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6:05 a.m. Oct. 21, 2021 - By Jacob Passy
Existing-home sales improve in September, eating up available inventoryExisting-home sales rose 7% on a monthly basis in September, reaching a seasonally-adjusted, annual rate of 6.29 million, the National Association of Realtors said Thursday. Compared to a year ago, though, sales were down roughly 2%. The increase in sales was the result of improved inventory in recent months, which gave buyers more options to choose from and allowed more people to lock in purchases. However, inventory dropped nearly 1% from the previous month as of the end of September, and was down 13% from a year ago.
3:56 a.m. Oct. 21, 2021 - By Tomi Kilgore
IBM stock selloff would cut the Dow's price by about 50 pointsShares of International Business Machines Corp. dove 5.4% in premarket trading Thursday, in the wake of the technology company's , and was by far the biggest drag on the Dow Jones Industrial Average ahead of the open. The implied price decline in IBM's stock would shave about 51 points off the Dow's price, while Dow futures shed 98 points or 0.3%, with 23 of 30 components trading lower. The next biggest Dow decliner in the premarket was Caterpillar Inc.'s stock, which slipped 1.1% and implied a 15-point weight on the Dow's price. The biggest gainer was Dow Inc.'s stock , which rose 1.5%, and would add about 6 points to the Dow's price, after the chemical and specialty materials company beat .
2:15 a.m. Oct. 21, 2021 - By Tomi Kilgore
Dow's stock gains as profit and revenue rise above forecasts, as local price jumpShares of Dow Inc. edged up 0.2% in premarket trading Thursday, after the chemicals and specialty materials company reported third-quarter profit and revenue that rose above Wall Street forecasts, amid big jumps in local prices due to tight supply and demand dynamics. The company swung to net income of $1.68 billion, or $2.23 a share, from a loss of $25 million, or 4 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share rose to $2.75 from 50 cents, beating the FactSet consensus of $2.56. Sales surged 52.8% to $14.84 billion, above the FactSet consensus of $14.33 billion. Packaging and specialty plastics sales grew 69.5% to $7.74 billion to beat the FactSet consensus of $7.25 billion, as local price increased 63%; industrial intermediates and infrastructure sales rose 46.5% to $4.48 billion vs. expectations of $4.40 billion, as local price increased 49%; performance materials and coatings sales rose 26.2% to $2.53 billion to top expectations of $2.49 billion, as local price increased 23%. "e continue to see robust end-market demand that is expected to extend into 2022, coupled with near-term logistics constraints and low inventory levels across our value chains," said Chief Executive Jim Fitterling. The stock has gained 7.9% year to date through Wednesday, while the Dow Jones Industrial Average has advanced 16.4%.
8:59 a.m. Oct. 19, 2021 - By Tomi Kilgore
3M reaches deal to resolve litigation related to addressing PFAS issues near Alabama facilityShares of 3M Co. rose 0.5% in midday trading Tuesday, after the industrial and consumer products company said it reached an agreement with several parties resolve litigation related to addressing pre- and polyfluoroalkyl substances (PFAS) issues near the Decatur, Ala. facility. The company, the parent of brands including Post-it notes, Scotch tape and Ace bandages, said the parties that it has reached agreement with include The City of Decatur and Morgan County, the plaintiffs in St. John and the Tennessee Riverkeeper organization. As part of the agreement, 3M said it will contribute $99 million to build "a stronger environment and community in Decatur and the surrounding area." For Tennessee Riverkeeper and St. John plaintiffs, 3M said it will continue environmental characterization, including testing soil, ground water and sediment for PFAS. The stock has gained 4.5% year to date, while the Dow Jones Industrial Average has advanced 15.8%.
4:41 a.m. Oct. 19, 2021 - By Jacob Passy
New-home construction subsides as supply-chain and labor problems persistU.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.56 million in September, representing a 1.6% decrease from the previous month, the U.S. Census Bureau reported Tuesday. Compared with September 2020, housing starts were up 7.4%. The pace of permitting for new housing units also dropped in September. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.59 million, down 7.7% from August, in line with the rate of permitting from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.61 million and building permits to come in at a pace of 1.67 million. The drop in permits was driven mainly by a decrease in multifamily housing units, though fewer single-family homes were permitted as well. New construction on multifamily buildings also decreased in September, though single-family starts remained flat.
