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IPO Mania Continues

  • IPO Mania Continues IPO Mania Continues 9:05
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12:23 p.m. Oct. 15, 2021 - By William Watts
S&P 500 sees biggest weekly rise since July as stocks rally on earningsStocks ended higher Friday, booking solid weekly gains for major indexes as investors cheered a strong start to earnings season and data showing stronger-than-expected September retail sales. The Dow Jones Industrial Average advanced around 383 points, or 1.1%, to close near 35,295, ending above the 35,000 threshold for the first time since Sept. 8, according to Dow Jones Market Data. The Dow rose 1.6% for the week. The S&P 500 gained around 33 points, or 0.7%, to finish near 4,472, leaving the large-cap benchmark with a 1.8% weekly rise --- its largest since July 23, according to FactSet. The tech-heavy Nasdaq Composite ended near 14,897, up around 74 points, or 0.5%. The Nasdaq rallied 2.2% for the week, its biggest such rise since August. Goldman Sachs Group Inc. shares rose 3.8% Friday, leading Dow gainers after earnings that topped estimates.
8:00 a.m. Oct. 15, 2021 - By MarketWatch
90,000 U.S. adult deaths from COVID-19 over the summer could have been prevented if victims had been vaccinated, study findsRoughly 90,000 deaths from the coronavirus-borne illness COVID-19 among U.S. adults were preventable and could have been avoided if more of those people had got vaccinated when vaccines became available in spring, a new study has found.
5:34 a.m. Oct. 15, 2021 - By William Watts
Dow up over 200 points as stocks open with gains after retail sales dataStocks opened higher Friday, looking to build on the previous session's sharp gains, after a stronger-than-expected rise in September retail sales. The Dow Jones Industrial Average rose 208 points, or 0.6%, to 35,120, while the S&P 500 advanced 0.5% to 4,459 and the Nasdaq Composite advanced 0.3% to 14,869. The Dow was led higher by shares of Goldman Sachs Group Inc. , up more than 2% after topping Wall Street forecasts.
3:14 a.m. Oct. 15, 2021 - By Tomi Kilgore
J.B. Hunt's stock set to rally after profit, revenue rise above expectationsShares of J.B. Hunt Transport Services Inc. were indicated up about 1% in premarket trading Friday, after the trucking company reported third-quarter profit and revenue that rose above expectations, as growth in all business segments helped offset rising wage and truck purchase transportation costs and lack of network fluidity. Net income rose to $199.8 million, or $1.88 a share, from $125.5 million, or $1.18 a share, in the year-ago period. The FactSet consensus for earning per share was $1.78. Revenue grew 27.2% to $3.14 billion, above the FactSet consensus of $3.02 billion. Operating expenses increased 25.0% to $2.87 billion, with wages and benefits costs growing 19.8% and rents and purchased transportation rising 28.5%. The stock has climbed 28.2% year to date, while the Dow Jones Transportation Average has advanced 19.5% and the Dow Jones Industrial Average has gained 14.1%.
12:03 p.m. Oct. 14, 2021 - By William Watts
Dow finishes more than 500 points higher after strong earningsStocks ended sharply higher Thursday, lifted by a strong start to earnings season, including largely upbeat results from big banks and a pair of Dow components. The Dow Jones Industrial Average rose around 534 points, or 1.6%, to finish near 34,912, according to preliminary figures. Gains for the blue-chip gauge were led by Walgreens Boots Alliance Inc., up 7.4%, and UnitedHealth Group Inc., up 4.2%, after reporting results. The S&P 500 advanced advanced around 74 points, or 1.7%, to end near 4,438 , while the Nasdaq Composite advanced around 252 points, or 1.7%, to close near 14,823. Share of Bank of America jumped 4.5%, while Morgan Stanley added 2.5% after beating estimates.
5:55 a.m. Oct. 14, 2021 - By Tonya Garcia
Beyond Meat shares rise after McDonald's announces plant-based sandwich testBeyond Meat Inc. stock rose 3.4% in early Thursday trading after McDonald's Corp. announced it would test the McPlant sandwich in eight U.S. restaurants for a limited time. The McPlant, which was announced , is the plant-based burger McDonald's created in partnership with Beyond Meat. The two companies announced an exclusive three-year agreement in . Details on the test are scarce, but McDonald's said in a post on its site that "this particular test will help us understand how offering a burger with a plant-based patty impacts the kitchens in our restaurants." Beyond Meat stock has dropped 13.3% for the year to date. McDonald's shares have risen 13.8%. And the Dow Jones Industrial Average is up 13.4% for the period.
