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8:42 a.m. Nov. 1, 2021 - By Myra P. Saefong
Gold futures finish higher, but stay below the $1,800 markGold futures , but remained below the key $1,800 mark as the market awaited Wednesday's Federal Reserve decision on monetary policy. "The bear camp in gold and silver should be licking their chops as the markets widely expect the Fed to announce the beginning of tapering of asset purchases on Wednesday," analysts at Zaner wrote in Monday's report. "With the added pressure of a surge in the dollar form last week's lows and the recent rise in U.S. short-term interest rates, the bear camp has several themes operating in its favor. For now, December gold tacked on $11.90, or 0.7%, to settle at $1,795.80 an ounce after posting a loss of about 0.7% last week.
8:36 a.m. Oct. 28, 2021 - By Myra P. Saefong
Gold futures reclaim the $1,800-an-ounce markGold futures the $1,800 mark. Prices for the metal got a lift as missed expectations, easing concerns of a quicker liftoff in U.S. interest rates, said Chris Gaffney, president of World Markets at TIAA Bank. "Gold is widely seen as an inflation hedge, and rising inflation expectations should lend support to the price of precious metals." The GDP miss will help justify Federal Reserve Chairman Jerome Powell's arguments that "the economy is not in danger of overheating and interest rates will remain very accommodative for the foreseeable future." December gold rose $3.80, or 0.2%, to settle at $1,802.60 an ounce, the first most-active contract finish above $1,800 since Monday.
2:55 a.m. Oct. 28, 2021 - By William Watts
ECB leaves monetary policy measures unchangedThe European Central Bank, as expected, left its monetary policy measures unchanged Thursday, saying it would continue to purchase assets via its pandemic emergency purchase program at a slower pace than seen in the second and third quarters. The ECB left interest rates unchanged and said it would continue PEPP purchases through at least the end of March. Purchases under the separate Asset Purchase Program will continue at a pace of 20 billion euros ($23.2 billion) a month. ECB President Christine Lagarde will hold a news conference at 8:30 a.m. Eastern, in which economists expect her to push back against market pricing of rate increases in 2022 and 2023.
8:41 a.m. Oct. 25, 2021 - By Myra P. Saefong
Gold futures mark highest finish in almost 6 weeksGold futures climbed to their , with support from weakness in U.S. Treasury yields offsetting pressure from a rise in the dollar. The precious metal's relatively quiet price action "may wind up being the calm before the storm of a significant market move," said Tyler Richey, co-editor at Sevens Report Research. "Real interest rates are as low as they have been since the beginning of the pandemic, which is supportive of gold as rising inflation expectations are outpacing the rise in benchmark interest rates." December gold climbed $10.50, or 0.6%, to settle at $1,806.80 an ounce. Prices based on the most-active contract settled at their highest since Sept. 14, after posting a gain of about 1.6% last week, according to FactSet data.
11:10 a.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.
9:08 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.
2:53 a.m. Sept. 9, 2021 - By William Watts
European Central Bank to 'moderately' slow pace of asset purchases under PEPPThe European Central Bank on Thursday indicated it would conduct asset purchases under its pandemic emergency purchase program, or PEPP, at a "moderately lower pace" after accelerating purchases in recent quarters. "Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council judges that favorable financing conditions can be maintained with a moderately lower pace of net asset purchases under the PEPP than in the previous two quarters," the ECB said in a statement following a meeting of its Governing Council. The ECB said PEPP purchases would continue with an envelope of 1.85 trillion euros through at least the end of March 2022. The ECB left key interest rates unchanged, as expected. ECB President Christine Lagarde will hold a news conference at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.
11:08 a.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%.
9:04 a.m. June 28, 2021 - By Myra P. Saefong
Gold futures finish higher, extending gains from last weekGold futures , extending their gains from last week. Gold prices were "treading water" and likely to continue to do so ahead of this week's U.S. jobs numbers, said Michael Hewson, chief market analyst at CMC Markets UK. "It seems fairly clear that [interest] rates aren't likely to go higher in response to higher prices, with a renewed focus now on the jobs market, which appears to be lagging behind in terms of getting back to pre-pandemic levels," he said. August gold rose $2.90, or 0.2%, to settle at $1,780.70 an ounce. Prices ended last week higher for the first time in four weeks.
