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Stock Market Today: Live Updates
Increase in margin lending is a warning sign for the market, says Interactive Brokers' Thomas Peterffy
A recent rise in margin lending is a wake-up call for the market, according to Thomas Peterffy, founder and chairman of Interactive brokers.
Compared to the year-ago quarter, margin lending, a type of financing in which investors borrow against their existing assets, rose 30% to $51.2 billion, an all-time high, it said. Investor Tuesday on CNBC's “Closing Bell: Overtime.”
“Margin lending continues to rise, and that’s never a bullish sign,” Peterffy said. “That generally portends a market that's going to slow down, so that's what we're likely to see.”
As an example, the investor cited the market collapse two years ago, when margin lending hit a new all-time high just before the selloff.
However, Peterffy noted that he sees the market rising in the long term as inflation and interest rates remain high.
Lisa Kailai Han
Stocks making the biggest moves after the bell: United Airlines, Autodesk and JB Hunt Transport Services
Here are the stocks that move the most outside of business hours:
- United Airlines The Aircraft Carrier stock gained nearly 6% after beating analysts' expectations for its first-quarter results thanks to strong travel demand. United Airline added that it expects to post earnings of between $3.75 and $4.25 per share for its second quarter, higher than the $3.76 expected by analysts. Shares of American Airlines were also trading up 1.5%.
- Autodesk The software stock slipped 2.4%. Autodesk announced that it further delay its annual 10-K filing due to an ongoing internal investigation by the company's audit committee of its board of directors.
- JB Hunt Transport Services Shares fell more than 5% after the transportation and logistics sector reported weaker-than-expected profits and revenue last quarter. Earnings came in at $1.22 per share, less than the $1.52 analysts expected. JB Hunt's revenue of $2.94 billion also fell short of the $3.12 billion analysts expected.
Lisa Kailai Han
Stock futures open higher
Stock futures traded higher Tuesday evening.
Futures contracts tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all traded up nearly 0.2% shortly after 6 p.m. ET.
Lisa Kailai Han
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