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12:12 p.m. Oct. 20, 2021 - By Mark Decambre
Dow, S&P 500 end higher but narrowly miss closing highs as Fed's Beige Book shows inflation pressures remainThe S&P 500 index and Dow industrials closed higher on Wednesday, barely missing a finish at record closing highs as investors parsed the Federal Reserve's latest Beige Book showing the U.S. economy is growing at a modest to moderate pace, but remains under pressure from inflation and labor shortages. Strong third quarter corporate earnings are helping investors overcome some doubts about the impact of the coronavirus delta variant, supply-chain disruptions and the Federal Reserve's likely move to start withdrawing some of its easy-money policies. The Dow Jones Industrial Average close 0.4% higher at 35,609, missing its Aug. 16 closing high at 35,625.40. The S&P 500 index closed up 0.4% to end at around 4,536, coming within a hair's breadth of its Sept. 2 closing high at 4,536.95. The Nasdaq Composite Index , however, ended down slightly, less than 0.1% to end at about 15,121, ending its win streak at five straight sessions. Investors were focused on results from electric-vehicle maker Tesla Inc. , which rolled out after Wednesday's close. Meanwhile, the Fed's latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.
5:35 a.m. Oct. 19, 2021 - By Mark Decambre
Dow rises tentatively and S&P 500 retakes 4,500 in early Tuesday trade U.S. stock benchmarks rose Tuesday morning, extending gains after the largest four-day rally since late July for both the S&P 500 and Nasdaq Composite. The Dow Jones Industrial Average was up 0.3% at 35,371, the S&P 500 index climbed 0.3% to 4,501, while the Nasdaq Composite Index advanced 0.3% at 15,072. The positive backdrop for equities comes as good corporate earnings have largely overshadowed worries about supply-chain disruptions. In corporate news, Johnson & Johnson shares rose after the drugmaker said it brought in $502 million in world-wide sales of its COVID-19 vaccine in the third quarter of 2021.
12:18 p.m. Oct. 4, 2021 - By Mark Decambre
Dow falls over 320 points, Nasdaq Composite ends Monday's session 2% lower as Facebook's stock stumbles U.S. markets ended Monday's trade sharply lower, as a selloff in shares of social-media company Facebook and other technology companies rippled through Wall Street, and worries about inflation and a host of other problems combined to sink the broader market. The Dow Jones Industrial Average closed down 323 points, or 0.9% at 34,002, the S&P 500 index closed down 1.3% to 4,300, while the Nasdaq Composite Index closed off 2.1% to 14,255, putting the index down by about 7% from its Sept. 7 peak and bringing the technology-laden index closer to a 10% drop from that peak, which is how market technicians define a correction. Facebook shares were down as its units WhatsApp, Instagram went down and whistleblower, Frances Haugen, was set to testify before Congress on Tuesday, detailing problems within the company partly reported by the Wall Street Journal.
5:34 a.m. Oct. 4, 2021 - By Mark Decambre
Dow inches higher at Monday's open but selling in tech weighs on broader stock market U.S. stock indexes weakened early Monday, resuming a downward path on uncertainties on future policy and concern about the global economy. The Dow Jones Industrial Average was trading 0.1% higher at 34,367, the S&P 500 index traded off 0.1% at 4,351, while the Nasdaq Composite Index wa trading 0.7% lower at 14,468.
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.
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%.
12:11 p.m. Sept. 29, 2021 - By Mark Decambre
Nasdaq Composite books 4th straight loss as stock-market rebound fades in final hour of Wednesday tradeU.S. stock-market benchmarks closed slightly higher but well off the best levels of Wednesday's trade as Wall Street attempted to recover some of the losses from Tuesday's yield-fueled rout. The Dow Jones Industrial Average closed up by about 90 points, or 0.3%, to 34,391, on a preliminary basis; the S&P 500 index advanced 0.2% to around 4,359, while the Nasdaq Composite Index declined 0.2% at 14,512 to mark the fourth straight decline. Renewed concerns about too-hot inflation, which could force the Federal Reserve to ramp up interest-rate hikes, is causing friction in equity markets. The 10-year Treasury note yields [ss: BX:TMUBMUSD10Y] 1.540%, up from 1.534% on Tuesday. A number of other concerns, including those centered on the debt limit and the worries about weakening economic output, are also buffeting bulls.
