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8:12 a.m. April 8, 2021 - By Michael Ashbaugh
Bullish momentum persists: S&P 500 (slightly) extends April breakout Focus: Communications services sector tags record highs, Apple’s stealth trendline breakout, XLC, AAPL, IBM, ON, NUANU.S. stocks are mixed early Thursday, vacillating ahead of scheduled remarks from the Federal Reserve Chairman. Against this backdrop, the S&P 500 has tagged its latest record high, though narrowly, while the Nasdaq Composite has extended an already-aggressive trendline breakout.
12:09 p.m. April 7, 2021 - By Mark DeCambre
S&P 500 books 18th record close of 2021 in listless trading day after Fed signals commitment to lower ratesThe S&P 500 on Wednesday eked out a record, its 18th of the year, but trading action was otherwise lackluster as minutes from the Federal Reserve's last policy meeting appeared to reaffirm a commitment to a lower-rate regime as the COVID-stricken labor market recovers. The S&P 500 index closed up 0.2% at around 4,079, on a preliminary basis. The Dow Jones Industrial Average finished up less than 0.1% at about 33,446, to mark its third gain in four sessions, while the Nasdaq Composite Index edged less than 0.1% lower to around 13,669. "While generally acknowledging that the medium-term outlook for real GDP growth and employment had improved, participants continued to see the uncertainty surrounding that outlook as elevated," minutes from the Fed's March 16-17 meeting read. The central bank said that its "current guidance for the federal funds rate and asset purchases was serving the economy well." Projections from Fed members indicate that policy makers won't look to normalize rates until at 2023 at the earliest but segments of the market have pushed back against that notion, amid fears that inflation will pick up as the economy improves.
7:58 a.m. April 7, 2021 - By Michael Ashbaugh
Bull trend confirmed: S&P 500 tags technical target (4,085) Focus: Europe digests break to 12-year highs, IEV, ASML, ADI, EMR, YUMU.S. stocks are mixed early Wednesday, vacillating ahead of the release of the Federal Reserve’s meeting minutes, due out this afternoon. Against this backdrop, the S&P 500 and Dow industrials are digesting decisive breaks to record territory, while the Nasdaq Composite has sustained an aggressive trendline breakout.
10:17 a.m. March 24, 2021 - By Michael Ashbaugh
Market rotation persists, S&P 500 capped by the breakdown point Focus: Small- and mid-caps extend March downturn, Nasdaq capped by 50-day averageU.S. stocks are mixed Wednesday, vacillating as Treasury yields continue to stabilize in the wake of largely uneventful Federal Reserve policy remarks. Against this backdrop, the S&P 500 remains capped by its breakdown point (3,950) amid still largely range-bound price action as market rotation persists.
12:06 p.m. March 23, 2021 - By Mark DeCambre
Dow suffers worst day in about 3 weeks and oil ends in correction territory as investors parse Yellen-Powell testimony U.S. stocks finished solidly lower Tuesday as the first of two days of testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on the state of the government's efforts to limit the economic damage from the COVID-19 pandemic concluded without any major surprises. However, rising worries about extended lockdowns in Europe due to the COVID pandemic helped to drive risk appetite lower and push crude-oil futures into a correcton, defined as a decline of at least 10% from a recent peak. The Dow Jones Industrial Average ended by about 335 points, or 1%, lower at 32,395, marking its worst day since March 4. The S&P 500 index closed off 0.8% to about 3,910, powered lower by declines in industrials and materials , while the Nasdaq Composite Index finished the session 1.1% lower at about 13,228. The slide in stocks acclerated at the end of the session and came even as the 10-year Treasury note yield fell nearly 6 basis points to 1.63%. Bond prices rise as yields fall.
8:20 a.m. March 19, 2021 - By Michael Ashbaugh
Charting another bull-trend pullback, S&P 500 tags familiar support Focus: Basic materials assert bull flag, XLB, WHR, FTNT, USB, FOURU.S. stocks are mixed early Friday, vacillating in the wake of this week’s Federal Reserve policy actions. Against this backdrop, the bigger-picture backdrop remains bullish, on balance, though the prevailing market technicals are not one-size-fits-all.
8:18 a.m. March 18, 2021 - By Michael Ashbaugh
Charting market rotation: Dow industrials take flight amid surging Treasury yields Focus: 10-year yield continues to take flight, TNX, NDAQ, DHI, XPO, VNOMU.S. stocks are mixed early Thursday, vacillating as market rotation persists after the Federal Reserve’s Wednesday policy statement. Against this backdrop, the Dow Jones Industrial Average has extended a break atop the 33,000 mark, as the Nasdaq Composite vies to simply maintain a posture atop its 50-day moving average.
