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9:43 a.m. Oct. 15, 2021 - By Myra P. Saefong
Gold futures end lower, but post a modest gain for the weekGold futures , pressured by strength in Treasury yields and U.S. benchmark stock indexes, but prices still saw a modest gain for the week, the strongest advance in six weeks. Gold gave back most of its gain for the week on Friday, "with investors choosing the racier equity markets over the haven asset," said Fawad Razaqzada, market analyst at ThinkMarkets. The metal "remains stuck inside its existing ranges as investors wonder whether bond yields and the dollar will resume higher," with the Federal Reserve seen tapering its bond purchases program in mid-November or mid-December," he said. "Other investors will be happy to buy the dips as the metal is considered to be a good hedge against inflation." December gold declined by $29.60, or nearly 1.7%, to settle at $1,768.30 an ounce. Prices based on the most-active contract rose 0.6% for the week, the biggest weekly rise since the week ended Sept. 3, FactSet data show.
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.
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%.
9:48 a.m. Sept. 29, 2021 - By Myra P. Saefong
Gold futures settle at lowest price in almost 6 monthsGold futures to settle at their lowest level since the end of March, with dollar-denominated prices for the precious metal pressured by strength in the U.S. dollar. The ICE U.S. Dollar Index was up 0.6% at 94.367, trading at the highest since September of last year, FactSet data show. While gold metal is likely to weaken further amid a stronger dollar, its outlook may be influenced by the Federal Reserve's "preferred inflation gauge," the core personal consumption expenditures price index, due out Friday, said Lukman Otunuga, manager, market analysis at FXTM. December gold fell $14.60, or 0.8%, to settle at $1,722.90 an ounce, the lowest most-active contract finish since March 31, FactSet data show.
9:43 a.m. Sept. 27, 2021 - By Myra P. Saefong
Gold futures tally a second straight gainGold futures , as eased back from their highest levels of the session. "Bearish elements," such as the hawkish comments from the Federal Reserve last week and expectations for interest rate hikes, have been predominant, said Carlo Alberto De Casa, analyst at Kinesis Money. For now, investors do not seem to be too worried about the risk of a domino effect from China property giant Evergrande's debt woes, he said. December gold rose 30 cents, or 0.02%, to settle at $1,752 an ounce. Prices posted a climb of 0.1% on Friday.
9:47 a.m. Sept. 23, 2021 - By Myra P. Saefong
Gold futures mark lowest finish in over 6 weeksGold futures moved to log their lowest finish in more than six weeks. The loss is "related to a combination of factors centered around investor confidence improving and fear easing," said Colin Cieszynski, chief market strategist at SIA Wealth Management. So far, China property giant Evergrande's problems have been contained, the Federal Reserve is moving toward tapering and at the Bank of England's monetary policy committee vote, there were two "hawkish dissenters" calling for reducing stimulus as well, he said. "A more hawkish trend for central banks improves the value of paper money relative to hard currency like gold." December gold fell $29, or 1.6%, to settle at $1,749.80 an ounce, the lowest most-active contract finish since Aug. 10, FactSet data show.
12:10 p.m. Sept. 22, 2021 - By Mark Decambre
Dow, S&P 500 post best daily gain in 2 months even as Fed says tapering of asset purchases coming soonU.S. stock indexes closed higher Wednesday, with the S&P 500 and the Dow industrials notching their best daily gains in about two months, as Federal Reserve Chairman Jerome Powell signaled the central bank may announce a pullback of its bond purchases in November and could start to raise interest rates in 2022, with both moves largely expected by market participants. Subsiding fears around embattled Chinese property development company Evergrande, which rattled investors on Monday, also helped set a more bullish tone on Wall Street. But investors are also watching developments in the U.S. Congress on raising the federal debt ceiling. The Dow Jones Industrial Average rose by about 338 points, or 1%, to reach 34,258, representing the best point and percentage gain for the blue-chip index since July 20; while the S&P 500 index climbed 1% to 4,395, marking the best day since July 23. The Nasdaq Composite Index , meanwhile, also rose 1% to 14,896 for its best day since Aug. 27, FactSet data show. In corporate news, shares of Stitch Fix Inc. rallied nearly 16% on Wednesday after reporting quarterly results.
