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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.
1:36 a.m. Dec. 7, 2021 - By Tomi Kilgore
Coronavirus tally: U.S. daily average of cases jumps 28% and death toll hits 1-month high, while omicron fears waneWhile fears of the omicron variant continued to wane, as seen through , global tally for the coronavirus-borne illness rose to a total of 266.6 million on Friday and the death toll climbed to 5.27 million, according to . The U.S. leads the world with a total COVID-19 case count of 49.3 million and death toll of 789,745. The daily average case count rose climbed to 119,751 on Monday, the highest since Sept. 25, and a 28% increase from two weeks ago, according to . The daily average death toll rose 13% to 1,266, the most since Nov. 4, while hospitalizations increased 18% to a seven-week high of 59,702. GlaxoSmithKline PLC helped to further soothe omicron fears after the drug maker said new preclinical studies showed that its . Meanwhile, the number of Americans at least 12 years old who are fully vaccinated inched up to 197.8 million, or 69.8% of that population, according to the Centers for Disease Control and Prevention's .
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%.
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.
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.
1:46 a.m. Dec. 3, 2021 - By Tomi Kilgore
Recently IPO'd Dole reports profit and revenue growth, in face of inflation and supply chain headwindsShares of Dole PLC were indicated up nearly 1% in premarket trading Friday, after the fresh fruit and vegetables company, , reported a rise in third-quarter profit and revenue, in the face of inflationary pressures and supply chain congestion and labor shortages. Pro-forma net income rose to $29.9 million, or 31 cents a share, from $18.6 million, or 20 cents a share, in the year-ago period. Revenue rose 0.3% to $2.32 billion, while cost of sales grew 0.7% to $2.18 billion. FactSet did not have consensus estimates for earnings or revenue. Fresh fruit revenue rose 0.8% to $676.8 million, as lower volume of bananas in North American and lower pricing of bananas in Europe and pineapples in North America offset higher banana pricing in North American and volume growth in pineapples. Fresh vegetables revenue increased 1.0% to $323.8 million as higher pricing in its value-added salads business offset lower volumes. For 2021, the company is expecting revenue of $9.2 billion to $9.4 billion. The stock has tumbled 16.7% over the past three months while the S&P 500 has gained 0.9%.
11:35 p.m. Nov. 28, 2021 - By Barbara Kollmeyer
WHO warns of 'severe consequences' from omicron surges, urges widespread testingThe World Health Organization is urging countries to start widely testing in communities to gauge whether the new omicron variant is circulating, in it released on Sunday. "Given mutations that may confer immune escape potential and possibily transmissibility advantage, the likelihood of potential further spread of omicron at the global level is high. Depending on these characteristics, there could be future surges of COVID-19, which could have severe consequences, depending on a number of factors including where suges may take place. The overall global risk to the new VOC [variant of concern] omicron is assessed as very high." The body urged member states to not only start testing widely, but to accelerate vaccination coverage as fast as possible, espcially among high-risk individuals. Masks, distancing, ventilation of outdoor spaces and crowd avoidance are among the measures country should follow, as well as a risk-based approach to adjust international travel measures in a timely manner.
5:47 a.m. Nov. 26, 2021 - By Mark Decambre
Dow's Black Friday plunge puts blue-chip stock gauge at risk of closing below 50-day moving averageU.S. stocks were facing their worst Black Friday trade in recent memory and the decline was putting the Dow Jones Industrial Average at risk of closing below its 50-day moving average for the first time since mid October, as markets wrestle with reports of a new coronavirus variant.The Dow was down 826 points, or 2.3%, to trade at 34,969, which is below its 50-day MA at 35,261.93. Scientists say the coronavirus strain has a high number of mutations that may make it more transmissible and allow it to evade some of the immune responses triggered by previous infection or vaccination. Meanwhile, the S&P 500 index , and the Nasdaq Composite Index were both trading sharply lower but holding above their short-term MAs. Moving averages are used by technical analysts to gauge short-term and long-term momentum in an asset.