7:54 a.m. March 17, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 digests breakout ahead of Fed Focus: Metals & mining sector sustains break to six-year highs, Facebook’s stealth trendline breakout, XME, FB, SIMO, SBUX, ANU.S. stocks are mixed early Wednesday, vacillating ahead of the Federal Reserve’s policy statement, due out this afternoon.
8:15 a.m. March 15, 2021 - By Michael Ashbaugh
Charting a slow-motion breakout attempt, S&P 500 nails the range top Focus: Retail sector tags record close, General Motors reaches uncharted territory, XRT, GM, LKQ, ANTM, JWNU.S. stocks are mixed early Monday, vacillating ahead of the Federal Reserve’s mid-week policy meeting. Against this backdrop, the Dow Jones Industrial Average is digesting an aggressive break to record territory, while the S&P 500’s slow-motion breakout attempt remains underway.
12:19 p.m. March 4, 2021 - By Mark DeCambre
Dow logs first close below 50-day moving average in over a month after Thursday's interest rate-fueled selloff The Dow Jones Industrial Average and the S&P 500 on Thursday marked their first finishes below their short-term moving averages in weeks after a market rout apparently precipitated by rising fears that the Federal Reserve may be losing control of inflation and may be forced to jack up borrowing costs faster than they would prefer to cool an overheated economy recovering from the COVID-19 pandemic lockdowns. The Dow closed down 1.1% at around 30,924 to mark its third straight decline, falling below its 50-day moving average at 30,944.98 for the first time since Feb. 1, while the S&P 500 index closed Thursday's trade 1.3% lower for its third consecutive drop, finishing at 3,769, concluding the session below its 50-day MA at 3,818.61 for the first time since Jan. 29.
12:09 p.m. March 4, 2021 - By Mark DeCambre
Nasdaq Composite narrowly avoids first correction in 6 months as Powell stirs up stock-market rout and Treasury-yield surgeA sluggish day in stocks on Thursday took a turn decidely lower following comments from Federal Reserve Chairman Jerome Powell said that he was monitoring a steady climb in yields but failed to provide any guidance on what the central bank might do if yields continued to climb precipitously. Speaking at a webinar hosted by the Wall Street Journal on Thursday after noon, Powell described the Fed's current policy stance as appropriate, perhaps disappointing some investors hoping for more decisive comments on possible adjustments to the central bank's asset purchases. The remarks are credited with triggering a selloff in bonds and stocks, that abated somewhat later in the session, that brought the Nasdaq Composite Index on the brink of falling by 10% from its recent closing high put in on Feb. 12, meeting the commonly used definition for a correction. The Nasdaq ended the session off 2.1% at 12,723, and is now down 9.73% from that record close. Meanwhile, the 10-year Treasury note jumped by about 7 points to around 1.54%. Rising rates have caused friction in equity trading because it forces investors to reassess the relative value of highflying technology and tech-related plays that have enjoyed a bump during the pandemic, compared against other sectors that might perform better headed into an economic recovery. The S&P 500 index closed the session off 1.3% to 3,768, while the Dow Jones Industrial Average finished the day off 1.1% at 30,923. Both finished below their 50-day moving averages for the first time in about four or five weeks, Jan. 29 for the S&P 500 and Feb. 1 for the Dow. At the height of Thursday's selling the Dow was down over 720 points, wiping out its year-to-date gains. The Dow remains up 1% for 2021, the Dow is clinging to a 0.3% year-to-date gain, while the Nasdaq Composite is down 1.3% so far this year.
10:27 a.m. March 4, 2021 - By Mark DeCambre
Buzzy stock-market ETFs backed by Portnoy and Wood get crushed Thursday afternoon as the Nasdaq nears correction Cathie Wood's flagship ARK Invest ETF and a VanEck Vectors Social Sentiment backed by Wall Street bro Dave Portnoy are down by at least 4%. The VanEck Vectors Social Sentiment ETF was down 4.3% in Thursday afternoon trade, in its debut. Meanwhile, Wood's ARK Innovation deepened its slide into correction on Thursday, off 6.6%. Both ETFs focus on drawing interest from many of the growthy tech stocks which are in the market's crosshairs as bond yields rise, including electric-vehicle maker Tesla Inc. . On Thursday, bonds took a leg higher after Federal Reserve Chairman Jerome Powell said he was watching the rise in rates but offered no concrete steps the central bank was taking to tamp down rate moves. The 10-year Treasury yield jumped by 7 basis points in afternoon action, hitting around 1.54% and accelerating a sell-off in stocks that are viewed as pricey and that don't offer a coupon. The tech-heavy Nasdaq Composite Index was down nearly 10% from its Feb. 12 peak, meeting the commonly used definition for a correction. The Dow Jones Industrial Average was down more than 400 points, or 1.3%, and nursing a 0.8% year-to-date gain. The S&P 500 index was down 1.6% and holding on to a 2021 gain of less than 0.1%. The Nasdaq Composite was negative for the year, down 1.4%.