10:08 a.m. Sept. 22, 2021 - By Myra P. Saefong
Gold settles slightly higher, extends gains after Fed policy statementGold prices settled with a , then moved up further after that they're almost ready to taper their bond-buying and expect to raise interest rates by late 2022. December gold was at $1,785.80 an ounce in electronic trading, following a settlement at $1,778.80, up 60 cents, or 0.03%, for the session.
9:42 a.m. Sept. 21, 2021 - By Myra P. Saefong
Gold futures settle higher for a second straight session Gold futures for a second straight session, buoyed in part by a pullback in the U.S. dollar. Investors continued to gauge economic concerns tied to a downturn in China's property market and awaited a monetary policy decision by the Federal Reserve due Wednesday. December gold rose $14.40, or 0.8%, to settle at $1,778.20 an ounce after climbing 0.7% on Monday.
5:34 a.m. Sept. 21, 2021 - By Mark Decambre
U.S. stocks drift higher early Tuesday as Wall Street attempts to bounce back from Evergrande-inspired routU.S. stock indexes climbed Tuesday morning, trading modestly higher as the market tries to recover from the worst single day for the S&P 500 in more than four months, sparked partly by concerns about Chinese property developer Evergrande. The Dow Jones Industrial Average gains 0.4% at 34,091, the S&P 500 index advanced 0.4% to 4,374, while the Nasdaq Composite Index climbed 0.4% to 14,776. Concerns about financial contagion from Evergrande, a property developer with some $300 bilion in debt, came at a critical juncture, with several firms having warned, correctly, that September would be bumpy for U.S. equities after a smooth summer. It also comes as the Federal Reserve kicks off its two-day policy meeting later Tuesday.
9:45 a.m. Sept. 17, 2021 - By Myra P. Saefong
Gold futures mark lowest settlement in over 5 weeksGold futures , posting a loss for the week and settling at their lowest in more than five weeks. Positive economic numbers coming in each week, the most recent being U.S. retail sales, have contributed to gold's loss, said Adam Koos, president at Libertas Wealth Management Group. "Any additional, positive, hawkish numbers like these are going to solidify any probability of a 'sooner-than-later' [Federal Reserve] tapering schedule, which wouldn't likely bode well for gold, or bonds, for that matter." December gold fell $5.30, or 0.3%, to settle at $1,751.40 an ounce - down 2.3% for the week. That was lowest finish for a most-active contract since Aug. 10, FactSet data show.
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.
9:34 a.m. Sept. 13, 2021 - By Myra P. Saefong
Gold futures end higher, but fail to reclaim the $1,800 markGold futures , but only managed to briefly trade above the key $1,800 mark. "Policymakers have seemingly been keen to ensure the [economic] data doesn't distract from the central bank's intentions to taper this year, understanding the importance of effective communication when approaching major policy shifts," said Craig Erlam, senior market analyst at Oanda."That's held gold back even as the data has softened," he said. "There's plenty more to come this week, but [gold] may trade cautiously still," ahead of next week's Federal Reserve policy meeting. December gold rose $2.30, or 0.1%, to settle at $1,794.40 an ounce after losing more than 2% last week.
9:35 a.m. Sept. 8, 2021 - By Myra P. Saefong
Gold futures stretch losses to a second straight session Gold futures stretched their losses into a . "Gold, like all markets, is trading on a day-to-day basis according to how traders are interpreting the tea leaves for [Federal Reserve] monetary policy," said Brien Lundin, editor of Gold Newsletter. The metal was "victimized" Tuesday by higher Treasury yields as the "markets felt the lousy jobs number would prompt the Fed to ignore higher inflation" and on Wednesday, gold was "hurt by a slight rebound in the dollar index." Investors await further directional cues for the precious metal from the Fed's Beige Book report on economic conditions due out shortly. December gold fell $5, or 0.3%, to settle at $1,793.50 an ounce.
