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12:11 p.m. Oct. 6, 2021 - By Mark Decambre
Dow stages 560-point U-turn to end positive as McConnell says he'll allow Dems to pass short-term debt-limit extensionU.S. stocks on Wednesday staged a powerful intraday turnabout that resulted in all three indexes finishing in positive territory after sharp early losses. Stock-market investors have been buffeted lately by a surge in energy prices, notably natural-gas futures , heightening fears about a surge in inflation that might prompt the Federal Reserve to act sooner to end market-accommodative policies. The Dow Jones Industrial Average [: DJIA] closed over 100 points higher, or 0.3%, to reach about 34,417, and had been down by as many as 459 points, or 1.3%, while the S&P 500 index climbed 0.4% to 4,364, and the Nasdaq Composite Index advanced 0.5% to reach 14,501 but had seen an intraday low at 14,259.07, putting the technology-laden index down by as many as 1.2% on the session. For the Nasdaq Composite it was the biggest intraday turnaround since March 25, while it was the biggest intraday comeback for the Dow since Dec. 21, 2020, according to Dow Jones Market Data. A rise in yields, with the benchmark 10-year Treasury note reaching 1.57%, initially weighing on markets, but those rate moves subsided somewhat later in the session and reports about a possible detente between the GOP and Democrats set the stage for a mini comeback. Senate Minority Leader Mitch McConnell of Kentucky proposed allowing Democrats to "use normal procedures to pass an emergency debt limit extension at a fixed dollar amount to cover current spending levels into December." In economic data, a report from Automatic Data Processing Inc. showed that 568,000 private-sector jobs were created in September, outpacing estimates from The Wall Street Journal for 425,000. However, a reading for August was reduced to 340,000 from 374,000.
10:43 a.m. Oct. 6, 2021 - By Myra P. Saefong
Natural-gas futures drop 10%; U.S. oil prices post first loss in 5 sessionsNatural-gas futures fell by just after Russian President Vladimir Putin said his country would boost supplies of the fuel to Europe. The news pulled prices down just one day after they settled at their highest since late 2008. Meanwhile, oil futures also declined as data from the Energy Information Administration revealed a in U.S. crude inventories. Every dip in oil prices will be a "buying opportunity for energy traders as the U.S. will not be increasing production significantly and economic activity is expected to pick up next year," said Edward Moya, senior market analyst at Oanda. "The energy crisis from Europe to China is far from over despite Putin's comments." November natural gas fell 64 cents, or 10.1%, to settle at $5.675 per million British thermal units. It settled Tuesday at $6.312, the highest front-month contract finish since December 2008, according to Dow Jones Market Data. November West Texas Intermediate crude lost $1.50, or 1.9%, to settle at $77.43 a barrel a day after posting the highest close since late October 2014.
10:48 a.m. Oct. 5, 2021 - By Myra P. Saefong
Natural-gas futures end at highest since late 2008; U.S. oil futures at 7-year highNatural-gas futures , with tight global supplies ahead of the winter heating season lifting prices to their highest finish in almost 13 years. Oil futures also climbed, with U.S. benchmark prices settling at their highest since October 2014 as traders bet that supplies won't be enough to meet growing demand. November natural gas rose 55 cents, or 9.5%, to settle at $6.312 per million British thermal units, the highest front-month contract finish since December 2008, according to Dow Jones Market Data. November West Texas Intermediate crude added $1.31, or 1.7%, to settle at $78.93 a barrel for the highest close since late October 2014.
5:37 a.m. Oct. 1, 2021 - By Mark Decambre
Dow jumps more than 250 points to start trade in October, 4th quarter on optimism from Merck's experimental COVID drugU.S. stock benchmarks rose Friday morning to kick off the start of a new quarter and month, following heavy selling that closed a bruising September for investors. Some observers were attributing the more optimistic tone at the end of the week to news that Merck's experimental antiviral drug, developed as a treatment for COVID-19 with partner Ridgeback Biotherapeutics, reduced the risk of hospitalization or death in at risk adult patients with mild-to-moderate COVID by about 50% in an interim analysis of data from a Phase 3 trial. The Dow Jones Industrial Average gained nearly 260 points, or 0.7%, to 34,092, the S&P 500 index climbed 0.3% at 4,321, while the Nasdaq Composite Index rose less than 0.1% at 14,459.
12:17 p.m. Sept. 30, 2021 - By Mark Decambre
Dow sinks nearly 550 points to end ugly September even as Congress passes bill to temporarily avoid government shutdown U.S. stocks closed out the month and quarter on a sour note Thursday as investors shed equities and losses accelerated within the final hour of trading, continuing a trend of weakness on Wall Street that has played out over the past several weeks. The declines for stocks came even as Congress passed a bill extending government funding through Dec. 3, sending the legislation to President Joe Biden's desk hours before current funding expires and completing one of several pressing measures before lawmakers. The Dow Jones Industrial Avergae closed off 547 points, or 1.6%, to reach 33,843, the S&P 500 index closed off 1.2% at 4,308, finishing down around 5% from its Sept. 2 peak. The Nasdaq Composite Index ended 0.4% lower to around 14,449. For the month, the Dow closed down 4.3% for its worst monthly loss since October of 2020, the S&P 500 index closed down 4.8%, while the Nasdaq Composite finished September off 5.3%. For the quarter, the Dow booked a quarterly decline of 1.9%, the S&P 500 finished the quarter up 0.2%, while the Nasdaq Composite booked a quarterly loss of 0.4%. It was the first quarerly loss for the Dow and Nasdaq since March 2020, according to Dow Jones Market Data.