10:09 a.m. March 4, 2021 - By Mark DeCambre
U.S. stock market close to wiping out 2021 gains as Thursday selloff gathers steam after Powell commentsThe three main U.S. equity benchmarks Thursday afternoon erased, or were close to erasing, their year-to-date gains as a rate-driven sell-off picked up momentum, following comments from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average was down nearly 700 points, or 2.2%, lower pushing the index to a decline of 0.1% for 2021, the S&P 500 index was off 2.5% on the session, erasing its gains for the year and pushing the broad-market benchmark to a decline of 0.8% for 2021. The Nasdaq Composite Index , which was in the firing line of the decline by dint of the many technology and tech-related companies that make up the index, was teetering on the brink of the first correction, down 10% from a recent peak, since Sept. 9. At last check, the Nasdaq was down 11% from its recent low. The Nasdaq was off 3.3% on Thursday and down 2.5% for the year to date. Powell said the central is appropriate and suggested that moves in inflation are transitory, disappointing investors who had hoped him to say more about how the Fed would react to tamp down a rise in long-term bond yields, speaking at a webinar hosted by the Wall Street Journal.
12:05 p.m. March 3, 2021 - By Mark DeCambre
Resurgence in Treasury yields hammers tech stocks, drives Nasdaq below 13,000 to mark worst 2-day skid in 6 monthsU.S. stock benchmarks on Wednesday closed lower and technology and tech-related shares got whacked as a continued rise in bond yields forced a rotational shift out of highflying tech and into areas of the market that might benefit from a regime of rising interest rates, like banks and energy . A report from the Federal Reserve's Beige Book, a survey of business conditions in the central bank's 12 regional districts, also showed only a modest uptick in economic activity to start the year, despite headway on COVID the vaccination front. The Dow Jones Industrial Average finished down by about 0.4% at 31,270, while the S&P 500 index closed off 1.3% at 3,820. The tech-laden Nasdaq Composite Index, took the brunt of the selling, off 2.7%, at 12,997 to mark the index's worst two-day skid since September, according to Dow Jones Market Data. Meanwhile, the initial public offering of health-care data company Oscar Health Inc. , finished down nearly 11% in its public debut. And the 10-year Treasury note was around 1.47%.
5:36 a.m. Feb. 24, 2021 - By Mark DeCambre
Stock-index futures skid south Wednesday morning as 10-year Treasury breaches 1.4%U.S. stock-index futures turned south as bond yields Tuesday morning took a leg higher, weighing on interest-rate sensitive assets. The move for bond yields, with the 10-year Treasury note breaching a rate at 1.4%, came as investors appeared to digest a report from the Food and Drug Administration, which said that Johnson & Johnson's single-dose COVID-19 vaccine candidate has no unexpected safety concerns, in a step that moves the experimental vaccine one step closer to emergency authorization. Futures for the Dow Jones Industrial Average declined 0.3% to 31,422, the S&P 500 index futures fell 0.3% at 3,867, while Nasdaq-100 futures declined 0.8% to 13,085, with the technology-laden index the most sensitive to yield moves. On Tuesday, the Dow , the S&P 500 index and the Nasdaq Composite Index stagewd a dramatic turnaround on the heels of comments from Federal Reserve Chairman Jerome Powell, who said accommodative policy would be in place for the foreseeable future.