9:43 a.m. Sept. 7, 2021 - By Myra P. Saefong
Gold futures settle below $1,800 an ounceGold futures , settling below the key $1,800 mark for the first time since Aug. 26, after ending last week at their highest since mid-June. The drop in prices is a "reaction to dollar strength and ," said Michael Armbruster, managing partner at Altavest. If the Federal Reserve's Beige Book report due out Wednesday "suggests that the U.S. economy is cooling, then that would be a bullish factor for gold," he said. For now, "we still like buying gold on dips below $1,800." December gold fell $35.20, or 1.9%, to settle at $1,798.50 an ounce after posting a fourth consecutive weekly gain last Friday. U.S. trading was closed Monday for the Labor Day holiday.
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.
9:43 a.m. Sept. 1, 2021 - By Myra P. Saefong
Gold futures ease back as investors await jobs reportGold futures , giving back a portion of the gains seen a day earlier. Gold will continue to "consolidate" until this Friday's U.S. labor market report, said Edward Moya, senior market analyst at Oanda. "After Friday, Wall Street will have a good handle on when to expect the [Federal Reserve] to make a taper announcement," he said. December gold fell $2.10, or 0.1%, to settle at $1,816 an ounce after ending Tuesday up 0.3%.
10:04 a.m. Aug. 30, 2021 - By Myra P. Saefong
Gold futures end lower, but hold above the key $1,800 markGold futures , easing back after posting a gain last week, but prices remained above the key $1,800 mark. At the Jackson Hole central-bankers symposium on Friday, Federal Reserve Chairman Jerome "Powell's inaction on tapering means gold has retracted all of August's previous 7% plunge," but silver prices trade lower month to date, said Adrian Ash, director of research at BullionVault. "That could be an early indication that the post-COVID reflation is running out of juice, because it means the market currently sees the industrial outlook weakening versus the need for a safe haven." December gold fell $7.30, or 0.4%, to settle at $1,812.20 an ounce.
10:35 a.m. Aug. 27, 2021 - By Greg Robb
Fed's Mester says exactly what month taper starts is not a big deal Cleveland Fed President Loretta Mester said Friday that the exact month of 2021 that the Fed starts to taper its bond purchases is of little consequence for the economy. "Whether it is September [announcement] to start in November or November to start in December, I don't think that is going to make a material difference to the economy," Mester said, in an interview on Bloomberg Television. Fed officials are "all sort of in the ballpark" of tapering some time this year with the view of completing the process in the middle of next year, Mester said. "The bottom line is that we've met the criteria we put out or we're very close to it," Mester said. In the wake of Fed Chairman Jerome Powell's speech in Jackson Hole, market participants and economists have begun to debate whether the Fed would lay out its strategy in September or November. Mester, who earlier Friday said she would be comfortable with a September announcement, said Fed officials will use its next meeting on Sept. 21-22 to "lay out some of our own thinking about the pace and the timing." Officials will continue to watch the downside risk from the coronavirus delta variant, she added. Mester will be a voting member of the Fed's interest rate committee next year.
10:00 a.m. Aug. 27, 2021 - By Myra P. Saefong
Gold futures settle back above $1,800, up 2% for the weekGold futures climbed back above $1,800 an ounce on Friday, settling up 2% for the week. At the Jackson Hole central-bankers symposium, Federal Reserve Chairman Jerome Powell "didn't hard-line a taper timeline," said Adam Koos, president at Libertas Wealth Management Group. "While there are still supportive fundamentals at play here, short-term [gold] prices are likely rising on hope that the timeline will be tempered." The gold market didn't learn anything from Powell's remarks that it didn't already know so for that reason, "gold is breathing a sigh of relief into the weekend," said Koos. December gold rose $24.30, or nearly 1.4%, to settle at $1,819.50 an ounce.
