Bulletin
Investor Alert

London Markets Open in:

Market Snapshot Archives | Email alerts

Sept. 24, 2019, 4:13 p.m. EDT

S&P notches third straight loss after Trump criticizes China in UN speech, impeachment worries rise

Trump says he won’t accept bad China trade deal

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Dow Jones Industrial Average (DJIA)
  • X
    S&P 500 Index (SPX)
  • X
    NASDAQ Composite Index (COMP)

or Cancel Already have a watchlist? Log In

By Chris Matthews, MarketWatch , Clive McKeef

1 2

In U.S. economic data, the September U.S. Conference Board’s consumer confidence index slipped to 125.1, a three month low, from 133.3, as escalating trade tensions with China undermined confidence, underscoring the dangers of a conflict that has harmed key business sectors such as manufacturing and farming and poses a threat to a record U.S. economic expansion.

”Consumer confidence plunged in September which counts as a big surprise that may sidetrack the economic expansion that is relying on consumer spending to fuel growth,” wrote Chris Rupkey, chief financial economist for MUFG. “This unwelcome news on souring consumer spirits is a startling new development that could even bring more rate cuts later this year from the Federal Reserve.”

The U.S. S&P Case Shiller home-price index for July rose 2% year-on-hear in July, the slowest pace of home price apprecation since 2012.

Which stocks were in focus?

WeWork founder and Chief Executive Adam Naumann is reportedly stepping down from that role, after the parent company The We Co .  was forced to delay an initial public offering earlier this month.

Netflix Inc . /zigman2/quotes/202353025/composite NFLX +1.48%  stock fell 4.3% on analysts’ concern about earnings, given the competition from Disney and other streaming video platforms.

Alphabet Inc . /zigman2/quotes/202490156/composite GOOGL +0.94%    /zigman2/quotes/205453964/composite GOOG +0.94%  subsidiary Google won a European court fight over tougher “right to be forgotten” rules . Europe’s top court ruled that Google does not have to remove links to sensitive personal data worldwide, as demanded by French authorities.

Starbucks /zigman2/quotes/207508890/composite SBUX +2.21%   won an appeal against a European Union demand to pay up to $33 million in back taxes to the Netherlands, though the stock closed 1% lower on the day.

Facebook /zigman2/quotes/205064656/composite FB +0.85%  announced the acquisition of start-up CTRL-labs for an undisclosed amount. CTRL-labs explores ways for people to communicate using brain signals. Shares fell 3% Tuesday.

Shares of BlackBerry Ltd . /zigman2/quotes/202784246/composite BB +0.74%  fell 22.6% after posting weaker-than-expected numbers for its fiscal second quarter.

How did other markets trade?

U.S. Treasury yields fell on Tuesday after a consumer confidence indicator sagged, suggesting the bedrock of the U.S. expansion may be developing cracks under the pressure of global growth worries and continuing trade tensions. The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -0.66% slumped 7.2 basis points to 1.632%, marking its biggest daily drop in a month.

Gold prices logged their highest finish in nearly three weeks Tuesday, after President Donald Trump criticized China and took a hard-line stance on Iran during his speech at the United Nations General Assembly, pressuring U.S. stocks and boosting the metal’s haven appeal. Gold for December delivery /zigman2/quotes/210039486/delayed GCZ19 -0.02%  on Comex rose 0.6% to settle at $1,540.20 an ounce, while December silver /zigman2/quotes/210319343/delayed SIZ19 +0.27%   declined 0.4%, to $18.63 an ounce.

Oil futures settled lower Tuesday, pressured by signs that Saudi Arabia is making progress in restoring production following attacks on processing facilities, as well as concerns over the global demand picture. West Texas Intermediate crude for November delivery , the U.S. benchmark, fell 2.3% to settle at $57.29 a barrel. November Brent   the global benchmark, fell $1.67, or 2.6%, to $63.10 a barrel on ICE Futures Europe.

In Asia overnight Tuesday, the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 -0.18%  was little changed around 3,901 while Japan’s /zigman2/quotes/210597971/delayed JP:NIK +0.33%  Nikkei 225 index was also steady at 22,098. European stocks were little changed, according to the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +1.16% .

/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 307.35
+4.49 +1.48%
Volume: 4.46M
Dec. 6, 2019 4:00p
P/E Ratio
98.09
Dividend Yield
N/A
Market Cap
$134.70 billion
Rev. per Employee
$2.22M
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 1,339.39
+12.43 +0.94%
Volume: 1.65M
Dec. 6, 2019 4:00p
P/E Ratio
28.74
Dividend Yield
N/A
Market Cap
$861.47 billion
Rev. per Employee
$1.39M
loading...
/zigman2/quotes/205453964/composite
US : U.S.: Nasdaq
$ 1,340.62
+12.49 +0.94%
Volume: 1.32M
Dec. 6, 2019 4:00p
P/E Ratio
28.77
Dividend Yield
N/A
Market Cap
$862.26 billion
Rev. per Employee
$1.39M
loading...
/zigman2/quotes/207508890/composite
US : U.S.: Nasdaq
$ 86.32
+1.87 +2.21%
Volume: 8.50M
Dec. 6, 2019 4:00p
P/E Ratio
29.50
Dividend Yield
1.90%
Market Cap
$101.94 billion
Rev. per Employee
$86,863
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 201.05
+1.69 +0.85%
Volume: 12.28M
Dec. 6, 2019 4:00p
P/E Ratio
32.11
Dividend Yield
N/A
Market Cap
$573.49 billion
Rev. per Employee
$1.57M
loading...
/zigman2/quotes/202784246/composite
US : U.S.: NYSE
$ 5.41
+0.04 +0.74%
Volume: 3.20M
Dec. 6, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.97 billion
Rev. per Employee
$268,248
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.83
-0.01 -0.66%
Volume: 0.00
Dec. 9, 2019 2:53a
loading...
/zigman2/quotes/210039486/delayed
US : U.S.: Nymex
$ 1,458.80
-0.30 -0.02%
Volume: 90.00
Dec. 9, 2019 1:05a
loading...
/zigman2/quotes/210319343/delayed
US : U.S.: Nymex
$ 16.53
+0.04 +0.27%
Volume: 12.00
Dec. 9, 2019 2:33a
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
3,895.45
-6.94 -0.18%
Volume: 9.54B
Dec. 9, 2019 3:00p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,430.70
+76.30 +0.33%
Volume: 0.00
Dec. 9, 2019 3:15p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
407.35
+4.69 +1.16%
Volume: 0.00
Dec. 6, 2019 5:50p
loading...

Clive McKeef is a MarketWatch editor and writer based in New York.

1 2
This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.