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WSJ Opinion: Hits and Misses of the Week

  • WSJ Opinion: Hits and Misses of the Week WSJ Opinion: Hits and Misses of the Week 2:15
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.
12:11 p.m. Sept. 29, 2021 - By Mark Decambre
Nasdaq Composite books 4th straight loss as stock-market rebound fades in final hour of Wednesday tradeU.S. stock-market benchmarks closed slightly higher but well off the best levels of Wednesday's trade as Wall Street attempted to recover some of the losses from Tuesday's yield-fueled rout. The Dow Jones Industrial Average closed up by about 90 points, or 0.3%, to 34,391, on a preliminary basis; the S&P 500 index advanced 0.2% to around 4,359, while the Nasdaq Composite Index declined 0.2% at 14,512 to mark the fourth straight decline. Renewed concerns about too-hot inflation, which could force the Federal Reserve to ramp up interest-rate hikes, is causing friction in equity markets. The 10-year Treasury note yields [ss: BX:TMUBMUSD10Y] 1.540%, up from 1.534% on Tuesday. A number of other concerns, including those centered on the debt limit and the worries about weakening economic output, are also buffeting bulls.
5:34 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.
12:08 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.
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%.
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.
5:32 a.m. June 22, 2021 - By Mark Decambre
Dow struggles for gains early Tuesday ahead of Powell's pandemic testimonyU.S. stock benchmarks edged lower Tuesday morning, as investors await congressional testimony by Federal Reserve Chairman Jerome Powell. Powell will testify before the House select subcommittee on the coronavirus pandemic at 2 p.m. Eastern, for his first public appearance since last Wednesday when the Fed chief acknowledged that policy makers had started to discuss the eventual reduction of the Fed's monthly bond purchases. The Dow Jones Industrial Average was down 0.1% at 33,863, the S&P 500 index slipped less than a point at 4,224, the Nasdaq Composite Index was down less than 0.1% at 14,139. In corporate news, shares of GameStop Corp. said Tuesday that it has completed an at-the-market equity offering after issuing 5 million shares to raise about $1.126 billion.
7:09 a.m. June 18, 2021 - By Mark Decambre
S&P 500 skids 1% lower Friday, putting stock-market benchmark on brink off first close below 50-day average since MarchThe S&P 500 index on Friday was on the verge of marking its firt close below its short-term moving average since early March, amid a sharp slump in the stock market. The S&P 500 index was trading down 1% at 4,177, with its 50-day moving average standing at 4.181.95, according to FactSet data. A close below that level would mark the first such decline since March 8, according to Dow Jones Market Data. The Dow Jones Industrial Average was off 1.5%, down more than 500 points, while the Nasdaq Composite Index was trading 0.7% lower at 14,066. The decline for the market accelerated after St. Louis Federal Reserve President James Bullard said that he saw benchmark interest rates rising as soon as late 2022, in an interview on CNBC Friday morning. Market participants use moving averages to help gauge the long-term and short-term momentum in an asset.
5:31 a.m. June 11, 2021 - By Mark Decambre
S&P 500 opens higher Friday, aims to end week at a record ahead of big Fed policy updateU.S. equity benchmarks rose modestly early Friday, looking to end the week on a positive note after the S&P 500 logged a record close despite another round of hotter-than-expected inflation data. Investors are now looking to the start on June 15 of the Federal Reserve's two-day policy meeting. The S&P 500 index was heading 0.1% higher at 4,244, the Dow Jones Industrial Average gained 0.3% at 34,552, while the Nasdaq Composite Index advanced less than 0.1% at 14,022. The U.S. economic calendar is light following Thursday's inflation fireworks. A preliminary June consumer sentiment index reading is due at 10 a.m. Eastern. On Thursday, stocks and government debt rallied, despite data that showed the rate of U.S. consumer inflation over the past year escalated to a 13-year high of 5% from 4.2% in the prior month. That put it at the highest level since 2008, when the cost of oil hit a record $150 a barrel. Before that, the last time inflation was as high was in 1991. In corporate news, meme stocks remain in focus, with shares of AMC Entertainment Holdings Inc. up more than 6% in premarket trading Friday, after falling 22.2% over the past two sessions. The stock and other meme stocks, took a hit Thursday after GameStop Corp. .