9:50 a.m. June 18, 2021 - By Myra P. Saefong
Oil futures end higher, up a 4th straight weekOil futures , with U.S prices posting a gain for a fourth week in a row. Prices shook off much of the losses they saw Thursday on the back of strength in the dollar, which followed the Federal Reserve's suggestion that it may raise interest rates sooner than it previously expected. Traders continued to get a boost from expectations for stronger energy demand and eyed prospects for an Iran nuclear deal that would likely lead to more oil on the global market. Most appeared unconvinced that an agreement can be reached before the inauguration of a new Iran president in August. West Texas Intermediate oil for July delivery rose 60 cents, or 0.8%, to settle at $71.64 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract tacked on 1% for the week.
6:42 a.m. June 18, 2021 - By Mark Decambre
Dow futures sink over 300 points as Fed's Bullard estimates that initial rate increase could happen in late 2022U.S. stock-index futures saw losses deepen Friday morning as St. Louis Federal Reserve President Jim Bullard said, during a CNBC interview, that the central bank could lift benchmark interest rates, which currently stand at a range between 0% and 0.25%, as early as late next year. Futures for the Dow Jones Industrial Average were down more than 300 points, or 1%, at 33,366, those for the S&P 500 index were off 0.8% at 4,180, while Nasdaq-100 futures were trading 0.6% lower at 14,068. The Dow and S&P 500 are headed for weekly declines, while the Nasdaq Composite Index was headed for a weekly gain after the Federal Reserve delivered its most recent policy update on Wednesday. Bullard's comments mark the first from a Fed member since the conclusion of its rate-setting meeting. Bullard is not currently a member of the Federal Open Market Committee, which helps to set rates. Bullard told CNBC that he thinks "it's natural that we've tilted a little more hawkish to contain inflationary pressures." He also said that comments from Fed Chairman Jerome Powell have opened the door to tapering the Fed's $120 billion montly asset-purchases, which include $40 billion of mortgage-backed securities.
9:47 a.m. June 16, 2021 - By Myra P. Saefong
U.S. oil futures eke out a slight gain U.S. oil futures barely notching their highest finish in over two and half years. Prices got a boost after the Energy Information Administration reported a larger-than-expected weekly decline in domestic crude inventories, but the U.S. dollar strengthened after the Federal Reserve said it may increase interest rates earlier than it previously expected, pressuring prices for dollar-denominated oil. West Texas Intermediate oil for July delivery rose 3 cents, or 0.04%, to settle at $72.15 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since October 2018, FactSet data show. It had traded as high as $72.99 during the trading session.
8:46 a.m. June 8, 2021 - By Myra P. Saefong
Gold futures mark first loss in 3 sessionsGold futures on Tuesday marked their first loss in three sessions, with prices only briefly touching a high above the key $1,900 mark. The market is paying close attention to Treasury Secretary Janet Yellen's recent comments on interest rates and how inflation could be good for economy, said Jeff Wright, chief investment officer at Wolfpack Capital. In an interview with Bloomberg News on Sunday, Yellen said higher interest rates would be "a plus" for policy makers. "A meaningful rise in interest rates would dramatically curtail economic growth," so that would be a "difficult needle to thread," said Wright. He said he'll be keeping an eye out for further comments from Yellen and await the reading on the U.S. consumer price index due Thursday. In the meantime, gold is back to being rangebound between $1,800 and $1,900 "until it breaks well past $1,900 on the upside," he said. August gold fell $4.40, or 0.2%, to settle at $1,894.40 an ounce after trading as high as $1,906.90.
8:57 a.m. May 24, 2021 - By Myra P. Saefong
Gold prices climb to settle at a level not seen since January Gold futures to settle at their highest since early January. Prices for the precious metal have climbed as "the combination of rising U.S. breakeven inflation rates and falling U.S. real yields have worked to reduce the opportunity cost of holding non-interest bearing physical asset such as gold," analysts at ICICI Bank wrote in a research report. June gold rose $7.80, or 0.4%, to settle at $1,884.50 an ounce. That was the highest most-active contract settlement since Jan. 7, according to FactSet data.
