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Gold Hits New High as Investors Look to Hedge Against Uncertainty

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12:55 p.m. Today - By Myra P. Saefong
API data reveal a modest weekly decline in U.S. crude supplies, sources sayThe American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 831,000 barrels for the week ended Sept. 25, according to sources. The API data also reportedly showed gasoline stockpiles climbed by 1.6 million barrels, while distillate inventories fell by 3.4 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, added 1.6 million barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories up by 1.9 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 1.3 million barrels for gasoline and 1.7 million barrels in distillates. November West Texas Intermediate crude was at $39.19 a barrel in electronic trading, down from Tuesday's settlement at $39.29 on the New York Mercantile Exchange.
12:06 p.m. Today - By Mark DeCambre
Stock market ends lower, halts 3-session string of gains as Wall Street awaits Trump-Biden face-off later TuesdayU.S. stocks snapped a three-session mini streak of gains on Tuesday, as investors found few reasons to push equity benchmarks to further gains ahead of a key debate between President Donald Trump and Democratic challenger, former Vice President Joe Biden. The Dow Jones Industrial Average closed off 0.5% at around 27,453, the S&P 500 index closed down 0.5% at 3,335, while the Nasdaq Composite Index finished off 0.3% at 11,085, on a preliminary basis. All three major indexes had risen for three consecutive days before this pullback and are still holding onto solid weekly gains. Investors will focus on the Trump-Biden debate for clues about policy and gauge the trajectory of the 2020 election race for the White House. Biden currently leads the president by around 8 percentage points, according to an average of national polls by RealClearPolitics. The debate is set to take place at 9 p.m. Eastern in Cleveland.
8:58 a.m. Today - By Michael Ashbaugh
Charting a corrective bounce: S&P 500 hesitates at 50-day average Focus: Japan’s stealth breakout attempt, Home construction sector exhibits relative strength, EWJ, ITB, ROKU, ANF, PLAN, WHRTechnically speaking, the major U.S. benchmarks have rallied respectably from the September low, rising in the wake of a damaging market downdraft, writes Michael Ashbaugh.
8:16 a.m. Today - By Michael Ashbaugh
Charting a corrective bounce: S&P 500 hesitates at 50-day average Focus: Japan’s stealth breakout attempt, Home construction sector exhibits relative strength, EWJ, ITB, ROKU, ANF, PLAN, WHRTechnically speaking, the major U.S. benchmarks have rallied respectably from the September low, rising in the wake of a damaging market downdraft. Against this backdrop, the S&P 500 and Dow industrials have reached key technical tests — closely matching the 50-day moving average — areas defining the immediate bull-bear battleground.
12:12 p.m. Sept. 28, 2020 - By Mark DeCambre
Dow books roughly 410-point gain to start the week, boosted by energy, industrials and financialsU.S. stocks closed sharply higher Monday, starting the week on a higher note as investors bought shares of banks, energy companies, as well as materials and industrials firms. Talk of some progress toward a fresh coronavirus aid package, however unlikely to gain much traction on Washington, and bargain hunting by investors betting on happier economic times in the throes of a global viral outbreak, helped to revive some degree of the bullish sentiment. The Dow Jones Industrial Average closed up 410 points, or 1.5%, at 27,583, the S&P 500 index finished the session up 1.6% at 3,352, powered by a 2.3% gain in financials and a 2.3% in the energy sector . The Nasdaq Composite Index , meanwhile, closed 1.9% higher at 11,117, retaking a psychological perch above 11,000. All closing numbers are on a preliminary basis. Shares of Citigroup and Morgan Stanley and Wells Fargo & Co. closed up 2.9% and 3.1%, and 3.5% respectively, helping to lead the charge higher for the economically sensitive banking sector, underscoring some bets for an improved economy by investors and efforts by investors to find value in beaten down sectors that have not enjoyed the run-up in stocks to the same degree as the highflying technology-related and work-from-home shares. Investors are also focused on the looming 2020 presidential election, with a debate between President Donald Trump and former Vice President Joe Biden set for Tuesday, which could also influence investment behavior in the short term. Last week, stocks took a hit amid rising concerns of a renewed spread of the novel strain of coronavirus that causes COVID-19. Markets got off to a strong start on Monday partly due to solid economic data out of China, which appeared to overshadow reports of fresh lockdowns and growing cases of COVID-19 in parts of Europe.