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.
9:51 a.m. Aug. 26, 2021 - By Myra P. Saefong
Gold futures touch highs above $1,800 an ounce Gold futures , touching intraday highs above the psychologically important $1,800 mark and recouping some of the losses suffered in the previous session. Investors await a speech from Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium Friday for hints on the timing of the central bank's plan to scale back crisis-era monetary policy accommodations. December gold rose $4.20, or 0.2%, to settle at $1,795.20 an ounce after losing 1% 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.
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.
9:43 a.m. Aug. 23, 2021 - By Myra P. Saefong
Gold futures climb back above $1,800 to highest finish in over two weeks Gold futures rose back to settle at the highest price for a most-active contract since Aug. 5, according to FactSet data. Weakness in the U.S. dollar provided support for the dollar-denominated metal, extending the modest rise in prices seen on Friday, as investors await monetary policy symposium later this week. December gold rose $22.30, or nearly 1.3%, to settle at $1,806.30 an ounce.
12:09 p.m. Aug. 20, 2021 - By Mark Decambre
Dow snaps 3-session skid to end above 35,000 as tech rallies, but stocks book weekly losses as delta variant hits confidenceU.S. stocks on Friday booked a strong finish to an otherwise turbulent week that saw all three main equity index log weekly losses. The Dow Jones Industrial Average rose by about 225 points, or 0.7%, ending higher for the first time in four sessions, with a weekly decline of 1.1%. The S&P 500 index closed 0.8% higher to around 4,442, with a weekly slide of 0.6%. The Nasdaq Composite Index enjoyed the best session on Friday, rising 1.2%, helping to cut its weekly slide to 0.7%. The week ended higher belieing lingering concerns about the delta variant's impact on the economy. One Federal Reserve policy maker said he may rethink his call for a tapering of bond purchases to start in October, if the variant slows economy. In an interview with Fox Business Network on Friday, Federal Reserve Bank of Dallas President Robert Kaplan said the variant has caused him to have an open mind about the path of monetary policy. He called it "the big imponderable"
5:37 a.m. Aug. 19, 2021 - By Mark Decambre
Dow industrials sink at Thursday's open, on pace for longest string of losses in 2 monthsU.S. stocks on Thursday morning slumped, a day after minutes of the Federal Reserve's July meeting showed the central bank was preparing to pull back on its stimulus measures this year as worries rise over the spread of the delta variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average was off 154 points, or 0.5%, at 34,805, the S&P 500 index was down 0.5% at 4,379, while the Nasdaq Composite Index was trading 0.5% lower at around 14,460. The Dow and S&P 500 were on track to notch their third straight decline, which would mark the blue-chip index's longest string of losses since June 18 and the longest period of declines for the S&P 500 since July 19. In corporate news, Shares of Robinhood Markets Inc. were in focus after the online broker's cautious outlook on the third quarter. See: Robinhood earnings show a company reliant on quieting retail traders and volatile crypto pricing. In economic news, the Philadelphia Fed said its manufacturing index fell to 19.4 in August from 21.9 a month earlier, while a reading of first-time claims for U.S. unemployment benefits fell more than expected last week to 348,000, a pandemic low. Economists had expected 365,000 initial claims.
9:37 a.m. Aug. 12, 2021 - By Myra P. Saefong
Gold prices ease back a day after a sharp climbGold futures , easing back from Wednesday's more than 1% climb. Prices in the short term are "dependent on the strength of the U.S. economy," said Chintan Karnani, director of research at Insignia Consultants. The outlook of the U.S. economy for the fourth quarter and next year "will determine when the Federal Reserve will start withdrawing stimulus money," he said. December gold edged down by $1.50, or about 0.1%, to settle at $1,751.80 an ounce.