12:17 p.m. May 28, 2021 - By Mark Decambre
Dow ends off highs on Friday to wrap trading in May as investors ready for Memorial Day holidayThe Dow and S&P 500 on Friday booked gains for the day, week and month ahead of Memorial Day weekend, with U.S. financial markets in the U.S. closed Monday. Jitters about inflation have been a key feature of trading sentiment in May and investors wrapped up the month with the Federal Reserve's preferred measure of inflation, affirming rising pricing pressures. The personal-consumption expenditure index approached its highest level in nearly 13 years at 3.6%, higher than the 2.9% that economists' surveyed by Dow Jones had forecast. That marks the loftiest level since 2008. On a month-over-month basis, PCE inflation rose 0.6% in April, while the core rate up rose 0.7%. The Dow Jones Industrial Average closed out the session up 0.2% at 34,429, and logged a weekly gain of 0.9% and a monthly advance of 1.9%. The S&P 500 index closed the session up less than 0.1% higher and notched a 1.2% weekly gain and a 0.6% gain in May. The Nasdaq Composite Index , meanwhile, closed less than 0.1% higher on Friday but clinched a weekly gain of 2.1%, while producing a monthly loss of 1.5%, representing its first monthly slide in seven months.
5:37 a.m. May 28, 2021 - By Mark Decambre
Dow gains over 100 points as Fed's preferred inflation measure hits 13-year high U.S. stock benchmarks on Friday climbed modestly higher to wrap up the week and month, after a closely watched measure of inflation by the Federal Reserve touched its highest level in 13 years. The Fed's preferred measure of inflation-the personal-consumption expenditure index, excluding food and energy-rose 3.1% in April from a year earlier, marking its highest level since 2008. The Dow Jones Industrial Average was up 124, or 0.4%, to 34,586, the S&P 500 index gained 0.3% to 4,212, while the Nasdaq Composite Index climbed 0.4% to 13,794. In corporate news, Dow component Boeing Co. was seeing shares slip 0.8% after the reported that it halted deliveries of its 787 Dreamliners.
5:35 a.m. May 27, 2021 - By Mark Decambre
Dow rises over 200 points early Thursday as weekly a jobless-claims report falls for 4th straight weekU.S stock indexes on Thursday were trading mostly higher, after a slew of economic data releases that are expected to spur discussion among investors about the Federal Reserve's response to the strengthening economic recovery. The Dow Jones Industrial Average was trading 246 points, or 0.7%, to 34,568, the S&P 500 index was trading 0.3% at 4,209, and the Nasdaq Composite Index was trading flat but in negative territory at 13,732. The trading action comes after a reading of initial jobless claims sank 38,000 to 406,000 in the week ended May 22, the government said Thursday. That's the fewest number of requests for compensation since the onset of the pandemic nearly 15 months ago. In other economic data, the Commerce Department said U.S. gross domestic product grew at a 6.4% annualized pace in the first quarter, unrevised from its initial estimate. Separately, durable-goods orders fell 1.3% in April while so-called core orders rose 1%. An April pending home-sales index scheduled for 10 a.m. is expected to slow to 1% after a 1.9% March reading. Meanwhile, Sen. Shelley Moore Capito of West Virginia said she and a small group of other Republicans are proposing infrastructure spending of $928 billion over eight years, as they unveiled their counteroffer amid ongoing negotiations with President Joe Biden's administration. Shares of Ford Motor were trading near a 5-year high as the vehicle maker said it was upping its commitment to electric vehicles.
12:16 p.m. May 26, 2021 - By Mark Decambre
Rusell 2000 index surges 2% Wednesday and gains in energy, consumer discretionary keep S&P, Dow afloatThe Dow finished barely positive Wednesday on its 125th birthday but the broader market clinched modest gains, powered by a rise in energy and consumer discretionary as investors appeared to grow assured that the Federal Reserve wouldn't react to rising inflation by rapidly withdrawing easy-money policies. Against the backdrop, the Russell 2000 index closed up around 2%, the Dow Jones Industrial Average gained less than 0.1%, while the S&P 500 index edged 0.2% higher at 4,196. The Nasdaq Composite Index closed up 0.6% to reach around 13,738. Shares of Ford Motor Co. shot up 8.5% after the vehicle maker said it planned to spend $30 billion on vehicle electrification by 2025, up from a previously stated goal of $22 billion in EV spending. Meanwhile, Senate lawmakers grilled the heads of banking giants JPMorgan Chase & Co. , Citigroup Inc. Morgan Stanley , Bank of America Corp. , Wells Fargo & Co. and Goldman Sachs . In other corporate news, shares of Amazon finished up 0.2% after its announcement to by MGM.