7:57 a.m. Sept. 28, 2020 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 spikes to challenge 50-day average Focus: Europe retests breakdown point, Twitter digests a breakout, IEV, TWTR, FVRR, AEO, BPMCU.S. stocks are higher early Monday, rising partly amid optimism over coronavirus stimulus prospects. Against this backdrop, the S&P 500 has extended a sharp rally from the September low, rising to challenge the 50-day moving average, currently 3,353, from underneath.
12:06 p.m. Sept. 25, 2020 - By Mark DeCambre
Dow industrials, S&P 500 rally mightily on Friday but fail to avoid longest weekly losing streak in over a year U.S. stocks finished a weekly trading stretch, marked by wild swings, on a higher note, shrugging off uncertainty about additional coronavirus stimulus from Washington, rising cases of coronavirus and a stall-out in some components of economic data. Investors still turned to the perceived safety of technology stocks, helping the Nasdaq Composite avoid a fourth consecutive weekly slide, but the S&P 500 and the Dow Jones Industrial Average booked their fourth weekly drop, matching their longest such losing skid since Aug. 23, 2019, FactSet data show. The Dow finished the session up by about 360 points, or 1.3%, at about 27,174, while the S&P 500 closed 1.6% higher at around 3,298, on a preliminary basis. For the week, the Dow booked a 1.8% decline while the S&P 500 lost 0.6% over the five-session stretch. The Nasdaq Composite, however, closed up 2.3% on the session to reach 10,913, on a preliminary basis. That helped the tech-laden benchmark record a 1.1% weekly gain erasing a fall of that magnitude, from which it started Friday trade.
11:37 a.m. Sept. 25, 2020 - By Myra P. Saefong
Oil prices post a weekly fall on worries over COVID-19 impact on crude demand WTI, Brent oil futures trade almost 3% lower for the weekOil futures edge lower Friday, with both major benchmarks posting their third weekly decline in four weeks as worries about the demand outlook grow in response to rising COVID-19 cases.
10:11 a.m. Sept. 25, 2020 - By Myra P. Saefong
Gold ends lower to suffer worst weekly slump since March Silver futures log a weekly drop of nearly 15%Gold futures end lower on Friday, with bullion booking its fourth decline in five sessions, prompting the asset to suffer its worst weekly slide in about six months.
7:59 a.m. Sept. 25, 2020 - By Michael Ashbaugh
Charting a second failed technical test: S&P 500, Dow balk at key resistance Focus: Small and mid-caps register consecutive closes under 200-day averageU.S. stocks are higher early Friday, rising in the wake of damaging week-to-date price action. Against this backdrop, the S&P 500 has asserted a bearish intermediate-term bias, punctuated by consecutive failed tests of key resistance — S&P 3,328 and 3,280.
8:11 p.m. Sept. 24, 2020 - By Associated Press
Asia stocks take inspiration from renewed hope for fresh round of pandemic relief in U.S.Asian shares advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. economy.
12:58 p.m. Sept. 24, 2020 - By Mark DeCambre
Dow ekes out gain in turbulent trade as Wall Street struggles to shrug off market uncertaintyU.S. stock indexes finished with slight gains in choppy trade Thursday, reflecting a market that is struggling to find its footing amid signs of softening economic data and a raft of uncertainties ahead.
12:10 p.m. Sept. 24, 2020 - By Mark DeCambre
Dow trades in nearly 560-point range before eking out slight gain in choppy Thursday actionU.S. stocks traded on an unsteadily Thursday, with the major benchmarks swinging from solid gains to losses within minutes, at times, reflectin signs of softening economic data and a raft of uncertainties ahead, including a lack of additional economic stimulus and expected volatility from the 2020 presidential election. The Dow Jones Industrial Average closed up by about 52 points, or 0.2%, at 26,815, but not before trading within a 560-point range on the day. The Dow was down 226.12 points at the day's nadir and 331.72 at the session high. The S&P 500 index finished up 0.3% at 3,246, but momentarily traded beneath its correction level--defined as a drop of at least 10% from recent peak--at 3,222.76. Gains were aided by a rise in consumer staples and utilities , considered safety plays during times of uncertainty. The Nasdaq Composite Index advanced 0.4% to finish around 10,672, after touching a high at 10,799, and a low at 10,520. Investors parsed a report that House Democrats were putting together another coronavirus stimulus plan that would come in at $2.4 trillion, with a possible vote on the legislation, which would include unemployment benefits, direct payments, small business loans and airline aid, as soon as next week, . Meanwhile, weekly labor figures showed that some aspects of the coronavirus recovery are stalling out. Jobless claims rose 4,000 to 870,000, the Labor Department said Thursday, reflecting that slightly more Americans applied for state unemployment benefits in the week ended Sept. 19 than in the prior week. Economists surveyed by MarketWatch had been looking for claims to decline to 850,000.