12:08 p.m. Feb. 23, 2021 - By Mark DeCambre
Dow set to stage biggest comeback in 2 months on Powell comments; Nasdaq attempts to erase 4% intraday skidStock-market investors appear to be picking up what Federal Reserve Chairman is putting down on Tuesday in Senate Banking Committee testimony and buying the dip with gusto, as the main equity benchmarks attempt to erase sharp losses from earlier in the day that had been sparked by a sharp rise in bond yields. The Nasdaq Composite Index , for example, was down just about 0.2% at 13,508, after sinking nearly 4% earlier Tuesday to intraday nadir at 13,003.98, FactSet data show. The move had pushed the Nasdaq down below its 50-day moving average at 13,246.74. A close below that level would mark the first time the technology-laden benchmark finished beneath the short-term trend line since late October. Meanwhile, the Dow Jones Industrial Average was up 0.4% at 31,642 after being down by as many as 362 points or 1.2%. A close higher for the Dow would mark the biggest comeback for the blue-chip index since Dec. 21 when it fell 1.4% and ended 0.12% higher, according to Dow Jones Market Data. The S&P 500 index was up 0.4% at 3,894 after hitting an intraday low at 3,805.59. A higher close for the index would mark its biggest comeback since June 5 when it fell 2.48% to end up 0.8%. Powell in his first of two days of semi-annual congressional testimony said "the economy is a long way from our employment and inflation goals." And the chairman emphasized that the Fed will continue to support the economy with interest rates and asset purchases until substantial progress is made.Markets had been on edge as the 10-year Treasury note had jumped to around 1.36%, around its highest level in about a year, raising the prospects of higher borrowing costs for companies and individuals. Technology shares are particularly sensitive to the move in rates because valuations there are considered rich.
5:59 a.m. Feb. 23, 2021 - By Mark DeCambre
Nasdaq gets punched in the mouth early Tuesday, on track for the biggest 2-day plunge in over five months as yields riseThe Nasdaq Composite Index on Tuesday morning was getting whacked for a second straight session as a rise in government bond yields was forcing a reassessment of the shares of highflying technology-related stocks. The Nasdaq was trading down 3.9% on Tuesday around its intraday nadir and at that level has skidded 5.9% over the paxt two sessions, on pace for its worst two-day slide since the two-day period ended Sept. 4, 2020 when it skidded 6.17%, according to Dow Jones Market Data. The slump for the tech-heavy benchmark comes as the 10-year Treasury note yield has risen to around 1.36%, marking its highest level in a year, compelling investors to reconsider the value of owning speculative tech stocks versus risk-free assets like bonds. Market participants were also awaiting testimony from Federal Reserve Chairman Jerome Powell on the economic outlook and the rise in bond yields.
8:18 a.m. Feb. 10, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500, Nasdaq digest breaks to uncharted territory Focus: Industrial sector’s breakout attempt, Zoom Video and McDonald’s signal trend shifts, XLI, XM, MCD, SWKS, HOLXU.S. stocks are mixed early Wednesday, treading water after a generally strong batch of quarterly earnings reports and ahead of scheduled remarks by the Federal Reserve Chairman. Against this backdrop, each big three U.S. benchmark is digesting its latest break to record territory amid thus far muted mid-week selling pressure.
12:02 p.m. Jan. 27, 2021 - By Mark DeCambre
Dow tumbles 630 points to mark worst selloff in 3 months as stock market fixates on surge in GameStop, AMC sharesThe Dow Jones Industrial Average on Wednesday booked its worst daily decline since late October, ringing up the fifth straight decline and its longest losing streak since February in the process. The drop for the Dow and the broader market comes as investors appeared increasingly concerned about COVID-19 vaccine distribution and fixated on the surge in prices in heavily shorted companies movie chain AMC Entertainment Holdings and videogame retailer GameStop Corp. , which have been propped up by a band of retail investors on social-media platforms. Meanwhile, the Federal Reserve kept its policy measures steady, as expected, but Chairman Jerome Powell offered a sober outlook for the ecoomy and market against the backdrop of the raging pandemic. The Dow [: DJIA] closed down 634 points, or 2.1%, to end at 30,302, on a preliminary basis, representing its sharpest one-day slide since Oct. 28. The fifth straight decline also was the most since a seven-session slide ended Feb. 28. The S&P 500 index retreated 2.6% to close around 3,750, also marking its worst day since late October. The Nasdaq Composite Index retreated 2.6% to 13,270. Fed Chair Jerome Powell stressed that the economy remained far from a recovery, but also underscored that recent asset gains have been driven largely by optimism about the rollout of vaccines to combat the coronavirus pandemic, as well as by fiscal policy, and not necessarily by accommodative monetary policy. Meanwhile, shares of GameStop ended 135% higher, putting it up 435% on the week. Those for AMC climbed over 300% and are up 467% thus far in the week.