10:56 a.m. Sept. 30, 2021 - By Myra P. Saefong
Oil futures finish higher, contributing to gains for the month and quarterOil futures finished , finding support from expectations for higher oil demand after state-owned energy companies to secure winter supplies at all costs. In the past, power shortages related to insufficient coal supplies led to purchases of oil, said Michael Lynch, president of Strategic Energy & Economic Research. He pointed out, however, that the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, can "easily" raise oil production. on future production levels. The group is considering adding more oil to the global market, behind the production boost it previously agreed to, . West Texas Intermediate crude for November delivery rose 20 cents, or 0.3%, to settle at $75.03 a barrel on the New York Mercantile Exchange. Prices, based on the front-month contracts, gained 9.5% for the month and ended 2.1% higher for the quarter, according to Dow Jones Market Data.
5:35 a.m. Sept. 30, 2021 - By Mark Decambre
U.S. stock market gains early Thursday as investors aim to close out downbeat SeptemberU.S. stocks rise Thursday, as Wall Street aims to wrap up the last trading day of September and the quarter, as investors await another appearance by Federal Reserve Chairman Jerome Powell Treasury Secretary Janet Yellen, who will appear before the House Financial Services Committee. The Dow Jones Industrial Average was up 164 points, or 0.5%, at 34,554, the S&P 500 index was climbing 0.5% to 4,381, while the Nasdaq Composite Index was up 0.7% early in the session. For the month, the Dow was headed for a 2.4% decline, the S&P 500 was down 3.2% and the Nasdaq Composite was off 4.3%. For the quarter, the Dow was flat, the S&P 500 was up 1.9% and the Nasdaq Composite was up 0.8%.
10:36 a.m. Sept. 29, 2021 - By Myra P. Saefong
Oil futures end lower on rise in U.S. crude supplies, strength in the dollarOil futures ended , pressured by the first weekly in eight weeks, as well as strength in the U.S. dollar, with the U.S. ICE U.S. Dollar Index at its highest levels in about a year. West Texas Intermediate crude for November delivery fell 46 cents, or 0.6%, to settle at $74.83 a barrel on the New York Mercantile Exchange. Prices, based on the front-month contracts, were down a second straight session, after finishing Monday at their highest since October 2018, according to Dow Jones Market Data.
10:39 a.m. Sept. 28, 2021 - By Myra P. Saefong
Oil futures suffer first decline in 6 sessions Oil futures to post their first loss in six sessions, a day after settling at their highest price in almost three years. "Oil prices have finally responded to the ongoing risk-off sentiment observed in the stock and [foreign exchange] markets, with technology shares tanking" and the U.S. dollar surging against commodity dollars, emerging market currencies and the pound, said Fawad Razaqzada, market analyst at ThinkMarkets. West Texas Intermediate crude for November delivery fell 16 cents, or 0.2%, to settle at $75.29 a barrel on the New York Mercantile Exchange. Prices, based on the front-month contracts, finished at $75.45 on Monday, their highest since October 2018, according to Dow Jones Market Data.
12:10 p.m. Sept. 27, 2021 - By Mark Decambre
Dow books longest win streak in 2 months but gains fade at Monday's end and S&P 500 and Nasdaq close lowerThe Dow Jones Industrial Average finished higher Monday, but the index managed to notch a fourth straight session of gains, but the blue-chip index ended well off the best levels of the session and the S&P 500 and Nasdaq Composite closed lower. Notably, small-capitalization stocks advanced sharply on the session, aided by a gain in energy shares which themselves were helped by a rally in crude-oil prices , rising to the highest level in about three years. The Dow closed about 71 points, or 0.2%, higher at 34,870, but ended well off its intraday peak at 35,061.12. The fourth straight session for blue chips matched its longest string of gains since the period ended Aug. 25. The S&P 500 index ended off 0.3% at 4,443, while the Nasdaq Composite Index finished the session down 0.5% at 14,970, on a preliminary basis. Meanwhile, the small-cap Russell 2000 index rose over 1% on the session. The moves for stocks came as the benchmark 10-year Treasury note touched 1.5%, its highest level since June, while the 30-year Treasury bond yield rose above 2%, marking its highest level since around mid August.
