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8:02 a.m. Nov. 26, 2021 - By William Watts
Dow ends more than 900 points lower as new COVID variant sparks market plungeU.S. stocks ended sharply lower in a holiday-shortened session Friday, joining a global selloff sparked by the discovery of a new variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average , which fell more than 1,000 points at its session low, ended around 905 points lower, a drop of 2.5%, near 34,899, according to preliminary figures, while the S&P 500 finished down around 107 points, or 2.3%, near 4,595. The Nasdaq Composite closed near 15,492, off around 354 points, or 2.2%.
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.
4:36 a.m. Nov. 26, 2021 - By William Watts
Dow plummets nearly 700 points as COVID variant sparks global selloffU.S. stocks opened sharply lower Friday, joining a global equity selloff following the discovery in South Africa of a variant of the coronavirus that causes COVID-19. The Dow Jones Industrial Average was down 694.53 points, or 1.9%, at 35,109.85 after falling more than 800 points in early action, while the S&P 500 dropped 62.31 points, or 1.3%, to 4,639.15. The Nasdaq Composite shed 137.84 points, or 0.9%, to 15,707.39. Analysts noted it remains unclear to what degree the new variant may be more transmissible or deadly. Traders warned that thin trading conditions could amplify market moves. U.S. markets close early Friday and were closed Thursday for the Thanksgiving Day holiday.
4:00 a.m. Nov. 26, 2021 - By MarketWatch
On an ugly day for markets, here’s the S&P 500 level investors need to watch closely, says this traderIt's a grim day for traders. Keep an eye on this S&P 500 level, says our call of the day.
3:32 a.m. Nov. 26, 2021 - By Steve Gelsi
GE eyes $80 billion in gross debt reduction by end of 2021General Electric Co. said Friday it expects to achieve $80 billion in gross debt reduction between the end of 2018 and the end of 2021, up from its $75 billion projection made on Nov. 10. The company said it's on track to achieve deleveraging targets and deliver high-single-digit free cash flow margins in 2023. About $33.3 billion in aggregate principal was tendered at or prior to an early participation date. GE accepted for purchase about $25 billion in aggregate principal.
2:42 a.m. Nov. 26, 2021 - By Mark Decambre
Wall Street's 'fear index' surges by most in 10 months as Dow and S&P 500 set to tumble on COVID variant worriesA measure of implied volatility on Wall Street on Black Friday touched the highest level since around September as futures for the Dow Jones Industrial Average [: DJIA] and the S&P 500 index , looked set to tumble amid concerns of a fast-spreading strain of coronavirus, which was identified in South Africa, Hong Kong and Israel and was already leading to travel restrictions. The CBOE Volatility Index jumped by about 40% Friday morning, trading around 25.4, which would mark the highest level for the index since around Sept. 20 and mark the biggest daily jump for the measure since late January, according to FactSet data. The index, also known as the VIX, for its ticker symbol, has become well known as Wall Street's "fear gauge," 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.
4:00 a.m. Nov. 25, 2021 - By MarketWatch
These stores will stay open on Thanksgiving — but many others are closed. Here’s a handy list.Target, Walmart, Apple are among retailers closed for Thanksgiving, as online shopping is poised to hit a new record.
12:00 p.m. Nov. 24, 2021 - By MarketWatch
Social Security redesigned your statement, here’s why you should take a long, hard look at itThey've made it easier to see how much you might collect, but experts have some criticisms.