5:34 a.m. Oct. 14, 2021 - By Mark Decambre
Dow opens over 400 points higher, S&P 500 retakes 4,400 as weekly jobs report hits fresh pandemic lowU.S. stock benchmarks rose solidly higher Thursday morning, advancing as a parade of big banks released upbeat earnings and data showed a drop in first-time jobless claims to the lowest since the pandemic began and a smaller-than-expected rise in producer prices. The Dow Jones Industrial Average traded 406 points, or 1.2%, at 34,784. The S&P 500 index advanced 1% to 4,404, retaking a psychologically signicant level at 4,400, while the Nasdaq Composite Index advanced 0.9% at 14,710. Bank of America Corp. reported profit and revenues that topped expectations as it released $1.1 billion in reserves to its bottom line, driven primarily by asset quality improvements. Shares rose 2.8% in premarket trade. In economic reports, weekly first-time claims for unemployment benefits last week dropped to 293,000 - the first sub-300,000 reading since before the pandemic took hold in early 2020.
2:28 a.m. Oct. 14, 2021 - By Tomi Kilgore
Caterpillar stock bounces off 8-month low after Cowen says buy ahead of first 'megacycle' in 14 yearsShares of Caterpillar Inc. rallied 1.2% in premarket trading, to bounce of an eight-month closing low in the previous session, after the construction and mining equipment got a bullish endorsement from Cowen analyst Matt Elkott, who said he believes the next "megacycle" is underway. Elkott started coverage of Caterpillar's stock with an outperform rating and price target of $241, which implies 28% upside from Wednesday's closing price. Elkott expects Caterpillar to show revenue growth, gross and operating margin expansion and earnings-per-share increases for three consecutive years, the first period of "megacycle" growth the company has enjoyed in 14 years, and only the second in modern history. "We see potential for incremental revenue opportunities of $35 billion for [Caterpillar] from autonomous solutions in the next 10 years," Elkott wrote in a note to clients. "We estimate that at least 75% of CAT's markets will work to reduce emissions. We expect strong growth in services, organically and via acquisition." The stock, which closed Wednesday at the lowest price since Feb. 1, has lost 10.7% over the past three months while the Dow Jones Industrial Average has slipped 1.6%.
2:08 a.m. Oct. 14, 2021 - By Ciara Linnane
UnitedHealth shares up premarket after earnings beat estimates, raises guidanceUnitedHealth Group Inc. shares jumped 1.7% in premarket trade Thursday, after the health benefits company beat earnings estimates for the third quarter and raised its guidance. The company posted net income of $4.086 billion, or $4.28 a share, up from $3.172 billion, or $3.30 a share, in the year-earlier period. Adjusted per-share earnings came to $4.52, ahead of the $4.41 FactSet consensus. Revenue rose to $72.337 billion from $65.115 billion, also ahead of the $71.347 billion FactSet consensus. The company raised its full-year guidance and now expects EPS to range from $17.70 to $17.95, and for adjusted EPS to range from $18.65 to $18.90. The FactSet consensus is for full-year EPS of $18.75. Shares have gained 15% in the year to date, while the Dow Jones Industrial Average [s :djia] has gained 12%.
12:10 p.m. Oct. 13, 2021 - By Mark Decambre
S&P 500, Nasdaq Composite snap 3-session skid but Dow ensnared in longest losing skid in three weeksU.S. stocks ended mostly in positive territory Wednesday, halting a string of losses at three, as investors digested minutes from the Federal Reserve's Sept. 21-22 policy meeting that seemed to underscore the cetnral bank's plan to dial back its monthly purchases of Treasurys and mortgage-backed securities as evidence of inflation show that pricing pressures continue to percolate. The Dow Jones Industrial Average ended lower but almost unchanged at about 34,378. Still, it was the fourth straight decline for the blue-chip benchmark, matching the longest losing skid ended Sept. 21, FactSet data show. The S&P 500 index closed up 0.3% at 4,363, while the Nasdaq Composite Index rose 0.7% at about 14,572, and marked the best day since Oct. 7. Several Fed officials said they even preferred a more rapid reduction of the central bank's current $120 billion pace of monthly purchases, rather than the $15 billion reduction anticipated. Data showed that the U.S. consumer-price index rose 0.4% in September after climbing 0.3% in August, the Labor Department said on Wednesday. In the 12 months through September, the CPI increased 5.4% after advancing 5.3% year-over-year in August.