5:35 a.m. Sept. 29, 2021 - By Mark Decambre
Dow industrials attempt to bounce back after Tuesday's yield-driven selloffU.S. stock benchmarks were trading higher early Wednesday, following the worst selloff for the S&P 500 in roughly four months, as surging bond yields spooked investors. The Dow Jones Industrial Average was trading 0.3% higher at 34,398, the S&P 500 index was gaining 0.4%, following its worst daily percentage decline since May 12. The Nasdaq Composite Index was trading 0.6% higher near the start of Wednesday's action, at 14,827. Yields began their ascent last week, following a Federal Reserve meeting that indicated the central bank was ready to begin backing away from its accommodative policy put in place to help the economy cope with the pandemic. On Wednesday, the 10-year Treasury yield was edging back at around 1.52%. Bond prices move in the opposite direction of yields.
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.
11:57 a.m. Sept. 20, 2021 - By Mark Decambre
Evergrande jitters send Wall Street's 'fear gauge' to biggest pop in over 6 months and yields tumble the most in weeksA measure of implied volatility on Wall Street Monday rose by the most since February as the Dow Jones Industrial Average tumbled nearly 1,000 points at its lows on concerns about China's property market highlighted by the potential collapse of China Evergrande Group. The CBOE Volatility Index jumped by about 32% to 28.30, marking its biggest one-day rise since Feb. 25, when it rose 35.4%, FactSet data show. The index, also known as the VIX, for its ticker symbol, has become well known as Wall Street's "fear gauge," since it was created in the early 1990s. The VIX itself, which uses S&P 500 options to measure trader expectations for volatility over the coming 30-day period, tends to rise as stocks fall and is often therefore referred to as a guide to the level of investor fear. The S&P 500 index was trading 2% lower at 4,343, which would mark its steepest drop since May 12, according to FactSet data. The Nasdaq Composite Index was down 2.6% to 14,653, which would also represent its sharpest daily lose on a percentage basis since May 12. The Dow was trading 1.9% lower at 33,921. but had been down by as many as 970 points. The decline for stocks also came as the benchmark 10-year Treasury note yield fell by the most since Aug. 13, down 6.1 basis points to 1.308%, Dow Jones Market Data show. Evergrande, a Chinese property giant nursing more than $300 billion in debt, remains - sending global equities tumbling Monday as investors, who had previously ignored the situation, sat up and took notice.
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%.
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.
10:30 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.
5:35 a.m. Sept. 14, 2021 - By Mark Decambre
Dow industrials kick off higher Tuesday after cooler-than-expected consumer-inflation readingU.S. stocks rise modestly higher Tuesday after a report on inflation came in more tame than had originally been expecting, suggesting that the Federal Reserve may be less inclined to rapidly move to taper its monthly asset purchases that had provided liquidity to the COVID stricken market. The Dow Jones Industrial Average traded 71 points, or 0.2%, higher at 34,944, the S&P 500 index climbed 0.3% at 4,484, while the Nasdaq Composite Index advanced 0.4% to reach 15,165. The U.S. consumer price index rose 0.3% in August, while the core reading, which excludes volatile food and energy prices, was up just 0.1%. The CPI increased 5.3% in the August year, compared to expectations for a 5.4% increase, and a rise of 5.5% for the year last month. The year-over-year change in core CPI fell back to 4% from 4.3% in July. While the reading remains elevated, signs of peak inflation could make it less urgent for the Fed to begin scaling back its bond purchases, though investors have largely scaled back expectations for the central bank to lay out a timetable to begin tapering at its meeting next week.
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.
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.
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.