11:07 a.m. Nov. 24, 2021 - By Mark Decambre
S&P 500 ends just below record high above 4,700 on Thanksgiving's eve, as Nasdaq rises and Dow closes flatU.S. stocks finished mostly higher on the eve of Thanksiving as investors parsed a deluge of data, including minutes from the Federal Reserve's November meeting, which indicated that inflation pressures could take longer to subside than previously thought and that members of the central bank raised the possibility of ending bond purchases sooner than they planned if high prices persisted. The Dow Jones Industrial Average closed in negative territory but virtually unchanged at around 35,805, on a preliminary basis, the S&P 500 index advanced 0.2% to around 4,701, just below a Nov. 18 closing record high at 4,704.54, and the Nasdaq Composite Index gained 0.4% at roughly 15,845. U.S. markets will be closed on Thursday for Thanksgiving and will see an early finish on the following Friday session. An account of the Fed's Nov. 2-3 meeting showed that most senior officials at the central bank still expect price rises to slow next year, but they also acknowledged "inflation pressures could take longer to subside" than they previously believed due to continuing labor and supply shortages. Earlier investors digested U.S. economic data showing first-time claims for unemployment benefits plunged by 71,000 to 199,000 last week, the lowest levels since 1969. In other data Wednesday, the pace of economic growth in the third quarter was raised to a 2.1% annualized rate versus an initial estimate of 2%. The U.S. trade deficit in goods narrowed sharply in October. Data also highlighted historically elevated levels of inflation, with a measure of the cost of goods and services jumping 0.6% in October, based on the personal consumption expenditure index or PCE, and rose 5% over the past year from 4.4% in September. That's the highest level since December 1990. The PCE index is the Federal Reserve's favored inflation indicators. In corporate news, shares of Nordstrom Inc. slumped nearly 30% Wednesday after the department store chain reported third-quarter earnings short of analysts' expectations.
8:40 a.m. Nov. 24, 2021 - By Mark Decambre
Gold snaps 4-session skid and ends sightly higher on Thanksgiving's eveGold prices ended slightly higher on Wednesday, despite a rise in the U.S. dollar and a batch of mostly upbeat U.S. economic reports. Gold for December delivery finished up 50 cents, or less than 0.1%, at $1,784.30 an ounce, manaing to halt a four-session slump for the yellow metal. The modest gain came after the yellow metal on Tuesday marked the lowest finish since Nov. 3.
5:42 a.m. Nov. 24, 2021 - By William Watts
Oil futures little changed after rise in crude inventoriesOil futures were little changed Wednesday, with the U.S. benchmark flipping between small gains and losses after government data showed U.S. crude inventories rose by around 1 million barrels in the week ended Nov. 19. West Texas Intermediate crude for January delivery was down 4 cents, or 0.1%, at $75.46 a barrel on the New York Mercantile Exchange.
4:32 a.m. Nov. 24, 2021 - By William Watts
Stocks open lower as Treasury yields extend rise after data delugeU.S. stocks opened lower Wednesday, under pressure as Treasury yields extended a rise following a pre-Thanksgiving data dump, including a plunge in first-time weekly jobless claims to the lowest reading since 1969. The Dow Jones Industrial Average wasdown 212 points, or 0.6%, at 35,601, while the S&P 500 fell 0.5% to 4,666.71. The tech-heavy Nasdaq Composite shed 124 points, or 0.8%, to 15,650. Tech and other growth stocks are particularly sensitive to rising yields. The yield on the 10-year Treasury note rose 1.8 basis points to 1.682%. U.S. markets will be closed Thursday for the Thanksgiving Day holiday.
4:09 a.m. Nov. 24, 2021 - By Tomi Kilgore
Charter Communications CEO Rutledge sells stock, raising more than $59 millionCharter Communications Inc. disclosed Wednesday that Chairman and Chief Executive Thomas Rutledge sold 88,000 of the broadband communications services company's shares in the open market over the past two days, to raise about $59.4 million. The weighted average price of the stock sales was at $674.82, according to a MarketWatch analysis, or just above Tuesday's closing price of $674.74. The Form 4 filed with the Securities and Exchange Commission showed that Rutledge sold 43,106 at an average price of $674.3398 on Nov. 22 and sold 44,894 shares at $675.2855 on Nov. 23. The shares sold represented about 26.5% of his Rutledge's stake in the company, according to FactSet data, but Charter said that does not include options to buy company stock that are beneficially owned by Rutledge. The stock, which slipped 0.1% in premarket trading, has dropped 14.9% over the past three months through Tuesday, while the SPDR Communication Services Select Sector ETF has lost 6.5% and the S&P 500 has gained 4.6%.
