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11:11 a.m. Oct. 12, 2021 - By Mark Decambre
The stock market closed lower Tuesday, logging another intraday reversal and a 3rd straight fall for the longest skid in 3 weeks U.S. stocks finished lower Tuesday, with the main indexes erasing early modest gains to close lower for the third straight decline for the three main equity benchmarks, ahead of the unofficial start of third-quarter results from American corporations. The Dow Jones Industrial Average fell 118 points, or 0.3%, the S&P 500 index declined 0.2% to 4,350, while the Nasdaq Composite Index declined 0.1% to 14,465. The small-capitalization Russell 2000 index , however, was headed for a close in positive territory, up 0.4%. Markets have been choppy amid concerns about slowing growth here and abroad and worries that inflation may be more durable than had been previously estimated by some members of the Federal Reserve. The International Monetary Fund said that it now sees global growth of 5.9% this year - down one-tenth of a percent from its July forecast - and then slowing to 4.9% growth in 2022. For the U.S., the IMF cut its growth estimate for this year down to 6%. Atlanta Federal Reserve President Raphael Bostic said that the recent burst of U.S. inflation is likely to last longer than expected and no longer should be considered "transitory." Minutes from the Fed's Sept. 21-22 meeting are due at 2 p.n. ET on Wednesday. Before that, a report on consumer inflation, the consumer price index, is due at 8:30 p.m. ET.
9:45 a.m. Oct. 12, 2021 - By Myra P. Saefong
U.S. oil futures score back-to-back settlements above the key $80 mark U.S. oil futures for a second consecutive session, but global benchmark Brent crude ended the day modestly lower after the the global economy is losing momentum. "Oil price volatility remains elevated as investors await to see how the global energy crisis unfolds," said Edward Moya, senior market analyst at Oanda. West Texas Intermediate crude for November delivery rose 12 cents, or nearly 0.2%, to settle at $80.64 a barrel on the New York Mercantile Exchange. December Brent crude lost 23 cents, or 0.3%, to settle at $83.42 a barrel on ICE Futures Europe.
8:37 a.m. Oct. 12, 2021 - By Myra P. Saefong
Gold futures settle at highest in nearly a weekGold futures to mark their highest settlement in almost a week after the is losing momentum and slightly lowered its economic growth outlook for this year. "Any data indicating economic slowdowns, including the IMF's latest update, are generally good for gold in that they imply further easy-money policies from central banks," said Brien Lundin, editor of Gold Newsletter. "That said, most of the IMF's downgrade was due to low-income developing countries, which aren't generally big demand sources for gold," he said. "In short, while the news is helping gold today somewhat, it shouldn't imply much of an effect on demand going forward." December gold climbed by $3.60, or 0.2%, to settle at $1,759.30 an ounce. Prices for the most-active contract marked their highest finish since Oct. 6, FactSet data show.
4:36 a.m. Oct. 12, 2021 - By Mark Decambre
Dow drifts higher Tuesday but stock market gains capped as IMF dials back global growth outlook U.S.stocks rose tenatively Tuesday morning as inflation worries dogged bullish investors ahead of third-quarter earnings and as the International Monetary Fund cut its outlook for global growth. The Dow Jones Industrial Average rose 36 points, or 0.1%, at 34,533, the S&P 500 index inchded 0.1% higher at 4,364, and the Nasdaq Composite Index advanced 0.1% at 14,505. The IMF on Tuesday said it expects global GDP to grow by 5.9% in 2021---0.1 percentage point lower than its previous estimate. "This modest headline revision masks large downgrades for some countries," wrote Gita Gopinath, chief economist at the IMF, in a Tuesday blog post. The report comes as investors are wrestling with surging energy prices, which are contributing to pricing pressures across the globe in the wake of the COVID-19 pandemic.
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