5:35 a.m. Oct. 13, 2021 - By William Watts
Stocks open slightly higher as earnings season gets under wayMajor U.S. stock indexes opened flat to modestly higher Wednesday as earnings season unofficially kicked off with results from Wall Street giants JPMorgan Chase & Co. and BlackRock Inc. , as well as Delta Air Lines Inc. . The Dow Jones Industrial Average rose 30 points, or 0.1%, to 34,408, while the S&P 500 edged up 0.2% to 4,360. The Nasdaq Composite advanced 0.4% to 14,531. JPMorgan Chase shares were down 0.8% in the early going, while BlackRock shares jumped 3%. Delta shares gave up 2.8%.
3:11 a.m. Oct. 13, 2021 - By Tomi Kilgore
GXO Logistics to hire 9,000 employees in U.S. and Canada, to deploy 3,100 robotsGXO Logistics Inc. said Wednesday it plans to hire 20,000 employees globally, including 9,000 logistics employees in the U.S and Canada, ahead of the holiday season. The states where GXO is hiring include California, Georgia, Indiana, Pennsylvania and Texas. The open positions included salaried, hourly and contractor roles with flexible shift options and full- and part-time opportunities. The pure-play logistics company said it plans to deploy 3,100 robots in North America by the end of 2021, and open nine new automated sites in the U.S. and three in Europe, in response to the surge in ecommerce. The stock, which went public in July was still inactive in premarket trading, has lost 6.3% over the past month, while the Dow Jones Transportation Average has gained 1.9% and the Dow Jones Industrial Average has slipped 1.4%.
12:11 p.m. Oct. 12, 2021 - By Mark Decambre
The stock market closed lower Tuesday, logging another intraday reversal and a 3rd straight fall for the longest skid in 3 weeks U.S. stocks finished lower Tuesday, with the main indexes erasing early modest gains to close lower for the third straight decline for the three main equity benchmarks, ahead of the unofficial start of third-quarter results from American corporations. The Dow Jones Industrial Average fell 118 points, or 0.3%, the S&P 500 index declined 0.2% to 4,350, while the Nasdaq Composite Index declined 0.1% to 14,465. The small-capitalization Russell 2000 index , however, was headed for a close in positive territory, up 0.4%. Markets have been choppy amid concerns about slowing growth here and abroad and worries that inflation may be more durable than had been previously estimated by some members of the Federal Reserve. The International Monetary Fund said that it now sees global growth of 5.9% this year - down one-tenth of a percent from its July forecast - and then slowing to 4.9% growth in 2022. For the U.S., the IMF cut its growth estimate for this year down to 6%. Atlanta Federal Reserve President Raphael Bostic said that the recent burst of U.S. inflation is likely to last longer than expected and no longer should be considered "transitory." Minutes from the Fed's Sept. 21-22 meeting are due at 2 p.n. ET on Wednesday. Before that, a report on consumer inflation, the consumer price index, is due at 8:30 p.m. ET.
5:36 a.m. Oct. 12, 2021 - By Mark Decambre
Dow drifts higher Tuesday but stock market gains capped as IMF dials back global growth outlook U.S.stocks rose tenatively Tuesday morning as inflation worries dogged bullish investors ahead of third-quarter earnings and as the International Monetary Fund cut its outlook for global growth. The Dow Jones Industrial Average rose 36 points, or 0.1%, at 34,533, the S&P 500 index inchded 0.1% higher at 4,364, and the Nasdaq Composite Index advanced 0.1% at 14,505. The IMF on Tuesday said it expects global GDP to grow by 5.9% in 2021---0.1 percentage point lower than its previous estimate. "This modest headline revision masks large downgrades for some countries," wrote Gita Gopinath, chief economist at the IMF, in a Tuesday blog post. The report comes as investors are wrestling with surging energy prices, which are contributing to pricing pressures across the globe in the wake of the COVID-19 pandemic.
12:02 p.m. Oct. 11, 2021 - By William Watts
Dow ends nearly 250 points lower as investors prepare for earningsStocks gave up early gains to finish lower Monday, slumping as investors await the kickoff of earnings season, as well as economic data due later this week on inflation and retail sales. The Dow Jones Industrial Average fell around 249 points, or 0.7%, to end near 34,497, while the S&P 500 lost around 30 points, or 0.7%, to close near 4,361. The Nasdaq Composite gave up around 93 points, or 0.6%, finishing near 14,486.