3:23 a.m. Oct. 19, 2021 - By Tonya Garcia
P&G reports profit decline but maintains guidanceProcter & Gamble Co. shares slipped 0.8% in Tuesday premarket trading after the consumer packaged goods company reported fiscal Q1 profit that fell versus last year. Net income totaled $4.112 billion, or $1.61 per share, down from $4.277 billion, or $1.63 per share, last year. Sales of $20.338 billion were up from $19.318 billion last year. The FactSet consensus was for EPS of $1.59 and sales of $19.826 billion. Sales in all segments, including beauty, grooming and fabric care were up. P&G brands include Tide, Always, Bounty and Dawn. "These results keep us on track to deliver our top-line, bottom-line and cash targets for the fiscal year," said Chief Executive David Taylor in a statement. For full fiscal year 2022, P&G still expects all-in sales growth in the range of 2% to 4%, EPS growth in the range of 6% to 9% compared with fiscal 2021 $5.50 last year, and core EPS growth in the range of 3% to 6% compared to $5.66. The FactSet consensus is for sales of $78.866 billion, suggesting growth of 3.6%, and EPS of $5.93, implying 4.8% growth. P&G stock has risen 2.3% for the year to date while the Dow Jones Industrial Average is up 15.2% for the period.
2:58 a.m. Oct. 19, 2021 - By Ciara Linnane
J&J beats profit estimates for latest quarter as sales fall short and company raises full-year guidanceJohnson & Johnson shares rose 1.6% in premarket trading Tuesday, after the consumer goods and pharmaceuticals company posted better-than-expected third-quarter profit and raised its full-year guidance. The New Brunswick, NJ.-based company posted net income of $3.667 billion, or $1.37 a share, for the quarter, up from $3.554 billion, or $1.33 a share, in the year-earlier period. Adjusted per-share earnings came to $2.60, ahead of the $2.35 FactSet consensus. Sales rose to $23.338 billion from $21.082 billion, missing the $23.642 billion FactSet consensus. CEO Alex Gorsky said earnings were driven by strength in pharma, a continuing recovery in medical devices and growth in consumer health. Consumer health sales rose 5.3% to $3.700 billion, pharmaceuticals sales rose 13.7% to $12.994 billion and medical device sales rose 8% to $6.644 billion. The company is now expecting full-year adjusted EPS of $9.77 to $9.82, up from guidance offered in July of $9.60 to $9.70. It expects sales to range from $91.6 billion to $92.1 billion, up from prior guidance of $91.3 billion to $90.8 billion. Including its COVID-19 vaccine, it expects sales to range from $94.1 billion to $94.6 billion. The FactSet consensus is for EPS of $9.71 and sales of $94.4 billion. Shares have gained 1.7% in the year through Monday, while the Dow Jones Industrial Average has gained 15% and the S&P 500 has gained 19.5%.
2:09 a.m. Oct. 19, 2021 - By Tomi Kilgore
Walmart picks South Carolina for new distribution center, creating 400 new jobsWalmart Inc. said Tuesday it will create 400 new full-time jobs in South Carolina as it has selected Spartanburg County for a new high-tech grocery distribution center. The discount retail giant's stock rose 1.8% in premarket trading. The new center, with more than 720,000 square feet, will be its largest grocery distribution center, and is set to open in 2024. It will rely on employees, automation technology, robotics and machine learning to process fresh and frozen groceries. "Walmart's high-tech grocery distribution center will include game-changing innovations that are radically disrupting the supply chain, getting products onto shelves for our customers even faster, while saving time for our associates," said David Guggina, senior vice president of automation and innovation at Walmart U.S. The stock has edged up 0.3% over the past three months while the Dow Jones Industrial Average has gained 3.8%.
