NYSE Dow Jones finished today at:

[bigdog]

https://www.usnews.com/news/busines...tocks-decline-with-trade-us-politics-in-focus

US Stocks Inch Higher as Banks and Industrial Companies Rise
Stocks reverse some of their losses from earlier in the week as smaller, U.S.-focused companies rise and energy companies climb in tandem with oil prices.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks edged higher Friday as gains from energy companies, industrial firms and smaller companies helped the market end a modest losing streak.

Oil and gas companies climbed along with the price of oil Friday while industrial companies recovered some of the losses they sustained earlier this month. Beauty products retailer Ulta and software company Adobe rose after strong quarterly reports. Tiffany dropped after reporting weak sales, and online retailers Overstock.com and Wayfair slumped as investors worried about a possible price war.

All this week, stocks moved higher in early trading only to shed those gains as the day went on. They broke out of that pattern Friday, even though the gains were modest.

"From an investor point of view, the fact that we haven't rallied right back to the highs is a good thing," said Randy Frederick, vice president of trading and derivatives at Charles Schwab. Positive news about the economy has been countered by concerns about rising tensions over international trade.

"The pullback that we've been in is pretty much driven by President Trump's proclamation about tariffs," Frederick said.

The S&P 500 index gained 4.68 points, or 0.2 percent, to 2,752.01. The Dow Jones industrial average added 72.85 points, or 0.3 percent, to 24,946.51. The Nasdaq composite rose 0.25 points to 7,481.99. The Russell 2000 index of smaller-company stocks jumped 9.43 points, or 0.6 percent, to 1,586.05.

After a dramatic drop at the beginning of February followed by a rapid recovery of some of their losses, stocks have bounced around for the last month. The Dow, which surged past 26,000 in mid-January, has been wobbling around 25,000 for about a month.

The S&P 500 fell for the first four days of the week and finished with a decline of 1.2 percent. The worst losses came Tuesday and Wednesday after President Donald Trump blocked Singapore-based chipmaker Broadcom's effort to buy its U.S. rival Qualcomm and European leaders warned about the risks of trade disputes.

The Federal Reserve said factory output continued to rise as companies in the U.S. produced more cars, computers and furniture. It reported that manufacturing output rose 1.2 percent in February after three months of weak results. Factory output has increased 2.5 percent over the last year.

The Commerce Department said homebuilders started work on fewer apartment buildings in February, and that caused overall housing starts to drop 7 percent. Builders have shifted their efforts to single-family homes recently as the economy has improved.

Benchmark U.S. crude rose $1.15, or 1.9 percent, to $62.34 a barrel in New York. Brent crude, used to price international oils, climbed $1.09, or 1.7 percent, to $66.21 a barrel in London.

Tiffany dropped $5.20, or 5.1 percent, to $97.51 after it reported weaker sales than analysts expected. Its forecast for the current year was also below what investors were looking for.

Online discount retailer Overstock.com said profit margins have fallen hard because of competition with Wayfair, and CEO Patrick Byrne said the company will "respond in kind," meaning Overstock will try to ramp up its growth and will be willing to lose money to achieve that goal. The stock dropped $2.50, or 5.2 percent, to $45.70 while Wayfair lost $5.01, or 6 percent, to $78.95.

While Broadcom is no longer trying to buy rival chipmaker Qualcomm, both companies are still at the center of deal discussions. The Financial Times reported that former Qualcomm chairman Paul Jacobs wants to take the company private and has had talks with potential investors and the Qualcomm board. Qualcomm added 73 cents, or 1.2 percent, to $60.62, which gives it a market value of about $90 billion.

With the Qualcomm deal finished, Broadcom says it still sees opportunities for other acquisitions. The company also disclosed its quarterly results, and its shares fell $12.89, or 4.8 percent, to $254.87.

The top policymakers at the Federal Reserve will meet Tuesday and Wednesday, and they are expected to raise interest rates again. Since the market is fairly sure of what the Fed will do, there will be a lot of focus on what it says. After the meeting ends, Fed Chairman Jerome Powell will hold his first news conference since he replaced Janet Yellen last month.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.84 percent from 2.83 percent.

In other energy trading, wholesale gasoline gained 2 cents to $1.95 a gallon. Heating oil picked up 2 cents to $1.91 a gallon. Natural gas edged up 1 cent to $2.69 per 1,000 cubic feet.

Gold dipped $5.50 to $1,312.30 an ounce. Silver lost 15 cents to $16.27 an ounce. Copper fell 2 cents to $3.11 a pound.

The dollar declined to 106.10 yen from 106.24 yen. The euro fell to $1.2284 from $1.2303.

The German DAX gained 0.4 percent while Britain's FTSE rose 0.3 percent. The CAC 40 in France added 0.3 percent. Japan's Nikkei 225 fell 0.6 percent while South Korea's Kospi edged 0.1 percent higher and Hong Kong's Hang Seng index dipped 0.1 percent.

1590

 

[bigdog]

The Dow Jones industrial average fell 335.60 points, or 1.3 percent, to 24,610.91. During the day it fell as much as 493 points.

https://finance.yahoo.com/m/ff380689-fb05-3250-93c5-41530e2b1d7c/ss_facebook-drags-technology.html

Facebook drags technology companies down as stocks slide

Jay Marley

NEW YORK (AP) — Facebook plunged to its worst loss in four years Monday and led a rout in technology companies. The social media company's stock fell following reports that a data mining firm working for the Trump campaign improperly obtained data on 50 million Facebook users.

The drop in Facebook stock came after the New York Times and the Guardian reported that the firm, Cambridge Analytica, was able to tap the profiles of more than 50 million Facebook users without their permission. Legislators in the U.S. and Europe criticized Facebook and said they want more information about what happened. Investors wondered if companies like Facebook and Alphabet will face tighter regulation as a result.