10:28 p.m. Nov. 25, 2021 - By Barbara Kollmeyer
European stocks slump with travel names hard hit as investors fret over new COVID variantEuropean stocks fell sharply early Friday, with heavy losses for travel stocks and energy names after a new potentially highly contagious variant of COVID was detected in South Africa. The Stoxx Europe 600 index slid 3.8% to 465, with the German DAX down 3.5%, the French CAC 40 sliding 4.3% and the FTSE 100 index down 3.4%. The U.K. has announced it will halt travel from South Africa and several other African countries as of Friday. Shares of International Consolidated Airlines slid 10%, cruise operator Carnival slumped 16% and Deutsche Lufthansa dropped 12%. Energy names also weighed heavily as crude fell more than 5% to $73.91 a barrel. BP shares fell 8%.
6:59 a.m. Nov. 25, 2021 - By Barbara Kollmeyer
EU proposes nine-month time limit on validity of COVID vaccinations for travelThe European Union has announced proposals that would put a nine-month time limit on COVID vaccinations for travelers in and out of the bloc. After that point, boosters would be required, the European Commission recommended, in a . "The 9-month period takes into account the guidance of the European Centre for Disease Prevention and Control (ECDC) on the administration of booster doses as of 6 months, and provides for an additional period of 3 months to ensure that national vaccination campaigns can adjust and citizens can have access to boosters," the statement said. Also on Thursday, the Commission from outside the EU, saying travel should reopen by Jan. 10 to those who have World Health Organization approved shots, but that an additional proof of negative PCR test will also be required.
8:37 a.m. Nov. 23, 2021 - By Mark Decambre
Gold's 4th straight decline matches longest skid in nearly 7 monthsGold futures settled lower Tuesday for a fourth straight session, with the precious metal falling to the lowest value in about three weeks, breaching the psychologically significant value at $1,800 again. December gold shed $22.50, or 1.2%, to settle at $1,783.80 an ounce, marking the lowest finish for a most-active contract since Nov. 3, FactSet data show. The four-day slide also matched the longest string of declines for the contract for the precious metal since the period ended April 30.
4:38 a.m. Nov. 23, 2021 - By Mark Decambre
Dow industrials trade under pressure and broader market slumps early Tuesday U.S. stock benchmarks traded mostly lower Tuesday morning, with pressure again seen on the technology sector as investors continue to consider what the reappointment of Federal Reserve Chair Jerome Powell may mean for monetary policy tightening. The Dow Jones Industrial Average declined 17 points, or less than 0.1%, to around 35,604, the S&P 500 index fell 0.2% to reach 4,674 and the Nasdaq Composite Index retreated 0.5% to 15,774, as a rise in Treasury yields continued, with the 10-year Treasury note yielding around 1.64%. In corporate news, shares of Zoom Video Communications were in focus after company executives detailed falling revenue on a conference call late Monday. U.S. markets will be closed on Thursday in observance of Thanksgiving and will end early on Friday.
7:34 a.m. Nov. 19, 2021 - By Tomi Kilgore
Oil stocks take a broad beating as crude prices sinkThe energy sector took a broad beating Friday, and was the weakest of the S&P 500's 11 key sectors, after by fears that will drive down demand. The SPDR Energy Select Sector ETF dropped 3.5%, with all 21 equity components losing ground, and has lost 5.5% amid a three-day losing streak. The biggest loser was Devon Energy Corp.'s stock , which slid 5.6%. Among other more active components, shares of Exxon Mobil Corp. slumped 4.3%, Marathon Oil Corp. gave up 4.3%, Occidental Petroleum Corp. lost 4.9%, Schlumberger Ltd. fell 5.1% and Chevron Corp. declined 2.2%. Meanwhile, crude oil futures shed 3.7% toward a seven-week low. The energy sector ETF has still run up 19.8% over the past three months, while crude oil futures have climbed 18.9% and the S&P 500 has gained 7.0%.
4:35 a.m. Nov. 19, 2021 - By Mark Decambre
Dow, S&P 500 slump Friday but Nasdaq Composite edges higher in early Friday actionU.S. stock benchmarks headed lower Friday morning, amid growing concerns over rising cases of COVID-19 in the U.S. and a national lockdown in Austria, with Germany threatening similar action to mitigate the spread of the infectious disease COVID-19 that has plagued the globe for two years. The Dow Jones Industrial Average was down 0.5%, the S&P 500 index was off less than 0.1%, while the Nasdaq Composite Index gained 0.2%. Friday marks the final full week of trading in November before the Thanksgiving holiday in the U.S., with the markets closed on Thursday and ending early in the following session.
