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7:25 a.m. Today - 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.
6:03 a.m. Today - 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.
4:01 a.m. Today - 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.
11:05 a.m. Nov. 29, 2021 - By Mark Decambre
Dow rises over 230 points, Nasdaq rallies nearly 2% Monday, as stock market recovers a portion of Friday's omicron-led selloffU.S. stock benchmarks on Monday staged a partial recovery from Friday's omicron-related selloff to end higher, as President Joe Biden told Americans the fight against the omicron variant of coronavirus won't involve "shutdowns or lockdowns." The Dow Jones Industrial Average closed up 0.7% to 35,136, the S&P 500 index ended with a 1.3% gain to 4,655, while the Nasdaq Composite Index advanced 1.9% to 15,782; but large-capitalization stocks powered the rise of the index, with the Nasdaq-100 index climbing 2.3%. All closing levels are on a preliminary basisd. In corporate news, Twitter Inc. co-founder Jack Dorsey on Monday announced that he was stepping down as CEO of the social-media platform effective immediately and would be succeeded by the company's chief technology officer Parag Agrawal. Dorsey also is the CEO of payment processor Square Inc. . Shares of Twitter ended down 2.7% while Square's shares gained 0.4%. Dorsey is seen as a big fan of digital currencies such as bitcoin . In economic news, pending home sales rose 7.5% in October, compared with September, the National Association of Realtors reported Monday. Economists polled by MarketWatch had projected a 0.7% increase for pending home sales in October.
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.
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.
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.
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.
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.
4:59 a.m. Nov. 22, 2021 - By Steve Gelsi
Bank stocks rise as Powell earns Biden nomination for second Fed termBank stocks rose on Monday after President Joe Biden on Monday nominated Jerome Powell for a second term at the U.S. Federal Reserve. The KBW Nasdaq Bank Index advanced by 1.3%, JPMorgan Chase & Co. rose by 1.8%, Citigroup rose by 1.4% and Goldman Sachs advanced by 2%. Wells Fargo moved up by 2.2%.
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.
4:34 a.m. Nov. 18, 2021 - By Mark Decambre
Dow trades flat but S&P 500 briefly retakes 4,700 near Thursday's open as Nvidia's stock rallies nearly 9%U.S. stock indexes opened modestly higher on Thursday, with the bulls finding some support on the heels of an upbeat report from semiconductor maker Nvidia Corp. , which reported a 50% jump in revenue late Wednesday. Meanwhile, economic data on the day was strong, despite worries about higher inflation and supply-chain bottlenecks, which have dogged investors. New filings for jobless benefits slipped by 1,000 to 268,000 in the seven days ended Nov. 13, the government said. Economists polled by The Wall Street Journal had estimated initial jobless claims would total a seasonally adjusted 260,000. And the Philadelphia Federal Reserve Bank's manufacturing index jumped in November to 39 from 23.8. Against that backdrop, stocks were tilting higher. The Dow Jones Industrial Average [: DJIA] traded flat at 35,921, near the open, the S&P 500 index advanced 0.2% to 4,697 and briefly retook 4,700, and the Nasdaq Composite Index advanced 0.3% to around 15,965. Outperformance by chip maker Nvidia was helping to bolster gains in the broader S&P 500.
4:57 a.m. Nov. 16, 2021 - By Tomi Kilgore
Dow, S&P 500 are rising, but exchange data suggest the broader stock market is actually decliningDespite the rally in the Big 3 stock market indexes, exchange data are showing that most U.S.-listed stocks are trading trading lower, which suggests the weakness is concentrated in smaller-capitalization stocks. The Dow Jones Industrial Average is up 197 points, or 0.6%, with 23 of 30 components gaining ground, while the S&P 500 is up 0.3% and the Nasdaq Composite is edging up 0.1%. Meanwhile, the number of stocks losing ground is outnumbering advancers 1,482 to 1,353 on the NYSE and 2,193 to 1,466 on the Nasdaq, according to FactSet data, while volume of declining stocks represents 56.1% of total volume on the Big Board and 55.8% of total volume on the Nasdaq. The Russell 2000 index of small-cap stocks is down 0.2%.