11:03 a.m. Jan. 27, 2021 - By Mark DeCambre
Dow skids over 600 points lower near Wednesday's nadir as Fed's Powell says COVID 'adds to economic uncertainty'U.S. stocks saw losses gather steam Monday afternoon as the Federal Reserve Chairman Jerome Powell offered a sobering outlook for the U.S.'s battle against COVID-19, which continues to hobble the economy if not the stock market. The Dow Jones Industrial Average was trading down by about 600 points Wednesday afternoon at 30,347, which would represent its sharpest daily skid since around October. The S&P 500 index was drifting 2.5% lower to 3,754, while the Nasdaq Composite Index was down 2.4% at 13,300. Fed Chairman Jerome Powell has emphasized repeatedly that it is premature for the U.S. central bank to contemplate exiting its accommodative monetary policy stance. The Fed has cut its policy interest rate close to zero and is buying $120 billion per month of U.S. Treasurys and mortgage-backed securities to help the economy recover from the pandemic. During a news conference at 2:30 p.m. Eastern, Powell said new strains of coronavirus "add to economic uncertainty." However, he emphasized that the U.S. economic recovery has been strong from its lows and said financial stability vulnerabilities are 'moderate' right now.
10:08 a.m. Jan. 27, 2021 - By Mark DeCambre
Dow falls 410 points as Fed keeps policy plan steady as expectedU.S. stock benchmarks retained a sharp decline Wednesday afternoon after the Federal Reserve held monetary policy steady while noting that the sectors of the economy that have already been damaged by the coronavirus pandemic are experiencing another round of pain. The Dow Jones Industrial Average was trading 1.4% lower at 30,499, the S&P 500 index was down 1.7% at 3,785, while the Nasdaq Composite Index was off 1.2% at 13,475. The Fed in its statement said that the "pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic." The Fed's policy update comes as investors are worried about the pace of the recovery from COVID-19, with investors training their attention to pockets of bubbliciousness on Wall Street, including trading in stocks like GameStop , which are being viewed as indicative of the frothiness persistent in the market amid superlow interest rates and trillions in Fed liquidity. Still, Fed Chairman Jerome Powell has stressed repeatedly it is premature for the U.S. central bank to contemplate exiting its accommodative monetary policy stance. Powell is expected to hold a news conference to discuss policy with reporters at 2:30 p.m. Eastern. The Fed is expected to field questions about GameStop as a matter of potential spillover or systemic risk.
8:00 a.m. Jan. 27, 2021 - By Michael Ashbaugh
Charting an intraday downdraft, S&P 500 retests near-term support (3,764) Nasdaq maintains gap support, Small- and mid-cap benchmarks retest near-term floorsU.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon. Against this backdrop, the S&P 500 has ventured under its breakout point (3,826), pulling in to an initially successful retest of familiar near-term support (3,764).
6:21 a.m. Jan. 27, 2021 - By Mark DeCambre
Panic-buying signs emerge on Wall Street Wednesday even as Dow industrials face worst day since OctoberWhile the Dow Jones Industrial Average on Wednesday was seeing its biggest one-day skid since around October, market internals suggest investors on the New York Stock Exchange and Nasdaq are buying rather than selling stocks. The Arms Index Arms Index, a volume-weighted breadth measure, fell to 0.234, while many on Wall Street see declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of the number of advancing stocks over decliners by the ratio of the volume of advancing stocks over declining volume and the Arms index often falls below 1.000, as the buyers rush into advancing stocks. The Nasdaq Arms Index was at 0.287. Meanwhile, the Nasdaq Composite was off 1% at 13,484, the S&P 500 index was off 1.3% at 3,798, losing its grip on a psychological key level at 3,800 and the Dow was trading 1.4% lower at 30,525. The moves downward in stock comes as investors were finding few reasons to buy stocks amid a focus on retail investors bidding up heavily shorted stocks like GameStop . Later in the day, investors also are awaiting a policy update from the Federal Reserve at 2 p.m. E.T., with Jerome Powell set to hold a news conference at 2:30 p.m.
8:50 a.m. Jan. 21, 2021 - By Ciara Linnane
Biden signs flurry of orders to tackle pandemic that has now cost more than 407,000 American lives Fauci addresses board of World Health Organization with promise that U.S. will join international response to crisisThe global case tally for the coronavirus-borne illness COVID-19 edged above 97 million on Thursday with the U.S. accounting for 24 million of those cases, as President Joe Biden wasted no time in implementing his plan to address a crisis that has caused the loss of more than 407,000 American lives.
