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Preparing for Winter Headwinds

  • Preparing for Winter Headwinds Preparing for Winter Headwinds 10:31
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    Inflation is surging. Here are 3 sectors that could benefit Inflation is surging. Here are 3 sectors that could benefit 4:05
10:36 p.m. Dec. 8, 2021 - By Steve Goldstein
Deutsche Bank shares trade lower after WSJ report about settlement violation concernsDeutsche Bank underperformed a rising DAX , sliding 2%, after reported the Justice Department believes the bank may have violated a criminal settlement when it failed to tell prosecutors about an internal complaint in its asset-management arm's sustainable investing business. Shares of the fund management arm DWS were steady. If U.S. authorities pursue Deutsche Bank for a breach of the agreement, the bank could lose its earlier deal and potentially face indictment and prosecution.
11:10 a.m. Dec. 8, 2021 - By Mark Decambre
S&P 500 ends within stone's throw of record high as stocks clinch 3rd straight gain on WednesdayU.S. stocks on Wednesday notched a third day of gains as investors weighed the effects of the omicron variant of coronavirus that causes COVID-19 on the economy. The S&P 500 index closed up 0.3% to reach 4,701, putting the broad-market benchmark within shouting distance from its Nov. 18 closing high at 4,704.54, while the Dow Jones Industrial Average eked out a 0.1% gain at 35,754.75, not from its Nov. 8 closing high at 36,432.22, while the Nasdaq Composite Index climbed 0.6% to around 15,787, bringing it within 2% of its all-time high.
9:31 a.m. Dec. 8, 2021 - By Greg Robb
U.S. likely ran a $193 billion deficit in November versus $145 billion a year earlier, CBO saysThe federal government likely ran a budget deficit of $193 billion in November, up from $145 billion in the same month last year, the Congressional Budget Office estimated Wednesday. The Treasury Department will release the official deficit data on Friday. The U.S. budget deficit hit $2.8 trillion in fiscal year 2021, the second highest on record. The CBO projects the 2022 deficit will narrow to $1.2 billion, in part because the federal government is no longer providing emergency pandemic assistance. For instance, outlays for unemployment compensation fell by $21 billion compared with the same month last year, the CBO said. Cecilia Rouse, chair of the White House council of economic advisers. said Tuesday that the slowdown in government spending will result in an 8.5% contraction in "the fiscal impulse" on the economy in 2022, one of the biggest drops since World War II.
5:35 a.m. Dec. 8, 2021 - By Steve Gelsi
Jefferies reiterates buy rating on State Street after reduction of Black Rock ETF servicing businessJefferies analyst Ken Usdin reiterated a buy rating on State Street Corp. on Wednesday and said the retention of 15% of BlackRock Inc.'s ETF servicing business will benefit the company. State Street revealed in filings earlier this year that it would lose a chunk of its ETF servicing business from BlackRock. BlackRock has now finalized its new structure with Citigroup Inc. handling 40% of the $2.3 trillion ETF business, JPMorgan Chase & Co. handling 30%; also Bank of New York Mellon Corp. and State Street with 15% each. "We see this as a win for everyone, with the loss well-telegraphed for STT but the retention of 15% a positive, as are the new wins for the others in a fast-growing asset class," Usdin said. Usdin said Jefferies has already subtracted $150 million in revenue from its models, but the actual figure could be about $160 million given asset value growth. Shares of State Street fell 0.9% in morning trading.
4:39 a.m. Dec. 8, 2021 - By Mark Decambre
Dow, S& P 500 fight to bring string of gains to three as investors assess vaccine efficacy against omicronU.S. stock benchmarks traded mixed early Wednesday as investors weighed the efficacy of vaccines and treatments against the omicron variant of coronavirus that causes COVID-19. Pfizer and BioNTech said Wednesday that a third dose of their CCOVID-19 vaccine neutralized the new strain in lab tests, but that a two-dose regimen was much less effective. The Dow Jones Industrial Average was up less than 0.1% at 35,737, and the S&P 500 index was trading less than 0.1% lower at 4,687. The Nasdaq Composite Index was down 0.3% at 15,637.
2:12 a.m. Dec. 8, 2021 - By Mark Decambre
Dow futures pick up steam early Wednesday as Pfizer/BioNTech release preliminary lab study on omicron variant U.S. stock-index futures gained some altitude higher Wednesday morning after a preliminary lab study from Pfizer and BioNTech SE suggested that 3 shots of their COVID vaccines, including a booster, provides the same level of neutralizing protection against the new omicron variant as two doses against the original strain of the coronvirus that causes COVID-19. Futures for the Dow Jones Industrial Average were trading 177 points, or 0.5%, higher at 35,885, those for the S&P 500 were up 0.5% at 4,705, while the Nasdaq-100 futures were trading 0.4% higher at 16,375. "Data indicate that a third dose of BNT162b2 increases the neutralizing antibody titers by 25-fold compared to two doses against the Omicron variant; titers after the booster dose are comparable to titers observed after two doses against the wild-type virus which are associated with high levels of protection," the . That report comes after South Africa reported findings from early lab tests indicating the Pfizer-BioNTech vaccine generated one-fortieth of the infection-fighting antibodies against omicron than against the original version of the virus.