11:04 a.m. Sept. 24, 2020 - By Myra P. Saefong
Oil prices end higher, buoyed by signs of tighter supplies Natural-gas futures tally a 2-session gain of nearly 23%Oil futures finish higher on Thursday, supported by signs of tighter U.S. supplies, despite persistent concerns that rising cases of COVID-19 will lead to weaker energy demand.
10:04 a.m. Sept. 24, 2020 - By Myra P. Saefong
Gold prices post a gain for the first time in 4 sessionsGold futures end higher on Thursday to tally their first gain in four sessions, as a recent price drop to a two-month low raises the precious metal’s appeal among bargain hunters.
8:04 a.m. Sept. 24, 2020 - By Michael Ashbaugh
Second 7-to-1 down day raises caution flag amid failed technical tests Focus: Europe fuels cross currents across asset classes, U.S. dollar spikes as euro and gold turn lower, IEV, FXE, UUP, GLD, HYGU.S. stocks are higher early Thursday, rising after a mixed batch of economic data. Against this backdrop, the S&P 500 is digesting an aggressive week-to-date downturn, punctuated by a failed retest of key resistance (3,328).
6:34 a.m. Sept. 24, 2020 - By Myra P. Saefong
EIA reports a smaller-than-expected weekly rise in U.S. natural-gas suppliesThe U.S. Thursday that domestic supplies of natural gas rose by 66 billion cubic feet for the week ended Sept. 18. That was smaller than the increase of 77 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 3.680 trillion cubic feet, up 504 billion cubic feet from a year ago, and 407 billion cubic feet above the five-year average, the government said. October natural gas was up 13 cents, or 6.1%, at $2.255 per million British thermal units. It traded at $2.227 .
8:20 p.m. Sept. 23, 2020 - By Associated Press
Asian stocks mostly lower early Thursday amid declining confidence in U.S. economy and escalating political turmoilAsian shares were mostly lower Thursday as caution set in after a retreat on Wall Street driven by a decline in technology shares.
11:20 a.m. Sept. 23, 2020 - By Myra P. Saefong
Oil futures settle higher, but U.S. prices fall short of reclaiming $40 mark U.S. crude supplies down a second week, but demand concerns remainOil futures gain on Wednesday, but U.S. benchmark prices came up short on reclaiming the $40 mark, as domestic crude supplies declined for a second week in a row, but coronavirus-related lockdowns in Europe fed expectations for weaker energy demand.
10:29 a.m. Sept. 23, 2020 - By Myra P. Saefong
Gold prices end at 2-month low as rise in U.S. dollar deflates bullion demandGold prices fall below $1,900 an ounce on Wednesday to mark their lowest finish in two months as a strengthening dollar continues to undercut appetite for bullion, risking a further break in a bullish trend line in the precious commodity.
8:05 a.m. Sept. 23, 2020 - By Michael Ashbaugh
Charting a corrective bounce, S&P 500 balks at the breakdown point Focus: 10-year yield maintains the range, TNX, TGT, ZEN, SGMS, DDOGU.S. stocks are lower early Wednesday, pressured as September volatility persists. Against this backdrop, the S&P 500 has initially balked at its breakdown point — the 3,310-to-3,328 area — pressured to punctuate a corrective bounce from the September low.