8:39 a.m. May 20, 2021 - By Myra P. Saefong
Gold prices shake off early losses to tally a sixth straight gainGold futures gave up early losses Thursday to , up a sixth straight session. "Vagueness on tapering" in the , released Wednesday, and the Fed taking a "'hawkish' stance on interest rates, along with less concern for inflation than the Fed would historically take" contributed to gold's rise Thursday, said Jeff Wright, chief investment officer at Wolfpack Capital. Gold may still move higher, but "will face resistance and profit taking above $1,900," said Wright. June gold added 40 cents, or 0.02%, to settle at $1,881.90 an ounce, with prices eking out a sixth straight session rise, the longest streak of consecutive gains so far this year, according to FactSet data.
8:53 a.m. May 7, 2021 - By Myra P. Saefong
Gold futures mark highest finish in almost 3 monthsGold futures to mark their highest finish in almost three months. Following data showing weaker-than-expected U.S. nonfarm jobs growth in April, Chintan Karnani, director of research at Insignia Consultants, said he does not expect U.S. interest rates to be raised at the Federal Reserve's June meeting, and the U.S. dollar index is "on the defensive." The ICE U.S. Dollar Index fell 0.7% Friday, on track for a weekly loss of over 1%, providing support for dollar-denominated gold. The June gold contract rose $15.60, or 0.9%, to settle at $1,831.30 an ounce. That was the highest most-active contract settlement since Feb. 10, FactSet data show. For the week, prices based on the most-active contract climbed about 3.6%.
8:45 a.m. May 5, 2021 - By Myra P. Saefong
Gold prices end higher as Yellen clarifies recent comments on interest ratesGold futures to recoup only part of what they lost a day earlier as U.S. Treasury Secretary Janet Yellen and said she was neither predicting nor recommending that the Federal Reserve raise interest rates to keep the economy from overheating. The $1,800 mark for gold is a "very strong resistance level" and further comments from Yellen "clarifying that she was not predicting anything in particular did nothing to help gold break through," said David Russell, director of marketing at GoldCore. June gold rose $8.30, or 0.5%, to settle at $1,784.30 an ounce.
2:54 a.m. April 22, 2021 - By William Watts
European Central Bank leaves rates, bond-buying program unchangedThe European Central Bank, as expected, left interest rates unchanged and made no changes to its bond-buying efforts on Thursday. The ECB said the Governing Council decided to "reconfirm its very accommodative monetary policy stance." The central bank said it would continue to buy bonds under its 1.85 trillion euro pandemic emergency purchase program until at least the end of March 2022, while net purchases under its asset purchase program would continue at a monthly pace of 20 billion euros. The ECB said PEPP purchases, as decided at the ECB's previous meeting, will continue at a significantly faster pace over the current quarter. Interest rates were left unchanged, with the main refinancing rate at 0% and the deposit rate at minus 0.5%. ECB President Christine Lagarde will hold a news conference at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.
8:48 a.m. April 20, 2021 - By Myra P. Saefong
Gold futures settle higher, buoyed by weakness in Treasury yieldsGold futures , buoyed by weakness in Treasury yields. Gold prices have climbed since marking a double-bottom on March 30th, said Adam Koos, president of Libertas Wealth Management Group, referring to a chart pattern that signals a potential bullish reversal in prices. He attributed gold's rise since late March to a decline in the U.S. dollar over the same period, as well as a retreat in interest rates that had become "extremely overbought" and a "long-in-the-tooth" U.S. stock market, which is "ripe for a pullback." June gold rose $7.80, or 0.4%, to settle at $1,778.40 an ounce. Prices, however, failed to recoup all of the 0.5% loss from the previous session.
11:26 a.m. April 16, 2021 - Barrons.com
Franklin Templeton's View on RatesSonal Desai, CIO for Franklin Templeton's Fixed Income Group, discusses her expectations for U.S. and global interest rates.
5:33 a.m. March 12, 2021 - By Tomi Kilgore
M.D.C. Holdings stock sinks after BofA turns bearish, citing valuation and affordability concernsShares of M.D.C. Holdings Inc. sank 5.9% in morning trading Friday, after BofA Securities analyst John Lovallo turned bearish on the homebuilder, citing concerns over valuation and near-term housing affordability. He cut his rating to underperform from neutral, while keeping his price target at $63. "We view M.D.C. as a well-run, well-positioned homebuilder but believe the year-to-date run in the stock fully encompasses these positive, particularly considering the affordability challenges we expect in the months ahead," Lovallo wrote in a note to clients. The stock has rallied 26.4% year to date, and closed at a 16-year high on Wednesday. Lovallo said affordability could be hurt by rising raw materials prices and interest rates, and as coming stimulus measures support further gains in home prices. M.D.C.'s stock selloff comes as the iShares U.S. Home Construction ETF shed 2.3%, while the S&P 500 fell 0.5%. Among M.D.C.'s more active peers, shares of D.R. Horton Inc. slid 4.4%, Lennar Corp. lost 4.0%, PulteGroup Inc. declined 3.2% and Toll Brothers Inc. gave up 3.7%.