4:40 a.m. Nov. 11, 2021 - By Mark Decambre
Dow slips below 36,000 as Disney's stock skids over 7% lower but broader stock market aims for Thursday turnaround U.S. stocks open mostly higher Thursday morning, spearheaded by a rebound in technology shares, which had led the market south Wednesday after red-hot inflation data sent Treasury yields soaring. The bond market was closed in observance of Veterans Day but stocks remain open as usual. However, poor quarterly results from Walt Disney & Co. , which reported results late Wednesday, were weighing on the blue-chip index. The Dow Jones Industrial Average was down 72 points, or 0.2%, at 35,993; the S&P 500 index was trading 0.2% higher, however, at 4,655 and the Nasdaq Composite Index advanced 0.7% to reach around 15,724. The gains for the S&P 500 and the Nasdaq Composite come after both indexes registered their worst days since Oct. 4. Signs that troubled China real estate group Evergrande has again avoided a default also were credited for improving sentiment on Wall Street.
11:08 a.m. Nov. 10, 2021 - By Mark Decambre
S&P 500 and Nasdaq Composite book worst day in over 5 weeks as 30-year government bond yield surges U.S. stocks skidded lower Wednesday, as a reading of consumer inflation rose in October to the highest level since 1990, at least partly driven by supply-chain disruptions in the wake of the COVID-19 pandmeic and strong consumer demand. The Nasdaq Composite Index fell 1.7% to 15,623, marking the sharpest one-day decline since Oct. 4 when the technology-laden index fell more than 2%. The S&P 500 index finished down 0.8% to 4,646, also representing the worst day since early October when it fell 1.3%. The Dow Jones Industrial Average closed down 240 points, or 0.7%, at 36,080. The consumer-price index rose 0.9% in October, compared with economists' expectations for a rise of 0.6%. The core reading, which excludes volatile food and energy prices, rose 0.6% versus expectations for a 0.4% rise. Year over year, CPI rose 6.2%, a nearly 31-year high and more than triple the Federal Reserve's 2% target. In corporate news,Rivian Automotive Inc. made its debut on the Nasdaq Inc., surging nearly 30%. Moves in stocks were already tilting lower but losses accelerated after a weak auction of 30-year Treasury pushed the yield of the long bond up by the most since March 12, Dow Jones Market Data showed.
11:11 a.m. Nov. 9, 2021 - By Mark Decambre
S&P 500 skids lower Tuesday and misses longest streak of record closes in 66 years as Tesla's stock tumbles 12% U.S. stock benchmarks headed solidly lower Tuesday, with the S&P 500 and Nasdaq Composite halting lengthy win streaks that had been a feature of a stock market that appeared to levitate off optimism around third-quarter earnings, despite lingering concerns about out-of-control inflation that have been amplified by supply-chain bottlenecks heading into the holiday season. The Dow Jones Industrial Average closed down 112 points, or 0.3%, to 36,320, while the S&P 500 index ended down 0.4% at 4,685, marking its first decline in nine sessions and narrowly missing its longest string of record closes, nine straight all-time highs, since 1955. On Monday, the S&P 500 marked its longest string of record closes, eight straight, since 1997. Meanwhile, the Nasdaq Composite Index closed lower, down 0.6%, to reach 15,887, for the first time in 12 sessions. A drop in electric-vehicle maker Tesla Inc. , down 12% on the session, helped weigh on the broader market. The company's shares have been under pressure since Tesla CEO Elon Musk signaled that he might sell a sizable slug of his shares. In U.S. economic data, the October producer-price index rose 0.6%, in line with expectations, with the pace of wholesale inflation over the past 12 months flat at 8.6%; but still marking the highest level since the index was reconfigured in 2009, and likely one of the highest readings since the early 1980s. The move for stocks also came as yields for the 10-year Treasury note headed lower to yield 1.431%, down from 1.496% on Monday at 3 p.m. ET.