11:16 a.m. Dec. 7, 2021 - By Mark Decambre
Dow's 1,100-point rally marks best 2 day campaign in at least a year as omicron fears recedeU.S. stock benchmarks extended a powerful two-session rally Tuesday, as Wall Street focused on early reports that the omicron variant of coronavirus that causes COVID-19 is less severe than originally feared. The Dow Jones Industrial Average closed up 492 points, or 1.4%, bringing its two-day tally to 1,138 points, marking the best two-day gain since November of 2020. The S&P 500 index also finished with a sharp advance of 2.1% to 4,687, to mark its best day since March 1, while the Nasdaq Composite Index climbed over 3% to clinch its best one-day gain since March 9, FactSet data show. All sectors of the S&P 500 ended in positive territory, with rallies in energy and information technology , areas of the market that have seemed the most beaten down of late, helping to propel U.S. stocks higher.
11:02 a.m. Dec. 7, 2021 - By Mark Decambre
All 11 sectors of the S&P 500 close higher Tuesday, led by gains in tech, energy and consumer-discretionary stocksThe broad-market S&P 500 on Tuesday posted its first back-to-back gains, with all 11 sectors finishing higher. The S&P 500 index ended the day with a gain of 2.1% to reach about 4,687, on a preliminary basis, representing the best day for the benchmark since March 1, powered by an advance in information technology energy , and consumer discretionary shares .
10:02 a.m. Dec. 7, 2021 - By Greg Robb
U.S. consumer credit moderates in OctoberU.S. consumer credit increased $16.9 billion in October, down from a $27.8 billion gain in September, according to Federal Reserve data released Tuesday. Economists had been expecting a $25 billion gain, according to the Wall Street Journal forecast. That's an annual growth rate of 4.7% in October, down from a 7.7% gain in the prior month. Revolving credit, like credit cards, rose 7.8% after an 11.7% gain in September. Nonrevolving credit, typically auto and student loans, rose 3.7% after a 6.5% growth rate in the prior month. This category of credit is much less volatile. It fell briefly at the start of the pandemic before returning to steady growth, although more recently, it has been depressed by the lack of supply of new cars. The data does not include mortgage loans, which is the largest category of household debt.
8:50 a.m. Dec. 7, 2021 - By Steve Gelsi
Goldman Sachs more concerned about inflation than COVID-19Goldman Sachs CEO David Solomon said Tuesday that monetary policy will likely have a bigger impact on markets than the pandemic as central banks around the world take steps to tackle inflation. While flare-ups such as the omicron variant could roil markets in the short-term, Goldman Sachs is expecting the economy to continue its recovery in 2022 and beyond, Solomon told CNBC. Solomon said it's unlikely that the double digit percentage gains in the S&P 500 in the past three years will become the norm in coming years. "I'm not a believer that double-digit equity returns compounding in perpetuity is something as an investor you should expect," he said. Monetary and fiscal policy remain critical amid jitters in the market around inflation and monetary policy by the U.S. Federal Reserve, he said. "We've had unprecedented monetary and fiscal policy for a meaningful amount of time and we're going to emerge from that and unwind that," Solomon said. "That's going to have a big impact on asset prices, market activity and a variety of things. There's going to be an impact on things as we unwind it and find the balance." Looking ahead, the big unknown is whether monetary policy makers can ease inflationary pressure without causing markets to decline sharply. "The thing we don't have the answer to is, can that be done in a smooth way where we take a little bit of the air out without a lot of bumps and volatility, or are we going to have some bumps and volatility along the way?" Solomon said. Solomon's comments came as bankers gathered for the Goldman Sachs Financial Services Conference. Wells Fargo CEO Charlie Scharf urged the Fed to move more quickly to stem inflation. "Inflation is very, very real," Scharf said, as reported by Reuters. "Prices are significantly higher for inputs across most industries. Labor shortage and wage increases are extremely real. Whether that continues for several years is not all that relevant but it certainly will have an impact over the next year or so."
8:46 a.m. Dec. 7, 2021 - By Mark Decambre
Amazon Web Services seeing widespread outages with online applications on Tuesday: DowndetectorAmazon.com Inc.'s massive cloud-computing operation on Tuesday was seeing widespread outages on its key data-streaming platform, as online applications suffered in parts of the U.S. The data website , which tracks online services, indicated reports of problems on Amazon Web Services, with some online users reporting issues on Twitter with downloading books and using other web-linked services.