2:00 a.m. Nov. 24, 2021 - By Tomi Kilgore
Deere stock jumps after profit and sales rise above expectations, even as supply-chain pressures continueShares of Deere & Co. jumped 2.4% in premarket trading Wednesday, after the agricultural and construction equipment company reported fiscal fourth-quarter profit and sales that rose above expectations, as strong demand for farm and construction equipment helped offset cost of sales growth that outpaced sales growth amid supply-chain challenges. Net income rose to $1.28 billion, or $4.12 a share, from $757 million, or $2.39 a share, in the year-ago period. The FactSet consensus for earnings per share was $3.87. Sales grew 16.4% to $11.33 billion, while cost of sales increased 20.7% to $7.81 billion to knock gross margin down to 31.1% from 33.5%. "Looking ahead, we expect demand for farm and construction equipment to continue benefiting from positive fundamentals, including favorable crop prices, economic growth, and increased investment in infrastructure," said Chief Executive John May. "At the same time, we anticipate supply-chain pressures will continue to pose challenges in our industries. We are working closely with our suppliers to address these issues and ensure that our customers can deliver essential food and infrastructure more profitably and sustainably." The stock has slipped 5.1% over the past three months through Tuesday while the S&P 500 has gained 4.6%.
1:26 a.m. Nov. 24, 2021 - By Tomi Kilgore
GameStop to release next earnings report on Dec. 8, and here's what analysts expectGameStop Corp. said Wednesday that it will report fiscal third-quarter earnings results on Dec. 8, after the closing bell. The videogame and consumer electronics retailer will host a post-earnings conference call for investors and analysts at 5 p.m. Eastern on the same day. The FactSet consensus for per-share losses for the quarter through October is 52 cents, after a loss of 53 cents a year ago, while revenue is projected to rise 18.3% to $1.19 billion. The company reported a wider-than-expected per-share loss in the second quarter, and has missed bottom line expectations five times in the past 8 quarters. GameStop beat revenue expectations the past two quarters, but missed forecasts for nine-straight quarters before that, according to FactSet. The stock rose 0.2% on the day after second-quarter results were reported, but tumbled an average 23.9% on the day after results were reported the previous four quarters. The stock, which rose 1.3% in premarket trading, has edged up 1.7% over the past three months through Tuesday but has rocketed 1,035.4% year to date, while the S&P 500 has gained 4.6% the past three months and advanced 24.9% this year.
1:18 a.m. Nov. 24, 2021 - By Steve Goldstein
Cathie Wood's ARK sold Tesla to buy Zoom after earningsCathie Wood's ARK funds sold Tesla to increase their stake in Zoom Video Communications . In the flagship Ark Innovation ETF , the fund sold $136 million of Tesla shares while buying $112 million of Zoom. In the ARK Next Generation Internet ETF , the fund sold $23 million of Tesla to buy $22 million of Zoom.
11:09 a.m. Nov. 23, 2021 - By Mark Decambre
Nasdaq Composite posts back-to-back declines as bond yields add to gains but Dow, S&P 500 end higherU.S. technology stocks ended lower on Tuesday as Treasury yields extended a rise, but the S&P 500 snapped a two-session slide to end higher, powered by gains in energy and financials . The Dow Jones Industrial Average closed up 0.6%, or 195 points, at around 35,813, on a preliminary basis, on the back of gains from Goldman Sachs Group Inc. and UnitedHealth Group Inc. . The S&P 500 index closed 0.2% higher at about 4,690, while the technology-laden Nasdaq Composite Index closed down 0.5% at 15,775, marking its second straight decline. The slump for the Nasdaq Composite came as the benchmark 10-year Treasury note rose to yield 1.665% to mark its highest yield since Oct. 21, according to Dow Jones Market Data. In corporate news, shares of Zoom Video Communications Inc. fell nearly 15% after company executives detailed falling revenue on a conference call late Monday. In economic data, a pair of surveys by IHS Markit showed U.S. businesses grew rapidly in November, even as they're still being hampered by labor and supply shortages that are feeding the biggest burst of inflation in 31 years. In other markets, oil futures climbed after the White House announced a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve. U.S, markets will be closed on Thursday in observance of Thanksgiving and will end early on Friday.