10:51 a.m. Sept. 27, 2021 - By Myra P. Saefong
U.S. oil prices settle at a nearly 3-year high; natural-gas futures up 11%Oil futures , with U.S. prices settling at their highest in almost three years. Natural-gas futures, meanwhile, rallied back to their highest level since February 2014. "Both oil and natural gas are expected to continue higher in the months ahead as fundamentals decidedly favor the bulls right now, while momentum and technicals both point to higher prices in the near to medium term," said Tyler Richey, co-editor at Sevens Report Research. U.S. crude inventories have fallen sharply in recent weeks due to the lingering impact of Hurricane Ida on energy operations in the Gulf Coast region. For natural gas, weather is almost always the biggest influence and "with expectations for a very cold winter this year, utilities and physical traders are stockpiling natural gas at a historically elevated rate," said Richey. West Texas Intermediate crude for November delivery rose $1.47, or 2%, to settle at $75.45 a barrel on the New York Mercantile Exchange. Prices, based on the front-month contracts, finished at their highest since October 2018, according to Dow Jones Market Data. October natural gas rose 57 cents, or 11%, to settle at $5.706 per million British thermal units --- the highest front-month contract finish since February 2014.
12:10 p.m. Sept. 22, 2021 - By Mark Decambre
Dow, S&P 500 post best daily gain in 2 months even as Fed says tapering of asset purchases coming soonU.S. stock indexes closed higher Wednesday, with the S&P 500 and the Dow industrials notching their best daily gains in about two months, as Federal Reserve Chairman Jerome Powell signaled the central bank may announce a pullback of its bond purchases in November and could start to raise interest rates in 2022, with both moves largely expected by market participants. Subsiding fears around embattled Chinese property development company Evergrande, which rattled investors on Monday, also helped set a more bullish tone on Wall Street. But investors are also watching developments in the U.S. Congress on raising the federal debt ceiling. The Dow Jones Industrial Average rose by about 338 points, or 1%, to reach 34,258, representing the best point and percentage gain for the blue-chip index since July 20; while the S&P 500 index climbed 1% to 4,395, marking the best day since July 23. The Nasdaq Composite Index , meanwhile, also rose 1% to 14,896 for its best day since Aug. 27, FactSet data show. In corporate news, shares of Stitch Fix Inc. rallied nearly 16% on Wednesday after reporting quarterly results.
5:34 a.m. Sept. 21, 2021 - By Mark Decambre
U.S. stocks drift higher early Tuesday as Wall Street attempts to bounce back from Evergrande-inspired routU.S. stock indexes climbed Tuesday morning, trading modestly higher as the market tries to recover from the worst single day for the S&P 500 in more than four months, sparked partly by concerns about Chinese property developer Evergrande. The Dow Jones Industrial Average gains 0.4% at 34,091, the S&P 500 index advanced 0.4% to 4,374, while the Nasdaq Composite Index climbed 0.4% to 14,776. Concerns about financial contagion from Evergrande, a property developer with some $300 bilion in debt, came at a critical juncture, with several firms having warned, correctly, that September would be bumpy for U.S. equities after a smooth summer. It also comes as the Federal Reserve kicks off its two-day policy meeting later Tuesday.
9:19 a.m. Sept. 20, 2021 - By Mark Decambre
Evergrande worries spark panic-like selling in NYSE as Dow industrials skid over 800 points MondayTrading in New York Stock Exchange-listed stocks on Monday were exhibiting panic-like-selling behavior as global stocks confronted a sharp selloff that has been attributed partly to concerns about the collapse of . The NYSE Arms Index, a volume weighted breadth measure that tracks the ratio of advancing stock to declining stocks over the ratio of advancing volume over declining volume, was showing a reading of 2.088 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. The reading comes as the Dow Jones Industrial Average was off 2.4% at 33,762; the S&P 500 index was off 2.4% at 4,327 and the Nasdaq Composite Index was trading 2.8% lower at 14,616.
7:56 a.m. Sept. 17, 2021 - By Mark Decambre
All 11 of S&P 500's sectors fall midday Friday, led by tech and materials shares; healthcare struggles for loft All of the S&P 500's 11 sectors were trading in negative territory around midday Friday, led by sharp declines in information technology and materials. The tech sector was off 1.5%, while materials were down nearly 2%, which was weighing on the broader index. Health care was the best performing among the 11 sectors, but struggling to stay in positive territory. The S&P 500 index was down 38 points, or 0.9%, at 4,434, struggling to stay above its 50-day moving average at 4,436,67, according to FactSet. Meanwhile, the Dow Jones Industrial Average was down 0.6% at 34,531, while the Nasdaq Composite Index was down 1.2%. All three benchmarks had erased earlier weekly gains.
5:34 a.m. Sept. 16, 2021 - By Mark Decambre
Dow climbs at the open but broader stock market kicks off Thursday's trade under pressureU.S. stock benchmarks were mixed Thursday morning, with the Dow industrials posting modest gains while the broader market was under pressure, after August retail sales showed an unexpected rise and a measure of activity in the Philadelphia Federal Reserve district came in stronger than expected. The Dow Jones Industrial Average rose 0.3% at 34,909, the S&P 500 index declined less than 0.1%, while the Nasdaq Composite Index was down 0.3% at 15,120. August retail sales rose 0.7%, defying forecasts for a 0.7% fall. Excluding autos, sales jumped 1.8%, compared with expectations for a rise of 0.2%. Meanwhile, Philadelphia Fed's activity index, which jumped to 30.7 in September from 19.4 a month earlier. At the same time, data showed first-time claims for unemployment benefits rose more than expected in the week ending Sept. 11, though continuing claims fell.