2:28 a.m. Oct. 14, 2021 - By Tomi Kilgore
Caterpillar stock bounces off 8-month low after Cowen says buy ahead of first 'megacycle' in 14 yearsShares of Caterpillar Inc. rallied 1.2% in premarket trading, to bounce of an eight-month closing low in the previous session, after the construction and mining equipment got a bullish endorsement from Cowen analyst Matt Elkott, who said he believes the next "megacycle" is underway. Elkott started coverage of Caterpillar's stock with an outperform rating and price target of $241, which implies 28% upside from Wednesday's closing price. Elkott expects Caterpillar to show revenue growth, gross and operating margin expansion and earnings-per-share increases for three consecutive years, the first period of "megacycle" growth the company has enjoyed in 14 years, and only the second in modern history. "We see potential for incremental revenue opportunities of $35 billion for [Caterpillar] from autonomous solutions in the next 10 years," Elkott wrote in a note to clients. "We estimate that at least 75% of CAT's markets will work to reduce emissions. We expect strong growth in services, organically and via acquisition." The stock, which closed Wednesday at the lowest price since Feb. 1, has lost 10.7% over the past three months while the Dow Jones Industrial Average has slipped 1.6%.
6:39 a.m. Oct. 8, 2021 - By Tomi Kilgore
Avis Budget stock surges to another record, has nearly doubled over the past three monthsShares of Avis Budget Group Inc. shot up 7.3% in morning trading Friday, putting them on track for an eighth record close in the past month, and enough to pace the Dow Jones Transportation Average's gainers. The auto rental company's stock has been by far the best performer among the Dow transports components over the past three months (up 92.4%), year to date (up 263.8%) and for the past year (up 335.3%), while the Dow transports has gained 0.9%, 16.8% and 24.2% over the same periods, respectively, and the Dow Jones Industrial Average has gained 1.0%, 13.6% and 22.3%. On a bright note for Avis, the out earlier Friday showed "notable job gains" in the leisure and hospitality and transportation sectors. And analyst Michael Linenberg at Deutsche Bank said after a recent pullback, corporate airline bookings are "once again on the upswing" and are now approaching levels last seen in early July before the most recent surge in COVID-19 cases. Growth recreational and business travel can be a good sign for car rental companies.
7:02 a.m. Oct. 7, 2021 - By Tomi Kilgore
There's only 1 Dow stock that's fallingThe Dow Jones Industrial Average is shooting up 537 points, or 1.6%, with 29 of its 30 components gaining ground, signs that the government's debt ceiling deadline will be extended. The only stock losing ground was International Business Machine Corp.'s , which slipped 0.1%, putting it on track for a third straight loss. Meanwhile, as the best performing shares, Dow Inc. rallied 3.6%, Nike Inc. hiked up 2.7% and UnitedHealth Group Inc. advanced 2.6%. IBM's stock was also on of the two of the 75 equity components of the SPDR Technology Select Sector ETF that was losing ground, the other was Citrix Systems Inc.'s , which slipped 0.4%.
4:26 a.m. Oct. 6, 2021 - By Tomi Kilgore
Dow's selloff is unanimous, led by Caterpillar, BoeingAll 30 components of the Dow Jones Industrial Average are losing ground in Wednesday's premarket session, as shed 282 points, or 0.8%. The Dow's biggest losers are shares of Caterpillar Inc. , down 1.5%, and Boeing Co. , down 1.4%, and . , shedding 1.4%. The most active Dow stocks ahead of the open are Coca-Cola Co.'s , which fell 0.5%, and Apple Inc.'s , which declined 1.2%. The best performer was Johnson & Johnson's stock , which slipped 0.1%.