10:06 a.m. Nov. 23, 2021 - By Tomi Kilgore
Robinhood's stock heads for 7th straight loss, yet another record lowShares of Robinhood Markets Inc. slumped 2.8% toward a seventh-straight loss, and sixth-straight record low in afternoon trading Tuesday, amid a selloff in some key meme stocks. The stock has tumbled 23.1% during its current losing streak, which puts the stock 28.8% below . The stock is set to close below its IPO price for the 20th straight trading session, and the 23rd time in the 83 sessions since Robinhood went public on July 29. Amid the stock's weakness on Tuesday, shares of GameStop Inc. tumbled 13.1% in afternoon trading, after running up 12.9% on Monday and surging 19.5% amid a four-day win streak through Monday. Also, AMC Entertainment Holdings Inc.'s stock shed 5.5%. Meanwhile, the S&P 500 was little changed and the Nasdaq Composite was dropping 0.9%.
9:41 a.m. Nov. 23, 2021 - By William Watts
Oil ends with strong gains despite release of strategic reservesOil futures ended with strong gains Tuesday, as traders appeared to fade a long-anticipated decision by President Joe Biden to release crude from the Strategic Petroleum Reserve as part of coordinated U.S.-led effort by energy-consuming countries. West Texas Intermediate crude for January delivery rose $1.75, or 2.3%, to finish at $78.50 a barrel on the New York Mercantile Exchange.
9:31 a.m. Nov. 23, 2021 - Barrons.com
Schwab's Dollar OutlookKathy Jones, Schwab Center for Financial Research chief fixed income Strategist, discusses her firm's outlook for the greenback.
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.
4:18 a.m. Nov. 23, 2021 - By Tomi Kilgore
Oil stocks see broad rally as crude prices reverse higher after SPR release planShares of oil companies are enjoying a broad rally Tuesday, after crude oil prices bounces sharply to turn positive, shrugging off of a plan to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in an attempt to rein in prices. The SPDR Energy Select Sector ETF rose 1.1% in premarket trading, with all 21 components gaining ground ahead of the open. Among some of the more active components, shares of Exxon Mobil Corp. gained 0.8%, Chevron Corp. rose 1.3%, ConocoPhillips climbed 1.2%, Marathon Oil Corp. tacked on 1.6% and Occidental Petroleum Corp. advanced 1.9%. Continuous crude oil futures rose 1.2% to $77.66, reversing an earlier loss of about 1.8%, according to FactSet data. Meanwhile, futures for the S&P 500 were little changed.
3:56 a.m. Nov. 23, 2021 - By Tonya Garcia
Jack in the Box shares slump after margin declineJack in the Box Inc. shares slumped 7.1% in Tuesday premarket trading after the taco chain reported a fiscal fourth-quarter margin decline and same-store sales that missed expectations. Net income totaled $38.9 million, or $1.80 per share, up from $37.8 million, or $1.64 per share, last year. Revenue totaled $278.5 million, up from $255.4 million last year. The FactSet consensus was for EPS of $1.74 and revenue of $268.9 million. Same-store sales edged up 0.1%, missing the FactSet consensus for 3.1% growth. Restaurant-level margins were 20.1%, down 6.9% from the year-ago period, driven by higher costs, taking back lower-volume franchises and higher wages. Jack in the Box stock is up 3.2% for the year to date while the S&P 500 index has gained 24.7% for the period.
3:20 a.m. Nov. 23, 2021 - By Tomi Kilgore
J.M. Smucker stock surges after profit and sales beats, even as cost of sales jumpShares of J.M. Smucker Co. hiked up 2.8% toward a three-month high in premarket trading Tuesday, after the food company, which brands include Folgers, Milk-Bone, Jif and Smuckers, reported fiscal third-quarter profit and sales that beat expectations even as cost of sales jumped, and lifted its full-year outlook. Net income for the quarter to Oct. 31 fell to $206.0 million, or $1.90 a share, from $230.8 million, or $2.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.43 from $2.39, beating the FactSet consensus of $2.24. Sales grew 0.8% to $2.05 billion, topping the FactSet consensus of $2.01 billion, while cost of sales grew 10.1% to lower gross margin to 34.7% from 40.2%. U.S. Retail Pet Foods sales fell 1.% to $701.6 million, Coffee sales rose 8% to $645.1 million and Consumer Foods sales dropped 8% to $441.2 million. For fiscal 2022, the company raised its adjusted EPS guidance range to $8.35 to $8.75 from $8.25 to $8.65 and its sales growth outlook to negative 0.5% to positive 0.5% from negative 2.5% to 1.5%. The stock has slipped 2.8% over the past three months through Monday, while the S&P 500 has gained 4.5%.