7:09 a.m. March 8, 2021 - By Michael Ashbaugh
Market cross currents persist: Nasdaq hesitates at the breakdown point Focus: Crude oil rises amid reflation trade/geopolitics, USO, CAT, STT, AEO, ICHRU.S. stocks are mixed early Monday, vacillating amid a familiar March divergence. Against this backdrop, the Dow Jones Industrial Average has rallied within striking distance of record highs, while the recently lagging Nasdaq Composite has balked early Monday at its breakdown point.
7:50 a.m. March 5, 2021 - By Michael Ashbaugh
Charting a technical question mark, S&P 500 violates the 50-day average Focus: 10-year Treasury note yield continues to take flight, Sector leaders remain in divergence mode, TNX, XLF, IYT, QQQU.S. stocks are mixed early Friday, vacillating after a stronger-than-expected monthly jobs report. Against this backdrop, the S&P 500 has ventured under its 50-day moving average for the first time since November, though amid a downturn that gets low marks for bearish style. The prevailing bigger-picture technicals are not one-size-fits-all.
7:34 a.m. March 4, 2021 - By Michael Ashbaugh
Charting a volatile March start: S&P 500, Nasdaq reach key technical tests Focus: Charting a still bullish-leaning sector backdrop, IYT, XLF, QQQ, XLV, XLU, XLP, XLE, XLI, AMZNU.S. stocks are mixed early Thursday — though well off the session’s worst levels — vacillating amid a volatile March start. Against this backdrop, the S&P 500 is back for its latest crack at the 50-day moving average, currently 3,820, while the Nasdaq Composite has whipsawed Thursday at last-ditch support matching the 2020 peak (12,973).
11:05 a.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%.
8:44 a.m. Feb. 26, 2021 - By Myra P. Saefong
Gold futures down a fourth session, at lowest finish since JuneGold futures to finish the session at their lowest since June, with the recent rise in U.S. Treasury yields putting pressure on prices for the metal. "Gold always underperforms when the dollar is going up or real interest rates are rising," said Collin Plume, founder and chief executive officer of Noble Gold. The 10-year Treasury note yield eased back Friday, but had climbed to a , while the dollar has gained for the week, dulling investment demand for gold. April gold fell $46.60, or 2.6%, to settle at $1,728.80 an ounce, with prices for the most-active contract down roughly 6.6% for the month of February, according to Dow Jones Market Data. The settlement was the lowest since June 2020.
9:01 a.m. Feb. 22, 2021 - By Myra P. Saefong
Gold futures rally to highest finish in over a weekGold futures as U.S. Treasury bond yields eased back from the day's highs, prompting prices for the precious metal to settle at their highest since Feb. 12. Gold rallied as the rise in bond yields took a pause, giving the precious metal a "chance to join in the broader bull market in commodities," said Adrian Ash, director of research at BullionVault. "Rising interest rates are like kryptonite to gold, because it is so sensitive to the outlook for money's real value." The was at 1.35% after climbing to a high near 1.40%, the highest in a year. April gold rose $31, or 1.7%, to settle at $1,808.40 an ounce.
7:26 a.m. Feb. 17, 2021 - By Michael Ashbaugh
Charting market cross currents, S&P 500 pulls in to the range Cross currents across asset classes surface amid surging Treasury yields, TNX, USO, GLD, FXY, UUP, XLF, KREU.S. stocks are lower early Wednesday, pressured as the latest economic data fuel the debate regarding potential pending inflation. Against this backdrop, each big three U.S. benchmark has reversed from Tuesday’s record high, pulling in to its former range amid largely garden-variety selling pressure.
7:06 a.m. Feb. 3, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 nails the breakdown point Focus: Retail sector asserts cooling-off phase, Homebuilders hold the breakout point, XRT, XHB, CYBR, KMX, SWIR, WIXU.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data. Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830).