5:34 a.m. May 25, 2021 - By Mark Decambre
S&P 500 trades above 4,200 early Tuesday, and Dow sees modest rise as tech and consumer discretionary shares climbU.S. stock benchmarks opened modestly higher Tuesday, with gains coming after Federal Reserve officials were seen easing concerns that rising inflation pressures would prompt policy makers to suddenly tighten monetary policy, while Treasury yields eased for a fourth session. The Dow Jones Industrial Average was up 0.2% at 34,459, the S&P 500 index climbed 0.3% to 4,210, while the Nasdaq Composite Index advanced 0.6% to around 13,737. In corporate news, shares of Lordstown Motors Corp. were down 17% after the electric-vehicle startup late Monday reported a wider quarterly loss and said it is seeking "additional capital" to fund itself.
12:11 p.m. May 17, 2021 - By Mark Decambre
U.S. stock market ends lower Monday but off low as tech and communication-services stocks slumpU.S. stocks ended slightly lower Monday, weighed by declines technology and tech-related shares, as concerns about inflation continued to buffet Wall Street, following the worst week for stocks since Feb. 26. The Dow Jones Industrial Average finished about 0.2% lower at 34,328, off the low for the day at 34,176.65, with shares of Walt Disney & Co. and Home Depot leading the blue-chip benchmark's slide. The S&P 500 index closed off 0.3% at roughly 4,163, led lower by technology and communicatiion-services shares, while the Nasdaq Composite Index retreated 0.4% to 13,379, off a low of 13,265. The slump for stocks came as gold futures jumped, settling above their 200-day moving average and marking the highest finish for the most-active contract since early February. Federal Reserve Vice Chairman Richard Clarida, the Fed's No.2, said the U.S. economy had yet to reach the "substantial further progress" that would be needed to peel back accommodative policies, even as investors fear that inflation is set to run hotter than the central bank is predicting. In corporate news, AT&T shares fell 2.7% after it agreed to combine media assets with Discovery Inc. and spin them off into a new, publicly traded company. Shares of Disovery fell more than 5%.
12:14 p.m. May 12, 2021 - By Mark Decambre
Dow tumbles nearly 700 points for worst day in 6 months as inflation worries spark stock-market routThe U.S. stock market on Wednesday finished sharply lower for a third straight session, with the declines on the session driving the Dow and S&P 500 perilously close to a breach below of their short-term trend lines for the first time since March amid a selloff that was at least partly fueled by a reading on inflation that came in at the highest rate in about 13 years. The April CPI report reignited fears that the Federal Reserve may need to dial back its easy money policies earlier than expected. The S&P 500 index closed down 2.2% at 4,063, putting the broad-market index near its 50-day moving average at 4,049.95, a trend line it hasn't breached since March 25, according to FactSet data. It was the third straight drop for the index and its worst day since Feb. 25. The Dow Jones Indusrial Average closed 681.50 points, or 2%, lower to 33,588, approaching its 50-day moving average at 33,318.84, which it hasn't fallen below since early March. It was the blue-chip gauges worst day since Oct. 28, when it fell 943 points or 3.4%. The Nasdaq Composite Index , meanwhile, ended down 2.7% to 13,031, deepening its slide beneath its 50-day moving average. The U.S. consumer-price index rose 4.2% from a year ago, compared with average economists' estimates surveyed by Econoday for a 3.6% increase. The month-over-month rise was 0.8%, versus a forecast for a rise of 0.2%. Overall, the rise was the fastest rate of climb since September 2008.
8:19 a.m. May 12, 2021 - By Mark Decambre
Dow sinks by 500 points at low Wednesday as inflation-fear fueled slump deepensA slide in U.S. stock indexes accelertaed Wednesday midday, after a reading on inflation for the year to April climbed 4.2%, marking the highest rate in about 13 years, reigniting fears that the Federal Reserve may need to dial back its easy money policies earlier than expected. The Dow Jones Industrial Average was trading 487 points, or 1.4%, lower at 33,783, trying to defend its 50-day moving average at 33,328. The S&P 500 index was trading 1.8% lower at 4,079, while the Nasdaq Composite Index was off 2.5% to around 13,056.