11:02 a.m. Jan. 15, 2021 - By Ciara Linnane
Global deaths from COVID-19 top 2 million as U.S. suffers most weekly fatalities since start of the pandemic Weekly deaths exceed CDC’s estimate for flu-related deaths for entire 2019-2020 season The global case tally for the coronavirus-borne illness COVID-19 climbed above 93 million on Friday and the death toll climbed above 2 million, with the U.S. leading all nations by cases and fatalities.
10:21 a.m. Jan. 13, 2021 - By Ciara Linnane
U.S. sees record one-day death toll and experts worry new variant may make activities like plane travel more risky Vaccine program must speed up to avoid reaching 640,000 deaths by spring, equal to lives lost in the 1918 flu pandemicThe U.S. set another grim milestone in the coronavirus pandemic on Tuesday, when more than 4,400 COVID-19 patients died, the most in a single day since the start of the outbreak, and experts said that with cases continuing to accelerate, the worst is still to come.
10:37 a.m. Jan. 8, 2021 - By Ciara Linnane
More than 4,000 U.S. lives lost to COVID in single day, exceeding death toll from 9/11 attacks Numbers exceed even worst-case scenario forecasts of health experts as vaccine rollout continues to lag targetsThe U.S. set yet another record for the number of fatalities from the coronavirus-borne illness COVID-19 and recorded the highest number of new cases since the start of the outbreak, with the latest numbers exceeding even the worst case scenario forecasts of health experts.
12:04 p.m. Dec. 16, 2020 - By Mark DeCambre
Nasdaq ends at record, S&P 500 narrowly misses closing high as Fed emphasizes 0% interest rates through 2023 U.S. stocks finished at or near records on Wednesday, though the Dow closed nearly flat, as the Federal Reserve did little to indicate a change of the regime of ultralow interest rates amid the pandemic. The Fed said it was optimistic on the current recovery but emphasized that the outlook for the economy will hinge on how the U.S. deals with the worst viral outbreak in more than a century. Federal-funds rates were held at a range between 0% and 0.25%, as expected, as Washington tries to hammer out an agreement on another round of financial aid to combat the economic harm from the coronavirus. The central bank increased its GDP forecast but didn't adjust its $120 billion asset purchases, as had been expected by some Fed watchers. "Together these measures will ensure that monetary policy will continue to deliver powerful support for the economy until the recovery is complete," Fed Chairman Jerome Powell said at a news conference after Wednesday's statement was released. "A big yawn," is how Michael Arone, chief investment strategist at State Street Global Advisors, described the policy update to MarketWatch, immediately after the release. The Dow Jones Industrial Average closed down by about 44 points, or 0.2%, at around 30,155; the S&P 500 index rose 0.2% to 3,701, just shy of its Dec. 8 closing record at 3,702.25' while the Nasdaq Composite Index booked a 0.5% rise to a record close at about 12,658. In economic reports, a retail sales report showed that the economy may be slowing as coronavirus cases surge. U.S. retail sales dropped a seasonally adjusted 1.1% in November from the prior month. The data and Fed update come as congressional lawmakers were hammering out a roughly $900 billion deal that was expected to include another round of direct payments to households, The Wall Street Journal reported. In corporate news, Shares of Facebook Inc. were in focus after it launched a PR assault against Apple Inc. claiming the iPhone maker's upcoming mobile operating system update will hurt small businesses. Bond yields also edged higher, with the 10-year Treasury note yielding 0.92%.
10:23 a.m. Dec. 16, 2020 - By Mark DeCambre
Dow adds to slight losses Wednesday as Fed says path of economy next year depends on coronavirusU.S. stocks traded off their highest levels of the session on Wednesday, and losses deepened for the Dow, as investors parsed the last policy update of 2020 from the Federal Reserve, which did little to indicate a change of the regime of ultralow interest rates amid the pandemic. The Fed said it was optimistic on the current recovery but noted that the outlook for the economy will hinge on how the U.S. deals with the worst viral outbreak in more than a century. Federal-funds rates were held at a range between 0% and 0.25%, as expected, as Washington tries to hammer out an agreement on another round of financial aid to combat the economic harm from the coronavirus. The central bank increased its GDP forecast but did little to adjust its asset purchases, as had been expected by some Fed watchers. "A big yawn," is how Michael Arone, chief investment strategist at State Street Global Advisors, described the policy update to MarketWatch, immediately after the release. The Dow Jones Industrial Average was trading of by about 100 points, or 0.3%, lower at 30,104, the S&P 500 index slipped into negative territory at 3,693, while the Nasdaq Composite Index pared its gains, up 0.2% at 12,618. Fed Chairman Jerome Powell will host a news conference at 2:30 p.m.