3:02 a.m. Jan. 21, 2021 - By William Watts
European Central Bank leaves rates, bond-buying program unchangedThe European Central Bank, as expected, made no changes to interest rates or its asset-buying program on Thursday after moving last month to bolster its efforts to support the eurozone economy. The ECB said its Governing Council left its deposit rate at negative 0.5% and its main refinancing rate at 0%. The central bank also affirmed it would maintain the "envelope" for its pandemic emergency purchase program at 1.85 trillion euros and would continue monthly purchases under the program until at least the end of March 2022. The ECB added that if "favorable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favorable financing conditions to help counter the negative pandemic shock to the path of inflation." The ECB also will continue its asset purchase program at a pace of 20 billion euros a month. ECB President Christine Lagarde will hold a news conference at 2:30 p.m. Frankfurt time, or 8:30 a.m. Eastern.
11:09 a.m. Jan. 19, 2021 - By Mark DeCambre
Dow ends higher to halt 3-session skid as investors cheered by 'act big' Janet YellenU.S. stocks finshed solildy higher Tuesday as Janet Yellen in her Senate confirmation hearing called for more fiscal aid for the pandemic-battered economy, helping push investors into a buying mood at the start of a holiday-shortened trading week. Markets were closed on Monday in observance of the Martin Luther King Jr. holiday. Yellen is Biden's nominee to replace Treasury Secretary Steven Mnuchin, and has emphasized the need for more government spending to avoid a protracted economic recession as a result of the COVID-19 pandemic. "But right now, with interest rates at historic lows, the smartest thing we can do is act big," she said in prepared testimony. The Dow Jones Industrial Average halted a three-session skid to close up 0.4% higher at around 30,930, the S&P 500 index advanced 0.8% to finish at 3,799, halting its two-session slide. The Nasdaq Composite Index rose 1.5% to finish at 13,197, narrowly missing a closing high at around 13,201. Markets were watching results from Netflix , which was coming out after the close of markets on Tuesday. Earlier in the session, market participants were parsing quarterly results from the likes of Goldman , which reported fourth-quarter net income that more than doubled and beat expectations by a wide margin, and revenue that also topped Wall Street expectations.
6:48 a.m. Jan. 14, 2021 - By Michael Ashbaugh
Charting a slow-motion breakout attempt: Nasdaq, Dow industrials press record highs Focus: Homebuilders break out even amid rising interest rates, XHB, ZBRA, KSS, WSM, JNPR, FATEU.S. stocks are higher early Thursday, rising amid renewed optimism over fiscal-stimulus prospects. Against this backdrop, each big three U.S. benchmark has challenged its prevailing range top — levels defining record highs — amid a slow-motion breakout attempt.
7:53 a.m. Jan. 12, 2021 - By Michael Ashbaugh
Charting a decisive 2021 breakout: U.S. benchmarks clear 20-day volatility bands Focus: Rising interest rates and energy prices signal reflation trade, 10-year yield and crude oil take flight, TNX, USO, AMD, SEDG, CSCOTechnically speaking, the major U.S. benchmarks have asserted a near-term holding pattern, pulling in modestly from all-time highs. Still, the slight downturn punctuates previously aggressive January breakouts amid a still comfortably bullish bigger-picture backdrop.
7:29 a.m. Jan. 12, 2021 - By Michael Ashbaugh
Charting a decisive 2021 breakout: U.S. benchmarks clear 20-day volatility bands Focus: Rising interest rates and energy prices signal reflation trade, 10-year yield and crude oil take flight, TNX, USO, AMD, SEDG, CSCOTechnically speaking, the major U.S. benchmarks have asserted a near-term holding pattern, pulling in modestly from all-time highs. Still, the slight downturn punctuates previously aggressive January breakouts amid a still comfortably bullish bigger-picture backdrop.
3:16 a.m. Jan. 2, 2021 - By Philip van Doorn
These are the 20 worst-performing S&P 500 stocks of 2020 — analysts see double-digit rebounds for five of them in 2021 The action is concentrated in one sectorThe action is concentrated in one sector.