6:38 a.m. Sept. 23, 2020 - By Myra P. Saefong
EIA reports a second weekly decline in U.S. crude suppliesThe that U.S. crude inventories fell for a second straight week by 1.6 million barrels for the week ended Sept. 18. That was much less than the average forecast from analysts polled by S&P Global Platts for a decline of 4 million barrels, but the had reported an increase of 691,000 barrels, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub unchanged for the week at 54.3 million barrels. Gasoline supply, meanwhile, fell by 4 million barrels, while distillate stockpiles declined by 3.4 million barrels. The S&P Global Platts survey had shown expectations for a supply fall of 1.9 million barrels for gasoline, while distillates were expected to rise by 1.2 million barrels. November West Texas Intermediate crude was up 23 cents, or 0.6%, at $40.03 a barrel on the New York Mercantile Exchange. Prices traded at $39.98 .
8:28 p.m. Sept. 22, 2020 - By Associated Press
Asian stocks inching lower after intraday rebound lifts U.S. equity marketsAsian markets were mostly lower on Wednesday as investors kept a wary eye on how the coronavirus pandemic will affect the economic outlook.
12:43 p.m. Sept. 22, 2020 - By Myra P. Saefong
API data reveal a weekly climb in U.S. crude supplies, sources sayThe American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 691,000 barrels for the week ended Sept. 18, according to sources. The API data also reportedly showed gasoline stockpiles dropped by 7.7 million barrels, while distillate inventories declined by 2.1 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, inched up by 298,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 4 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a supply drop of 1.9 million barrels for gasoline and an inventory increase of 1.2 million barrels in distillates. November West Texas Intermediate crude was at $39.82 a barrel in electronic trading, at $39.80 on the New York Mercantile Exchange.
12:31 p.m. Sept. 22, 2020 - By William Watts
Dow recovers from intraday drop as S&P 500, Nasdaq snap four-day losing streak Tesla shares fall as Musk plays down ‘battery day’ expectationsStocks rose Tuesday, recovering from intraday losses as the bulls appeared to overcome worries about renewed coronavirus lockdowns in Europe and rising political uncertainty in the U.S.
10:13 a.m. Sept. 22, 2020 - By Myra P. Saefong
Gold prices suffer back-to-back losses as dollar extends run-upGold prices on Tuesday end lower for a second session as the dollar continues its climb on the back of concerns about fresh COVID-19 lockdowns implemented in London and other parts of Europe, continues.
8:52 a.m. Sept. 22, 2020 - By Michael Ashbaugh
Charting a bearish technical tilt: S&P 500, Dow industrials violate major support Focus: U.S. sector damage broadens amid familiar pockets of strength, XLF, KRE, XLE, QQQ, XLI, XLB, IYTTechnically speaking, the S&P 500 and Dow industrials have violated major support — as well as the 50-day moving average — raising an intermediate-term caution flag, writes Michael Ashbaugh.
8:17 a.m. Sept. 22, 2020 - By Michael Ashbaugh
Charting a bearish technical tilt: S&P 500, Dow industrials violate major support Focus: U.S. sector damage broadens though familiar pockets of strength persist, XLF, KRE, XLE, QQQ, XLI, XLB, IYTTechnically speaking, the September market downturn continues to inflict damage to the major U.S. benchmarks. Against this backdrop, the S&P 500 and Dow industrials have violated major support — as well as the 50-day moving average — raising an intermediate-term caution flag. The Nasdaq Composite has firmed, on the margin, versus the other benchmarks.
9:00 p.m. Sept. 21, 2020 - By Associated Press
Asian equity markets track Wall Street’s retreat as investors fret over coronavirus pandemic’s continuing economic tollShares slipped Tuesday in Asia after markets tumbled worldwide on worries about the pandemic’s economic pain.
10:19 a.m. Sept. 21, 2020 - By Myra P. Saefong
Gold prices drop nearly 3% as rise in coronavirus cases sparks dollar rally Gold prices settle beneath 50-day moving averageGold futures drop on Monday, touching lows under $1,900 an ounce, amid an apparent flight to dollars. Rising global risks, including renewed COVID-19 lockdown measures in Europe, were partly to blame as bullion prices slumped to their lowest finish in two months.
8:01 a.m. Sept. 21, 2020 - By Michael Ashbaugh
Charting a bearish technical tilt: S&P 500, Nasdaq violate major support Focus: Revisiting U.S. sector damage and pockets of strength, Financials challenge key support, QQQ, XLE, XLF, IYT, XLI, XLBU.S. stocks are firmly lower early Monday, pressured amid renewed virus concerns, as well as pronounced financials’ weakness, fueled by reports of sketchy industry business practices. Against this backdrop, the S&P 500 and Nasdaq Composite have extended violations of major support — S&P 3,328 and Nasdaq 10,840 — moves initially registered to conclude last week.