9:31 a.m. Nov. 4, 2021 - By Tomi Kilgore
Bank stocks take a broad beating as Treasury yields fall in wake of Fed taper talkFinancial stocks were suffering a broad beating Thursday, as in the wake of the Federal Reserve's detailing of its , and as the Bank of England held off on an expected rate hike. The SPDR Financial Select Sector ETF dropped 2.0% with 61 of 65 equity components losing ground. within the Dow Jones Industrial Average , Goldman Sachs Group Inc.'s stock was the biggest drag, as it fell $13.49, or 3.2%. Elsewhere, shares of JPMorgan Chase & Co. lost 2.3%, Bank of America Corp. dropped 3.0%, Citigroup Inc. slid 3.4% and Wells Fargo & Go. shed 2.9%. Meanwhile, the yield on the 10-year Treasury note declined 6.0 basis points to 1.519%. Lower long-term interest rates could hurt bank profits, as the spread between what banks can earn on longer-term assets, such as loans, that are funded with shorter-term liabilities is narrowed.
11:25 a.m. Nov. 3, 2021 - By Steve Gelsi
JPMorgan bans brokers from trading some cannabis stocksJPMorgan Chase & Co has said in a letter to brokerage clients that it will not allow them to buy some U.S.-based cannabis company securities starting on Nov. 8, according to a recent Reuters . The rule covers companies with U.S. operations not currently listed on the Nasdaq, the New York Stock Exchange or the Toronto Stock Exchange with "direct nexus to marijuana-related" activities. "JPMorgan has introduced a framework that is designed to comply with U.S. money laundering laws and regulations by restricting certain activities in the securities of U.S. marijuana related businesses," according to the letter. The bank will prohibit new purchases and short positions. Liquidation of current positions will be allowed, the letter said. The report does not list any affected stocks by name, but a number of U.S. based companies that serve the legal market in the U.S. trade on the Canadian Securities Exchange and on the OTC bulletin board. Cannabis remains illegal under federal law, although it's been allowed under local laws in various states.
9:00 a.m. Oct. 27, 2021 - By Tomi Kilgore
Financial stocks suffer broad weakness as Treasury yields drop, Capital One's results disappoint investorsFinancial stocks took a broad hit Wednesday, as investor disappointment over Capital One Financial Corp.'s third-quarter results and the biggest drop in benchmark Treasury yields in three months acted as drags on the sector. The SPDR Financial Select Sector ETF fell 1.2% in afternoon trading with 57 of 65 equity components trading lower, while the S&P 500 tacked on 0.2%. Capital One's stock tumbled 7.5% to pace the losers even after the financial services company reported that rose above expectations, helped by a $770.0 million reserve release. If the reserve release was excluded, the company would have posted a net income decline, and earnings per share would have been reduced by about $1.75. Among other more heavily weighted components of the financial ETF (XLF), shares of Bank of America Corp. shed 1.3%, JPMorgan Chase & Co. gave up 1.9%, Wells Fargo & Co. fell 0.4%, Citigroup Inc. lost 0.7% and Goldman Sachs Group Inc. gave up 1.0%. The fell 8.4 basis points to 1.535%, the biggest one-day drop in yields since July 19, after data showing a decline in durable goods data. Lower long-term yields can eat into bank profits, as that can lower the spread banks earn as they fund longer assets, such as loans, with shorter term liabilities.
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.