12:14 a.m. April 23, 2021 - By Steve Goldstein
Central banks to reduce dollar liquidity provisionsThe Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to discontinue offering U.S. dollar liquidity at the 84-day maturity, starting in July. These central banks will continue to hold weekly operations with a 7-day maturity. Demand for the U.S. dollar , the world's reserve currency, becomes intense during periods of financial turbulence. "The swap lines among these central banks are available standing facilities and serve as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses, both domestically and abroad," said the European Central Bank in a statement.
8:12 a.m. April 8, 2021 - By Michael Ashbaugh
Bullish momentum persists: S&P 500 (slightly) extends April breakout Focus: Communications services sector tags record highs, Apple’s stealth trendline breakout, XLC, AAPL, IBM, ON, NUANU.S. stocks are mixed early Thursday, vacillating ahead of scheduled remarks from the Federal Reserve Chairman. Against this backdrop, the S&P 500 has tagged its latest record high, though narrowly, while the Nasdaq Composite has extended an already-aggressive trendline breakout.
12:09 p.m. April 7, 2021 - By Mark DeCambre
S&P 500 books 18th record close of 2021 in listless trading day after Fed signals commitment to lower ratesThe S&P 500 on Wednesday eked out a record, its 18th of the year, but trading action was otherwise lackluster as minutes from the Federal Reserve's last policy meeting appeared to reaffirm a commitment to a lower-rate regime as the COVID-stricken labor market recovers. The S&P 500 index closed up 0.2% at around 4,079, on a preliminary basis. The Dow Jones Industrial Average finished up less than 0.1% at about 33,446, to mark its third gain in four sessions, while the Nasdaq Composite Index edged less than 0.1% lower to around 13,669. "While generally acknowledging that the medium-term outlook for real GDP growth and employment had improved, participants continued to see the uncertainty surrounding that outlook as elevated," minutes from the Fed's March 16-17 meeting read. The central bank said that its "current guidance for the federal funds rate and asset purchases was serving the economy well." Projections from Fed members indicate that policy makers won't look to normalize rates until at 2023 at the earliest but segments of the market have pushed back against that notion, amid fears that inflation will pick up as the economy improves.
7:58 a.m. April 7, 2021 - By Michael Ashbaugh
Bull trend confirmed: S&P 500 tags technical target (4,085) Focus: Europe digests break to 12-year highs, IEV, ASML, ADI, EMR, YUMU.S. stocks are mixed early Wednesday, vacillating ahead of the release of the Federal Reserve’s meeting minutes, due out this afternoon. Against this backdrop, the S&P 500 and Dow industrials are digesting decisive breaks to record territory, while the Nasdaq Composite has sustained an aggressive trendline breakout.
10:17 a.m. March 24, 2021 - By Michael Ashbaugh
Market rotation persists, S&P 500 capped by the breakdown point Focus: Small- and mid-caps extend March downturn, Nasdaq capped by 50-day averageU.S. stocks are mixed Wednesday, vacillating as Treasury yields continue to stabilize in the wake of largely uneventful Federal Reserve policy remarks. Against this backdrop, the S&P 500 remains capped by its breakdown point (3,950) amid still largely range-bound price action as market rotation persists.
8:20 a.m. March 19, 2021 - By Michael Ashbaugh
Charting another bull-trend pullback, S&P 500 tags familiar support Focus: Basic materials assert bull flag, XLB, WHR, FTNT, USB, FOURU.S. stocks are mixed early Friday, vacillating in the wake of this week’s Federal Reserve policy actions. Against this backdrop, the bigger-picture backdrop remains bullish, on balance, though the prevailing market technicals are not one-size-fits-all.
8:18 a.m. March 18, 2021 - By Michael Ashbaugh
Charting market rotation: Dow industrials take flight amid surging Treasury yields Focus: 10-year yield continues to take flight, TNX, NDAQ, DHI, XPO, VNOMU.S. stocks are mixed early Thursday, vacillating as market rotation persists after the Federal Reserve’s Wednesday policy statement. Against this backdrop, the Dow Jones Industrial Average has extended a break atop the 33,000 mark, as the Nasdaq Composite vies to simply maintain a posture atop its 50-day moving average.