9:51 a.m. Oct. 11, 2021 - By Mark Decambre
Stock market reverses course in Monday afternoon trade, with Dow down about 120 pointsU.S. stock markets turned south Monday afternoon, with early, modest gains fizzling, amid selling in financials and communication services . The Dow Jones Industrial Average was trading about 115 points lower, or 0.3%, at 34,630, the S&P 500 index was trading 0.3% lower at 4,380, while the Nasdaq Composite Index shed 0.1% at 14,560. All three benchmarks had been showing modest gains earlier in the session. The Treasury is closed in observance of Columbus Day in the U.S.
5:33 a.m. Oct. 11, 2021 - By William Watts
Stocks open mixed, struggle for direction as earnings season loomsU.S. stocks were off to a mixed start Monday, struggling for direction in what's expected to be a holiday-thinned session as investors look ahead to earnings season kicking off in earnest. The Dow Jones Industrial Average was up 53 points, or 0.2%, while the S&P 500 was off 0.1% at 4,384.54. The Nasdaq Composite was down 0.3% to 14,530.78. The Treasury market was closed Monday for the Columbus Day holiday.
4:27 a.m. Oct. 11, 2021 - Barrons.com
IPO Mania ContinuesAmid a record year for IPOs in 2021, Spenser Skates, CEO and co-founder Amplitude, discusses the appeal of going public through a direct listing. Plus, Tom Bohn, CEO of the association for corporate growth, discusses the key catalysts that could continue driving M&A.
2:12 a.m. Oct. 11, 2021 - By Tomi Kilgore
Merck, Ridgeback submit EUA application for their pill to treat COVID-19 Merck & Co. Inc. and Ridgeback Biotherapeutics said Monday that Merck has submitted an application for Emergency Use Authorization (EUA) with the Food and Drug Administration for molnupiravir, their oral antiviral medicine for the treatment of mild-to-moderate COVID-19 in adults. The companies said the application followed positive results from a Phase 3 trial which showed that with adults at risk for progressing to severe COVID-19, molnupiravir reduced the risk of hospitalization or death by 50%. The companies said 7.3% (28 of 385) of those who received molnupiravir were hospitalized and there were not deaths after 29 days, while 14.1% of patients treated with a placebo (53 of 377) were hospitalized and there were eight deaths. "The extraordinary impact of this pandemic demands that we move with unprecedented urgency, and that is what our teams have done by submitting this application for molnupiravir to the FDA within 10 days of receiving the data," said Merck Chief Executive Robert Davis. Merck's stock, which fell 1.2% in premarket trading, has gained 3.4% year to date, while the Dow Jones Industrial Average has advanced 13.5%.
12:04 p.m. Oct. 8, 2021 - By William Watts
Stocks end slightly lower after weaker-than-expected jobs report, but post winning weekStocks saw a slightly lower finish Friday after the government said the economy created just 194,000 jobs in September, well below economist expectations for a figure of 500,000. The Dow Jones Industrial Average fell around 8 points, or less than 0.1%, to close near 14,580, according to preliminary figures, while the S&P 500 shed 0.2% to end near 4,391. The Nasdaq Composite declined 0.5%, finishing near 14,580. Major indexes gained ground for the week, with the Dow rising 1.2%, the S&P 500 advancing 0.8% and the Nasdaq eking out a 0.1% rise.
6:39 a.m. Oct. 8, 2021 - By Tomi Kilgore
Avis Budget stock surges to another record, has nearly doubled over the past three monthsShares of Avis Budget Group Inc. shot up 7.3% in morning trading Friday, putting them on track for an eighth record close in the past month, and enough to pace the Dow Jones Transportation Average's gainers. The auto rental company's stock has been by far the best performer among the Dow transports components over the past three months (up 92.4%), year to date (up 263.8%) and for the past year (up 335.3%), while the Dow transports has gained 0.9%, 16.8% and 24.2% over the same periods, respectively, and the Dow Jones Industrial Average has gained 1.0%, 13.6% and 22.3%. On a bright note for Avis, the out earlier Friday showed "notable job gains" in the leisure and hospitality and transportation sectors. And analyst Michael Linenberg at Deutsche Bank said after a recent pullback, corporate airline bookings are "once again on the upswing" and are now approaching levels last seen in early July before the most recent surge in COVID-19 cases. Growth recreational and business travel can be a good sign for car rental companies.
