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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.
12:11 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.
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.
5:37 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.
12:11 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.
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.
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.
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.
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.
5:42 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.
5:32 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.
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.
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.
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.
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.
7:39 a.m. Aug. 9, 2021 - By Victor Reklaitis
U.S. rolls out new sanctions against BelarusThe Biden administration on Monday announced more sanctions against Belarus on the one-year anniversary of the Eastern European nation's . The that President Joe Biden signed an executive order targeting Alexander Lukashenko and his regime "for their ongoing assault against the democratic aspirations and human rights of the Belarusian people, transnational repression and abuse, affronts to international norms, and corruption." The sanctions are aimed at entities that include potash producer Belaruskali OAO, the Belarusian National Olympic Committee and "prominent businesspeople who support the Lukashenka regime as well as fifteen companies with which they are affiliated," the statement also said.
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.
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.
12:07 p.m. July 29, 2021 - By Mark Decambre
Dow, S&P 500 snap 2-session skid as stock-market investors shake off signal that growth is waning; Robinhood IPO sinksU.S. stock indexes ended solidly higher Thursday, with the Dow and the S&P 500 index finishing higher for the first time in three sessions, as investors weighed a weaker-than-expected updated report on U.S. economic growth in the second quarter and a woeful public market debut for trading platform Robinhood Markets Inc. . The Dow Jones Industrial Average closed up by about 154 points, or 0.4%, at 35,085; the S&P 500 index rose 0.4% to 4,420. Both indexes touched all-time intraday trading highs before paring those gains somewhat. The Commerce Department said U.S. gross domestic product grew at an annualized pace of 6.5% in the second quarter, falling short of the average forecast of 9.1% produced by a survey of economists by The Wall Street Journal. Separately, data from the Labor Department showed first-time applications for unemployment benefits fell 24,000 last week to 400,000. Meanwhile, Robinhood closed down 8.4% in its first day as a publicly traded entity on the Nasdaq Inc. . The trading platform opened at $38 Thursday afternoon. In other corporate news, Trevor Milton, the founder of Nikola Corp. , was indicted Thursday on securities-fraud charges for allegedly lying to investors about its business making commercial trucks powered by alternative fuel. Meanwhile, the 10-year Treasury note edged slightly higher at 1.269%, up 1 basis point, after the Federal Reserve kept rates unchanged at a range between 0% and 0.25% on Wednesday and signaled that it may be leaning toward ending its accommodative measures.
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%.
12:21 p.m. July 19, 2021 - By Mark Decambre
Dow sinks 726 points for worst day in over 3 months amid escalating worries about COVID's delta variantStock benchmarks closed sharply lower Monday, and the Dow marked its worst drop since late October, amid growing concerns about the global spread of the delta variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average shed about 726 points, or 2.1%, lower at 33,962 to mark its steepest slide since Oct. 28, 2020; the S&P 500 index ended down 1.6% at 4,258, while the Nasdaq Composite Index declined 1.1% at 14,275. All closing levels are on a preliminary basis. The declines for stocks came as the 10-year Treasury note yield fell to a five-month low beneath 1.18%. Stocks finished off their worst levels of the session, however, with the Dow down over 900 points at session lows.
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.
6:28 a.m. July 19, 2021 - By Mark Decambre
Benchmark 10-year Treasury yield deepens slide, now below 1.20% as Dow skids down 800 points early Monday Treasurys rallied on Monday amid a selloff in equities, with the 10-year Treasury note yielding 1.20%, deepening its descent toward a February low. Investors were buying government debt, driving the prices up and yields down, as worries about COVID-19's delta variant were gathering steam in a stock market that some view as priced to perfection. The 10-year Treasury note was at 1.193%, which was around its lowest level since early February, FactSet data show. Meanwhile, the Dow Jones Industrial Average was down nearly 800 points and headed for its sharpest one-day drop since late October. The S&P 500 index was trading 1.9% lower and the Nasdaq Composite Index was down 1.6% on the day.
11:14 a.m. July 16, 2021 - By Mark Decambre
Panic-like selling emerges Friday afternoon as stock market's drop gathers steam in last hour of tradeTrading in New York Stock Exchange-listed stocks on Friday were exhibiting panic-like-selling behavior to end a turbulent week of trading, featuring two days of congressioal testimony from Federal Reserve Chairman Jerome Powell and a trove of key economic reports. 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 2.182 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. The reading comes even as the Dow Jones Industrial Average was off 0.8% at 34,706, the S&P 500 index was off 0.7% at 4,331 and the Nasdaq Composite Index was trading 0.7% lower at 14,447. Fed Chairman Powell this week again reassured markets that a rise inflation was likely to be temporary, but higher prices may be behind the fall in consumer sentiment. For the week, the S&P 500 was looking at a 0.9% weekly drop, the Dow was on track for a 0.5% weekly slide, while the Nasdaq Composite was set for a 1.8% weekly decline.