9:44 a.m. Nov. 16, 2021 - By Mark Decambre
VanEck's 'lowest-cost' bitcoin linked ETF is down Tuesday but it's outperforming ProShares and Valkyrie funds down 5%The VanEck Bitcoin Strategy Fund on Tuesday is seeing its first day of trading, with the bitcoin futures-pegged exchange-traded fund, which bills itself as the "lowest-cost" option, compared against rivals, outperforming "spot" bitcoin values . VanEck's ETF was down less 1%, at last check, on Tuesday afternoon, in its first day of trading on Cboe Global Markets Inc.'s Cboe BZX exchange. By comparison, spot bitcoin was down more than 5%, in line with the ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF , which also are pegged to bitcoin futures traded on the CME Group's Chicago Mercantile Exchange . The VanEck offering has billed itself as a cheaper option to ProShares and Valkyrie funds, which came out before it. The VanEck's expense ratio is 0.65%, which translates to an annual cost of $6.50 for every $1,000 invested, compared with 0.95% for its two rivals. VanEck also claims that its ETF can be more tax-efficient than its rivals due to its C-corp structure. The outperformance of XBTF on Tuesday may provide some modest solace to the folks at VanEck who saw a spot bitcoin ETF rejected last week by the Securities and Exchange Commission on the grounds that it doesn't properly prevent fraud and market manipulation. However, first-mover advantage on bitcoin futures may ultimately carry the day, with ProShares boasting assets of around $1.4 billion, Valkyrie's bitcoin futures market looking after $60 million and VanEck likely to end Tuesday's session well below that, even considering its outperformance.
1:21 a.m. Nov. 3, 2021 - By Steve Goldstein
Lagarde says interest-rate hike next year from ECB is 'very unlikely'European Central Bank President Christine Lagarde delivered a speech on Wednesday saying it was "very unlikely" conditions would be met by next year that would allow for an interest-rate hike. "Market interest rates have risen over the past weeks, mainly as a result of greater market uncertainty about the inflation outlook, spillovers from abroad to policy rate expectations in the euro area, and some questions about the calibration of asset purchases in a post-pandemic world," she said in Lisbon. "In our forward guidance on interest rates, we have clearly articulated the three conditions that need to be satisfied before rates will start to rise. Despite the current inflation surge, the outlook for inflation over the medium term remains subdued, and thus these three conditions are very unlikely to be satisfied next year."
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.
11:06 a.m. Oct. 26, 2021 - By Mark Decambre
Dow, S&P 500 book back-to-back record closes but stock market's gains fade in Tuesday's final minutesU.S. stocks eked out a fresh round of record highs Tuesday, as better-than-expected third-quarter results from American corporations appeared to produce sufficient loft for a second record close for the S&P 500 and the Dow Jones Industrial Average. The Dow closed up less than 0.1% higher at around 35,755, with an intraday record high at 35,892.92; the S&P 500 edged up 0.2% to about 4,575, following a jaunt near 4,600. Meanwhile, the Nasdaq Composite index finished up less than 0.1% at 15,235, putting the technology-laden index closer to eclipsing its Sept. 7 record close at 15,374.33. However, the day's gains might have been kept in check by persistent worries about inflation and fears of a global growth slowdown. On top of that the Federal Reserve meets next week, Nov. 2-3, to discuss implementing policies that would be viewed as less accommodative for stock buying.
5:10 a.m. Oct. 22, 2021 - By Mark DeCambre
Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gainShares of Phunware Inc. surged more than 1,000% early Friday, as a special-purpose acquisition company, or SPAC, called Digital World Acquisition Corp. , . Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump's 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal, which apparently represents the former president's latest attempt to launch a social-media platform. Meanwhile, shares of DWAC were up 190% on Friday, contributing to a 1,345% weekly gain for the entity. Trump announced that he expects to upend Silicon Valley via a new app called TRUTH Social, which will be a property of the newly formed social-media company Trump Media & Technology Group. Digital World closed up 356.8% on Thursday, marking the best first day of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's market value is just $116 million, FactSet data show, even with the surge in its stock on Friday.