5:40 a.m. Oct. 8, 2021 - By William Watts
Stocks edge lower after disappointing jobs dataStocks drifted slightly lower in early trade after data showed the U.S. economy added just 194,000 jobs in September, compared with expectations for around 500,000. The Dow Jones Industrial Average was down 70 points, or 0.2%, while the S&P 500 declined 0.1% to 4,396.42. The Nasdaq Composite was off 0.2% at 14,628.58.
5:39 a.m. Oct. 8, 2021 - By William Watts
Stocks edge lower after disappointing jobs dataStocks drifted slightly lower in early trade after data showed the U.S. economy added just 194,000 jobs in September, compared with expectations for around 500,000. The Dow Jones Industrial Average was down 70 points, or 0.2%, while the S&P 500 declined 0.1% to 4,396.42. The Nasdaq Composite was off 0.2% at 14,628.58.
3:47 a.m. Oct. 8, 2021 - By Tonya Garcia
Sam's Club launching direct-to-home wine delivery service in time for the holidaysSam's Club, the Walmart Inc. warehouse shopping club, announced its holiday plans on Friday, which include the launch of a direct-to-home wine delivery service. The service will be available in 16 states, with additional states to be added next year. Sam's Club says 20% of its shoppers have already started buying for the holidays. In response, it's organizing themed events like "Holiday Home Prep" across five weekends in October, November and December to help with the process. A holiday preview catalog, a first, will also be available early October. Clubs will also host events and offer exclusives, like a digital pinball table, throughout the season. Walmart stock has fallen 3.4% for the year to date while the Dow Jones Industrial Average is up 13.6%.
3:20 a.m. Oct. 8, 2021 - By Tomi Kilgore
Union Pacific stock rises after J.P. Morgan says it's time to buyShares of Union Pacific Corp. rose 1.1% in premarket trading Friday, after J.P. Morgan analyst Brian Ossenbeck turned bullish as valuation has become attractive following the recent pullback and as network operations have stabilized. Ossenbeck raised his rating to overweight from neutral and boosted his stock price target to t$247 from $234. He said that while U.S. rails have had a "rough" two months, given disappointing volumes, labor concerns and potential for higher taxes, he sees "some light at the end of the tunnel for the group at a time investor sentiment remains cautious. For Union Pacific, Ossenbeck said the West Coast ports remain congested, "but we have seen rail dwell time in [Los Angeles] materially improve over the last month." And if the company cuts 2021 volume guidance when it reports third-quarter results on Oct. 21, expectations have already fallen enough that investors won't be surprised. The stock has shed 3.0% over the past three months through Thursday, while the Dow Jones Transportation Average has ticked up 0.2% and the Dow Jones Industrial Average has gained 1.0%.
12:03 p.m. Oct. 7, 2021 - By William Watts
Dow ends nearly 340 points higher as lawmakers reach deal to avert debt-ceiling breachStocks ended solidly higher Thursday, lifted after lawmakers reached an agreement that would delay a breach of the federal government's debt limit --- and a sovereign default --- until early December, providing time to come up with a longer lasting fix. Investors were also preparing for the September jobs report, due Friday morning. The Dow Jones Industrial Average [: djia] rose around 337 points, or 1%, to finish near 34,754, while the S&P 500 advanced around 36 points, or 0.8%, closing near 4,400. The Nasdaq Composite ended near 14, 654, up 1%, or around 152 points.
8:17 a.m. Oct. 7, 2021 - By Victor Reklaitis
Schumer: Senate could act 'as soon as today' on lifting debt limit after agreement reachedSenate Majority Leader Chuck Schumer said in a brief floor speech on Thursday morning that top Democrats and Republicans in the chamber had "reached agreement to extend the debt ceiling through early December, and it's our hope that we can get this done as soon as today." Democratic senators had signaled late Wednesday that their party was Senate Minority Leader Mitch McConnell's offer of a short-term lift to the federal borrowing limit.