7:39 a.m. Oct. 22, 2021 - By Mark Decambre
Stock market briefly takes a U-turn lower Friday as Tepper says market isn't a great investment now, Powell hints a rate hikeU.S. stock indexes were turning lower midday Friday, with the main benchmarks retreating from records to end an otherwise strong week of gains, as investors digested comments from Federal Reserve Chairman Jerome Powell. Some of the shift lower in sentiment intraday als was blamed on comments from hedge-fund luminary David Tepper, who said he didn't think stocks were "a great investment right here," in an interview with CNBC on Friday. "I just don't know how interest rates are going to behave next year... I don't think there's any great asset classes right now... I don't love stocks," he told the business network. The Dow Jones Industrial Average [ : DJIA] was up less than 0.1%, while the S&P 500 index was off 0.3% and the Nasdaq Composite Index was nearly 1% lower. Powell told the BIS that the job market could reach maximum employment next year, achieving one of the Fed's central mandates, which he said would meet one requirement for a rate hike.
11:10 a.m. Oct. 13, 2021 - By Mark Decambre
S&P 500, Nasdaq Composite snap 3-session skid but Dow ensnared in longest losing skid in three weeksU.S. stocks ended mostly in positive territory Wednesday, halting a string of losses at three, as investors digested minutes from the Federal Reserve's Sept. 21-22 policy meeting that seemed to underscore the cetnral bank's plan to dial back its monthly purchases of Treasurys and mortgage-backed securities as evidence of inflation show that pricing pressures continue to percolate. The Dow Jones Industrial Average ended lower but almost unchanged at about 34,378. Still, it was the fourth straight decline for the blue-chip benchmark, matching the longest losing skid ended Sept. 21, FactSet data show. The S&P 500 index closed up 0.3% at 4,363, while the Nasdaq Composite Index rose 0.7% at about 14,572, and marked the best day since Oct. 7. Several Fed officials said they even preferred a more rapid reduction of the central bank's current $120 billion pace of monthly purchases, rather than the $15 billion reduction anticipated. Data showed that the U.S. consumer-price index rose 0.4% in September after climbing 0.3% in August, the Labor Department said on Wednesday. In the 12 months through September, the CPI increased 5.4% after advancing 5.3% year-over-year in August.
11:11 a.m. Oct. 12, 2021 - By Mark Decambre
The stock market closed lower Tuesday, logging another intraday reversal and a 3rd straight fall for the longest skid in 3 weeks U.S. stocks finished lower Tuesday, with the main indexes erasing early modest gains to close lower for the third straight decline for the three main equity benchmarks, ahead of the unofficial start of third-quarter results from American corporations. The Dow Jones Industrial Average fell 118 points, or 0.3%, the S&P 500 index declined 0.2% to 4,350, while the Nasdaq Composite Index declined 0.1% to 14,465. The small-capitalization Russell 2000 index , however, was headed for a close in positive territory, up 0.4%. Markets have been choppy amid concerns about slowing growth here and abroad and worries that inflation may be more durable than had been previously estimated by some members of the Federal Reserve. The International Monetary Fund said that it now sees global growth of 5.9% this year - down one-tenth of a percent from its July forecast - and then slowing to 4.9% growth in 2022. For the U.S., the IMF cut its growth estimate for this year down to 6%. Atlanta Federal Reserve President Raphael Bostic said that the recent burst of U.S. inflation is likely to last longer than expected and no longer should be considered "transitory." Minutes from the Fed's Sept. 21-22 meeting are due at 2 p.n. ET on Wednesday. Before that, a report on consumer inflation, the consumer price index, is due at 8:30 p.m. ET.
4:36 a.m. Oct. 12, 2021 - By Mark Decambre
Dow drifts higher Tuesday but stock market gains capped as IMF dials back global growth outlook U.S.stocks rose tenatively Tuesday morning as inflation worries dogged bullish investors ahead of third-quarter earnings and as the International Monetary Fund cut its outlook for global growth. The Dow Jones Industrial Average rose 36 points, or 0.1%, at 34,533, the S&P 500 index inchded 0.1% higher at 4,364, and the Nasdaq Composite Index advanced 0.1% at 14,505. The IMF on Tuesday said it expects global GDP to grow by 5.9% in 2021---0.1 percentage point lower than its previous estimate. "This modest headline revision masks large downgrades for some countries," wrote Gita Gopinath, chief economist at the IMF, in a Tuesday blog post. The report comes as investors are wrestling with surging energy prices, which are contributing to pricing pressures across the globe in the wake of the COVID-19 pandemic.