2:43 a.m. Oct. 6, 2021 - By Tomi Kilgore
Dow plans investments to boost adjusted profit growth by $3 billion, move toward zero-carbon emissionsDow Inc. revealed Wednesday investment plans aimed at generating more than $3 billion in additional earnings before interest, taxes, depreciation and amortization (Ebitda) by 2030, while keeping capital expenditures at or below depreciation. The materials science company said the investments are also part of its plan to advance circular and low-carbon offering as it moves toward zero-carbon emissions. The company said near-term capital and operating growth investments are expected to increase Ebitda by $2 billion and a new net-zero carbon emissions ethylene and derivatives complex is expected to deliver about $1 billion in Ebitda. Dow added that it expects to allocate about $1 billion in capital expenditures per year to decarbonize its asset base. The stock, which is still inactive in premarket trading, has gained 6.5% year to date, while the Dow Jones Industrial Average has advanced 12.1%.
9:59 a.m. Oct. 4, 2021 - By Tomi Kilgore
3M stock hits 7-month low after J.P. Morgan downgradeShares of 3M Co. fell to a more than seven-month low before paring losses, after J.P. Morgan analyst Stephen Tusa downgraded the parent of Post-it and Scotch brands maker of N95 masks, citing a lack of fundamental direction and continued uncertainty regarding environmental liabilities. The stock was down 0.3% in afternoon trading, but was down as much as 1.6% at its intraday low of $173.78, the lowest price seen since Feb. 24. Tusa cut his rating to neutral, after being at overweight since Jan. 27, while trimming his price target to $210 from $215. "On the liability front, one could argue visibility is worse now than before, and the company's decision to report expenses in the segments, as opposed to breaking them out in corporate, is difficult to understand, while recent ear-plug suits are negative new news," Tusa wrote in a note to clients. " On the businesses, after a short bump on growth off of a bottom, the company is again missing big on margins on only a slight decline in sales and our historical concerns around an impaired business model here remain - economic recovery has not cured this problem, and companies that continually deliver big misses on only minor fundamental bumps are lower quality and deserve a discount." The stock has shed 11.9% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.
10:38 a.m. Oct. 1, 2021 - By Victor Reklaitis
Biden to meet Friday with House Democrats on Capitol Hill following delay for infrastructure billPresident Joe Biden is slated to travel to Capitol Hill on Friday to meet with Democratic House lawmakers around 3:30 p.m. Eastern, the White House said. His visit comes after Speaker Nancy Pelosi late Thursday on a $1 trillion bipartisan infrastructure bill, a key part of Biden's agenda, as Democratic lawmakers remained unable to agree on their spending proposals.
10:46 a.m. Sept. 30, 2021 - By Greg Robb
Yellen throws cold water on trillion-dollar coin solution for debt ceiling stalemateTreasury Secretary Janet Yellen on Thursday said "the only way" to avoid a default on the U.S. debt is for Congress to pass legislation to raise the debt ceiling, throwing cold water on the radical idea of minting a trillion-dollar coin to get around the politically difficult vote. Rep. William Timmons, a Republican of South Carolina, asked Yellen to comment on the idea. He said Speaker of the House Nancy Pelosi "gave oxygen" to the proposed trillion-dollar coin when she mentioned it during a press conference on Wednesday. Timmons asked Yellen to "please tell me this is not a legitimate policy proposal." In response, Yellen said: "I believe that the only way to handle the debt ceiling is for Congress to raise it and show the world, financial markets and the public that we're a country that will pay our bills." However, in a question from Rep. Sean Casten, Democrat from Illinois, Yellen said she would support legislation to remove the requirement for a vote on the debt limit by Congress.
6:32 a.m. Sept. 24, 2021 - By Victor Reklaitis
Biden condemns some border agents' actions toward Haitians: 'Those people will pay'President Joe Biden on Friday condemned earlier this week against Haitian migrants, as he said he takes responsibility and promised consequences following an investigation. "It's outrageous. I promise you: Those people will pay," Biden told reporters. "It's beyond an embarrassment. It's dangerous. It's wrong. It sends the wrong message around the world. It sends the wrong message at home. It's simply not who we are."