12:10 p.m. July 15, 2021 - By Mark Decambre
Nasdaq logs longest losing skid in 2 months as chip makers get hit; 10-year Treasury yields below 1.30%U.S. stocks ended mostly lower Thursday, with the S&P 500 and Nasdaq Composite finishing down on the session as investors weighed mostly upbeat U.S. economic data, corporate earnings and a second day of testimony by Federal Reserve Chairman Jerome Powell. The Nasdaq Composite Index closed off 0.7% at around 14,543, marking the third straight decline, its longest losing skid since a similar period ended May 19, weighed in part by a sharp drop in chip makers . The declines for yield-sensitive technology and tech-related stocks came even as the 10-year Treasury note yield fell below 1.30% on the day. The S&P 500 index closed off 0.3% at about 4,360, while the Dow Jones Industrial Average ended 0.2% higher at 34,987, buoyed by shares of UnitedHealth Group Inc. and Honeywell International Inc. . In economic news, initial jobless claims fell by 26,000 to 360,000 in the seven days ended July 10, matching the forecast of economists polled by The Wall Street Journal. Meanwhile, Powell, in an appearance before the Senate Banking Committee, repeated his message from the previous day when he testified before a House panel, telling lawmakers that inflation has risen significantly and would likely remain high for a few months before moderating.
11:54 a.m. July 9, 2021 - By Mark Decambre
Panic buying signs emerge Friday as Dow, S&P 500, Nasdaq head for trifecta of records a day after worst fall in 3 weeksSigns of panic buying emerged Friday afternoon on the New York Stock Exchange amid a powerful stock-market rally in the final minutes of trade, a day after one of the worst selloffs for equities since mid June. Market internals suggest that investors are buying mightily headed into the weekend. The NYSE Arms Index, a volume-weighted breadth measure, fell to 0.413, with many on Wall Street see declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of the number of advancing stocks over decliners by the ratio of the volume of advancing stocks over declining volume and the Arms index often falls below 1.000, as the buyers rush into advancing stocks. The S&P 500 index was trading 1.1% higher at 4,370, the Nasdaq Composite [c: COMP] was up 1% at 14,700, and the Dow Jones Industrial Average was up about 460 points, or 1.3%, at around 34,876. All three indexes are heading for record closing highs a day after notching the worst daily drop since June 18. The declines had been at least partly inspired by worries about the economic recovery amid the spread of the delta variant of COVID-19 and as the 10-year and 30-year Treasurys hit their lowest yields since February.
12:05 p.m. July 8, 2021 - By Mark Decambre
Dow, S&P 500 and Nasdaq log worst day in 3 weeks amid unrelenting slump in Treasury yieldsU.S. stock benchmarks on Thursday ended off their lowest but still managed to log their worst daily declines in about three weeks as fears of uneven economic growth from the COVID pandemic rattled the bullish mood on Wall Street, reflected partly in the fall in long-dated Treasury yields. The Dow Jones Industrial Average declined by about 263 points, or 0.8%, at 34,418, the S&P 500 index declined 0.9% at 4,321, while the Nasdaq Composite Index fell 0.7% at around 14,560. All three benchmarks notched their worst single-day drops since June 18, according to FactSet data. Equity markets retreated after the latest in a string of all-time highs, with a weaker tone Thursday across global equities attributed in part to worries that the recovery from the COVID-19 pandemic could be slowed by persistent supply bottlenecks and the spread of the delta variant of the coronavirus that causes COVID-19. The 10-year Treasury note and the 30-year Treasury bond both finished at their lowest levels since around February. A jump in prices of government debt and a commensurate fall in yields has started to unsettle financial markets who fear that the hunt for haven assets may indicate uncertainty about the economic rebound from the pandemic.
9:52 a.m. July 8, 2021 - By Mark Decambre
Gold settles lower for the first time in six sessions but holds above $1,800Gold futures finished slightly lower Thursday, marking the first decline in six sessions, as stocks, bond yields and the dollar all headed south, perhaps checking bullion's decline. A selloff in the equity market---though the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index were off their worst levels of the session---may have resulted in investors liquidating some of their winning holdings like gold, weighing on the precious metal's price, strategists speculated. August gold closed down $1.90, or 0.1%, to settle at $1,800.20 an ounce. The 10-year Treasury note and the 30-year bond yield both fell to around February lows. Earlier in the session, gold had enjoyed solid gains that had suggested that the commodity might book a sixth straight gain, matching its longest streak of advances since the period ended May 20.