5:39 a.m. Sept. 3, 2021 - By Mark Decambre
Dow slumps at Friday's open after U.S. jobs report comes in weaker than expected U.S. stock benchmarks wobbled lower Friday after the Labor Department's employment report for August showed that a weaker-than-expected 235,000 jobs were created, even as the unemplyoment rate fell to 5.2% from 5.4% in the prior month. The Dow Jones Industrial Average was trading 0.3% lower at 35,340, the S&P 500 index was down 0.3% at 4,523, while the Nasdaq Composite Index was trading 0.3% lower at 15,285 early in the session. Economists surveyed by the Wall Street Journal had forecast on average that 720,000 jobs would be created in August. The data raises some questions about the timing and pace of the Federal Reserve's plans to remove monetary policies that have been in place since the height of the disruptions to financial markets from the COVID-19 pandemic. The lackluster headline employment figure also raises the question of how well the economy is growing jobs in the aftermath of the pandemic amid the emergence of the highly transmissible COVID-19 delta variant.
6:20 a.m. Sept. 2, 2021 - By Tomi Kilgore
Alibaba stock extends corrective bounce after pledge to spend $15.5 billion for 'common prosperity' amid regulatory scrutinyShares of Alibaba Group Holding Ltd. rose 0.8% in morning trading Thursday, to put them on track for a fourth straight gain, even as the China-based e-commerce giant continued to face regulatory scrutiny. The stock has rallied 9.6% over the past four sessions, and has corrected 10.6% since closing at a 2-year low of $157.96 on Aug. 20. Many on Wall Street view a rise, or fall, of at least 10% to up to 20% from a significant low or high as a correction, while moves of 20% or more are considered new bull or bear markets. Chinese regulators , for using false promotions and making use of unqualified drivers and cars, according to a notice posted on the Ministry of Transportation's social media account, according to a Dow Jones Newswires report. Separately on Thursday, Alibaba vowed to spend RMB100 billion, or about $15.5 billion, by 2025 for the government's "common prosperity" drive, , at a time that regulators were clamping down on technology giants for contributing to social divides. Alibaba's stock has dropped 20.4% over the past three months, while the iShares MSCI China ETF has lost 13.5% and the S&P 500 has gained 7.8%.
5:42 a.m. Sept. 2, 2021 - By Mark Decambre
S&P 500, Nasdaq Composite open in record territory after jobless claims report hits pandemic lowThe S&P 500 and the Nasdaq Composite opened in record territory Thursday morning, after weekly data on the labor market came in at a pandemic-era low. Jobless claims, a proxy for layoffs, dropped to 340,000, reaching the lowest level since the COVID-19 pandemic gripped the market in the spring and summer of 2020. The report comes ahead of a highly anticipated report on employment due on Friday, which many think could set the timing for the Federal Reserve's tapering of crisis-era asset purchases that had added liquidity to financial markets. The Dow Jones Industrial Average rose 117 points, or 0.3%, at 35,431. The S&P 500 index climbed 18 points, or 0.4%, to 4,542, and set an intraday record high at 4,542.83, while the Nasdaq Composite index traded 0.4% higher at 15,366, after establishing its own intraday record at 15,380.07. The Nasdaq closed at a record on Wednesday.
5:34 a.m. Aug. 31, 2021 - By Mark Decambre
Stock market pulls back from records at start of August's final trading dayU.S. stock indexes on Tuesday opened slightly lower, with investor attention settling on employment data coming at the end of the week, in the final trading day of August. The Dow Jones Industrial Average [: DJIA] was trading 0.2% lower at 35,346, the S&P 500 index slipped 0.1% at 4,524, while the Nasdaq Composite Index retreated 0.2% at 15,239. All three benchmarks were on track to end the month sharply higher. In corporate news, Robinhood Markets Inc. shares were down more than 3% after Securities and Exchange Commission Chairman Gary Gensler told Barron's on Monday that a ban on payment for order flow "is on the table."