11:23 p.m. Oct. 21, 2021 - By Barbara Kollmeyer
Flash eurozone composite and services PMI indexes hit six-month lows in OctoberThe flash eurozone composite output purchasing managers index (PMI) to a six-month low in October of 54.3, from 56.2 in September, according to IHS Markit. The flash services PMI dropped to 54.7 from 56.4, also a six-month low. Any reading blow 50 indicates conditions are deteriorating. While those numbers were above 50, Markit noted a sharp slowing in business activity amid increasingly supply bottlenecks and ongoing concerns over COVID. "While the overall rate of economic growth remains above the long-run average for now, risks seem tilted to the downside for the near-term as the pandemic continues to disrupt economies and push prices higher," said Chris Williamson, chief business economist at IHS Markit, in a news release.
11:12 a.m. Oct. 20, 2021 - By Mark Decambre
Dow, S&P 500 end higher but narrowly miss closing highs as Fed's Beige Book shows inflation pressures remainThe S&P 500 index and Dow industrials closed higher on Wednesday, barely missing a finish at record closing highs as investors parsed the Federal Reserve's latest Beige Book showing the U.S. economy is growing at a modest to moderate pace, but remains under pressure from inflation and labor shortages. Strong third quarter corporate earnings are helping investors overcome some doubts about the impact of the coronavirus delta variant, supply-chain disruptions and the Federal Reserve's likely move to start withdrawing some of its easy-money policies. The Dow Jones Industrial Average close 0.4% higher at 35,609, missing its Aug. 16 closing high at 35,625.40. The S&P 500 index closed up 0.4% to end at around 4,536, coming within a hair's breadth of its Sept. 2 closing high at 4,536.95. The Nasdaq Composite Index , however, ended down slightly, less than 0.1% to end at about 15,121, ending its win streak at five straight sessions. Investors were focused on results from electric-vehicle maker Tesla Inc. , which rolled out after Wednesday's close. Meanwhile, the Fed's latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.
6:22 a.m. Oct. 19, 2021 - By Mark Decambre
ProShares Bitcoin Strategy ETF trades up 2.6% in Tuesday debut on the NYSE The ProShares Bitcoin Strategy ETF was trading higher Tuesday morning, in its debut on the New York Stock Exchange, marking a milestone for the nascent crypto sector. The ProShares fund, up 2.6%, is the first ETF that offers exposure to bitcoin , a virtual asset that has only existed since 2009. The offering from ProShares comes after a number of proposals to launch a bitcoin ETF that were rejected by the Securities and Exchange Commission. Comments in the summer from SEC Chairman Gary Gensler, suggesting that he might be receptive to approving an ETF that was pegged to futures contracts, paved to way for fund providers to propose a futures-linnked ETF. Gensler has said that futures offer investors greater protections than a fund that is linked to bitcoin directly. Futures are derivative financial contracts that provide investors exposure to price moves in an underlying asset. However, the value of futures contracts sometimes diverge from the underlying asset, which is one of a number of criticisms of a bitcoin futures ETF.
4:35 a.m. Oct. 19, 2021 - By Mark Decambre
Dow rises tentatively and S&P 500 retakes 4,500 in early Tuesday trade U.S. stock benchmarks rose Tuesday morning, extending gains after the largest four-day rally since late July for both the S&P 500 and Nasdaq Composite. The Dow Jones Industrial Average was up 0.3% at 35,371, the S&P 500 index climbed 0.3% to 4,501, while the Nasdaq Composite Index advanced 0.3% at 15,072. The positive backdrop for equities comes as good corporate earnings have largely overshadowed worries about supply-chain disruptions. In corporate news, Johnson & Johnson shares rose after the drugmaker said it brought in $502 million in world-wide sales of its COVID-19 vaccine in the third quarter of 2021.
4:13 a.m. Oct. 19, 2021 - By Tomi Kilgore
Energous stock rockets on heavy volume after FCC approves 'over-the-air' wireless charging product at any distanceShares of Energous Corp. rocketed 30% on massive volume in premarket trading Tuesday, after the over-the-air wireless charging company said the U.S. Federal Communications Commission granted equipment authorization for wireless power transfer at any distance. Trading volume ballooned to 16.5 million shares, enough make the stock the most actively traded ahead of the open, and compares with the full-day average of about 720,300 shares. Energous said the FCC approval adds to the approval in Europe for unlimited distance wireless charging. "The 1W Active Energy Harvesting transmitter can charge multiple devices at once, enabling at-any-distance over-the-air charging for the growing ecosystem of Internet of Things devices such as retail sensors, electronic shelf labels, industrial devices and more," the company said. The stock has gained 11.1% year to date through Monday, while the S&P 500 has advanced 19.5%.