4:37 a.m. Dec. 7, 2021 - By Mark Decambre
Dow rises nearly 400 points and Nasdaq Composite surges 2.2% early Tuesday as omicron fears subsideU.S. stock benchmarks gained sharply for another session as investors focused on early reports that the omicron variant of coronavirus that causes COVID-19 is less severe than originally feared. The Dow Jones Industrial Average was climbing 1.1%, or nearly 400 points, at 35,623, the S&P 500 index climbed 1.4% to reach 4,657, and the Nasdaq Composite Index rose 2.2% to 15,545. On the corporate front, Intel shares surged 5.6%, amid a plan to list shares in its Mobileye self-driving-car unit. Meanwhile, shares of American Airlines Group Inc. rose 2.1% Tuesday, after the air carrier said Chief Executive Doug Parker will retire, effective March 31, 2022, after about nine years in the role.
1:13 a.m. Dec. 7, 2021 - By Tomi Kilgore
Alvotech to go public through merger with SPAC Oaktree Acquisition in deal valued at $2.25 billionSpecial-purpose acquisition company (SPAC) Oaktree Acquisition Corp. II announced a merger agreement that will take Iceland-based biopharmaceutical company Alvotech Holdings S.A. public, in a deal that values the combined company at $2.25 billion. Oaktree's stock is still inactive in premarket trading. The deal is expected to provide Alvotech with gross proceeds of $450 million. After the deal closes, which is expected to occur in the first half of 2022, the company's stock is expected to trade on the Nasdaq under the ticker symbol "ALVO." Alvotech is focused on developing biosimilar medicines, and currently has seven products in its pipeline that address originator products treating conditions across autoimmunity, ophthalmology, osteoporosis, and oncology. Oaktree's stock has edged up 0.3% over the past three months, while the iShares Biotechnology ETF has tumbled 17.2% and the S&P 500 has gained 1.6%.
11:15 a.m. Dec. 6, 2021 - By Mark Decambre
Dow stages nearly 650-point rally for best day since March as Fauci comments deliver dose of bullishness to Wall St.The Dow Jones Industrial Average posted its best daily gain since early March as investors turned more bullish on Monday, following last week's volatile stretch that had been sparked by concerns about the spread of the omicron variant of the coronavirus that causes COVID-19. Fears of a policy error by the Federal Reserve also have been making investors uneasy. On Monday, the Dow closed up 1.9% or about 647 points, to reach 35,227, powered by gains in UnitedHealth Group Inc. and Goldman Sachs Group Inc. , while the S&P 500 index closed up 1.2% to reach 4,591 and the Nasdaq Composite Index advanced 0.9% to end at around 15,225. The more upbeat trading in stocks came as Dr. Anthony Fauci, the U.S.'s leading specialist in infectious diseases, offered encouraging comments on the outlook of the omicron variant over the weekend. Fauci told CNN's "State of the Union" that early reports about the spread of the omicron variant of coronavirus suggest it might be less severe than initially feared. Shares of vaccine maker Moderna , meanwhile, ended down more than 13%.
8:29 a.m. Dec. 6, 2021 - By Mark Decambre
Dow industrials rally surge on Monday puts blue-chip, stock-market index on track for best day in over a year The Dow Jones Industrial Average on Monday afternoon was on track for its best point and percentage gain in more than a year, as investors bought a recent dip in stocks that has been at least partly precipitated by fears of the COVID omicron variant and worries about Federal Reserve policy. Monday's gains saw the Dow rise 2.1%, or 713 points, which would mark the sharpest percentage gain for the 30-stock index since Nov. 9, 2020 when it gained 834 points, or 2.95%, FactSet data show. The session's gain was being powered primarily by advances in UnitedHealth Group Inc. , Goldman Sachs Group Inc. , Home Depot and Visa Inc. . Only shares of Nike Inc. , salesforce.com and Verizon Communications Inc. were trading in negative territory among the Dow's components in afternoon trade.
5:43 a.m. Dec. 6, 2021 - By Mark Decambre
Digital World Acuisition Corp., tied to Donald Trump, falls 5% as publicly traded entity says it is facing a regulatory probeDigital World Acquisition ---more informally known as the special-purpose acquisition corp. tied to former president Donald Trump---said in a public filing on Monday that the Financial Industry Regulatory Authority and the Securities and Exchange Commission had requested information from it about its trading and communications with Trump entities before the announcement of a prospective SPAC deal two months ago. So-called DWAC, referring to its ticker symbol, "has received certain preliminary, fact-finding inquiries from regulatory authorities, with which it is cooperating," the entity wrote in a public filing. Shares of the SPAC, which plans to merge with ex-president Trump's new social media business, surged more than 90% on Oct. 22 on reports of its plans, after rising more than fourfold on the Thursday before. Shares of DWAC hit a peak at $175 in late-October on heavy volume but has since tumbled 76% from that peak, FactSet data show. DWAC's plan had been to merge with Trump's start-up Trump Media & Technology Group. So-called SPACs, also known as blank-check companies, raise money from investors to take private businesses public and have been a buzzy investment vehicle over the past two years at least.