12:10 p.m. Aug. 30, 2021 - By Mark Decambre
Tech stocks push S&P 500 record closes in 2021 to 53 and Nasdaq logs 32nd all-time high of the year The S&P 500 and the Nasdaq Composite added to their record-setting pace of gains on Monday, driven by a rally in information technology stocks, but the Dow Jones Industrial Average lagged behind its equity benchmark peers. The S&P 500 closed up 0.4% at around 4,529, establishing an intraday record high at 4,537.36, while the Nasdaq Composite Index ended 0.9% higher at roughly 15,266, following its own intraday record on Monday at 15,288.08. The Dow closed down 56 points, or 0.2%, at about 35, 400, weighed by a decline in financials Goldman Sachs Group Inc. , American Express Co. , as well as Boeing Co. . Shares of technology firms provided a lift for the broader market and the tech-heavy Nasdaq, with gains in tech also aided by a decline in benchmarks bond yields. The 10-year Treasury note yields around 1.284%, compared with 1.311% on Friday at 3 p.m. ET, Dow Jones Market Data show. Lower borrowing costs can give a boost to yield-sensitive areas of the market like tech but can weigh on financials because bank business models are underpinned by higher rates on the longer end of the so-called yield curve.
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.
12:06 p.m. Aug. 25, 2021 - By Mark Decambre
S&P 500 marks 51st record of 2021 matching the most in a calendar year as stocks clamber higher WednesdayU.S. stocks closed at or near records Wednesday, with the S&P 500 and the Nasdaq Composite booking back-to-back all-time highs, as investors bought financials and energy shares. The S&P 500 index marked its 51st record high this year, matching the greatest number of closing records to this point in a calendar year since 1995, according to Dow Jones Market Data. The S&P 500 rose by about 10 points, or 0.2%, to 4,496, on a preliminary basis, just shy of a round-number level at 4,500. The Nasdaq Composite closed 0.2% higher at around 15,042, marking its 30th record of the year. The Dow Jones Industrial Average , meanwhile, finished up 0.1% at 35,406, closing within shouting distance of its Aug. 16 closing record at 35,625.40.
6:11 a.m. Aug. 24, 2021 - By Mark Decambre
Nasdaq Composite carves out fresh intraday record at Tuesday's open as stock market clambers higher U.S. stocks on Tuesday grinded higher toward all-time highs as investors responded positively to strong corporate earnings and the economic rebound against COVID-19, despite the spread of the delta variant of the disease. The Dow Jones Industrial Average gained 0.1% to 35,382, the S&P 500 index rose 0.1% and climbed near a record high at 4,489.88, and the Nasdaq Composite Index rose 0.3%, after carving out an intraday record at 15,003.20. In corporate news, Best Buy Co. Inc. shares were in focus after the consumer electronics retailer reported second-quarter earnings that beat expectations and raised its same-store sales guidance for the year. At the end of the week, Federal Reserve Chairman Jerome Powell is expected to deliver a speech that might provide some insights on the timing and scope of tapering asset purchases for the central bank.
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"
12:10 p.m. Aug. 19, 2021 - By Mark Decambre
Dow logs 3rd straight decline but small-caps take it on the chin Thursday, as S&P 500 and Nasdaq halt skidsU.S. stock benchmarks on Thursday finished a turbulent session mostly flat and the S&P 500 and the Nasdaq Composite eked out small gains to halt a multiday skid. However, the Dow Jones Industrial Averaged booked its third straight drop, representing its longest bout of losses since the five-session period ended June 18. The S&P 500 index closed up 0.1% at 4,406, finishing higher for the first time in three sessions, while the Nasdaq Composite closed up 0.1% at around 14,542, booking its first gain in four sessions. The Dow , however, declined 0.2% to 34,894, weighed by declines in Boeing Co. , Caterpillar Inc. and Goldman Sachs Group Inc. . Investors have grown cautious on stocks as concerns about the delta variant of COVID-19 threaten to dent the global economic recovery. Investors also are worried about the Federal Reserve's plans to taper its monthly purchases of bonds. But it was small-cap stocks that saw outsize losses on Thursday. The Russell 2000 Index of small-cap stocks finished down 1.3%. The performance for markets came even as weekly data showed that jobless claims fell to a pandemic low of 348,000 last week.