5:14 a.m. Oct. 18, 2021 - By Barbara Kollmeyer
U.K., Europe natural gas prices see spike on fading hopes of more Gazprom suppliesNatural gas prices in the U.K. and Europe briefly spiked on Monday, after a report that Russia's Gazprom may not send more supplies as expected following recent comments from Russian President Vladimir Putin. European natural gas futures - based on benchmark November Title Transfer Facility (TTF) futures in the Netherlands -- climbed to 107.70 euros per megawatt hour (MWh) before easing back to 94.82 euros, with similar rollercoaster moves seen for U.K. futures . That's after a closely watched pipeline capacity auction on Monday showed no rise in supplies, according to on Monday. The pipelines run through the Ukraine and Poland. Putin recently said he would help Europe with its pipeline shortages, but some accuse his country of trying to weaponize natural gas supplies to speed up EU approval of the Nord Stream 2 gas pipeline. The U.K. and Europe are heavily reliant on Russia for natural gas supplies, and prices have been soaring this year in part due to higher demand from Asia and elsewhere.
3:18 a.m. Oct. 8, 2021 - By Tomi Kilgore
EV charging network Allego to open 120 fast-charging stations in EuropeEurope-based electric-vehicle charging network Allego Holdings B.V. announced Friday an expanded partnership with hotel group Van der Valk VDC in which the companies will open 120 new fast-charging EV stations at more than 50 hotels across the Netherlands and Belgium. Allego is set to go public in the coming months through a merger, announced in July, with special purpose acquisition company (SPAC) Spartan Acquisition Corp. III , in . Once the deal is completed, Allego shares will trade on the NYSE under the ticker symbol "ALLG." Under terms of the expanded partnership with Van der Valk, Allego said at least 60 "ultra-fast" chargers, ranging from 150 kW to 300 kW, and 60 "fast chargers" of 50 kW, will be installed at different locations. Spartan Acquisition Corp. III's stock, which is still inactive in premarket trading, has tacked on 1.8% over the past three months, virtually the same as the S&P 500's gain.
11:11 a.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.
2:54 a.m. Oct. 6, 2021 - By Tomi Kilgore
GM and GE agree to develop supply chains to support EV production, renewable energy growthGeneral Motors Co. and General Electric Co. said Wednesday that they signed a memorandum of understanding (MOU) to improve supplies of rare earth materials, magnets, copper and electrical steel used in making electric vehicles and renewable energy equipment. The automaker and industrial conglomerate will first focus on creating a North America- and Europe-based supply chain for magnet manufacturing, and will then collaborate on establishing new supply chains for additional materials, such as copper and eSteel. "A secure, sustainable and resilient local supply chain for electric vehicle materials is critical to the execution of GM's vision of an all-electric future," said Shilpan Amin, GM's vice president for global purchasing and supply chain. "Working with GM gives us another tool to obtain a reliable, sustainable, and competitive source of key materials going forward that will help us lower the cost of renewable energy and drive more electrification by making EVs a more viable option for consumers," said GE Renewable Energy Chief Technology Officer Danielle Merfeld. GE's stock fell 1.6% in premarket trading Wednesday and GM shares fell 0.5%, while futures for the S&P 500 shed 1.1%.
12:27 a.m. Oct. 6, 2021 - By Barbara Kollmeyer
Natural gas prices surge as much as 37% to fresh highs in U.K.Power prices were hitting fresh records across Europe and the U.K. [s:gwm400] on Wednesday. November Title Transfer Facility (TTF) natural gas futures in the Netherlands- the European benchmark - jumped 25% to 145 euros per megawatt hour (MWh). Earlier, that contract tapped a new high at 161 euros. U.K. November natural gas futures surged 28% to 378 pence a therm, but earlier hit a new high at 404 pence a therm.