3:12 a.m. Nov. 23, 2021 - By Tonya Garcia
Abercrombie & Fitch beats expectations but stock slidesAbercrombie & Fitch Co. reported third-quarter net income totaling $47.2 million, or 77 cents per share, up from $42.3 million, or 66 cents per share, last year. Adjusted EPS of 86 cents was well ahead of the FactSet consensus for 66 cents. Sales of $905.2 million were up from $819.7 million last year and also ahead of the FactSet consensus for $895.0 million. Digital sales rose 8%. Abercrombie's lineup includes the namesake chain and Hollister, which both reported sales rises during the quarter. "We continue to actively manage through ongoing supply chain constraints, including production and delivery delays and elevated costs," said Chief Executive Fran Horowitz, who expressed confidence that new and existing customers would find what they're looking for during the holiday shopping season. Abercrombie & Fitch stock slumped 6.5% in Tuesday premarket trading, but has skyrocketed 131% for the year to date while the S&P 500 index has gained 24.7% for the period.
2:49 a.m. Nov. 23, 2021 - By Tomi Kilgore
Dollar Tree matches and profit and tops sales views, moves to $1.25 price point for all storesShares of Dollar Tree Inc. sank 1.2% in premarket trading Tuesday, after the discount retailer matched profit expectations and topped sales forecasts but saw gross margin fall, and said it was moving to a $1.25 price point for all Dollar Tree stores. Net income fell to $216.8 million, or 96 cents a share, from $330.0 million, or $1.39 a share, in the year-ago period. The FactSet consensus for earnings per share was 96 cents. Sales rose 3.9% to $6.42 billion, above the FactSet consensus of $6.41 billion, while cost of sales grew 9.4% to outpace sales growth and to knock gross margin down to 27.5% from 31.2%. Same-store sales rose 1.6%, beating the FactSet consensus of 1.5%, as Family Dollar same-store sales rose 2.7% and Dollar Tree same-store sales increased 0.6%. For the fourth quarter, the company expects EPS of $1.69 to $1.79 and sales of $7.02 billion to $7.18 billion, compared with the FactSet EPS consensus of $1.74 and sales expectations of $7.03 billion. Regarding the $1.25 price point: "For 35 years, Dollar Tree has managed through inflationary periods to maintain the everything-for-one-dollar philosophy that distinguished Dollar Tree and made it one of the most successful retail concepts for three decades. However, as detailed in its September announcement, the company believes this is the appropriate time to shift away from the constraints of the $1.00 price point in order to continue offering extreme value to customers." The stock has rallied 28.1% over the past three months through Monday while the S&P 500 has gained 4.5%.
2:35 a.m. Nov. 23, 2021 - By Tonya Garcia
Best Buy beats expectations and raises guidance, but stock slumpsBest Buy Co. Inc. reported fiscal third-quarter net income totaling $499 million, or $2.00 per share, up from $391 million, or $1.48 per share, last year. Adjusted EPS of $2.08 beat the FactSet consensus for $1.95. Revenue of $11.91 billion was up from $11.85 billion last year and also ahead of the FactSet consensus for $11.65 billion. Enterprise comparable sales rose 1.6%, with domestic comparable sales up 2% and international comparable sales down 3%. The FactSet consensus was for an enterprise comparable sales decline of 0.2%, and U.S. comparable sales up 0.3%. Gross margin as 23.5% down slightly from 23.6% last year. For the fourth quarter, Best Buy is guiding for revenue of $16.4 billion to $16.9 billion and comparable sales between a 2% decline and 1% growth. The FactSet consensus is for revenue of $15.58 billion and comparable sales growth of 0.1%. For the year, Best Buy raised its revenue outlook to $51.8 billion to $52.3 billion from $51.0 billion to $52.0 billion. Comparable sales growth is expected to be 10.5% to 11.5%, up from previous guidance for 9% to 11% growth. The FactSet consensus is for revenue of $48.32 billion and comparable sales growth of 11.5%. Best Buy shares sank 10.4% in Tuesday premarket trading, but have rallied 38.3% for the year to date while the S&P 500 index is up 24.7% for the period.