7:53 a.m. July 6, 2021 - By Mark Decambre
Panic-buying signs in tech stocks emerge on Wall Street Tuesday despite Dow's 300-point tumble While the Dow Jones Industrial Average on Tuesday was seeing its biggest one-day skid since around mid June, market internals suggest investors on the Nasdaq Inc. are buying rather than selling stocks. The Nasdaq Arms Index Arms Index, a volume-weighted breadth measure, fell to 0.473, while many on Wall Street see declines below 0.500 as suggesting panic buying. The Arms Index is calculated by dividing the ratio of the number of advancing stocks over decliners by the ratio of the volume of advancing stocks over declining volume and the Arms index often falls below 1.000, as the buyers rush into advancing stocks. Meanwhile, the Nasdaq Composite [c: COMP] was off 0.2% at 14,614, the S&P 500 index was off 0.6% at 4,326, and the Dow was trading 1% or off more than 330 points lower at 34,470, heading for its worst daily drop since June 18.
9:43 a.m. July 2, 2021 - By Mark Decambre
Gold ends at highest level in over a week with 3rd straight gainGold futures on Friday closed higher for a third straight session, which helped contracts for the precious metal to regiser a modest weekly advance, amid a retreat in benchmark Treasury yields, which can compete against precious metals for safe-haven demand, and a steadying U.S. dollar, which has slipped back since touching a three-month high a day ago. August gold settled up $6.50, or 0.4%, to $1,783.30 an ounce, representing the highest finish since June 23, FactSet data show. The third straight gain for bullion also marked its longest string of gains since a similar period ended May 26. Trading in precious metals followed a closely watched report on June employment from the Labor Department, which came in better than the 706,000 job that were estimated by economists polled by Dow Jones and MarketWatch. The unemployment rate, meanwhile, rose to 5.9%, compared with 5.8% last month and an expectation for 5.6%.
12:05 p.m. June 29, 2021 - By Mark Decambre
Tepid stock-market gains Tuesday enough for year's 33rd S&P 500 record high and 19th record for Nasdaq as tech climbs U.S. stock finished Tuesday's session tenatively higher but enough to log fresh all-time highs for the S&P 500 index and the Nasdaq, driven by technology shares. The S&P 500 index closed virtually unchanged but booked a gain of over 1 point at around 4,292, on a preliminary basis, enough for the 33rd record gain of 2021 and the Nasdaq Composite Index closed up 0.2% to mark a 19th all-time closing high for the year for the tech-heavy benchmark. The Dow Jones Industrial Average closed up 0.03%, on a preliminary basis, to end at around 34,292, buoyed by Nike Inc. and Home Depot . Shares of Boeing Co. proved a drag on blue chips for a second day.
5:33 a.m. June 29, 2021 - By Mark Decambre
Dow climbs as S&P 500 and Nasdaq carve out fresh intraday all-time highs to kick off Tuesday tradeU.S. stocks opened higher Tuesday morning, with equity indexes trading at or near records, and the S&P 500 aiming for its 33rd record closing high of the year as investors awaited data on consumer confidence levels. The move comes after the S&P 500 booked its 32nd all-time closing high of 2021, led by gains in the technology sector. The S&P 500 index was rising 0.2% and established an intraday record high at 4,298.22, the Dow Jones Industrial Average climbed 0.5% to around 34,455, while the Nasdaq Composite Index was trading less than 0.1% lower at 14,483 after notching an all-time intraday high at 14,509.78. In corporate news, United Airlines Holdings Inc. said Tuesday that it is purchasing 270 new Boeing and Airbus aircraft to its fleet, in its biggest-ever order and the largest by an individual carrier in the last decade, making a strong bet on a recovery in travel.
12:06 p.m. June 28, 2021 - By Mark Decambre
S&P 500 marks 32nd record of 2021 and Nasdaq books 18th all-time high of the year with Monday's 1% rally The Dow ended lower Monday but the S&P 500 and the Nasdaq Composite both booked record closes, supported by gains in big-capitalization technology companies and communication services. The Dow Jones Industrial Average, weighed by a decline in Boeing Co. , ended solidly lower. The blue-chip index closed down 0.4% to around 34,281, on a preliminary basis. Meanwhile, the S&P 500 index logged its 32nd record finish of 2021, up 0.2% to finish above 4,290, while the Nasdaq Composite charged up by 1% to 14,500 and marked its 18th closing record of the year. The Nasdaq Composite's moves were led by gains in Amazon.com Inc. [: AMZN], Nvidia Corp. and Tesla Inc. .
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