9:57 a.m. July 30, 2021 - By Myra P. Saefong
Gold prices settle lower, but post a gain for the monthGold futures , but climbed for the month. "Renewed signs that the Federal Reserve may not taper anytime soon continues to sweeten appetite for the precious metal, while negative COVID-19 developments may boost attraction towards the safe-haven asset," said Lukman Otunuga, manager, market analysis at FXTM. Looking ahead however, gold may face multiple headwinds "as the Fed finds it increasingly difficult to defend its dovish stance," he said. With annual inflation in the U.S. already at a 13-year high and the economy recovering, "hawks are bound to enter the scene," and such a development "could throw a proverbial wrench in the works for gold bulls, sending prices tumbling lower." December gold fell by $18.60, or 1%, to settle at $1,817.20 an ounce. Based on the most-active contract, prices rose nearly 0.9% for the week and were up 2.6% for the month, according to Dow Jones Market Data.
9:53 a.m. July 29, 2021 - By Myra P. Saefong
Gold prices climb nearly 2% to settle at highest in over 6 weeksGold futures , tacking on nearly 2% to settle at the highest in over six weeks. Gold prices surged "after a wrath of U.S. economic data painted a picture of a prolonged economic recovery that will likely be accompanied with a [Federal Reserve] that will anytime soon," said Edward Moya, senior market analyst at Oanda. December gold rose $31.20, or 1.7%, to settle at $1,835.80 an ounce. That was the highest most-active contract finish since June 16 and largest one-day percentage gain since May 6, FactSet data show.
5:37 a.m. July 29, 2021 - By Mark Decambre
Dow rises around 200 points, touches intraday record, as stock-market investors parse GDP, jobless claims reports U.S. stock benchmarks mostly rose Thursday morning, holding gains after a weaker-than-expected reading on second-quarter gross domestic product and other economic data, as investors await the trading debut of online brokerage Robinhood Markets . The Dow Jones Industrial Average rose 188 points, or 0.5%, at 35,019, touching an intraday record high at 35,155.18; the S&P 500 index gained 19 points, or 0.4%, at 4,419, while the Nasdaq Composite Index traded flat to slightly higher at around 14,789. Brokerage firm Robinhood makes its long-awaited debut after pricing its initial public offering at the low end of expectations. In economic reports, the Commerce Department said U.S. gross domestic product grew at an annualized pace of 6.5% in the second quarter, coming in below forecasts for an expansion of 8.5%. Separately, data from the Labor Department showed first-time applications for unemployment benefits fell 24,000 last week to 400,000. The economic data come after the Federal Reserve held its policy in check and signalled that it hopes to scale back its crisis-era policies when the labor market and economy shows sustained improvement from COVID-19. Chairman Jerome Powell said that the economic recovery may not be there yet, however.
12:08 p.m. July 28, 2021 - By Mark Decambre
Dow, S&P 500 log back-to-back losses as Fed says economy has 'made progress' from COVID but not enoughThe Nasdaq Composite on Wednededay ended solidly higher but the broader market closed weaker as the Federal Reserve signaled that the countdown has begun on scaling back its massive support for the U.S. economy, but a decision still appeared a ways away. The Dow Jones Industrial Average closed down by about 128 points, or 0.4%, at 34,930, the S&P 500 index was virtually flat, but in negative territory, to end at around 4,400. The benchmarks declined for the second straight session. The Nasdaq , meanwhile, closed up 0.7% at roughly 14,762. The Fed kept interest rates at a range between 0% and 0.25%, as expected, and Powell indicated that the central bank was in no immediate rush to scale back on its monthly purchases of $120 billion in Treasurys and mortgage-backed securities, which the Chairman said would continue until "substantial further progress" was made toward the Fed's goals of low unemployment and inflation reaching 2%. The Fed statement said that the rate-setting Federal Open Market Committe "will continue to assess progress in coming meetings." Meanwhile, the small-capitalization Russell 2000 index finished sharply higher, up around 1.6%, at last check. Separately, the 10-year Treasury note was up 2.4 basis points at 1.259%.