5:33 a.m. Dec. 16, 2020 - By Mark DeCambre
Dow struggles for altitude at Wednesday's open as investors watch reports on $900 billion COVID fiscal deal, Fed updateU.S. stocks on Wednesday traded tepidly higher, struggling to gain ground into substantially positive territory, as investors awaited key news that could provide a fresh catalyst for equities, including an update on a much-discussed coronavirus spending package and an update from the Federal Reserve at 2 p.m. Eastern on monetary policy headed into 2021. that Republican Sen. Steve Daines expressed optimism that congressional leaders will release a $900 billion coronavirus relief deal as soon as Wednesday morning. The Dow Jones Industrial Average [: DJIA] was trading less than 0.1% higher at 20,205, the S&P 500 index was trading 0.1% higher at 3,698, trying to rise above a psychological and technical level at 3,700, while the Nasdaq Composite Index was trading 0.2% higher at 12,617.
5:37 a.m. Nov. 25, 2020 - By Mark DeCambre
Dow retreats from 30,000 milestone at open, but Nasdaq trades in record territory ahead of Thanksgiving holidayU.S. equity benchmarks Wednesday morning saw muted action, a day after the Dow Jones Industrial Average breached 30,000 points for the first time, and as investors readied for pandemic-tinged Thanksgiving on Thursday when U.S. markets will be closed. The Dow Jones Industrial Average lost 90 points, or 0.3%, to trade at 29.960, the S&P 500 index slipped 0.1% to 3,631, while the Nasdaq Composite Index added 25 points, or 0.2%, at 12,061, touching closing record territory for the tech-laden index. Investors in the past week have focused on progress toward COVID-19 vaccines, and abating concerns around the presidential transition of President-elect Joe Biden. In economic reports, Labor Department employment figures showed jobless claims rose for a second consecutive week, a sign that resurging cases of COVID are taking a toll on the labor market. Meanwhile, durable goods orders rose by more than forecast. A number of other economic reports are set for today, pulled forward because of the Thanksgiving holiday on Thursday and Black Friday in the U.S. The Federal Reserve's meeting minutes from its meeting earlier this month will be released at 2 p.m.
11:17 a.m. Nov. 23, 2020 - By Mark DeCambre
Dow heads to session highs Monday as ex-Fed boss Yellen seen as Biden's pick for Treasury SecretaryU.S. stocks were trading near session highs on Monday as investors digest a report that former Federal Reserve boss Janet Yellen would be President-elect Joe Biden's pick for Treasury Secretary, the . If confirmed, Yellen would become the first woman to hold the post, taking over from Steven Mnuchin, the Journal reported. The Dow Jones Industrial Average was up nearly 400 points, or 1.3%, at 29,642, the S&P 500 index was trading 0.7% higher at 3,583, while Nasdaq Composite Index climbed 0.5% at around 11,913. Biden had promised to make his nomination for Treasury known around Thanksgiving, which is three days away. Biden last week said he believed his pick would be widely accepted by conservatives, moderates and progressives alike. Market participants are anticipating a greater likelihood that the 74-year-old Yellen will pursue further economic stimulus to help out-of-work Americans and troubled businesses.
7:52 a.m. Nov. 6, 2020 - By Michael Ashbaugh
Charting a bullish November start, S&P 500 extends spike from major support Focus: Gold and Japanese yen take flight amid softer U.S. dollar, GLD, FXY, UUP, FXI, XLB, SMHU.S. stocks are slightly lower early Friday, largely treading water after a better-than-expected monthly jobs report and in the wake of an otherwise strong election-week rally. Against this backdrop, each big three U.S. benchmark has spiked at least 7.0% week-to-date, rising from major support amid an unusually strong November start.