2:33 a.m. Nov. 23, 2021 - By Mark Decambre
U.S. oil down early Tuesday as White House announces release of 50 million barrels from strategic reservesWest Texas Intermediate oil oil was down sharply on Tuesday as President Biden to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve, or SPR, in coordination with other countries, to help ease pricing pressures, supply-chain bottlenecks and surging demand that have emerged in the economic recovery phase of the COVID-19 pandemic. WTI crude for January delivery was trading 29 cents, or 0.4%, lower at $76.43 a barrel on the New York Mercantile Exchange, after rising 1.1% on Monday. "As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price," wrote Secretary Granholm, U.S. Secretary of Energy, in a Tuesday statement. "This action underscores the President's commitment to using the tools available to bring down costs for working families and to continue our economic recovery," the energy secretary said. The White House said that the release will come in two parts: 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the SPR in the years ahead; and "18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized." The statement from the White House said that the U.S. would be ready to take additional action as needed to relieve pricing pressures. The U.S.'s SPR is the world's largest emergency stockpile of crude oil. The SPR was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program, according to the Energy Department. The stocks in the reserve, which have an authorized capacity of 714 million barrels, are federally owned and are stored in underground salt caverns at four sites along the Gulf of Mexico coastline. As of Nov. 12, the SPR had a total of 606.1 million barrels of crude oil, following a drawdown of 11.6 million barrels in October. The Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, have rebuffed calls to increase production, amid concerns that the current prices will compromise the global economic recovery. Biden had previously asked China, Japan, India and South Korea to also release strategic oil along with the U.S. to help lower prices across the globe.
1:59 a.m. Nov. 23, 2021 - By Tomi Kilgore
Medtronic stock drops toward 8-month low after revenue miss and lowered full-year growth outlookShares of Medtronic PLC dropped 1.2% toward an eight-month low in premarket trading Tuesday, after the medical technology company beat fiscal second-quarter profit expectations but missed on revenue, citing the negative impact of the COVID-19 pandemic resurgence and healthcare staffing challenges on medical procedure volumes. Net income for the quarter to Oct. 29 nearly tripled to $1.31 billion, or 97 cents a share, from $489 million, or 36 cents a share, in the year-ago period. Revenue rose 2.6% to $7.85 billion but was below the FactSet consensus of $7.97 billion, while cost of sales fell 7.7%. Cardiovascular revenue rose 3.7% to $2.83 billion, medical surgical revenue increased 0.6% to $2.30 billion, neuroscience revenue fell 0.4% to $1.07 billion and diabetes revenue grew 1.9% to $585 million. For fiscal 2022, the company affirmed its adjusted EPS guidance range of $5.65 to $5.75, but cut its revenue growth outlook to 7% to 8% from 9%. The stock has shed 9.0% over the past three months through Monday, while the SPDR Health Care Select Sector ETF has slipped 2.8% and the S&P 500 has gained 4.5%.
1:15 a.m. Nov. 23, 2021 - By Tomi Kilgore
XPeng's stock jumps after big revenue beat, upbeat outlookShares of XPeng Inc. rallied 4.2% in premarket trading Tuesday, after the China-based electric vehicle maker reported a wider-than-expected third-quarter loss but revenue that rose well above forecasts and provided an upbeat fourth-quarter outlook. The net loss widened to RMB1.59 bln ($249.7 million), or RMB1.89 per American depositary share (ADS), from a loss of RMB1.15 billion a year ago. Excluding nonrecurring items, the adjusted loss per ADS came to RMB1.77, compared with the FactSet consensus of RMB1.30. Revenue jumps 187.4% to RMB5.72 billion ($895.5 million) to beat the FactSet consensus of RMB5.03 billion, as deliveries rose 199.2% to a record 25,666 vehicles, including 217.7% growth in P7 model deliveries. Gross margin improved to 14.4% from 4.6%. Looking ahead, the company expects fourth-quarter deliveries of between 34,500 and 36,500 vehicles, representing growth of 166.1% to 181.5%, and revenue between RMB7.1 billion and RMB7.5 billion, compared with the FactSet consensus of RMB6.09 billion. The stock has surged 19.4% over the past three months through Monday, while the iShares MSCI China ETF has edged up 0.6% and the S&P 500 tacked on 4.5%.