12:08 p.m. July 27, 2021 - By Mark Decambre
Nasdaq Composite books worst selling in 2 1/2 months ahead of results from tech giants Apple, Microsoft and AlphabetU.S. stocks ended lower for the first time in six sessions Tuesday, and the Nasdaq Composite took the brunt of the selling, posting its worst daily decline since mid May ahead of earnings from technology giants Microsoft Corp. , Apple Inc. , and Google parent Alphabet Inc. . The Nasdaq fell 1.2% to around 14,660, marking its steepest daily drop since May 12; the S&P 500 index declined 0.5% at 4,401, while the Dow Jones Industrial Average finished off 0.2% at 35,059, all closing levels are on a preliminary basis. The declines on Tuesday come after all three stock benchmarks posted record closes on Monday to start a big week of earnings and an important update in policy from the Federal Reserve due on Wednesday. U.S. stocks have managed to grind higher amid questions about inflation and the spread of the delta variant of COVID-19 and some analysts view Tuesday's retreat as a momentary breather for a turbulent market that retains an overall bullish complexion. The slide in yield-sensitive technology and tech-related names came even as benchmark bond rates pulled back, with the 10-year Treasury note at around 1.24%. Markets were also unsettled by China's crackdown on technology companies domiciled in the region.
9:35 a.m. July 27, 2021 - By Myra P. Saefong
Gold prices end slightly higher, but remain below $1,800 Gold futures , but prices remained below the key $1,800 mark for a second-straight session. The U.S. dollar traded with a "softer bias," with gold holding to a tight trading range, ahead of Wednesday's Federal Reserve announcement on monetary policy, said Chintan Karnani, director of research at Insignia Consultants. Gold may head even lower if the Fed indicates an early end to bond purchases in the fourth quarter, raises the economic outlook and maintains a transitory stance on inflation, he said. August gold rose 60 cents, or 0.03%, to settle at $1,799.80 an ounce.
9:44 a.m. July 26, 2021 - By Myra P. Saefong
Gold falls under $1,800 an ounce to mark lowest finish in nearly 3 weeksGold futures to mark their lowest settlement in almost three weeks. "While optimism is growing around the economy as we exit the pandemic in the coming quarters, inflation is still widely being viewed as transitory, meaning central banks are in no rush to remove the stabilizers," said Craig Erlam, senior market analyst at Oanda. He expects the market to find out more about the economy and inflation from the Federal Reserve, which will begin its two-day monetary policy meeting on Tuesday. August gold fell $2.60, or 0.1%, to settle at $1,799.20 an ounce, the lowest most-active contract finish since July 6, FactSet data show.
9:40 a.m. July 23, 2021 - By Myra P. Saefong
Gold prices post a weekly loss after 4 consecutive weeks of gainsGold futures , with prices down about 0.7% for the week, according to FactSet data. Gold declined as "risk appetite runs wild," with the S&P 500 making a fresh intraday record high and Treasury yields poised to end Friday near this week's high, said Edward Moya, senior market analyst at Oanda. The precious metal is likely to continue to trade around the $1,800 level leading up to the Federal Reserve policy decision on Wednesday, he said. August gold fell $3.60, or 0.2%, to settle at $1,801.80 an ounce.
9:37 a.m. July 22, 2021 - By Myra P. Saefong
Gold prices finish higher as U.S. Treasury yields declineGold prices finding support from a . The precious metal "continues to remain stuck" around the $1,800 level and that will probably remain the case until after next week's Federal Reserve meeting on monetary policy, said Edward Moya, senior market analyst at Oanda. August gold rose $2, or 0.1%, to settle at $1,805.40 an ounce. Prices on Wednesday had marked the lowest most-active contract finish since July 8.