4:02 a.m. Oct. 8, 2021 - By Tomi Kilgore
Camber Energy is still hot as the stock soars on heavy volume, a day after nearly doublingCamber Energy Inc. remained the hottest name on Wall Street, as the oil-and-gas company's stock is once again the most actively traded on major U.S. exchanges ahead of Friday's open as the recent rollercoaster ride looked set to continue. The stock soared 28.4% in Friday's premarket on volume of 71.9 million shares, after it skyrocketed 95.9% on volume of 961.2 million shares on Thursday, which came after the company disclosed . That run up followed in which the stock plummeted 76.1% on average daily volume of 474.7 million shares, which came after a six-day rally of 161.6% on average daily volume of 523.3 million shares. To put Friday's early rally in Camber Energy's stock in perspective, fellow AMC Entertainment Holdings Inc. slipped 0.7% on volume of 263,369 shares and GameStop Corp. eased 0.2% on volume of 4,069 shares, according to FactSet. And futures for the S&P 500 were little changed.
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.
11:09 a.m. Oct. 1, 2021 - By Mark Decambre
Dow surges nearly 500 points as Merck's experimental COVID drug delivers dose of optimism but stocks register weekly losses U.S. stock indexes closed solidly higher Friday, with some of the upbeat mood on Wall Street to start October and the fourth quarter being attributed to an experimental COVID-19 pill from Merck & Co. that has shown in trials that it helps prevent high-risk people early in the course of the disease from becoming seriously ill and dying. The Dow Jones Industrial Average rose 1.4% to 34,326, with gains in Visa , Microsoft Corp. , Walt Disney & Co. and American Express Co. helping power the gains for the price-weighted index, along with Merck. The S&P 500 index rose 1.2% to 4,357, with energy shares surging 3.3% to lead the S&P 500's 11 sectors to start the month where that sector ended September, on top. The Nasdaq Composite Index closed 0.8% higher at 14,566. For the week, however, the Nasdaq closed down 3.2% and the S&P 500 ended off 2.2% for their worst weekly declines since Feb. 26, while the Dow ended the week off 1.4% for the sharpest weekly slide since Sept. 10, FactSet data show. as investors displayed a little risk appetite, thinking a new page in the calendar might push the market past the issues that drove it down earlier in the week.
11:17 a.m. Sept. 30, 2021 - By Mark Decambre
Dow sinks nearly 550 points to end ugly September even as Congress passes bill to temporarily avoid government shutdown U.S. stocks closed out the month and quarter on a sour note Thursday as investors shed equities and losses accelerated within the final hour of trading, continuing a trend of weakness on Wall Street that has played out over the past several weeks. The declines for stocks came even as Congress passed a bill extending government funding through Dec. 3, sending the legislation to President Joe Biden's desk hours before current funding expires and completing one of several pressing measures before lawmakers. The Dow Jones Industrial Avergae closed off 547 points, or 1.6%, to reach 33,843, the S&P 500 index closed off 1.2% at 4,308, finishing down around 5% from its Sept. 2 peak. The Nasdaq Composite Index ended 0.4% lower to around 14,449. For the month, the Dow closed down 4.3% for its worst monthly loss since October of 2020, the S&P 500 index closed down 4.8%, while the Nasdaq Composite finished September off 5.3%. For the quarter, the Dow booked a quarterly decline of 1.9%, the S&P 500 finished the quarter up 0.2%, while the Nasdaq Composite booked a quarterly loss of 0.4%. It was the first quarerly loss for the Dow and Nasdaq since March 2020, according to Dow Jones Market Data.