11:11 a.m. Nov. 22, 2021 - By Christine Idzelis
Dow clings to gains as U.S. stocks end mostly lower Monday after Biden picks Powell as Fed ChairThe Dow Jones Industrial Average closed slightly higher Monday, clinging to gains after President Joe Biden announced that he picked Federal Reserve Chair Jerome Powell to serve a second term. The Dow gained less than 0.1%, while the Nasdaq Composite , a technology-heavy index viewed as sensitive to moves in interest rates, closed about 1.3% lower, and the S&P 500 slipped about 0.3%, according to preliminary data from FactSet. Although the S&P 500 slipped slightly, the index's financial sector rose more than 1%, FactSet data show. Shares of Wall Street banks rallied Monday, with Wells Fargo & Co. rising about 3% and Goldman Sachs Group Inc. , JPMorgan Chase & Co. and Morgan Stanley all rising more than 2%, preliminary data from FactSet show. The yield on the 10-year Treasury note rose 9 basis points to 1.625%, according to Dow Jones Market Data.
10:46 a.m. Nov. 22, 2021 - By Christine Idzelis
U.S. stock indexes trade mixed late afternoon Monday after Biden picks Powell to lead FedU.S. stock indexes were trading mixed heading toward the closing bell Monday, with the S&P 500 and Dow Jones Industrial Average each climbing higher while the Nasdaq Composite was down, after the White House announced earlier in the day that Federal Reserve Chairman to serve a second term. The Dow was up 0.8%, the S&P 500 was 0.6% higher and the Nasdaq was off about 0.2%, according to FactSet data, at last check. President Joe Biden's nominations of Powell to lead the Fed as Chair and Fed Gov. Lael Brainard to fill the position of Vice Chair, must be confirmed by the Senate. A sharp rise in shares of Wall Street banks Goldman Sachs Group Inc. and JPMorgan Chase & Co. helped fuel the Dow's rise Monday afternoon. Meanwhile, the technology-laden Nasdaq, seen as sensitive to interest rates moves, slid as the yield on the 10-year Treasury note rose to around 1.62%.
10:12 a.m. Nov. 22, 2021 - By Frances Yue
Bitcoin, ether see further declines Monday, while crypto gaming tokens extend rallyBitcoin was trading near $55,920 Monday afternoon, down 5.8% over the past 24 hours and down 10.6% during the past seven days, according to CoinDesk data. Ether tumbled 6.7% in the past 24 hours, recently trading at around $4,061. It logged a 9.3% loss over the past seven days. The two largest cryptocurrencies have been under pressure since President Joe Biden signed into law on Nov. 15 a $1 trillion infrastructure bill, which contains a provision that would require brokers of digital assets to record and report transactions to the Internal Revenue Service starting 2023. Blockchain gaming and Metaverse-related tokens continue to rally after Facebook changed its name to Meta to show its resolution to build a Metaverse. Gala rose about 2.1% over the past 24 hours to $0.4, contributing to a 302% gain over the past seven days, according to CoinMarketCap. The Sandbox rallied 12.6% over the past 24 hours to $4.4, with a 60% gain over the past seven days. Decentraland went up 2.9% during the past 24 hours to $3.85, notching a 21% gain over the past seven days.
9:58 a.m. Nov. 22, 2021 - By William Watts
Oil ends higher on report OPEC+ could rethink production increasesOil futures ended higher Monday after a news report said the Organization of the Petroleum Exporting Countries and its allies may not stick to a plan to continue slowly boosting production in a possible response to the Biden administration's efforts to organize a coordinated release of crude from reserves of major oil-consuming nations. West Texas Intermediate crude for January delivery rose 81 cents, or 1.1%, to close at $76.75 a barrel on the New York Mercantile Exchange. Bloomberg reported that OPEC+ members were poised to rethink their timetable for raising output, which has proceeded in monthly increments of 400,000 barrels a day, if there is a release from strategic reserves. Bloomberg also reported that President Joe Biden could announce an SPR release as early as Tuesday.