7:02 a.m. Oct. 7, 2021 - By Tomi Kilgore
There's only 1 Dow stock that's fallingThe Dow Jones Industrial Average is shooting up 537 points, or 1.6%, with 29 of its 30 components gaining ground, signs that the government's debt ceiling deadline will be extended. The only stock losing ground was International Business Machine Corp.'s , which slipped 0.1%, putting it on track for a third straight loss. Meanwhile, as the best performing shares, Dow Inc. rallied 3.6%, Nike Inc. hiked up 2.7% and UnitedHealth Group Inc. advanced 2.6%. IBM's stock was also on of the two of the 75 equity components of the SPDR Technology Select Sector ETF that was losing ground, the other was Citrix Systems Inc.'s , which slipped 0.4%.
6:03 a.m. Oct. 7, 2021 - By Tomi Kilgore
Microsoft, Alphabet stocks rise back above 50-day moving averagesShares of Microsoft Corp. rose 0.7% and Alphabet Inc.'s stock climbed 1.4% in morning trading Thursday, making then the first of the mega-capitalization technology companies to trade back above their respective 50-day moving averages (DMA). Microsoft's and Alphabet's stocks both first closed below their respective 50-DMAs, which many on Wall Street use as a guide to the short-term trend, on Sept. 28, which was Microsoft's first close below that key technical level since June 3 and Alphabet's first close below it since Jan. 15. Microsoft's 50-DMA currently extends to $294.56 and Alphabet's comes in at $2,784.92, according to FactSet. Meanwhile, Apple Inc. stock is 2.5% below its 50-DMA, Amazon.com Inc.'s stock is 1.5% below its 50-DMA and Facebook Inc.'s stock is 6.7% below its 50-DMA. The tech-heavy Nasdaq 100 , the S&P 500 and the Dow Jones Industrial Average are also still below their 50-DMAs.
5:33 a.m. Oct. 7, 2021 - By Mark Decambre
Dow jumps over 350 points and S&P 500 retakes perch at 4,400 in early Thursday action, a day before monthly jobs reportU.S. stock benchmarks rose Thursday morning, heading for a third straight day of gains, on signs that the the debt-ceiling issue in Washington will be resolved for at least two more months and that relations with China may be thawing. Meanwhile, the Labor Department said weekly initial claims for unemployment benefits fell 38,000, to 326,000, in the week ended Oct. 2. That data comes a day ahead of closely watched September employment report, which could be a catalyst for markets. The Dow Jones Industrial Average [: DJIA] rose by about 356 points, or 1.1%, to 34,781, the S&P 500 index advanced 0.9% at 4,404, while the Nasdaq Composite Index climbed 1% to 14,655. Sen. Mitch McConnell, the minority leader and Kentucky Republican, effectively ended worries - for now - around the debt ceiling by announcing that Republicans would not filibuster an increase. Separately, U.S. President Joe Biden and Chinese leader Xi Jinping will meet virtually before the end of the year, according to reports.
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.
10:27 a.m. Oct. 6, 2021 - By Victor Reklaitis
McConnell to offer proposal to Schumer for ending debt-limit standoffSenate Minority Leader Mitch McConnell plans to outline a proposal that he's prepared to discuss with Senate Majority Leader Chuck Schumer "that's going to give us a way out of the woods" in the debt-limit standoff, Republican Sen. Lisa Murkowski of Alaska told reporters on Wednesday, according to multiple published reports. McConnell, the Kentucky Republican, in a floor speech earlier Wednesday offered to limit Republican delaying maneuvers if Senate Democrats agree to address the debt ceiling through a process known as budget reconciliation.
6:05 a.m. Oct. 6, 2021 - By Mark Decambre
Dow sinks over 400 points, wiping out Tuesday's rebound as stock market renews stumble lower on WednesdayThe stock market resumed a trend lower on Wednesday, with the Dow industrials set to erase of its gains from Tuesday and then some as selling in energy and financials pressured the main indexes south. The Dow Jones Industrial Average was down 450 points, or 1.3%, at 33,862, the S&P 500 index was off 1.2% at 4,292, while the Nasdaq Composite Index declined 1.2% at 14,267. On Tuesday, the Dow rose 312 points, or 0.92%, to 34,315, the S&P 500 increased 45 points, or 1.05%, to 4,346, and the Nasdaq Composite gained 178 points, or 1.25%, to 14,434. The slump for stocks came even as 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.