6:37 a.m. Sept. 21, 2020 - By Mark DeCambre
Dow skids over 800 points Monday as investors reassess risk amid rising coronavirus casesU.S. stocks opened sharply lower on Monday as rising cases in Europe and a number of geopolitical risks, ignited selling of assets considered risky on Wall Street. The Dow Jones Industrial Average was down 839 points, or 3%, at 26,991, on pace for its sharpest daily decline since April, FactSet data show. The S&P 500 index retreated 2.6% at 3,233, while the Nasdaq Composite Index declined 2.4% at 10,539. In corporate news, Nikola founder and chairman Trevor Milton is stepping down, after battling claims levied by a short seller for the past couple of weeks. Rising COVID-19 cases across several European economies sparked fears of renewed restrictions on activity. London Mayor Sadiq Khan was in talks on Monday to discuss introducing new measures to stem the coronavirus' spread. Meanwhile, U.S. and European bank shares were set to fall sharply after BuzzFeed News and other outlets published articles alleging that the world's most powerful banks continued doing business with customers they suspected of engaging in money laundering and other illicit activities. The SPDR Financial Select Sector ETF fell sharply on Monday.
5:34 a.m. Sept. 21, 2020 - By Michael Brush
Stock market is at the start of a selloff, says veteran trader Larry Williams Williams, age 77, is focused on seasonal patterns that consistently play out over timeWilliams, age 77, is focused on seasonal patterns that consistently play out over time.
8:34 p.m. Sept. 20, 2020 - By Associated Press
Asian markets start Monday lower with U.S. mired in three-week losing streakAsian stock markets were mostly lower Monday after Wall Street declined for a third week and Britain reported a rise in coronavirus infections.
12:30 p.m. Sept. 18, 2020 - By Mark DeCambre
Stocks close lower, notching third straight weekly loss as tech-led sell-off intensifies S&P 500 closes below its 50-day moving average for the first time since April 23U.S. stock indexes closed lower Friday, notching a third straight weekly loss, amid uncertainty about a fresh round of fiscal stimulus from Washington, concerns about tensions between the U.S. and China, and worries about the sluggish pace of economic recovery.
11:14 a.m. Sept. 18, 2020 - By Myra P. Saefong
Oil futures log biggest weekly gain since June Natural-gas futures poised for a weekly loss of almost 11%Oil futures split paths for the session on Friday, with U.S. prices up modestly and global prices slightly lower but both benchmarks logging their biggest weekly gain since June after major oil producers pledged their full commitment to output cuts.
10:06 a.m. Sept. 18, 2020 - By Myra P. Saefong
Gold futures tally a second straight weekly gain Copper marks highest settlement price since June 2018Gold futures finish higher Friday to tally a second weekly gain in a row, though prices only scored a modest boost from Federal Reserve policy that signals a lower-for-longer path for interest rates for the next three to four years.
8:01 a.m. Sept. 18, 2020 - By Michael Ashbaugh
Market rotation persists, S&P 500 maintains major support (3,328) Focus: QQQ narrowly holds key support, Metals & Mining sector breaks out, QQQ, XME, STLD, COF, MAXR, CFU.S. stocks are lower early Friday, pressured to conclude largely range-bound week-to-date price action. Against this backdrop, the S&P 500 has thus far maintained major support (3,328), tagging a week-to-date low (3,328.8) matching the inflection point.
7:41 p.m. Sept. 17, 2020 - Associated Press
Asian markets inch higher despite Wall Street slump, coronavirus fears Little movement as ‘Fed hangover’ looms over Asian tradingAsian shares were slightly higher Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus pandemic, as reflected in the overnight fall on Wall Street.
12:42 p.m. Sept. 17, 2020 - By Mark DeCambre
Dow snaps four-day winning streak as stocks finish day with modest losses Bulls restrained by Fed outlook, lackluster U.S. economic dataU.S. stocks finished lower Thursday, but off the session lows, as investors digested the Federal Reserve’s economic outlook along with lackluster economic data.
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