4:35 a.m. Dec. 6, 2021 - By Mark Decambre
Dow gains over 300 points early Monday but tech-heavy Nasdaq Composite remains under selling pressureU.S. stock benchmarks traded mostly higher early Monday, as investors digested the latest news on the spread of the coronavirus and prepared for new inflation data later in the week. Dr. Anthony Fauci told CNN's "State of the Union" that the early reports of the spread of the omicron variant of coronavirus suggest it might be less dangerous than the delta wave. Reports from South Africa show that while the virus is rapidly spreading, hospitalizations are not. The Dow Jones Industrial Average was trading 308 points, or 0.9%, higher at 34,891, the S&P 500 index advanced 0.5% to 4,561, while the Nasdaq Composite Index traded lower, off 0.2% at 15,054. Shares of Lucid Group Inc. was in focus after the California-based electric vehicle maker disclosed that it was subpoenaed by the Securities and Exchange Commission related to an investigation.
11:12 a.m. Dec. 3, 2021 - By Mark Decambre
Dow ends well off Friday's low, Nasdaq falls 1.8% and all 3 major stock-market indexes post weekly losses in wild weekU.S. stock benchmarks closed lower Friday, but managed to finish off the day's worst levels, as investors wrestled with weaker-than-expected November jobs report. The Labor Department report showed that a mere 210,000 new jobs were created in the U.S. in November, well below estimates from economists polled by The Wall Street Journal for a gain of 573,000 new jobs. However, analysts say the lackluster jobs gain isn't likely to alter the Federal Reserve's plan to accelerate the scaling back of its monthly bond purchases at policy makers' next meeting in less than two weeks. Fed Chairman Jerome Powell and other members of the central bank's rate-setting committee have suggested that a faster tapering of asset purchases could be warranted to combat rising inflation pressures. The Dow Jones Industrial Average closed down 0.2% on Friday to reach 34,580, but the index had hit an intraday low at 34,264.57. For the week, the index closed down 0.9% to mark the fourth straight weekly decline. The S&P 500 index closed the day down 0.8% at 4,538 but had touched an intraday nadir at 4,495.10, while the Nasdaq Composite Index ended down 1.9% at 15,085. For the week, the S&P 500 lost 1.2%, for its second straight weekly drop, while the Nasdaq Composite booked a 2.6% weekly skid.
10:20 a.m. Dec. 3, 2021 - By Mark Decambre
Wall Street's 'fear index' shoots to highest level since January as S&P 500 skids lower, Nasdaq sinks toward correction A measure of implied volatility on Wall Street on Friday touched the highest level since late January as the S&P 500 index headed toward its second consecutive weekly loss. The CBOE Volatility Index jumped by about 24% Friday, trading around 34.6, which would mark the highest level for the index since Jan. 27, according to FactSet data. The index, also known as the VIX, for its ticker symbol, has become well known as Wall Street's "fear index," since it was created in the early 1990s. The VIX itself, which uses S&P 500 options to measure trader expectations for volatility over the coming 30-day period, tends to rise as stocks fall and is often therefore referred to as a guide to the level of investor fear. It had been trading below its historic average of around 19.5 until concerns about the omicron variant of the coronavirus that causes COVID-19 emerged last week. This Friday, the VIX was headed higher in the culimination of a weeklong selloff in equities as investors reassessed a weaker-than-expected November jobs report as unlikely to stay the hand of a Federal Reserve that seems intent on tamping down inflation. Meanwhile, the Nasdaq Composite Index , off 2.7%, was seeing the most significant selling pressure, among the main three stock benchmarks, bringing the index down more than 6% from its Nov. 19 record peak.
10:07 a.m. Dec. 3, 2021 - By Mark Decambre
The Dow has shed over 2,000 points over past month as blue-chip, stock-market index heads for 4th weekly tumbleThe Dow Jones Industrial Average has shed about 2,000 points since the middle of November to this Friday, as bullish momentum unwinds. At last check, the Dow was down 360 points Friday afternoon, bringing the weekly drop to nearly 630 points, or 1.8%, and marking the fourth consecutive weekly decline for the benchmark of 30 blue-chip stocks, if the decline holds. From the weekly period started Nov. 12 to Dec. 3, the index has lost about 2,054 points. U.S. stock benchmarks were down Friday, as investors reassessed weaker-than-expected November jobs report as unlikely to stay the hand of a Federal Reserve that seems intent on tamping down inflation. Worries about the spread of the omicron variant of the coronavirus that causes COVID-19 and fears about the Federal Reserve's monetary policy plans, was helping to undercut bullish momentum on Wall Street.