5:35 a.m. July 15, 2021 - By Mark Decambre
Dow under pressure early Thursday as stock-market investors await final day of Powell testimonyU.S. stock indexes traded lower Thursday morning ahead of Federal Reserve Chairman Jerome Powell's second, and final, day of congressional testimony on the outlook for the economy and monetary policy. His meeting with a Senate committee was set to kick off at 9:30 a.m. ET. The Dow Jones Industrial Average was down 0.3% at 34,841, while the S&P 500 index was down 0.3% at 4,359, while the Nasdaq Composite Index was down 0.4% at around 14,576. Powell told lawmakers on Wednesday that the central bank wouldn't be in a hurry to start paring monthly asset purchases and that the economy "is still a ways off." Meanwhile, in economic data, first-time claims for U.S. unemployment benefits fell to 360,000 last week, the Labor Department reported Thursday, down from 386,000 the previous week. The Philadelphia Fed's factory index fell to 21.9 in June from 30.7 in prior month. Separately, the New York Fed's Empire State Index jumped 25.6 points to a record-high reading of 43 in July. Economists had expected a reading of 17.3, according to a survey by The Wall Street Journal. Any reading above zero for either index indicates improving conditions. In corporate news, shares of Netflix Inc. was in focus after the entertainment company announced its first major videogame hire, potentially signaling a move beyond its streaming-video roots. Shares of GameStop Corp. , meanwhile, were under pressure because of the prospect of competition from Netflix.
12:10 p.m. July 14, 2021 - By Mark Decambre
Dow, S&P 500 end higher and Nasdaq books 2nd straight drop, but Russell 2000 gets whacked amid Powell hearingThe Dow Jones Industrial Average and the S&P 500 logged modest gains Wednesday, while the Nasdaq Composite rang up its second consecutive loss, after Federal Reserve Chairman Jerome Powell told a House Financial Services Committee that inflation will moderate and that he believes that policy makers can combat rising pricing pressures if they run even hotter. The Dow closed 0.1% higher at around 34,933, the S&P 500 index advanced 0.1% at about 4,374, pulling back after hitting an intraday high Wednesday at 4,393.68; the Nasdaq Composite Index declined 0.2% at around 14,645, marking its second decline in a row. The small-capitalization Russell 2000 index suffered another sharp drop, sinking more than 3% over the past two sessions. In corporate news, shares of Bank of America Corp. dropped after the moneycenter bank reported a second-quarter profit that rose above expectations but revenue fell short, weighed by misses in the consumer banking and global markets businesses. BlackRock Inc. shares fell after the money manager reported second-quarter profit and revenue that rose above expectations, as assets under management increased 30% and net inflows topped $80 billion. Meanwhile, the Fed's latest deep dive on the economy confirmed the obvious: The U.S. is growing faster, but the recovery is being restrained by widespread shortages of labor and supplies.The findings from the central bank's so-called Beige Book, which largely mirrored the more timely remarks by Powell during his appearance in Congress on Wednesday. The moves in stocks also came as the 10-year benchmark yield skidded lower and prices for government debt rose. The 10-year note was at around 1.34% from aroun 1.41% on Tuesday. Treasury yields fall as prices climb.
9:41 a.m. July 14, 2021 - By Myra P. Saefong
Gold prices logs highest settlement in nearly a monthGold prices , marking the highest settlement since mid-June, finding support on the back of a decline in the U.S. dollar and Treasury yields, as his first day of his two-day testimony to Congress on the state of the economy. Powell said he believes the sharp rise in inflation will eventually moderate, easing concerns that the central bank will make a move to ease monetary stimulus measures which could pressure gold. August gold rose $15.10, or 0.8%, to settle at $1,825 an ounce. That was the highest most-active contract finish since June 16, FactSet data show.
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