10:54 a.m. Sept. 8, 2021 - By Myra P. Saefong
Natural-gas futures at highest since 2014, oil prices rise on slow Gulf output recoveryNatural-gas futures marked their , while U.S. oil prices posted their first gain in three sessions, with both commodities buoyed by a slow recovery in Gulf of Mexico energy production about 10 days after Hurricane Ida made landfall on the Gulf Coast. The Bureau of Safety and Environmental Enforcement reported Wednesday that an estimated 76.88% of oil production and 77.25% of natural-gas production in the Gulf remains shut in. Weekly U.S. data on oil and natural-gas supplies from the Energy Information Administration will be released on Thursday morning. On the New York Mercantile Exchange, October natural gas tacked on 35 cents, or 7.6%, to $4.914 per million British thermal units, the highest front-month finish since February 2014, according to Dow Jones Market Data. West Texas Intermediate crude for October delivery rose 95 cents, or 1.4%, to settle at $69.30 a barrel.
12:09 p.m. Sept. 7, 2021 - By Mark Decambre
Dow logs worst day in about 3 weeks as Nasdaq Composite ekes out 36th record high of 2021 U.S. stock benchmarks finished the session mixed on Tuesday, with the Nasdaq Composite logging its 36th record high of the year, barely, while the Dow and S&P 500 ended the first day back from a three-day holiday in the U.S. in negative territory. Indeed, the Dow ended the session down 268 points, or 0.8%, lower at about 35,100, on a preliminary basis, ringing up the sharpest one-day point and percentage drop since Aug. 18, when the blue-chip index closed about 382 points, or 1.1% lower. The S&P 500 ended down 0.3% at 4,520, weighed by declines in industrials, consumer staples, real estate and utilities. The Nasdaq Composite Index , meanwhile, edged up less than 0.1%, but notched a sufficient rise for an all-time closing high. In corporate news, Ford Co. saw its shares pop after announcing that it hired Doug Field, a former executive at Tesla Inc. and the executive behind Apple Inc.'s automobile ambitions.
12:08 p.m. Sept. 3, 2021 - By Mark Decambre
Nasdaq Composite marks 35th record close of 2021 but S&P 500, Dow limp lower after weak Friday jobs reportU.S. stock indexes ended mixed Friday, with the Nasdaq booking its 35th record close of 2021, but the other two main bourses closing lower, heading into a three-day Labor Day weekend, after a report on monthly employment from the Labor Department came in weaker than expected, sparking fresh questions about the job market's recovery from the COVID-19 pandemic amid the spread of the delta variant. The Dow Jones Industrial Average closed down 0.2% on the session and booked a weekly decline of 0.24%. The S&P 500 index finished 0.03% lower on Friday but marked a 0.6% gain for the week, while the Nasdaq Composite notched a 0.2% gain for the day, enough for a record closing high---its 35th of the year---contributing to a weekly gain of 1.6%, FactSet data show. Monthly reports from the Labor Department showed that the U.S. economy added 235,000 jobs in August, far fewer than forecast for an increase of 720,000, but the unemployment rate dropped to 5.2% from 5.4% and touched a new pandemic low. The jobs report is creating some uncertainty about the monetary-policy plans for the Federal Reserve. Fed Chairman Jerome Powell has signaled that the central bank would use employment as a key indicator while it considers the end of its pandemic-era measures to add liquidity to markets.
10:35 a.m. Aug. 27, 2021 - By Greg Robb
Fed's Mester says exactly what month taper starts is not a big deal Cleveland Fed President Loretta Mester said Friday that the exact month of 2021 that the Fed starts to taper its bond purchases is of little consequence for the economy. "Whether it is September [announcement] to start in November or November to start in December, I don't think that is going to make a material difference to the economy," Mester said, in an interview on Bloomberg Television. Fed officials are "all sort of in the ballpark" of tapering some time this year with the view of completing the process in the middle of next year, Mester said. "The bottom line is that we've met the criteria we put out or we're very close to it," Mester said. In the wake of Fed Chairman Jerome Powell's speech in Jackson Hole, market participants and economists have begun to debate whether the Fed would lay out its strategy in September or November. Mester, who earlier Friday said she would be comfortable with a September announcement, said Fed officials will use its next meeting on Sept. 21-22 to "lay out some of our own thinking about the pace and the timing." Officials will continue to watch the downside risk from the coronavirus delta variant, she added. Mester will be a voting member of the Fed's interest rate committee next year.
10:19 a.m. Aug. 26, 2021 - By Mark Decambre
U.S. stock market slide to Thursday lows as investors focus on Jackson Hole, and as at least 60 Afghans killed in Kabul attackU.S. stock benchmarks were at session lows Thursday afternoon as investor awaited guidance from Federal Reserve Chairman Jerome Powell at a virtual gathering of central bankers at Jackson Hole, and amid reports that were killed near Kabul airport during U.S.-led evacuation efforts from the Taliban-controlled country. The Dow Jones Industrial Average was down 140 points, or 0.4%, at 35,266, the S&P 500 index was down 0.5% at 4,475, while the Nasdaq Composite Index was trading 0.4% lower at 14,986. Heading to the Friday speech by Powell, money managers have mostly been focused on cues on the central bank's plans for tapering stimulus measures.