6:59 a.m. Dec. 3, 2021 - By Mark Decambre
Nasdaq Composite loses perch at 15,000 as stock-market benchmark falls to 7-week lowThe Nasdaq Composite was facing a fresh selloff Friday, capping a tumultuous week for the benchmark, as investors sold technology and technology-related shares, amid growing concerns that higher borrowing costs are in store for the U.S. economy. The Nasdaq Composite was trading 2.6% lower at 14,979, falling below 15,000 for the first time since Oct. 15, FactSet data show. The decline for the index comes amid a broader decline in the S&P 500 index and the Dow Jones Industrial Average , after a weaker-than-expected November jobs report was seen as unlikely to stay the hand of a Federal Reserve that seems intent on tamping down inflation.
4:39 a.m. Dec. 3, 2021 - By Mark Decambre
U.S. stock market aims for back-to-back gains, even as employment report shows 210,000 jobs created in NovemberU.S. stocks opened modestly higher Friday morning, as investors parsed a jobs report that came in much weaker than expected on a headline basis but appeared to offer some fodder for bullish investors worried about a rapid pace of interest-rate increases by the Federal Reserve. The Labor Department reported that a mere 210,000 new jobs were created in November, well below estimates from economists polled by The Wall Street Journal for a gain of 573,000 new jobs. However, the report did have some strong points. The jobless rate fell to 4.2% from 4.6%, and touched a new pandemic low. Economists say the official rate likely underestimates the true level of unemployment by a few percentage points, however. The Dow Jones Industrial Average was climbing 134 points, or 0.4%, at 34,774, the S&P 500 index advanced 0.6% to reach 4,602, while the Nasdaq Composite Index climbed 0.3% to reach 15,421. The labor figures come as the market is wrestling with the economic impact of the omicron variant of the coronavirus that causes COVID-19. The variant has triggered fresh restrictions around the world, and has prompted the Federal Reserve to consider increasing the pace of removing market accommodations to slow inflation. Fed boss Jerome Powell, in congressional testimony earlier this week, said that he feared that the omicron variant might amplify inflation pressures.
3:20 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express Global Business Travel confirms $5.3 billion merger deal with SPAC Apollo Strategic GrowthShares of American Express Co. rose 0.8% in premarket trading Friday, after American Express Global Business Travel (GBT), which is 50% owned by AmEx, confirmed that it will go public through a merger with special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital in a deal that values the combined company at $5.3 billion. The Wall Street Journal had . The merger will provide $1.2 billion in gross proceeds, including $335 million in private investment in public equity (PIPE) from investors including Zoom Video Communications Inc. , Sabre Corp. and Apollo Global Management Inc. . After the deal closes, which is expected to occur in the first half of 2022, the combined company will be named Global Business Travel Group Inc. and is expected to be the world's largest publicly traded business-to-business travel platform. The company is expected to list on the NYSE under the ticker symbol "GBTG." "We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners," said GBT Chief Executive Paul Abbott. American Express' stock has slipped 1.6% over the past three months, while the Dow Jones Industrial Average has lost 2.1%.
2:12 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express' Global Business Travel business close to $5.3 billion merger with SPAC--WSJShares of American Express Co. rose 0.8% in premarket trading Friday, after that the credit card company's Global Business Travel business is close to a deal to be taken public by special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital . Citing people familiar with the matter, the WSJ report said a merger with the SPAC, which is backed by Apollo Global Management Inc. , would value AmEx's travel-booking services provider for corporate customers at about $5.3 billion. The WSJ report said the merger could be announced as soon as Friday. AmEx's stock has rallied 29.7% year to date through Thursday, while the Dow Jones Industrial Average has gained 13.2%.
11:11 a.m. Dec. 2, 2021 - By Christine Idzelis
U.S. stock indexes led by Dow close higher, snapping two straight days of lossesMajor U.S. stock indexes ended higher Thursday, snapping two straight days of losses as investors bought the dip that had been sparked by worries over the omicron variant of the coronavirus and concern the Federal Reserve may become more hawkish than anticipated to combat high inflation. The Dow Jones Industrial Average saw a sharp rebound of about 1.8% to close at around 34,640, the S&P 500 climbed about 1.4% to finish at around 4,577 and the Nasdaq Composite Index rose 0.8% to end at around 15,381 according to preliminary data from FactSet. President Joe Biden announced on Thursday his administration's , including an expansion for at-home testing in the U.S. All eleven sectors of the S&P 500 index finished higher Thursday, led by industrials, energy and financials, preliminary FactSet data show.