8:44 a.m. Nov. 22, 2021 - By Mark Decambre
Gold books sharpest daily drop in over 3 months, settles at over 2-week low, as Treasury yields and dollar pop Gold futures on Monday skidded lower, suffering the steepest daily decline in more than three months, as a rally in yields and a strengthening of the U.S. dollar buffeted precious metals. December gold ended down $45.30, or 2.4%, to settle at $1,806.30 an ounce. The yellow metal booked a third straight decline, matching the longest such skid since the period ended Oct. 11. and finished at the lowest point since Nov. 4. Trading for the precious metal came as the dollar, as measured by the U.S. ICE Dollar Index DXY , was up less than 0.5%, hanging near the loftiest level since the summer of 2020. On top of that, the 10-year Treasury note yield was up around 1.62%, compared with a Friday afternoon level at 1.535%. Those moves came as the White House announced that Biden has nominated Jerome Powell to another four-year term as Fed Chairman, and has decided to nominate Fed Gov. Lael Brainard to serve as the central bank's vice chairwoman.
7:17 a.m. Nov. 22, 2021 - By Mark Decambre
Tech stocks turn solidly lower midday Monday as benchmark 10-year Treasury punches up to 1.60% to start Thanksgiving weekThe Nasdaq Composite on Monday pivoted into negative territory, and the broader stock market was off its best levels of the session, as Treasury rates rose, putting pressure on the yield-sensitive index. The Nasdaq was trading near the lows of the session, down 0.8% at around 15,930, after setting an intraday record earlier at 16,212.23. The downturn for the benchmark came as the 10-year Treasury yield rose to around 1.60%, from 1.535% on Friday afternoon. The rise in yields comes as Federal Reserve Chairman Jerome Powell was nominated by President Joe Biden for a second term as head of the U.S. central bank, as had been widely expected. Meanwhile, the other benchmarks were trading solidly higher . The S&P 500 index was trading off 0.3% at around 4,712, after establishing an intraday all-time high at 4,743.83, while the Dow Jones Industrial Average was trading 0.6% higher at roughly 35,825. U.S. markets will be closed Thursday and see an abbreviated session Friday.
4:38 a.m. Nov. 22, 2021 - By William Watts
Stocks open higher as Biden renominates Powell as Fed chiefStocks started a holiday-shortened week on a positive note Monday as President Joe Biden announced he would to serve a second term as Federal Reserve chairman. The Dow Jones Industrial Average rose around 87 points, or 0.2%, to 35,689, while the S&P 500 rose 0.4% to 4,718.93 and the Nasdaq Composite gained 0.5% to 16,140.15.
3:07 a.m. Nov. 22, 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.
11:13 a.m. Nov. 19, 2021 - By Mark Decambre
Nasdaq Composite posts 46th record close of 2021 but broader stock market limps lower in week before ThanksgivingThe Nasdaq Composite index finished at a record high amid an otherwise lackluster end of the week for the broader market, with the Dow Jones Industrial Average and the S&P 500 ending the session in negative territory, amid growing concerns over rising cases of COVID-19 in the U.S. and Europe. However, the technology-laden Nasdaq Composite showed gains outperformed as a retreat in bond yields, which move opposite to prices, helped to support further gains for large-capitalization technology stocks, including chip makers like Micron Technology Inc. , which helped to lead gains in the Nasdaq. The tech-heavy index booked its 46th record closing high of 2021. Meanwhile, the Dow Jones Industrial Average closed down nearly 270 points, or 0.8%, at 35,602, on a preliminary basis. The S&P 500 index ended the session down 0.1% at 4,698. For the week, the Dow closed down 1.4%, while the S&P 500 posted a weekly gain of 0.3% and the Nasdaq Composite's record run was aided by a 1.2% gain for the week. Nov. 26 marks Thanksiving in the U.S. and markets will be closed, while early closures will occur on the Friday after the holiday, known as Black Friday.
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