords gets a Puncture

Markets elsewhere in Asia were slightly less exuberant, with the Nikkei225 slipping back from three-week highs.

To that end markets here in Europe have opened lower with profit-taking kicking in ahead of the peaks that we saw in June. While optimism of a v-shaped recovery still remains quite high it is being tempered by concerns about rising coronavirus cases globally, translating into a similar percentage rise in mortality rates. This doesn’t appear to be happening at the moment, however with the markets back close to their June peaks it would appear that the overriding sentiment is one of ahead of those June peaks.

These types of moves are becoming emblematic of how markets have been moving over the last month. We’ve seen sentiment ebb and flow from being quite bearish, to fairly bullish without ever breaking out of the range we’ve been in since we posted those June peaks.

The

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