11:04 a.m. Dec. 16, 2020 - By Mark DeCambre
Nasdaq ends at record, S&P 500 narrowly misses closing high as Fed emphasizes 0% interest rates through 2023 U.S. stocks finished at or near records on Wednesday, though the Dow closed nearly flat, as the Federal Reserve did little to indicate a change of the regime of ultralow interest rates amid the pandemic. The Fed said it was optimistic on the current recovery but emphasized that the outlook for the economy will hinge on how the U.S. deals with the worst viral outbreak in more than a century. Federal-funds rates were held at a range between 0% and 0.25%, as expected, as Washington tries to hammer out an agreement on another round of financial aid to combat the economic harm from the coronavirus. The central bank increased its GDP forecast but didn't adjust its $120 billion asset purchases, as had been expected by some Fed watchers. "Together these measures will ensure that monetary policy will continue to deliver powerful support for the economy until the recovery is complete," Fed Chairman Jerome Powell said at a news conference after Wednesday's statement was released. "A big yawn," is how Michael Arone, chief investment strategist at State Street Global Advisors, described the policy update to MarketWatch, immediately after the release. The Dow Jones Industrial Average closed down by about 44 points, or 0.2%, at around 30,155; the S&P 500 index rose 0.2% to 3,701, just shy of its Dec. 8 closing record at 3,702.25' while the Nasdaq Composite Index booked a 0.5% rise to a record close at about 12,658. In economic reports, a retail sales report showed that the economy may be slowing as coronavirus cases surge. U.S. retail sales dropped a seasonally adjusted 1.1% in November from the prior month. The data and Fed update come as congressional lawmakers were hammering out a roughly $900 billion deal that was expected to include another round of direct payments to households, The Wall Street Journal reported. In corporate news, Shares of Facebook Inc. were in focus after it launched a PR assault against Apple Inc. claiming the iPhone maker's upcoming mobile operating system update will hurt small businesses. Bond yields also edged higher, with the 10-year Treasury note yielding 0.92%.
9:23 a.m. Dec. 16, 2020 - By Mark DeCambre
Dow adds to slight losses Wednesday as Fed says path of economy next year depends on coronavirusU.S. stocks traded off their highest levels of the session on Wednesday, and losses deepened for the Dow, as investors parsed the last policy update of 2020 from the Federal Reserve, which did little to indicate a change of the regime of ultralow interest rates amid the pandemic. The Fed said it was optimistic on the current recovery but noted that the outlook for the economy will hinge on how the U.S. deals with the worst viral outbreak in more than a century. Federal-funds rates were held at a range between 0% and 0.25%, as expected, as Washington tries to hammer out an agreement on another round of financial aid to combat the economic harm from the coronavirus. The central bank increased its GDP forecast but did little to adjust its asset purchases, as had been expected by some Fed watchers. "A big yawn," is how Michael Arone, chief investment strategist at State Street Global Advisors, described the policy update to MarketWatch, immediately after the release. The Dow Jones Industrial Average was trading of by about 100 points, or 0.3%, lower at 30,104, the S&P 500 index slipped into negative territory at 3,693, while the Nasdaq Composite Index pared its gains, up 0.2% at 12,618. Fed Chairman Jerome Powell will host a news conference at 2:30 p.m.
9:07 a.m. Dec. 16, 2020 - By Myra P. Saefong
Gold posts a back-to-back gain, then moves lower in electronic trade after the Fed statementGold prices settled higher Wednesday for a second straight session, then moved lower after the it plans to keep key interest rates near zero, as expected, and will maintain bond purchases until the economy makes "substantial further progress." In electronic trading shortly after the policy announcement, gold for February delivery was at $1,855.90 an ounce. The contract had climbed $3.80, or 0.2%, to , ahead of the Fed news.
2:58 a.m. Dec. 10, 2020 - By William Watts
ECB expands stimulus program, says it will continue to monitor exchange rateThe European Central Bank on Thursday significantly expanded and extended its stimulus efforts as it moved to counter the impact of the sharp rise in COVID-19 cases this fall. Following its Governing Council meeting, the ECB said it would expand the size of its pandemic emergency purchase program, or PEPP, by 500 billion euros to 1.85 trillion euros and extend monthly purchases by 9 months to March 2022. The ECB also said it would continue buying 20 billion euros a month in securities through its asset purchase program, and that the program would run as long as necessary. The ECB also tweaked a program of cheap loans to banks aimed at boosting lending across the eurozone and said it would extend collateral easing measures. As expected, interest rates were left unchanged. In the announcement, the ECB said uncertainty remained high "including with regard to the dynamics of the pandemic and the timing of vaccine roll-outs." The ECB siad it would "also continue to monitor developments in the exchange rate with regard to their possible implications for the medium-term inflation outlook."
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