7:54 a.m. March 17, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 digests breakout ahead of Fed Focus: Metals & mining sector sustains break to six-year highs, Facebook’s stealth trendline breakout, XME, FB, SIMO, SBUX, ANU.S. stocks are mixed early Wednesday, vacillating ahead of the Federal Reserve’s policy statement, due out this afternoon.
8:15 a.m. March 15, 2021 - By Michael Ashbaugh
Charting a slow-motion breakout attempt, S&P 500 nails the range top Focus: Retail sector tags record close, General Motors reaches uncharted territory, XRT, GM, LKQ, ANTM, JWNU.S. stocks are mixed early Monday, vacillating ahead of the Federal Reserve’s mid-week policy meeting. Against this backdrop, the Dow Jones Industrial Average is digesting an aggressive break to record territory, while the S&P 500’s slow-motion breakout attempt remains underway.
5:47 a.m. March 11, 2021 - By Steve Goldstein
Public Health England says there's a new coronavirus variant under investigationPublic Health England said it's designated a new coronavirus variant under investigation. The health authority said it's found two cases in the South East of England in individuals who had recently travelled to Antigua. Contact tracing teams have completed thorough investigations to identify and follow up any close contacts and no additional cases have been found to date, it said. A separate variant of concern, called P.1, has been found in 10 people, all of which have links to travel or to a previously confirmed case that has travelled to Brazil.
12:09 p.m. March 4, 2021 - By Mark DeCambre
Nasdaq Composite narrowly avoids first correction in 6 months as Powell stirs up stock-market rout and Treasury-yield surgeA sluggish day in stocks on Thursday took a turn decidely lower following comments from Federal Reserve Chairman Jerome Powell said that he was monitoring a steady climb in yields but failed to provide any guidance on what the central bank might do if yields continued to climb precipitously. Speaking at a webinar hosted by the Wall Street Journal on Thursday after noon, Powell described the Fed's current policy stance as appropriate, perhaps disappointing some investors hoping for more decisive comments on possible adjustments to the central bank's asset purchases. The remarks are credited with triggering a selloff in bonds and stocks, that abated somewhat later in the session, that brought the Nasdaq Composite Index on the brink of falling by 10% from its recent closing high put in on Feb. 12, meeting the commonly used definition for a correction. The Nasdaq ended the session off 2.1% at 12,723, and is now down 9.73% from that record close. Meanwhile, the 10-year Treasury note jumped by about 7 points to around 1.54%. Rising rates have caused friction in equity trading because it forces investors to reassess the relative value of highflying technology and tech-related plays that have enjoyed a bump during the pandemic, compared against other sectors that might perform better headed into an economic recovery. The S&P 500 index closed the session off 1.3% to 3,768, while the Dow Jones Industrial Average finished the day off 1.1% at 30,923. Both finished below their 50-day moving averages for the first time in about four or five weeks, Jan. 29 for the S&P 500 and Feb. 1 for the Dow. At the height of Thursday's selling the Dow was down over 720 points, wiping out its year-to-date gains. The Dow remains up 1% for 2021, the Dow is clinging to a 0.3% year-to-date gain, while the Nasdaq Composite is down 1.3% so far this year.
10:27 a.m. March 4, 2021 - By Mark DeCambre
Buzzy stock-market ETFs backed by Portnoy and Wood get crushed Thursday afternoon as the Nasdaq nears correction Cathie Wood's flagship ARK Invest ETF and a VanEck Vectors Social Sentiment backed by Wall Street bro Dave Portnoy are down by at least 4%. The VanEck Vectors Social Sentiment ETF was down 4.3% in Thursday afternoon trade, in its debut. Meanwhile, Wood's ARK Innovation deepened its slide into correction on Thursday, off 6.6%. Both ETFs focus on drawing interest from many of the growthy tech stocks which are in the market's crosshairs as bond yields rise, including electric-vehicle maker Tesla Inc. . On Thursday, bonds took a leg higher after Federal Reserve Chairman Jerome Powell said he was watching the rise in rates but offered no concrete steps the central bank was taking to tamp down rate moves. The 10-year Treasury yield jumped by 7 basis points in afternoon action, hitting around 1.54% and accelerating a sell-off in stocks that are viewed as pricey and that don't offer a coupon. The tech-heavy Nasdaq Composite Index was down nearly 10% from its Feb. 12 peak, meeting the commonly used definition for a correction. The Dow Jones Industrial Average was down more than 400 points, or 1.3%, and nursing a 0.8% year-to-date gain. The S&P 500 index was down 1.6% and holding on to a 2021 gain of less than 0.1%. The Nasdaq Composite was negative for the year, down 1.4%.
