Bond king Jeffrey Gundlach says the surge in retail investor activity is ‘downright terrifying’

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Jeffrey Gundlach speaking at the 2019 SOHN Conference in New York on May 6th, 2019.

Adam Jeffery | CNBC

DoubleLine Capital CEO Jeffrey Gundlach said the massive buying frenzy among retail investors this year is an ominous sign for the stock market.

“Of course retail investor activity is downright terrifying,” Gundlach said during an investor webcast on Tuesday, pointing to the surge in daily average trade and trade per account on online brokers. “We just see how much trading is going on in retail,” he said.

Gundlach alluded to some of the blame for the retail trading boom falling in

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Stock futures fall with market set to continue technology-led sell-off

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A view of Nasdaq in Times Square hours ahead of the implementation of ‘New York State on PAUSE’ executive order as the coronavirus continues to spread across the United States on March 22, 2020 in New York City.

Noam Galai | Getty Images

U.S. stock futures moved lower in overnight trading and pointed to losses at the open on Wednesday, as the technology-led stock rout continues to pressure financial markets. 

Dow futures dropped 230 points. S&P 500 and Nasdaq 100 futures fell 0.6% and 0.75%, respectively.

Disappointing coronavirus vaccine news also pressured the futures market on Tuesday. AstraZeneca shares plunged

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Lululemon, Slack, Lyft and more

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A customer looks at athletic apparel inside a Lululemon store.

Xaume Olleros | Bloomberg | Getty Images

Check out the companies making headlines after the bell:

Slack — Shares of the messaging platform tanked 14% in after hours trading on Tuesday despite its better-than-expected quarterly results. Revenue came in at $215.9 million, higher than the estimated $209.1 million, according to Refinitiv. Slack reported a loss of 0 cents per share, while analysts expected a loss of 3 cents per share.  Slack did not reinstate billings guidance due to the volatile environment, which could be denting the stock. 

Lululemon —

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Scammers impersonate FMA in China-NZ money transfer scam

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The Financial Markets Authority (FMA) has issued a warning regarding scammers attempting to impersonate the regulator as part of a money transfer scam.

In a statement, the FMA said that on August 05, it was contacted by a woman who had tried to transfer a significant amount of money from China to New Zealand, saying she and her family had been “stranded in New Zealand” due to COVID-19 and needed the money for living expenses.

The woman said that she saw an advertisement on a community news outlet offering money transfer services, and arranged the transfer via WeChat. The money

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