6:03 a.m. Sept. 24, 2021 - By Jacob Passy
New home sales jump in August despite record pricesU.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. The figure equates to how many homes would be sold over a yearlong period of time if the same number were bought in each month based on the rate of sales in July. Compared to a year ago, sales were down 24%.The median forecast of economists polled by MarketWatch was that new home sales would come in at an annual rate of 720,000 for August. The median sales price of new houses sold in August was $390,900, rising slightly from the previous month to reach a new record high.
4:28 a.m. Sept. 24, 2021 - By Tomi Kilgore
Nike's stock drop would shave more than 50 points off the Dow's priceShares of Nike Inc. sank 5.1% in early trading Friday, enough to pace the Dow Jones Industrial Average's premarket decliners, after the athletic apparel and accessories giant reported fiscal first-quarter profit that topped expectations . The stock's implied price decline would shave about 53 points off the price of the Dow, while Dow futures were down 144 points, or 0.4%, ahead of the open. Nike's stock is on track to suffer the biggest one-day decline since June 2020. Through Thursday, it had rallied 19.5% over the past three months, while the Dow has gained 1.7%.
9:08 a.m. Sept. 22, 2021 - By Victor Reklaitis
French ambassador to return to U.S. after Biden, Macron talk and attempt to repair riftThe French ambassador to the U.S. will return to Washington, D.C., next week after President Joe Biden and French President Emmanuel Macron spoke by phone Wednesday about the recent American submarine deal with Australia that angered France and led the country to recall its ambassador, the . The two leaders "agreed that the situation would have benefitted from open consultations," and they plan to meet in Europe in late October, the statement said.
6:03 a.m. Sept. 22, 2021 - By Jacob Passy
Existing-home sales retreat in August as buyers wait for better pricesExisting-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. Compared with August 2020, home sales were down 1.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.87 million. The median sales price of an existing home was up nearly 15% year-over-year at $356,700.
4:37 a.m. Sept. 21, 2021 - By Jacob Passy
New-home construction improves in August, driven by increase in multifamily buildingU.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.62 million in August, representing a 3.9% increase from the previous month, the U.S. Census Bureau reported Tuesday. Compared with August 2020, housing starts were up 17.4%. The pace of permitting for new housing units also increased in August. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.73 million, up 6% from July and 13.5% from a year ago. With both housing starts and building permits, the gains recorded in August were driven by an uptick in multifamily construction activity. Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.55 million and building permits to come in at a pace of 1.62 million.
9:19 a.m. Sept. 20, 2021 - By Victor Reklaitis
Biden launches effort to reduce homelessnessThe Biden administration is launching an initiative called "House America" in an effort to reduce homelessness, White House press secretary Jen Psaki said on Monday. The initiative will "engage state and local leaders to set and achieve ambitious goals for reducing homelessness in America," she told reporters.
4:26 a.m. Sept. 20, 2021 - By Tomi Kilgore
Tesla, Nio stocks fall as Li Auto deliveries warning, Evergrande fears weighShares of China-based electric vehicle makers, and of Tesla Inc. , took a hit ahead of Monday's open, amid a one-two punch of Li Auto Inc.'s and worries that could default this week. Shares of Nio Inc. sank 4.0% toward a four-month low, Xpeng Inc. slid 4.4% and Li Auto shed 5.7%. Tesla's stock slumped 2.8%, putting them on track to snap a four-day win streak. Tesla recorded $5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $2.30 billion in China revenue, or 19.1% of the total, in the same period in 2020. Earlier, Li Auto cut its third-quarter deliveries guidance to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in semiconductor supplies hampered results. And worries over a potential Evergrande default sent global equity markets reeling, as the iShares MSCI China ETF dropped 3.3% and futures for the Dow Jones Industrial Average sank 646 points, or 1.9%.