12:05 p.m. March 3, 2021 - By Mark DeCambre
Resurgence in Treasury yields hammers tech stocks, drives Nasdaq below 13,000 to mark worst 2-day skid in 6 monthsU.S. stock benchmarks on Wednesday closed lower and technology and tech-related shares got whacked as a continued rise in bond yields forced a rotational shift out of highflying tech and into areas of the market that might benefit from a regime of rising interest rates, like banks and energy . A report from the Federal Reserve's Beige Book, a survey of business conditions in the central bank's 12 regional districts, also showed only a modest uptick in economic activity to start the year, despite headway on COVID the vaccination front. The Dow Jones Industrial Average finished down by about 0.4% at 31,270, while the S&P 500 index closed off 1.3% at 3,820. The tech-laden Nasdaq Composite Index, took the brunt of the selling, off 2.7%, at 12,997 to mark the index's worst two-day skid since September, according to Dow Jones Market Data. Meanwhile, the initial public offering of health-care data company Oscar Health Inc. , finished down nearly 11% in its public debut. And the 10-year Treasury note was around 1.47%.
5:36 a.m. Feb. 24, 2021 - By Mark DeCambre
Stock-index futures skid south Wednesday morning as 10-year Treasury breaches 1.4%U.S. stock-index futures turned south as bond yields Tuesday morning took a leg higher, weighing on interest-rate sensitive assets. The move for bond yields, with the 10-year Treasury note breaching a rate at 1.4%, came as investors appeared to digest a report from the Food and Drug Administration, which said that Johnson & Johnson's single-dose COVID-19 vaccine candidate has no unexpected safety concerns, in a step that moves the experimental vaccine one step closer to emergency authorization. Futures for the Dow Jones Industrial Average declined 0.3% to 31,422, the S&P 500 index futures fell 0.3% at 3,867, while Nasdaq-100 futures declined 0.8% to 13,085, with the technology-laden index the most sensitive to yield moves. On Tuesday, the Dow , the S&P 500 index and the Nasdaq Composite Index stagewd a dramatic turnaround on the heels of comments from Federal Reserve Chairman Jerome Powell, who said accommodative policy would be in place for the foreseeable future.
12:08 p.m. Feb. 23, 2021 - By Mark DeCambre
Dow set to stage biggest comeback in 2 months on Powell comments; Nasdaq attempts to erase 4% intraday skidStock-market investors appear to be picking up what Federal Reserve Chairman is putting down on Tuesday in Senate Banking Committee testimony and buying the dip with gusto, as the main equity benchmarks attempt to erase sharp losses from earlier in the day that had been sparked by a sharp rise in bond yields. The Nasdaq Composite Index , for example, was down just about 0.2% at 13,508, after sinking nearly 4% earlier Tuesday to intraday nadir at 13,003.98, FactSet data show. The move had pushed the Nasdaq down below its 50-day moving average at 13,246.74. A close below that level would mark the first time the technology-laden benchmark finished beneath the short-term trend line since late October. Meanwhile, the Dow Jones Industrial Average was up 0.4% at 31,642 after being down by as many as 362 points or 1.2%. A close higher for the Dow would mark the biggest comeback for the blue-chip index since Dec. 21 when it fell 1.4% and ended 0.12% higher, according to Dow Jones Market Data. The S&P 500 index was up 0.4% at 3,894 after hitting an intraday low at 3,805.59. A higher close for the index would mark its biggest comeback since June 5 when it fell 2.48% to end up 0.8%. Powell in his first of two days of semi-annual congressional testimony said "the economy is a long way from our employment and inflation goals." And the chairman emphasized that the Fed will continue to support the economy with interest rates and asset purchases until substantial progress is made.Markets had been on edge as the 10-year Treasury note had jumped to around 1.36%, around its highest level in about a year, raising the prospects of higher borrowing costs for companies and individuals. Technology shares are particularly sensitive to the move in rates because valuations there are considered rich.
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