4:35 a.m. Sept. 30, 2021 - By Mark Decambre
U.S. stock market gains early Thursday as investors aim to close out downbeat SeptemberU.S. stocks rise Thursday, as Wall Street aims to wrap up the last trading day of September and the quarter, as investors await another appearance by Federal Reserve Chairman Jerome Powell Treasury Secretary Janet Yellen, who will appear before the House Financial Services Committee. The Dow Jones Industrial Average was up 164 points, or 0.5%, at 34,554, the S&P 500 index was climbing 0.5% to 4,381, while the Nasdaq Composite Index was up 0.7% early in the session. For the month, the Dow was headed for a 2.4% decline, the S&P 500 was down 3.2% and the Nasdaq Composite was off 4.3%. For the quarter, the Dow was flat, the S&P 500 was up 1.9% and the Nasdaq Composite was up 0.8%.
11:08 a.m. Sept. 28, 2021 - By Mark Decambre
Dow skids 570-points and snaps 4-day win streak and Nasdaq notches worst day since March 18The Dow Jones Industrial Average closed lower Tuesday, along with the rest of the market, which faced a fresh drop in September, putting the blue-chip index on track to nearly erase its entire gains over the past three months and deliver the worst monthly decline since October. For the Nasdaq Composite Index , it was the worst session since March 18 on a percentage basis, down 2.8% to end 14,546, on a preliminary basis. The Dow closed 1.6% lower to reach 34,300, and is up less than 0.1% for the quarter, while the S&P 500 index declined 2% on Tuesday to reach around 4,353. The slump in equities comes as The 10-year Treasury yield was up about 6 basis points at 1.54% Tuesday afternoon, after hitting its highest level since June. Bond yields have been rising as investors anticipate the Federal Reserve moving away from the accommodative policy it set during the early months of the pandemic amid concerns over elevated inflation. Rising long-term bond yields have put pressure on tech- and other growth-related shares, while stocks for companies more sensitive to the economic cycle were also succumbing to selling pressure, but outperformed more rate-sensitive stocks. Energy shares, however, were the only bright spot in markets, with the S&P 500's energy sector up 0.5% on the day, amid concerns of an energy shortage in parts of the globe.
4:34 a.m. Sept. 21, 2021 - By Mark Decambre
U.S. stocks drift higher early Tuesday as Wall Street attempts to bounce back from Evergrande-inspired routU.S. stock indexes climbed Tuesday morning, trading modestly higher as the market tries to recover from the worst single day for the S&P 500 in more than four months, sparked partly by concerns about Chinese property developer Evergrande. The Dow Jones Industrial Average gains 0.4% at 34,091, the S&P 500 index advanced 0.4% to 4,374, while the Nasdaq Composite Index climbed 0.4% to 14,776. Concerns about financial contagion from Evergrande, a property developer with some $300 bilion in debt, came at a critical juncture, with several firms having warned, correctly, that September would be bumpy for U.S. equities after a smooth summer. It also comes as the Federal Reserve kicks off its two-day policy meeting later Tuesday.
10:57 a.m. Sept. 20, 2021 - By Mark Decambre
Evergrande jitters send Wall Street's 'fear gauge' to biggest pop in over 6 months and yields tumble the most in weeksA measure of implied volatility on Wall Street Monday rose by the most since February as the Dow Jones Industrial Average tumbled nearly 1,000 points at its lows on concerns about China's property market highlighted by the potential collapse of China Evergrande Group. The CBOE Volatility Index jumped by about 32% to 28.30, marking its biggest one-day rise since Feb. 25, when it rose 35.4%, FactSet data show. 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. The S&P 500 index was trading 2% lower at 4,343, which would mark its steepest drop since May 12, according to FactSet data. The Nasdaq Composite Index was down 2.6% to 14,653, which would also represent its sharpest daily lose on a percentage basis since May 12. The Dow was trading 1.9% lower at 33,921. but had been down by as many as 970 points. The decline for stocks also came as the benchmark 10-year Treasury note yield fell by the most since Aug. 13, down 6.1 basis points to 1.308%, Dow Jones Market Data show. Evergrande, a Chinese property giant nursing more than $300 billion in debt, remains - sending global equities tumbling Monday as investors, who had previously ignored the situation, sat up and took notice.