7:42 a.m. Dec. 2, 2021 - By Tomi Kilgore
The triple-short Nasdaq 100 ETF is the most active stock on U.S. exchangesThe ProShares UltraPro Short QQQ ETF dropped 3.0% on heavy volume in midday trading Thursday, as the Invesco QQQ ETF , which tracks the Nasdaq 100 , jumps 0.9%, with 85 of its 103 equity components gaining ground. Trading volume in the UltraPro Short QQQs, which aims to return triple the inverse of the technology-heavy Nasdaq 100's performance, ballooned to 164.9 million shares, which is already more than the full-day average of about 124.5 million shares, and enough to make the triple-short QQQs the most actively traded stock on major U.S. exchanges. With the tech sector selling off over the past couple weeks, the triple-short QQQs had run up 12.9% since closing at a record low of $5.89 on Nov. 19 through Wednesday's one-month closing high of $6.65. Over the same time, the QQQs had slumped 4.2% while the S&P 500 fell 3.9%.
4:37 a.m. Dec. 2, 2021 - By Mark Decambre
Dow opens slightly higher Thursday but stock market struggles to recover from omicron-led sellingU.S. stocks traded mixed Thursday morning, in what has become an increasingly volatile market resulting in uncertainty over the spread of coronavirus and a fuzzy path for monetary policy and the U.S. economy. The Dow Jones Industrial Average was up 0.4% at 34,161, the S&P 500 index added 0.1% to 4,518, while the Nasdaq Composite Index declined 0.1% at 15,241. In ecoonomic reports, the number of people who applied for unemployment benefits around Thanksgiving surged above 200,000, partly reversing a big plunge in the prior week that had knocked jobless claims down to 52-year low. New filings for benefits jumped by 28,000 to 222,000 in the seven days ended Nov. 27, the Labor Department said Thursday. Markets have been under pressure as a result of the emergence of concerns related to the omicron variant of the coronavirus that causes COVID-19.
3:51 p.m. Dec. 1, 2021 - By MarketWatch
Digital World Acquisition Corp. shares jump 24% after report of $1 billion fundraising target Shares in Digital World Acquisition Corp. , a special-purpose acquisition company that has , increased more than 24% in after-hours trading Wednesday, after a report that the entity is seeking to raise up to $1 billion. just as markets closed Wednesday that two "people familiar with the matter" say the entity is looking to raise up to $1 billion from hedge funds and others in a private investment tied to the SPAC, known as a PIPE. DWAC shares jumped just before the close Wednesday for a 7.2% daily gain to $44.35, then increased 24.2% in the extended session. DWAC representatives are trying to sell PIPE shares for $30 apiece, which would push the company to a $3 billion valuation, according to the report, which says one source attended a recent "roadshow" seeking to drum up funding for the PIPE. Reuters reported that many Wall Street firms did not attend the roadshows, which were instead largely populated by representatives from hedge funds, family offices and high-net-worth individuals, and that attendees were shown a demonstration of a service called TRUTH Social that resembled Twitter Inc. , Phunware Inc. , saw shares jump 40% in after-hours trading.
9:19 a.m. Dec. 1, 2021 - By Mark Decambre
Stock market stages big U-Turn from strong gains after first case of omicron strain of coronavirus confirmed in CaliforniaStocks took a dramatic turn lower Wednesday afternoon, with the Nasdaq Composite falling into negative territory, after Dr. Anthony Fauci, President Joe Biden's top medical adviser, during a briefing on Wednesday for reporters, saying that the U.S. has its first confirmed case of the omicron variant of the coronavirus that causes COVID-19. "The California and San Francisco departments of public health and the CDC have confirmed that a recent case of COVID-19 among an individual in California was caused by the omicron variant," Fauci said. The Nasdaq Composite Index was down 0.1% after being up 1.8% at its Wednesday peak, which would mark its biggest turnaround since July of 2020, according to Dow Jones Market Data. The S&P 500 index was holiding onto a 0.3% gain but had been sharply higher at 4,652.94 and the Dow Jones Industrial Average was flat at 34,466, but had touched an intraday peak at 35,004.
9:12 a.m. Dec. 1, 2021 - By Mark Decambre
Russell 2000 index turns south, and is at risk of posting first correction since June of 2020 as first case of omicron found in U.S.The small-capitalization Russell 2000 index staged a powerful turnabout that was threatening to push the index into correction territory for the first time since June of 2020, Dow Jones Market Data. The Russell 2000 index was currently down 0.7% at 2,190, with a close below 2.198.47, representing a decline into correction for the benchmark. Market technicians deem a decline of an asset from a recent peak of at least 10% (but no more than 20%) as being in correction. The skid lower for the benchmark, it was up 2.5% earlier Wednesday, also would represent its largest turnaround since March 20, 2020. The move lower also comes as the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index lose steam as the omicron variant of the coronavirus that causes COVID-19 has been identified in the U.S. Reports indicate that the first case of the variant was discovered in San Francisco.