5:32 a.m. Aug. 26, 2021 - By Mark Decambre
Dow drifts higher at Thursday's open but S&P 500 and Nasdaq retreat from records as Jackson Hole loomsU.S. stocks were trading mixed Thursday morning, with the Dow edging up, and the S&P 500 and the Nasdaq Composite pulling back from all-time highs ahead of an important speech from Federal Reserve Chairman Jerome Powell on Friday. The Dow Jones Industrial Average [: DJIA] rose 45 points, or 0.1%, at 35,441, the S&P 500 index declined less than 0.1% at 4,492, after the broad-market index put in its 51st record of 2021, while the Nasdaq Composite Index slipped less than 0.1% at 15,040, following its 30th record high of 2021 on Wednesday. In economic data, an updated reading of U.S. gross domestic prodict, or GDP, showed that the U.S. economy grew at an annualized rate of 6.6% in the second quarter, an upward revision from the initial reading at 6.5%, but below economists average estimates of 6.7% as surveyed by Dow Jones. Weekly jobless claims, meanwhile, came in at 353,000, hanging around a pandemic low.
9:53 a.m. Aug. 23, 2021 - By Mark Decambre
UBS Wealth Management lifts S&P 500 2021 target to 4,600 and forecasts index to hit 5,000 by end of next yearUBS Global Wealth Management said it raised its S&P 500 targets on the back of strong quarterly results for U.S. corporations and a likely easy-money posture from the Federal Reserve. "Solid economic and corporate profit growth, in conjunction with a still-accommodative Fed, means that the environment for stocks remains favorable," wrote David Lefkowitz, head of equities Americas at UBS Global Wealth Management, in a Monday research note. The wealth management unit has raised its targets for the S&P 500 2021 to 4,600 from, 4,500 and has initiated a target of 5,000 for the broad-market index for the end of 2022 after raising its second-half forecast for that year to 4,800 from 4,650. The upgrade comes as the S&P 500 carved out an intraday record on Monday, up more than 1% to 4,489.88. Meanwhile, the Nasdaq Composite Index was surging 1.6% at around 14,944, at last check, after logging its own intraday record at 14,951.88. The Dow Jones Industrial Average was trading 0.7% higher at 35,378.
12:09 p.m. Aug. 20, 2021 - By Mark Decambre
Dow snaps 3-session skid to end above 35,000 as tech rallies, but stocks book weekly losses as delta variant hits confidenceU.S. stocks on Friday booked a strong finish to an otherwise turbulent week that saw all three main equity index log weekly losses. The Dow Jones Industrial Average rose by about 225 points, or 0.7%, ending higher for the first time in four sessions, with a weekly decline of 1.1%. The S&P 500 index closed 0.8% higher to around 4,442, with a weekly slide of 0.6%. The Nasdaq Composite Index enjoyed the best session on Friday, rising 1.2%, helping to cut its weekly slide to 0.7%. The week ended higher belieing lingering concerns about the delta variant's impact on the economy. One Federal Reserve policy maker said he may rethink his call for a tapering of bond purchases to start in October, if the variant slows economy. In an interview with Fox Business Network on Friday, Federal Reserve Bank of Dallas President Robert Kaplan said the variant has caused him to have an open mind about the path of monetary policy. He called it "the big imponderable"
5:37 a.m. Aug. 19, 2021 - By Mark Decambre
Dow industrials sink at Thursday's open, on pace for longest string of losses in 2 monthsU.S. stocks on Thursday morning slumped, a day after minutes of the Federal Reserve's July meeting showed the central bank was preparing to pull back on its stimulus measures this year as worries rise over the spread of the delta variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average was off 154 points, or 0.5%, at 34,805, the S&P 500 index was down 0.5% at 4,379, while the Nasdaq Composite Index was trading 0.5% lower at around 14,460. The Dow and S&P 500 were on track to notch their third straight decline, which would mark the blue-chip index's longest string of losses since June 18 and the longest period of declines for the S&P 500 since July 19. In corporate news, Shares of Robinhood Markets Inc. were in focus after the online broker's cautious outlook on the third quarter. See: Robinhood earnings show a company reliant on quieting retail traders and volatile crypto pricing. In economic news, the Philadelphia Fed said its manufacturing index fell to 19.4 in August from 21.9 a month earlier, while a reading of first-time claims for U.S. unemployment benefits fell more than expected last week to 348,000, a pandemic low. Economists had expected 365,000 initial claims.