11:06 a.m. Sept. 16, 2021 - By Mark Decambre
Dow, S&P 500 close lower as Nasdaq Composite ekes out back-to-back gains in volatile Thursday actionU.S. equity markets on Thursday finished well off session lows, with the Nasdaq Composite booking consecutive gains but the S&P 500 and the Dow notching slight losses, as investors parsed economic reports ahead of a key gathering of policy makers next week. The turbulence in the session, similar to what the market has exhibited over the past week, came even as August retail sales produced an unexpected rise and a measure of activity in the Philadelphia Federal Reserve district that was stronger than expected. The Nasdaq Composite Index closed 0.1% higher at 15,182, on a preliminary basis, enough for its second straight gain; the S&P 500 index finished down 0.2% at around 4,474; while the Dow Jones Industrial Average fell 0.2% to about 34,751. Data showed 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%. Separately, the Philadelphia Fed's activity index 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. In corporate news, AMC Entertainment Holdings Inc. announced in August it would accept bitcoin for online ticket and concession purchases before the end of the year. Thursday's trade was informed by a big pullback in China stocks, with the Shanghai Composite ending down 1.3%. Investors are looking ahead to the Federal Reserve's two-day policy meeting that kicks off on Sept. 21.
11:05 a.m. Sept. 15, 2021 - By Mark Decambre
S&P 500 posts best daily gain in nearly 3 weeks as energy stocks surge 3.8%, financials and tech stocks also riseU.S. stocks benchmarks closed solidly higher Wednesday, with the S&P 500 putting in the best daily gain since late August, as shares of energy compaies, information technology and financial climbed. The S&P 500 index closed up 0.9% at around 4,480, marking its best point and percentage advance since Aug. 27. The Dow Jones Industrial Average closed up 0.7% at 34,814, while the Nasdaq Composite Index advanced 0.8% at 15,161, marking its best day since Aug. 30. In economic data, the New York Fed's Empire State business conditions index surged 16 points to 34.3 in September, the regional Fed bank said Wednesday.Separately, the import price index dropped 0.3% last month, the government said Wednesday, marking the first decline in 10 months. And data on U.S. industrial production showed a 0.4% rise in August after a 0.8% gain in the prior month, the Federal Reserve reported Wednesday.
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.
7:20 a.m. Sept. 8, 2021 - By Victor Reklaitis
Biden says stock market 'has gone up exponentially since I've been president'President Joe Biden on Wednesday bragged about the performance of U.S. stocks during his time in office, as he made a speech in honor of labor unions at the White House. "The stock market has gone up exponentially since I've been president. You haven't heard me say word about it," Biden said, in an apparent reference to former President Donald Trump's frequent comments about the stock market. The S&P 500 has gained about 17% since Jan. 20, the day that Biden was inaugurated.
11:10 a.m. Aug. 30, 2021 - By Mark Decambre
Tech stocks push S&P 500 record closes in 2021 to 53 and Nasdaq logs 32nd all-time high of the year The S&P 500 and the Nasdaq Composite added to their record-setting pace of gains on Monday, driven by a rally in information technology stocks, but the Dow Jones Industrial Average lagged behind its equity benchmark peers. The S&P 500 closed up 0.4% at around 4,529, establishing an intraday record high at 4,537.36, while the Nasdaq Composite Index ended 0.9% higher at roughly 15,266, following its own intraday record on Monday at 15,288.08. The Dow closed down 56 points, or 0.2%, at about 35, 400, weighed by a decline in financials Goldman Sachs Group Inc. , American Express Co. , as well as Boeing Co. . Shares of technology firms provided a lift for the broader market and the tech-heavy Nasdaq, with gains in tech also aided by a decline in benchmarks bond yields. The 10-year Treasury note yields around 1.284%, compared with 1.311% on Friday at 3 p.m. ET, Dow Jones Market Data show. Lower borrowing costs can give a boost to yield-sensitive areas of the market like tech but can weigh on financials because bank business models are underpinned by higher rates on the longer end of the so-called yield curve.