8:02 a.m. Dec. 1, 2021 - Barrons.com
Preparing for Winter HeadwindsThe Schwab Center for Financial Research's Kathy Jones discusses potential challenges facing the U.S. bond market in 2022. Plus, Janney Montgomery Scott's Mark Luschini analyzes opportunities within equities despite ongoing economic volatility.
5:13 a.m. Dec. 1, 2021 - By Tomi Kilgore
Skechers stock surges after activist investor boosts stake, calls for 'aggressive' buybacks and dividendShares of Skechers USA Inc. surged 5.1% in morning trading Wednesday, after Tremblant Capital Group disclosed that it increased its equity stake in the footwear seller to 5.1%, and said it has "engaged in discussions" with the company in an attempt to boost value. The new stake of 6.87 million shares comes just two weeks after the company said in a 13F filing that it owned 2.73 million Skechers shares and calls to buy 1.07 million shares as of Sept. 30. In a letter to Skechers' board of directors, that it was "puzzling" that despite revenue growing faster than many peers, such as Nike Inc. , Under Armour Inc. and Crocs Inc. , Skechers stock trades at less than half of the earnings multiples of those peers. Among Tremblant's suggestions to grow value were to initiate an "aggressive" share repurchase program and a dividend, and to eliminate the dual share class structure. Tremblant believes its suggestions could create more than $4 billion of value over the next 10 years. The stock has shed 6.0% over the past three months, while the S&P 500 has gained 2.5%.
11:10 a.m. Nov. 30, 2021 - By Mark Decambre
How the Dow tumbled 650 points and ended more than halfway to correction Tuesday as omicron, Powell rattle Wall StreetU.S. stock benchmarks rang up another solid session of losses, sparked by growing concerns about the omicron variant of the coronavirus that causes COVID-19 and comments from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average ended the session off 1.9% to about 34,484, bringing the blue-chip index about 5.3% below its Nov. 8 closing record and dragging the index nearer a correction, defined by chart technicians as a 10% drop from a recent peak. The S&P 500 index closed down 1.9% to 4,567 nearly 3% below its Nov. 18 record peak and the Nasdaq Composite Index declined 1.6% to 15,537. The small-capitalization Russell 2000 index appeared to narrowly avoid a correction, which would stand at around 2,198 for the small-capitalization index. Equities were already feeling pressure after Moderna Inc.'s chief executive officer predicted that current vaccines would be less effective against the new omicron variant of the coronavirus that causes COVID-19. Losses deepened after Federal Reserve Chairman Jerome Powell told lawmakers that it would be appropriate for policy makers to consider winding down monthly asset purchases more quickly than planned.
8:12 a.m. Nov. 30, 2021 - By Mark Decambre
Dow's omicron-inspired plunge puts blue-chip index perilously close to sinking below 200-day moving average The Dow Jones Industrial Average was trading near session lows on Tuesday afternoon, a move that puts the blue-chip index in position to eventually mark the first close below its 200-day moving average since July of 2020, according to Dow Jones Market Data. At last check, the Dow was down 650 points, or 1.8%, at 34,488, with the 200-day moving average standing at 34,349.12, according to FactSet data. The Dow hasn't closed beneath the measure that market technicians use as a gauge of an asset's long-term trend line since July 13, 2020. The decline, which also was sinking the S&P 500 index , the Nasdaq Composite Index and putting the small-capitalization Russell 2000 index at risk of closing in correction, was sparked by comments from Federal Reserve Chairman Jerome Powell amid the emergence of a new variant of the coronavirus, omicron, that causes COVID-19. Powell told lawmakers it would be appropriate for policy makers to consider speeding up the wind-down of the central bank's monthly asset purchases when the meet next month. Equities were already under renewed pressure after Moderna Inc.'s chief executive officer predicted that current vaccines would be less effective against the new omicron variant of the coronavirus that causes COVID-19.
7:25 a.m. Nov. 30, 2021 - By Mark Decambre
Panic-like selling signs emerge in NYSE as Dow tumbles more than 600 points Tuesday amid omicron fearsTrading in New York Stock Exchange-listed stocks on Tuesday were exhibiting panic-like-selling behavior as stocks faced selling pressure attributed to the emergence of the omicron variant and commments from the Federal Reserve Chairman Jerome Powell about the pace of tapering. 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 2.517 for NYSE-listed shares. Many technicians say a rise to at least 2.000 suggests panic-like selling behavior. Losses for U.S. stocks deepened late-morning Tuesday after Powell told Senate lawmakers it would be appropriate for central-bank policy makers to consider speeding up the wind-down of the central bank's monthly asset purchases when the meet next month. Stock benchmarks were already under renewed pressure after Moderna Inc.'s chief executive officer predicted that current vaccines would be less effective against the new omicron variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average was down 600 points, or 1.7%, at 34,525, the S&P 500 index was down 1.7% at 4,576, while the Nasdaq Composite Index was down 1.9% at 15,491.