3:36 a.m. Sept. 20, 2021 - By Ciara Linnane
S&P Global says default by China Evergrande could test government's capacity to backstop 'potentially substantial failures'S&P Global Ratings said Monday a default by Chinese property developer China Evergrande Group will neither lead to a tidal wave of defaults nor mere ripples from a pebble in a pond but something between the two. A default is likely with Evergrande's project companies, which are subsidiaries, facing interest payments on bank loans that are due before Sept. 23, said S&P in FAQ-style commentary. "Events could broadly rattle investors' confidence in China's property sector and for speculative-grade markets broadly, possibly diminishing funding access for unrelated names," said S&P Global Ratings credit analyst Matthew Chow. Evergrande's difficulties come at the same time as China Huarong Asset Management Co. Ltd. is in the middle of a recapitalization. That means two of China's biggest bond issuers of offshore debt are testing the capacity of the government to backstop "potentially substantial failures," he said. The company's problems will have ramifications for other developers, suppliers and contractors, and the banks than lend to them, said S&P credit analyst Christopher Yip. Fears of a default sent Dow Jones Industrial Average futures down more than 500 points Monday, and caused the Hang Seng to fall more than 3%.
2:19 a.m. Sept. 20, 2021 - By Tomi Kilgore
All 30 Dow stocks fall as Evergrande default fears spark selloff Shares of all 30 components of the Dow Jones Industrial Average are trading lower in Monday's premarket, led by financials, as part of sparked by concerns over the collateral damage from the potential default by . Among the biggest early decliners, shares of American Express Co. sank 2.9%, Goldman Sachs Group Inc. gave up 2.5% and J.P. Morgan Chase & Co. shed 2.5%. The most active Dow stock was Apple Inc.'s , which slid 1.2%. The best performer was Traveler Companies Inc.'s stock , which slipped just 0.1%. Meanwhile, Dow futures tumbled 540 points, or 1.6%.
10:30 a.m. Sept. 15, 2021 - By Victor Reklaitis
Biden to announce deal with U.K., Australia on sharing defense technology: reportsPresident Joe Biden on Wednesday will announce a new effort with the U.K. and Australia to share advanced defense technologies in a bid to counter China, according to reports from and . The White House said Biden is due to speak at 5 p.m. Eastern on a "national security initiative," and he will be joined virtually by U.K. Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison.
10:07 a.m. Sept. 15, 2021 - By Victor Reklaitis
Biden says he has 'great confidence' in Milley after book's revelationsPresident Joe Biden told reporters Wednesday that he had "great confidence" in Chairman of the Joint Chiefs of Staff Mark Milley, with Biden's comments coming after a new book said Milley took two days after the Jan. 6 attack on the U.S. Capitol to limit then-President Donald Trump from potentially launching nuclear weapons. The book also says that the two nations would not go to war.
3:36 a.m. Sept. 15, 2021 - By Tonya Garcia
Walmart, Ford partner with AI company for self-driving delivery service in three cities Walmart Inc. , Ford Motor Co. and Argo AI have partnered to launch an autonomous vehicle delivery service in Washington D.C., Austin, Tex., and Miami. The service will deliver Walmart orders in Ford cars using Argo self-driving technology. Walmart announced an investment in self-driving vehicle company Cruise The two companies began a delivery pilot program in Scottsdale, Ariz. in November 2020. "Argo and Ford are aggressively preparing for large-scale autonomous vehicle operations across a broad footprint of U.S. cities," said Scott Griffith, chief executive of Ford Autonomous Vehicles and Mobility Businesses. Argo's cloud technology will integrate with Walmart's online ordering technology for this program. Ford has been testing self-driving technology in Pittsburgh, Detroit and Palo Alto, Calif. And Argo and Ford have been building a ride-hailing and delivery service in Miami, Washington D.C. and Austin, Tex. over the past few years. Walmart stock has edged up 0.1% for the year to date. Ford shares have gained 46.3%. And the Dow Jones Industrial Average has gained 13% for the period.