11:07 a.m. Aug. 26, 2021 - By Mark Decambre
S&P 500 and Nasdaq end lower for first time in 6 sessions ahead of Powell's Jackson Hole speechU.S. stocks halted a streak of wins for the three main benchmarks on Thursday as investors focused on comments expected from Federal Reserve Chairman Jerome Powell on Friday that could deliver the clearest guideposts for the central bank's plans for tapering stimulus measures. The Dow Jones Industrial Average closed 0.5% lower at 35,213, finishing lower for the first time in five sessions. The S&P 500 index closed down 0.6% at 4,470, while the Nasdaq Composite Index finished 0.6% lower at 14,946, on a preliminary basis. That marked the first lower close for the S&P 500 and the Nasdaq in six sessions, which had both also registered all-time closing highs on Wednesday. In economic data, the Labor Department said first-time jobless claims rose 4,000 last week to 353,000, slightly above forecasts for a reading of 350,000 after dipping to a pandemic low in the previous week. A second estimate of U.S. gross domestic product, the official scorecard of U.S. economic expansion, showed annualized growth of 6.6%, compared with an initial reading of 6.5%. Economists had looked for a revised rate of 6.7%. The slump in equities also happened as the Pentagon confirmed that at least 12 U.S. service members, and scores of others, were killed following two explosions near Hamid Karzai International Airport in Kabul, Afghanistan.
6:06 a.m. Aug. 26, 2021 - By Greg Robb
Dallas Fed's Kaplan, seeing 'resiliency' in face of delta, sticks with call for September taper announcementDallas Fed President Rob Kaplan on Thursday said he will press his colleagues to agree to announce a plan to start "tapering" or slowing down asset purchases in September, and to then launch the program in October or November. Kaplan had made headlines last week when he said the spread of the coronavirus delta variant might cause him to rethink this aggressive timetable. In an interview with CNBC, Kaplan said he has reviewed the latest data and wants to go ahead with his initial plan for the September taper announcement because Americans are adjusting to the delta variant. "What we're seeing is consumers and businesses are just becoming more adaptable," Kaplan said. "We're seeing resiliency." Stocks were lower on Thursday with the Dow Jones Industrial Average [s:DJIA] down almost 100 points in late morning trading.
4:32 a.m. Aug. 26, 2021 - By Mark Decambre
Dow drifts higher at Thursday's open but S&P 500 and Nasdaq retreat from records as Jackson Hole loomsU.S. stocks were trading mixed Thursday morning, with the Dow edging up, and the S&P 500 and the Nasdaq Composite pulling back from all-time highs ahead of an important speech from Federal Reserve Chairman Jerome Powell on Friday. The Dow Jones Industrial Average [: DJIA] rose 45 points, or 0.1%, at 35,441, the S&P 500 index declined less than 0.1% at 4,492, after the broad-market index put in its 51st record of 2021, while the Nasdaq Composite Index slipped less than 0.1% at 15,040, following its 30th record high of 2021 on Wednesday. In economic data, an updated reading of U.S. gross domestic prodict, or GDP, showed that the U.S. economy grew at an annualized rate of 6.6% in the second quarter, an upward revision from the initial reading at 6.5%, but below economists average estimates of 6.7% as surveyed by Dow Jones. Weekly jobless claims, meanwhile, came in at 353,000, hanging around a pandemic low.
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