12:08 p.m. Aug. 12, 2021 - By Mark Decambre
Dow, S&P 500 book back-to-back-back closing records for the first time in 5 months All three main equity benchmarks closed higher Thursday and the Dow and S&P 500 booked a third straight record finish after fresh labor-market data provided insight on the pace of the recovery. The moves for stocks came even as a reading for wholesale inflation came in hotter than expected. The Dow Jones Industrial Average closed up less than 0.1% at 35,499, the S&P 500 index advanced 0.3% to 4,460, led by gains in health care and technology . The S&P 500 and the Dow closed at records in three consecutive sessions for the first time since March 15, according to Dow Jones Market Data. Meanwhile, the Nasdaq Composite Index advanced 0.4% at 14,816. Economic data showed first-time claims for jobless benefit benefits came in at 375,000 last week, matching estimates and near a pandemic low. The producer-price index was up 7.8% year over year in July versus 7.3% in June, while the core PPI reading, which excludes food and energy, accelerated to 6.1% from 5.5%. In corporate news, shares of Shares of Palantir Technologies Inc. rose more than 11% after the data analysis company posted stronger-than-expected revenue for the second quarter and reiterated long-term guidance.
5:33 a.m. Aug. 10, 2021 - By Mark Decambre
Dow, S&P 500 and Nasdaq rise tepidly to start Tuesday action as investors await Senate vote on infrastructureU.S. stocks edged higher Tuesday morning, as investors watched the global spread of the delta variant of the coronavirus that causes COVID-19 and searched for fresh catalysts to keep pushing equities higher. Investors were also awaiting the passage of a infrastructure package by the Senate later in the session. Energy prices , meanwhile, were rebounding from a sharp rout. The Dow Jones Industrial Average rose 0.1% at 35,129, the S&P 500 index advanced 0.1% at 4,436, and the Nasdaq Composite Index climbed 0.2% at 14,888. Meanwhile, the Senate was a roughly $1 trillion infrastructure package with broad bipartisan support Tuesday, advancing a central piece of President Biden's economic agenda. In corporate news, shares of AMC Entertainment Holdings climbed after the movie-theater chain reported a narrower quarterly loss late Monday, and a deal with AT&T's Warner Bros. over showing its movies in theaters before streaming. In COVID news, the highly transmissible delta variant of the coronavirus-borne illness COVID-19 has driven the daily average of new cases in the U.S. above 100,000 for the first time since February and created a crisis in Austin, Texas, where hospitals are running out of intensive care unit beds. The U.S. seven-day average of new cases stood at 110,360 on Sunday, according to a New York Times tracker, up 112% from two weeks ago. Hospitalizations have climbed 90% and deaths are up 92% in the period.
12:09 p.m. Aug. 9, 2021 - By Mark Decambre
Dow, S&P 500 halt string of gains at 2 days as energy and tech stocks slump but Nasdaq ends a whisker from record highThe S&P 500 and the Dow Jones Industrial Average finished slightly lower on Monday, halting a string of gains at two sessions, amid the spread of the delta variant of COVID-19, profit-taking and a downgrade of China growth by Goldman Sachs also were blamed for denting bullish sentiment on Wall Street. The Dow closed 107 points, or 0.3%, at 35,102, on a preliminary basis. The S&P 500 index finished less than 0.1% lower at around 4,432, while the Nasdaq Composite Index closed 0.2% higher at 14,860, ending within about 0.2% off its Aug. 5 record high at 14,895.12. In corporate news, shares of Moderna Inc. rose 14%, in record territory, on Monday after the company said its COVID-19 vaccine was granted a provisional authorization in Australia for adults who are at least 18 years old. Stocks indexes mostly shrugged off data Monday morning that showed U.S. job openings rose to a record 10.1 million in June.
12:12 p.m. Aug. 5, 2021 - By Mark Decambre
S&P 500, Nasdaq close at records and Dow jumps nearly 300 points to retake perch at 35,000 ahead of Friday jobs reportThe S&P 500 and the Nasdaq Composite ended at records Thursday and the stock market closed solidly higher overall as shares of assets considered value tilted and information technology rose in tandem. The S&P 500 index closed up at around 4,429, up 0.6%, the Nasdaq Composite Index ended 0.8% higher at 14,895, while the Dow Jones Industrial Average finished up 170 points, or 0.8%, at 35,064, on a preliminary basis. Meanwhile, the small-capitalization Russell 2000 index rose by about 1.6%. The session marked the 43rd record for the S&P 500 in 2021 and the 27th for the Nasdaq Composite this year, its first, however, since July 26, according to Dow Jones Market Data. Gains on the session came a day ahead of an important report on jobs from the Labor Department and also after weekly data showed first-time claims for unemployment benefits last week fell to 385,000, down 14,000 from the previous week and in line with forecasts, while continuing claims fell below 3 million for the first time since March 2020. Separately, the June U.S. international trade deficit rose to a record, fueled by a surge in imports. Meanwhile, the Biden administration won a voluntary commitment from the auto industry that electric vehicles would comprise up to half of U.S. sales by the end of the decade. In corporate news, shares of Robinhood Markets Inc. ended down 28% after the online brokerage filed to sell up to 97.9 million Class A shares over time. In bonds, the 10-year Treasury note yield was at around 1.21% on Thursday after seeing an intraday low on Wednesday at 1.1255%. Yields and debt prices move in opposite directions.