3:44 a.m. Sept. 14, 2021 - By Ciara Linnane
Boeing says aerospace market is recovering as it expected in 2020, sees strong demand for freighters Boeing Co. said Tuesday the commercial airplanes and services businesses are showing expected signs of recovery from the depths of the pandemic slowdown in 2020, while the global defense, space and government services markets have remained stable. The aerospace giant published its annual Boeing Market Outlook for 2021 and said it expects a $9 trillion market in the next decade for aerospace products and services, up from $8.5 trillion a year ago and from $8.7 trillion in 2019, before the outbreak of COVID-19. "We are encouraged by the fact that scientists have delivered vaccines more rapidly than imaginable and that passengers are demonstrating strong confidence in airplane travel," Boeing Chief Strategy Officer Marc Allen said in a statement. The commercial market is recovering as Boeing had predicted it would in 2020, with demand for domestic air travel leading the way. The company is expecting intra-regional markets to follow once health and travel restrictions are lifted, followed by long-haul flights, which are expected to return to pre-pandemic levels by 2023 to 2024. Boeing is expecting increased demand for freighters, given the growth in e-commerce and air freight's speed and reliability and expects the global freighter fleet to be 70% larger in 2040 than it is now. Vaccine supply and uptake will be key in the near-term recovery of passenger air travel and traffic is expected to increase by an average of 4% a year, unchanged from last year's forecast. Boeing shares were down 0.6% premarket, and have gained 0.2% in the year through Monday, while the Dow Jones Industrial Average has gained 14% and the S&P 500 has gained 19%.
6:41 a.m. Sept. 8, 2021 - By Victor Reklaitis
Schumer rejects Manchin's call for 'pause' on $3.5 trillion spending packageSenate Majority Leader Chuck Schumer on Wednesday pushed back on a fellow Democratic senator's recent call for a " " on their party's effort to . "We're moving full speed ahead," Schumer told reporters, when asked about the suggestion last week from Democratic Sen. Joe Manchin of West Virginia.
10:00 a.m. Sept. 7, 2021 - By Victor Reklaitis
White House pushes Congress to pass stopgap budget with disaster aidThe Biden administration on Tuesday said U.S. lawmakers should pass a funding measure that would prevent a partial federal government shutdown as the 2022 fiscal year starts next month. The White House budget office's acting director, Shalanda Young, said in a blog post that "with the end of the fiscal year rapidly approaching, it's clear that Congress will need to pass a short-term continuing resolution (CR) to provide more time for the FY 2022 process to unfold." She said the administration is providing guidance to "advise lawmakers on how to avoid severe disruptions to public services that could inadvertently arise from extending the previous year's appropriations legislation without modifications." It's "also calling on Congress to include additional funding in a CR to help address two other urgent needs: responding to recent and ongoing natural disasters, and meeting our commitments to our Afghan allies and partners," Young added. She said Congress should appropriate more than $14 billion to address natural disasters that occurred before Hurricane Ida, and Ida has increased the need for funding by at least $10 billion.
7:16 a.m. Sept. 7, 2021 - By Tomi Kilgore
3M stock sinks to lead the Dow's losers, heads for first close below 200-DMA in 13 monthsShares of 3M Co. sank 3.0% in morning trading Tuesday, enough to pace the Dow Jones Industrial Average's decliners and to put them on track to close at a 5 1/2-month low. The industrial and consumer products company's stock, stock's price decline of $5.85 is shaving roughly 39 points off the price of the Dow, which is down 280 points, or 0.8%, with 24 if 30 components losing ground. 3M shares are also on track to close below its 200-day moving average (200-DMA), which many on Wall Street view as a dividing line between longer-term uptrends and downtrends, for the first time since Aug. 6, 2020. The stock has now shed 9.1% since closing at a two-year high of $207.33 on May 10, 2021. The company's most recent press release was on Friday, which was to announce that it will host an investor event on Sept. 13. The stock has now lost 7.5% over the past three months, while the SPDR Industrial Select Sector ETF has slipped 1.6% and the Dow has gained 1.3%.