6:39 a.m. Nov. 30, 2021 - By Tomi Kilgore
Russell 2000 in danger of first official correction since the COVID-19 bear market of early 2020The Russell 2000 Index was dropping 2.1% to 2,195.78 in morning trading Tuesday, to put the small-capitalization stocks tracker in danger of its first official correction since the COVID-19-induced bear market of early 2020. Many on Wall Street define a correction as a decline of at least 10% to up to 20% from a significant closing high; a bear market is a decline of 20% or more. The index has currently lost 10.1% since the Nov. 8 record close of 2,442.74, while a correction would become official with a close at or below 2,198.46. The last correction for the index occurred on Feb. 27, 2020, when the index tumbled 3.5% to close 12.2% below the 17-month closing high of 1,705.21 on Jan. 16, 2020. The decline eventually developed into a bear market, as it fell as much as 41.9% from its Jan. 16 close to a four-year closing low of 991.16 on March 18, 2020. Meanwhile, the S&P 500 was down 1.5% on Tuesday and was 2.6% below its Nov. 18 record close of 4,704.54 and the Nasdaq Composite was losing 1.6% and was 3.2% below its Nov. 19 record of 16,057.44.
6:33 a.m. Nov. 30, 2021 - By Steve Gelsi
BNP Paribas forecasts S&P 500 at 5,100 by year-end 2022Greg Boutle, U.S. head of equity and derivative strategy at BNP Paribas, said Tuesday he expects the S&P 500 to reach 5,100 by the end of 2022, up about 11% above its current level of 4,600, despite jitters around the omicron variant. The firm expects corporations to generate profit growth that exceeds current Wall Street consensus expectations. BNP also sees a lower likelihood of corporate tax increases next year. Big picture risks for 2022 such as supply disruptions, higher oil prices and interest rate hikes by the Fed are all "digestible" by the market. BNP chief global economist Luigi Speranza said his central bank policy outlook over the next twelve months differs considerably across potential scenarios for the impact of omicron, but "in the short term we think higher uncertainty favors a more cautious approach" by the Fed and others.
6:03 a.m. Nov. 30, 2021 - By Mark Decambre
Dow skids nearly 600 points and stock market's losses deepen as Fed's Powell says faster taper may be warranted amid omicronU.S. stocks saw losses sharpen late-morning Tuesday as Federal Reserve Chairman Jerome Powell suggested that a more rapid tightening of financial conditions may be warranted as the omicron variant of the coronavirus that causes COVID-19 complicates the economic recovery and potentially intensifies supply-chain bottlenecks. The Dow Jones Industrial Average was down 570 points, or 1.6%, at 34,567, the S&P 500 index was trading 1.6% lower at 4,581, while the Nasdaq Composite Index was trading 1.7% lower at 15,520. During Tuesday's testimony in front of the Senate Banking Committee as a part of the CARES act, Powell said that risk of persistent inflation has risen and said that the central bank may need to speed up its reduction of asset-purchases, which could set the table for faster interest-rate increases by the Fed, potentially bearish for risky assets in the short term.
4:33 a.m. Nov. 30, 2021 - By Mark Decambre
Dow skids over 200 points lower at Tuesday's open as Moderna CEO raises doubt about current batch of vaccines versus omicron U.S. stock benchmarks headed lower Tuesday morning, giving up some of Monday's gains, amid fresh concerns that the new omicron strain of coronavirus is more resistant to the current batch of vaccines. Moderna Chief Executive Stéphane Bancel told the in an interview. The Dow Jones Industrial Average was down 0.8%, the S&P 500 index declined 0.6% at 4,627, while the Nasdaq Composite Index retreated 0.4% at 15,717. The 10-year benchmark Treasury note was yielding 1.44%, down from 1.529% on Monday at 3 p.m. Eastern Time.
4:01 a.m. Nov. 30, 2021 - By Tomi Kilgore
Bank stocks dive as omicron fears send Treasury yields sinkingThe financial sector was hit hard in premarket trading Tuesday, as concerns over the potential impact of the on the economy sent sharply lower. The SPDR Financial Select Sector ETF slid 1.5% ahead of the open toward a seven-week low, with 58 of its 65 equity components trading lower, while futures for the S&P 500 were down 0.8%. Among the more-active ETF components, shares of Citigroup Inc. slumped 2.0%, Morgan Stanley slid 1.6%, JPMorgan Chase & Co. lost 1.8%, Bank of America Corp. dropped 2.0% and Wells Fargo & Co. declined 2.0%. The yield on the 10-year Treasury note declined 10.6 basis points to a two-month low of 1.424%, and has now dropped 24.3 basis points over the past four sessions. Lower longer-term interest rates can hurt bank profits, as it narrows the spread they earn on longer-term assets, such as loans, that are funded with shorter-term liabilities.
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