12:11 p.m. Nov. 4, 2020 - By Mark DeCambre
S&P 500, Nasdaq book best postelection rally in history as Biden-Trump presidential contest remains undecidedThe S&P 500 and the Nasdaq on Wednesday produced the best postelection gain on record, as investors focus on the possibility that the race for the White House between President Donald Trump and former Vice President Joe Biden might yield a split government. Biden was seen edging Trump for the presidency after Tuesday's Election Day results, which were still being tallied but the expectations for a Democratic sweep appeared dashed, making it more likely that Republicans and Democrats would lock horns over the next four years--viewed as the type of political gridlock that is felicitous for financial markets. Crucial battleground states like Georgia, Michigan and Pennsylvania continued to be counted, with Biden holding a 248 electoral college lead, compared against Trump's 214. A total of 270 votes are required to determine a winner for the White House. Technology-related stocks led the way on Wednesday on the belief that a Biden victory and a split Congress would make the Democratic challenger's hope of raising taxes and enacting stricter regulation on tech companies less likely. The Nasdaq Composite Index gained 430 points, or 3.9%, to reach 11,591, the S&P 500 index climbed 74.45 points, or 2.2%, to 3,443, with both indexes registering their best returns in the trading day after an election on record, according to Dow Jones Market Data. Meanwhile, the Dow Jones Industrial Average finished up 1.3% higher at 27,848, but finished the session well off its best levels at 28,302, which would have resulted in the best day for the benchmark since 1900. In corporate news, shares of Biogen surged after the U.S. Food and Drug Administration offered a positive assessment of the company's experimental Alzheimer's disease drug. Meanwhile, health-care shares [s; XLV] gained 4.5% on the day, leading the S&P 500's 11 sectors, perhaps, on the belief that a Biden presidency would maintain Obamacare. The focus on politics comes also as the Federal Reserve commenced its two-day policy meeting which will conclude on Thursday and could signal that the central bank will reiterate its support for financial markets amid the economic uncertainty wrought by the pandemic.
5:34 a.m. Oct. 21, 2020 - By MarketWatch
Stock market struggles for direction at Wednesday's open as coronavirus relief package remains in doubt U.S. stock indexes early Monday were trading near unchanged as investors continued to assess the prospects for a fresh coronavirus relief bill, which is viewed by some experts as crucial to supporting further equity gains. The Dow Jones Industrial Average was down over 35 points, or 0.1%, at 28,285, the S& 500 index was retreating in positive territory at around 3,445, and the Nasdaq Composite Index was edging up less than 0.1% at 11,543. Democratic negotiators and the White House said they would press ahead with talks in aid talks, bypassing a self-imposed deadline for Tuesday that had been proposed by House Speaker Nancy Pelosi over the weekend. In economic reports, investors will watch for an account of business conditions in the Federal Reserve's districts at 2 p.m. Eastern Time.
5:34 a.m. Oct. 21, 2020 - By MarketWatch
Stock market struggles for direction at Wednesday's open as coronavirus relief package remains in doubt U.S. stock indexes early Monday were trading near unchanged as investors continued to assess the prospects for a fresh coronavirus relief bill, which is viewed by some experts as crucial to supporting further equity gains. The Dow Jones Industrial Average was down over 35 points, or 0.1%, at 28,285, the S& 500 index was retreating in positive territory at around 3,445, and the Nasdaq Composite Index was edging up less than 0.1% at 11,543. Democratic negotiators and the White House said they would press ahead with talks in aid talks, bypassing a self-imposed deadline for Tuesday that had been proposed by House Speaker Nancy Pelosi over the weekend. In economic reports, investors will watch for an account of business conditions in the Federal Reserve's districts at 2 p.m. Eastern Time.
8:13 a.m. Oct. 20, 2020 - By Paul Brandus
Biden and Trump agree on this one key part of foreign policy Joe Biden’s stance has toughened since he supported China’s entry into the World Trade Organization two decades ago. Trump has been hammering the Asian nation for yearsJoe Biden’s stance has toughened since he supported China’s entry into the World Trade Organization two decades ago. Trump has been hammering the Asian nation for years.
8:56 p.m. Oct. 7, 2020 - Associated Press
Asian markets rise as investor buy-in for prospect of new U.S. pandemic relief circles globeAsian shares were mostly higher on Thursday on optimism U.S. stimulus may be coming after all, as President Donald Trump appeared to reverse his earlier decision to halt talks on another economic rescue effort.
2:00 p.m. Oct. 7, 2020 - By Chris Matthews
Kissinger says U.S., China must cease escalating threats, or ‘we will slide into a situation similar to World War I’ The U.S. must realize that it can no longer achieve ‘unilateral superiority’ in economic, technological strength, the famed diplomat saysThe famed diplomat warns that rising tensions between the U.S. and China could ultimately lead to a disastrous, kinetic war.
11:09 a.m. Oct. 7, 2020 - By Ciara Linnane
Coronavirus update: U.S. death toll tops 211,000 as doctors caution that Trump is entering a key phase in his diagnosis White House adviser Stephen Miller is latest to test positive for coronavirusThe U.S. death toll from the coronavirus illness COVID-19 edged above 211,000 on Wednesday, as doctors and medical experts said President Donald Trump is entering a key phase in the illness which can take a turn for the worse seven to 10 days into the onset of symptoms.
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