11:18 a.m. Oct. 4, 2021 - By Mark Decambre
Dow falls over 320 points, Nasdaq Composite ends Monday's session 2% lower as Facebook's stock stumbles U.S. markets ended Monday's trade sharply lower, as a selloff in shares of social-media company Facebook and other technology companies rippled through Wall Street, and worries about inflation and a host of other problems combined to sink the broader market. The Dow Jones Industrial Average closed down 323 points, or 0.9% at 34,002, the S&P 500 index closed down 1.3% to 4,300, while the Nasdaq Composite Index closed off 2.1% to 14,255, putting the index down by about 7% from its Sept. 7 peak and bringing the technology-laden index closer to a 10% drop from that peak, which is how market technicians define a correction. Facebook shares were down as its units WhatsApp, Instagram went down and whistleblower, Frances Haugen, was set to testify before Congress on Tuesday, detailing problems within the company partly reported by the Wall Street Journal.
4:37 a.m. Oct. 1, 2021 - By Mark Decambre
Dow jumps more than 250 points to start trade in October, 4th quarter on optimism from Merck's experimental COVID drugU.S. stock benchmarks rose Friday morning to kick off the start of a new quarter and month, following heavy selling that closed a bruising September for investors. Some observers were attributing the more optimistic tone at the end of the week to news that Merck's experimental antiviral drug, developed as a treatment for COVID-19 with partner Ridgeback Biotherapeutics, reduced the risk of hospitalization or death in at risk adult patients with mild-to-moderate COVID by about 50% in an interim analysis of data from a Phase 3 trial. The Dow Jones Industrial Average gained nearly 260 points, or 0.7%, to 34,092, the S&P 500 index climbed 0.3% at 4,321, while the Nasdaq Composite Index rose less than 0.1% at 14,459.
11:11 a.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.
5:06 a.m. Sept. 20, 2021 - By Tomi Kilgore
Airline stocks outperform, amid hopes U.S. will lift the EU travel ban 'soon'The airline sector fell, but outperformed amid , after reports that President Biden will soon lift the travel ban on Europeans, which was put in place early in the COVID-19 pandemic by former president Donald Trump. Stavros Lambrinidis, the European Union Ambassador to the U.S., , "Hope there'll be a positive announcement soon." The U.S. Global Jets ETF slipped 0.6%, while the S&P 500 shed 1.4%. Among the more-active U.S. air carriers, shares of American Airlines Group Inc. rose 0.9%, Delta Air Lines Inc. eased 0.5% and United Airlines Holdings Inc. slipped 0.5%. The Biden administration agreed with its European Union officials to lift travel restrictions for vaccinated citizens, , citing three senior EU officials.
6:56 a.m. Sept. 17, 2021 - By Mark Decambre
All 11 of S&P 500's sectors fall midday Friday, led by tech and materials shares; healthcare struggles for loft All of the S&P 500's 11 sectors were trading in negative territory around midday Friday, led by sharp declines in information technology and materials. The tech sector was off 1.5%, while materials were down nearly 2%, which was weighing on the broader index. Health care was the best performing among the 11 sectors, but struggling to stay in positive territory. The S&P 500 index was down 38 points, or 0.9%, at 4,434, struggling to stay above its 50-day moving average at 4,436,67, according to FactSet. Meanwhile, the Dow Jones Industrial Average was down 0.6% at 34,531, while the Nasdaq Composite Index was down 1.2%. All three benchmarks had erased earlier weekly gains.
4:34 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.
4:35 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.
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.
11:09 a.m. Sept. 7, 2021 - By Mark Decambre
Dow logs worst day in about 3 weeks as Nasdaq Composite ekes out 36th record high of 2021 U.S. stock benchmarks finished the session mixed on Tuesday, with the Nasdaq Composite logging its 36th record high of the year, barely, while the Dow and S&P 500 ended the first day back from a three-day holiday in the U.S. in negative territory. Indeed, the Dow ended the session down 268 points, or 0.8%, lower at about 35,100, on a preliminary basis, ringing up the sharpest one-day point and percentage drop since Aug. 18, when the blue-chip index closed about 382 points, or 1.1% lower. The S&P 500 ended down 0.3% at 4,520, weighed by declines in industrials, consumer staples, real estate and utilities. The Nasdaq Composite Index , meanwhile, edged up less than 0.1%, but notched a sufficient rise for an all-time closing high. In corporate news, Ford Co. saw its shares pop after announcing that it hired Doug Field, a former executive at Tesla Inc. and the executive behind Apple Inc.'s automobile ambitions.
11:08 a.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.
4:42 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.
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