9:42 a.m. Aug. 5, 2021 - By Mark Decambre
Gold futures end lower Thursday as yields pop higher, U.S. stocks rallyGold futures closed slightly lower Thursday, quashing bullion's attempt to deliver its first back-to-back gain since mid July, as Treasury yields climbed but still hung near lows not seen since mid to early February. The 10-year Treasury note was yielding around 1.20% Thursday afternoon after hitting its lowest intraday level since Feb. 10 at 1.1255%, a day earlier. December gold settled $5.60, or 0.3%, lower at $1,808.90 an ounce, after closing up less than 0.1% on Wednesday. The decline for gold also comes as the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index were rallying, trading at or near record highs and underscoring a weaker appetite on the session for assets perceived as havens like gold and bonds. The rise in Treasury yields can also undercut the appeal of gold compared against precious metals that don't offer a coupon.
12:04 p.m. Aug. 3, 2021 - By Mark Decambre
S&P 500 notches 42nd record closing high of 2021 as corporate earnings overshadow spread of delta variantU.S. stocks finished solidly higher Tuesday, and the S&P 500 notched another record, as investors assessed corporate earnings reports and grappled with concerns over how the global economy will withstand the delta variant of the coronavirus as well as Chinese regulatory action against technology stocks. The S&P 500 closed 36 points, or 0.8%, higher at about 4,423, besting the broad-market index's July 26th record at 4,222.30. That marked the 42nd record high of 2021 for the index. The Dow Jones Industrial Average closed nearly 280 points, or 0.8%, higher at 35,117, while the Nasdaq Composite Index finished 0.6% higher at 14,761, on a preliminary basis.
9:39 a.m. Aug. 3, 2021 - By Mark Decambre
Gold closes lower Tuesday as investors seen taking profitGold futures finished lower Tuesday as equity markets tilted higher and U.S. Treasury yields and the dollar edged up. The decline in bullion prices was also attributed to some consolidation of profits by investors after a run above $1,800 for the precious metal. December gold closed $8.10, or 0.4%, lower at $1,814.10 an ounce. The decline for gold came as stocks took a leg higher on Tuesday, with the Dow Jones Industrial Average and the S&P 500 index gaining altitude, while the yield for the 10-year Treasury note was up slightly at around 1.18% and the U.S. dollar was inching higher, up around 0.05%, measured by the ICE U.S. Dollar Index .
5:36 a.m. Aug. 3, 2021 - By Mark Decambre
Dow industrials gain modestly early Tuesday but COVID delta-variant worries keep stock market in check U.S. stock indexes Tuesday rose modestly higher as traders grappled with concerns over how the global economy will withstand COVID-19's delta variant as well as Chinese regulatory actions. The Dow Jones Industrial Average rose 0.3% at 34,924, the S&P 500 index advanced 0.2% at 4,395, while the Nasdaq Composite Index climbed 0.1% to reach 14,702. The market has been buoyed by strong corporate quarterly results but investors are still watching to see if the U.S. central bank will continue to support the economy, helping to spurt further expansion for equities. The Centers for Disease Control and Prevention said Monday the delta variant is "highly contagious" and urged unvaccinated people to get their shots and for employers to require vaccination. "To put this in perspective: if you get sick with the alpha variant, you could infect about two other unvaccinated people," said CDC Director Dr. Rochelle Walensky. "If you get sick with the delta variant, we estimate that you can infect about five other unvaccinated people - more than twice as many as the original strain," she explained.
10:59 a.m. July 30, 2021 - By Myra P. Saefong
Oil futures end higher, up a fourth-straight monthOil futures , with prices up a fourth month in a row. "Oil futures [markets] remain hyper-focused on draws to U.S. crude and product inventories and are likely positioned on the expectation that draws will continue through the coming month, as strengthening refining margins should entice stronger crude runs in the final month of U.S. driving season," said Troy Vincent, market analyst at DTN. West Texas Intermediate crude for September delivery climbed 33 cents, or nearly 0.5%, to settle at $73.95 a barrel on the New York Mercantile Exchange, the highest front-month finish since July 13, according to Dow Jones Market Data. Front-month contract prices rose 2.6% for the week and saw a monthly climb of nearly 0.7%.
9:57 a.m. July 30, 2021 - By Myra P. Saefong
Gold prices settle lower, but post a gain for the monthGold futures , but climbed for the month. "Renewed signs that the Federal Reserve may not taper anytime soon continues to sweeten appetite for the precious metal, while negative COVID-19 developments may boost attraction towards the safe-haven asset," said Lukman Otunuga, manager, market analysis at FXTM. Looking ahead however, gold may face multiple headwinds "as the Fed finds it increasingly difficult to defend its dovish stance," he said. With annual inflation in the U.S. already at a 13-year high and the economy recovering, "hawks are bound to enter the scene," and such a development "could throw a proverbial wrench in the works for gold bulls, sending prices tumbling lower." December gold fell by $18.60, or 1%, to settle at $1,817.20 an ounce. Based on the most-active contract, prices rose nearly 0.9% for the week and were up 2.6% for the month, according to Dow Jones Market Data.