12:38 p.m. Sept. 2, 2021 - By Victor Reklaitis
Manchin tells fellow Democrats to 'hit a strategic pause' on $3.5 trillion packageDemocratic Sen. Joe Manchin of West Virginia on Thursday again voiced opposition to his party's efforts to pass a $3.5 trillion spending package, saying in a that Congress "should hit a strategic pause" on legislation related to it. "I, for one, won't support a $3.5 trillion bill, or anywhere near that level of additional spending, without greater clarity about why Congress chooses to ignore the serious effects inflation and debt have on existing government programs," Manchin wrote. "This is even more important now as the that these life-saving programs will be insolvent and benefits could start to be reduced as soon as 2026 for Medicare and 2033, a year earlier than previously projected, for Social Security." The moderate Democrat, whose vote is key given the Senate's 50-50 split, made similar points three weeks ago, as he warned of " " if Democrats pass the $3.5 trillion package.
9:12 a.m. Sept. 2, 2021 - By Tomi Kilgore
Verizon raises dividend by 2%, to keep the stock the 3rd highest yielding within the DowVerizon Communications Inc. said Thursday that it will raise its quarterly dividend by 2.0%, to 64.00 cents a share from 62.75 cents a share. Shareholders of record on Oct. 8 will be paid the new dividend rate on Nov. 1. The telecommunications company's stock rose 0.1% in afternoon trading. Based on current stock prices, the new annual dividend rate implies a dividend yield of 4.66%, which compares with the implied yield for the S&P 500 of 1.33%. It also keeps Verizon's stock as the third highest yielding within the Dow Jones Industrial Average , below Chevron Corp. at 5.45% and International Business Machines Corp. at 4.71%, and just ahead of Dow Inc. at 4.45%.
10:36 a.m. Aug. 27, 2021 - By Greg Robb
Fed's Clarida, echoing Powell, backs start of taper this yearThe number two official at the Federal Reserve on Friday backed the start of a taper of bond purchases later this year, in comments that largely echoed Fed Chairman Jerome Powell's Jackson Hole speech. In an interview with CNBC, Fed Vice Chairman Richard Clarida said he expects the trend of "robust" job gains seen this summer to continue and "if that happens I would also support commencing reduction in the pace of our purchases later this year." The economy has added an average of over 800,000 per month over the last three months. Clarida said it wouldn't take the strong pace of 800,000 jobs per month for the Fed to reach its benchmark for tapering of "substantial" progress in the labor markets. "I don't think it takes 800,000 per month, but robust gains," Clarida said.
4:46 a.m. Aug. 27, 2021 - By Greg Robb
Fed's Harker backs starting taper 'sooner rather than later'Philadelphia Fed President Patrick Harker said he wanted to move toward tapering asset purchases "sooner rather than later." In an interview with CNBC, Harker said that he didn't think the $120 billion per month of asset purchases were "doing a whole lot right now." The economy is being held back by supply issues that lower interest rates can't solve, he said. Harker said he was still supportive of "moving the taper along" despite potential damage to the economy from the coronavirus delta variant. The Philadelphia Fed president said the rapid acceleration in inflation seen this year "may not be so transitory." Contacts in his district have said supply chain disruptions facing the home-building sector "won't be solved anytime soon," he said. Harker won't be a voting member of the Fed's interest-rate committee until 2023.
6:05 a.m. Aug. 23, 2021 - By Jacob Passy
Existing-home sales jump 2% in July as inventory of properties for sale growsExisting-home sales rose 2% in July from the month prior, the National Association of Realtors . Sales occurred at a seasonally-adjusted annual rate of 5.99 million. Compared to July 2020, sales were up 1.5%. The total inventory of homes for sales rose 7.3% on a monthly basis, though it's still down significantly from a year ago.
9:46 a.m. Aug. 18, 2021 - By Victor Reklaitis
Israel's new prime minister Bennett to meet with Biden at White House next weekPresident Joe Biden will welcome Prime Minister Naftali Bennett of Israel to the White House on Aug. 26, the White House said in a statement Wednesday. Bennett .
7:10 a.m. Aug. 16, 2021 - By Victor Reklaitis
Biden to give speech on Afghanistan on Monday afternoonPresident Joe Biden will give a speech on Afghanistan at 3:45 p.m. Eastern Monday, the White House said in a statement. His remarks come as the Taliban have swept into Kabul, bringing a in which the U.S. and its allies had tried to transform Afghanistan.
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