9:13 a.m. Aug. 17, 2021 - By Mark Decambre
Dow heads for worst day in a month, Nasdaq on track for worst in 2 months, as Wall Street's fear index jumps 18%U.S. stocks on Tuesday afternoon were setting a brisk pace lower on the session, led by losses in the technology sector. In fact, the tech-heavy Nasdaq Composite , down 1.4%, at last check, was headed for the worst daily decline since May 12, when it tumbled 2.7%; and the Dow Jones Industrial Average and the S&P 500 index , fresh off record highs on Monday, were each down by more than 1%, both on track for their worst day since July 19. The equity decline also saw the Cboe Volatility index , also known as the fear index, register its biggest daily surge in about a month, up 18% at 19.05, since July 19. The VIX, referring to the Cboe Volatility index's ticker symbol, is a closely watched measure of stock-market impied volatility that is often used as a proxy for investor anxiety, and it tends to rise as stocks fall.
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.
6:39 a.m. Aug. 16, 2021 - By Mark Decambre
Panic-like selling signs emerge in NYSE trading Monday as Dow, S&P 500 on track to snap 4-session win streakTrading in New York Stock Exchange-listed stocks on Monday were exhibiting panic-like-selling behavior as stocks faced some selling pressure attributed to the spread of the delta variant of COVID-19 and a slowdown in China's economy. 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 2.414 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 0.5% at 35,258; the S&P 500 index was off 0.6% at 4,437. The Dow and S&P 500 have ended higher in the past four sessions in succession. Meanwhile, the Nasdaq Composite Index was trading 1.1% lower at 14,964, on track to halt a 2-session string of gains.
5:34 a.m. Aug. 12, 2021 - By Mark Decambre
Dow briefly hits intraday record high before retreating Thursday as market weighs hotter-than-expected PPI reportU.S. stocks struggled for direction early Thursday, with the Dow briefly hitting an intraday record at the start of trade, and the S&P 500 and Nasdaq Composite trading under pressure as investors parsed data on wholesale inflation and a weekly jobs report. The Dow was down less than 0.1% at 35,469, but had established an intraday all-time high at 35,510.77, the S&P 500 index was trading 0.1% lower at 4,442, while the Nasdaq Composite Index was down 0.1% at 14,746. The producer-price index, or PPI, a measure of the prices businesses receive for their goods and services, rose for the sixth month in a row, undermining a report on consumer prices that had suggested that pricing pressures may be moderating somewhat.PPI jumped 1% last month, the government said Thursday, hotter than the 0.6% increase that economists polled by The Wall Street Journal had forecast. PPI over the past 12 months moved up to 7.8% for July from 7.3% in the prior month. Consumer-price index data on Wednesday showed a 0.5% climb on a month-over-month basis, but was down from 0.9% in June and matched the expectations of economists surveyed by The Wall Street Journal. Meanwhile, dropped by 12,000 to 375,000 in the week ended Aug. 7, the government said Thursday. That matched the forecast of economists polled by The Wall Street Journal, a sister publication of MarketWatch.
12:07 p.m. Aug. 10, 2021 - By Mark Decambre
Dow, S&P 500 book record closes as Senate passes infrastructure bill, investors await inflation readingsU.S. stocks finished at or near records on Tuesday, as the Senate passed a $1 trillion infrastructure bills and investors awaited data due this week on inflation. The Dow Jones Industrial Average [: DJIA] closed about 162 points, or 0.5%, at 35,265, while the S&P 500 index ended up 0.1% at 4,436, on a preliminary basis. It was the 31st record closing high for the Dow in 2021 and the 45th for the S&P 500. The Nasdaq Composite Index ended 0.5% lower at around 14,788. The gains come as the Senate on Tuesday voted 69-30 to approve a bipartisan infrastructure bill, sending the $1 trillion measure to the House of Representatives for its approval. The bill, known as the Infrastructure Investment and Jobs Act, calls for $550 billion in new public-works spending above what already was expected in future federal investments, including $110 billion for roads, bridges and other projects, as well as $66 billion for rail, $65 billion for broadband internet and $55 billion for water systems. In corporate news, shares of AMC Entertainment Holdings reversed an early surge and ended lower after the movie-theater chain reported a narrower quarterly loss late Monday.
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.
12:12 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.
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