5:37 a.m. July 29, 2021 - By Mark Decambre
Dow rises around 200 points, touches intraday record, as stock-market investors parse GDP, jobless claims reports U.S. stock benchmarks mostly rose Thursday morning, holding gains after a weaker-than-expected reading on second-quarter gross domestic product and other economic data, as investors await the trading debut of online brokerage Robinhood Markets . The Dow Jones Industrial Average rose 188 points, or 0.5%, at 35,019, touching an intraday record high at 35,155.18; the S&P 500 index gained 19 points, or 0.4%, at 4,419, while the Nasdaq Composite Index traded flat to slightly higher at around 14,789. Brokerage firm Robinhood makes its long-awaited debut after pricing its initial public offering at the low end of expectations. In economic reports, the Commerce Department said U.S. gross domestic product grew at an annualized pace of 6.5% in the second quarter, coming in below forecasts for an expansion of 8.5%. Separately, data from the Labor Department showed first-time applications for unemployment benefits fell 24,000 last week to 400,000. The economic data come after the Federal Reserve held its policy in check and signalled that it hopes to scale back its crisis-era policies when the labor market and economy shows sustained improvement from COVID-19. Chairman Jerome Powell said that the economic recovery may not be there yet, however.
12:08 p.m. July 28, 2021 - By Mark Decambre
Dow, S&P 500 log back-to-back losses as Fed says economy has 'made progress' from COVID but not enoughThe Nasdaq Composite on Wednededay ended solidly higher but the broader market closed weaker as the Federal Reserve signaled that the countdown has begun on scaling back its massive support for the U.S. economy, but a decision still appeared a ways away. The Dow Jones Industrial Average closed down by about 128 points, or 0.4%, at 34,930, the S&P 500 index was virtually flat, but in negative territory, to end at around 4,400. The benchmarks declined for the second straight session. The Nasdaq , meanwhile, closed up 0.7% at roughly 14,762. The Fed kept interest rates at a range between 0% and 0.25%, as expected, and Powell indicated that the central bank was in no immediate rush to scale back on its monthly purchases of $120 billion in Treasurys and mortgage-backed securities, which the Chairman said would continue until "substantial further progress" was made toward the Fed's goals of low unemployment and inflation reaching 2%. The Fed statement said that the rate-setting Federal Open Market Committe "will continue to assess progress in coming meetings." Meanwhile, the small-capitalization Russell 2000 index finished sharply higher, up around 1.6%, at last check. Separately, the 10-year Treasury note was up 2.4 basis points at 1.259%.
12:08 p.m. July 27, 2021 - By Mark Decambre
Nasdaq Composite books worst selling in 2 1/2 months ahead of results from tech giants Apple, Microsoft and AlphabetU.S. stocks ended lower for the first time in six sessions Tuesday, and the Nasdaq Composite took the brunt of the selling, posting its worst daily decline since mid May ahead of earnings from technology giants Microsoft Corp. , Apple Inc. , and Google parent Alphabet Inc. . The Nasdaq fell 1.2% to around 14,660, marking its steepest daily drop since May 12; the S&P 500 index declined 0.5% at 4,401, while the Dow Jones Industrial Average finished off 0.2% at 35,059, all closing levels are on a preliminary basis. The declines on Tuesday come after all three stock benchmarks posted record closes on Monday to start a big week of earnings and an important update in policy from the Federal Reserve due on Wednesday. U.S. stocks have managed to grind higher amid questions about inflation and the spread of the delta variant of COVID-19 and some analysts view Tuesday's retreat as a momentary breather for a turbulent market that retains an overall bullish complexion. The slide in yield-sensitive technology and tech-related names came even as benchmark bond rates pulled back, with the 10-year Treasury note at around 1.24%. Markets were also unsettled by China's crackdown on technology companies domiciled in the region.
10:55 a.m. July 23, 2021 - By Myra P. Saefong
Oil futures finish higher for the session and weekOil futures , with prices shaking off a steep loss on Monday to end the week with a gain. Oil prices had plunged in the early part of the week on "concerns that rising global delta variant infection rates could undermine the economic rebound," or slow it down, said Michael Hewson, chief market analyst at CMC Markets UK. These worries haven't gone away, but even with the new OPEC+ agreement to raise output, there are still "residual concerns" that the market "could see supply struggle to keep up with demand, hence the recovery in prices heading into the weekend," he said. West Texas Intermediate crude for September delivery tacked on 16 cents, or 0.2%, to settle at $72.07 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract prices rose 0.7%, according to Dow Jones Market Data.
12:13 p.m. July 19, 2021 - By Mark Decambre
All of Dow's 30 components end lower in worst selloff for blue-chip index since late OctoberAll 30 of the components of the Dow Jones Industrial Average finished lower Monday, led by declines in Boeing Co. and UnitedHealth Group Inc. . The price-weighted index registered its steepest drop on a point and percentage basis since Oct. 28, according to FactSet data, with the session's drop being blamed on revived worries about the spread of the delta variant of COVID-19, which has raised fears about a slower economic recovery.
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