5:41 a.m. Oct. 6, 2021 - By MarketWatch
Stocks open lower as investors track bond yieldsStocks opened modestly lower Wednesday, under pressure as investors kept an eye on Treasury yields and sifted through data on private-sector payrolls. The Dow Jones Industrial Average fell around 134 points, or 0.4%, to 34,180, while the S&P 500 was down 0.4% near 4,326 and the Nasdaq Composite declined 0.5% to 14,358. Stock futures had dropped ahead of the opening bell as the yield on the 10-year Treasury note pushed toward 1.56%. Yields subsequently pulled back. U.S. private-sector employment increased by a stronger-than-expected 568,000 in September, according to the ADP National Economic Report released Wednesday. Analysts said strong jobs data could help affirm expectations the Federal Reserve will move soon to begin tapering its monthly bond purchases.
4:26 a.m. Oct. 6, 2021 - By Tomi Kilgore
Dow's selloff is unanimous, led by Caterpillar, BoeingAll 30 components of the Dow Jones Industrial Average are losing ground in Wednesday's premarket session, as shed 282 points, or 0.8%. The Dow's biggest losers are shares of Caterpillar Inc. , down 1.5%, and Boeing Co. , down 1.4%, and . , shedding 1.4%. The most active Dow stocks ahead of the open are Coca-Cola Co.'s , which fell 0.5%, and Apple Inc.'s , which declined 1.2%. The best performer was Johnson & Johnson's stock , which slipped 0.1%.
2:43 a.m. Oct. 6, 2021 - By Tomi Kilgore
Dow plans investments to boost adjusted profit growth by $3 billion, move toward zero-carbon emissionsDow Inc. revealed Wednesday investment plans aimed at generating more than $3 billion in additional earnings before interest, taxes, depreciation and amortization (Ebitda) by 2030, while keeping capital expenditures at or below depreciation. The materials science company said the investments are also part of its plan to advance circular and low-carbon offering as it moves toward zero-carbon emissions. The company said near-term capital and operating growth investments are expected to increase Ebitda by $2 billion and a new net-zero carbon emissions ethylene and derivatives complex is expected to deliver about $1 billion in Ebitda. Dow added that it expects to allocate about $1 billion in capital expenditures per year to decarbonize its asset base. The stock, which is still inactive in premarket trading, has gained 6.5% year to date, while the Dow Jones Industrial Average has advanced 12.1%.
2:10 a.m. Oct. 6, 2021 - By Ciara Linnane
Home Depot teams up with Walmart GoLocal service for same-day and next-day deliveryThe Home Depot said Wednesday it is teaming up with Walmart GoLocal service to expand same-day and next-day delivery for its customers for a variety of products. The home improvement retailer will start to offer the service in select markets in the coming weeks and then expand to multiple markets across the U.S. by the end of the year. "Products that qualify for this scheduled delivery, including tools, fasteners, paint and other supplies that easily fit in a car, will have that option enabled at online checkout," the company said in a statement. The company is aiming to provide customers with same- or next-day delivery options no matter what the product, from a box of nails to appliances. Home Depot's online sales rose 86% in fiscal 2020 and more than half those orders were fulfilled through its network of 2,300 stores. Home Depot shares were down 0.9% premarket but have gained 24% in the year to date, while the Dow Jones Industrial Average has gained 12%.
12:03 p.m. Oct. 5, 2021 - By William Watts
Dow ends more than 350 points higher; tech shares bounce after Monday routStocks ended sharply higher Tuesday, with the tech-heavy Nasdaq Composite taking back a big chunk of the previous session's rout. The blue-chip Dow Jones Industrial Average rose around 355 points, or 1%, to close near 34,358, according to preliminary figures, more than reversing Monday's fall. The S&P 500 advanced around 49 points, or 1.1%, finishing near 4,349. The Nasdaq, meanwhile, jumped around 187 points, or 1.3%, to finish near 14,443, after dropping 2.1% on Monday.
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. 5, 2021 - By Mark Decambre
Dow opens nearly 200 points higher as stock market attempts turnaround Tuesday following tech-lead rout; Facebook's stock rises U.S. stock benchmarks opened modestly higher Tuesday morning, as Wall Street attempted to bounce back after the previous day's slump led by technology companies. The Dow Jones Industrial Average rose 164 points, or 0.5%, to around 34,148, the S&P 500 index added 21 points, or 0.5%, at 4,321, while the technology-laden Nasdaq Composite Index advanced 86 points, or 0.6%, to 14,340. Meanwhile, shares of Facebook Inc. were up 0.4% a day after the social-media company slumped by nearly 5%. A whistleblower is set to testify about Facebook's social-media practices later in the morning, which could weigh on the company's stock.
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