Daniel Ives, chief strategy officer and head of technology research for GBH Insights, said Facebook is in a crisis, and it will have to work hard to reassure users, investors and governments.

"This is a defining moment for them," he said. "It either becomes a blip on the radar and it helps the platform mature... or it becomes the start of something broader."

Elsewhere, the British pound rose and European stocks slumped after Britain and the European Union said they are getting closer to a deal that will complete Britain's departure from the EU in March 2019.

The S&P 500 index sank 39.09 points, or 1.4 percent, to 2,712.92. The benchmark index took its biggest loss since Feb. 8, when it tumbled almost 4 percent as investors worried that rising inflation would slow the progress of the market and the U.S. economy.

The Dow Jones industrial average fell 335.60 points, or 1.3 percent, to 24,610.91. During the day it fell as much as 493 points. The Nasdaq composite gave up 137.74 points, or 1.8 percent, to 7,344.24. The Russell 2000 index of smaller-company stocks declined 15.49 points, or 1 percent, to 1,570.56.

Larger technology companies including Apple and Microsoft fared worse than smaller ones. Another market favorite, Amazon, also dropped, and health care stocks fell more than the rest of the market.

Representatives of Britain and the European Union said they made progress on the terms of Britain's departure from the bloc. British envoy David Davis said important steps have been made in the last few days and he thinks EU leaders will back them in a meeting Thursday and Friday. Britain is scheduled to officially leave the EU on March 29, 2019.

The pound rose to $1.4050 from $1.3938. The British FTSE 100 index fell 1.7 percent and Germany's DAX fell 1.4 percent. France's CAC-40 was 1.1 percent lower.

Facebook said late Friday that it suspended Cambridge Analytica and its parent company. It said Cambridge obtained data from 270,000 people who downloaded a purported research app that was described as a personality test. A former employee said Cambridge was able to get data from tens of millions of other users who were friends with the people who downloaded that app.

Facebook first learned of the breach more than two years ago but hadn't disclosed it. Facebook also said it recently received a report that Cambridge Analytica hadn't deleted all of the data it obtained from Facebook, something Facebook said the company claimed to have done. Senator Amy Klobuchar of Minnesota said Facebook CEO Mark Zuckerberg should testify before the Senate Judiciary Committee while legislators in Britain and the European Union also called for inquiries.

On Monday Facebook said it hired an outside firm to audit Cambridge. Its stock sank $12.53, or 6.8 percent, to $172.56, its biggest one-day loss since March 2014.

Ives, of GBH, said Wall Street is more concerned about the latest situation than it was about issues like Facebook's platform spreading fake news. That's because Cambridge reportedly got access to the personal data of a large number of users, and the backlash suggests Facebook may face more regulation and could lose users, advertisers or advertising revenue.

He estimated that $5 billion in annual revenue for Facebook might be a risk and said the situation could create problems for other tech companies, especially Twitter and Alphabet's YouTube unit. Alphabet lost $34.35, or 3 percent, to $1,100.07.

Twenty-nine of the 30 Dow stocks finished the day with losses. The only exception was airplane maker Boeing.

Bond prices gave up an early gain. The yield on the 10-year Treasury note remained at 2.85 percent.

Benchmark U.S. crude fell 28 cents to $62.06 a barrel in New York. Brent crude, used to price international oils, lost 16 cents to $66.05 per barrel in London.

Wholesale gasoline lost 2 cents to $1.92 a gallon. Heating oil remained at $1.91 a gallon. Natural gas fell 4 cents to $2.65 per 1,000 cubic feet.

Gold added $5.50 to $1,317.80 an ounce. Silver rose 5 cents to $16.33 an ounce. Copper lost 2 cents to $3.08 a pound.

Tokyo's Nikkei 225 fell 0.9 percent and Hong Kong's Hang Seng edged up less than 0.1 percent. Seoul's Kospi lost 0.8 percent.

The dollar slipped to 105.97 yen from 106.10 yen. The euro rose to $1.2357 from $1.2284.

 

[bigdog]

https://www.usnews.com/news/busines...ares-mixed-as-some-recover-from-earlier-slump

Stock Mostly Higher but Facebook Sinks Again; Oracle Plunges
After steep losses a day ago, US stock indexes finish mostly higher as retailers rise, energy companies climb with oil prices and banks move up with interest rates.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stock indexes finished mostly higher after a day of bouncing around Tuesday as retailers, energy companies and banks recovered some of their losses from the day before, but technology companies struggled as Facebook dropped again.

Amazon led a rally among retailers, and it passed Alphabet, Google's parent, as the second most-valuable U.S.-listed company, while energy companies rose with oil prices. Banks rose along with interest rates as the leaders of the Federal Reserve met. They are expected to raise interest rates on Wednesday.

Facebook sank following reports that the Federal Trade Commission will investigate its handling of user data while authorities in the U.S. and U.K. demanded answers from the company. That came after reports that Cambridge Analytica, a data mining firm working for President Donald Trump's campaign, improperly obtained data on 50 million Facebook users without their permission.

While Facebook stock regained a portion of its losses at the end of the day, it has fallen more than 9 percent this week. Social media companies Twitter and Snap also fell as investors considered the possibility that the government will pass new laws affecting their businesses.

"We don't know what's in store for an industry that isn't really regulated," said Samantha Azzarello, global market strategist at JPMorgan Exchange Traded Funds.

The gainers Tuesday were mostly larger companies, which suffered the biggest losses Monday. Smaller companies struggled and more stocks fell than rose on the New York Stock Exchange.

After a drop of 1.4 percent Monday, the S&P 500 index rose 4.02 points, or 0.1 percent, to 2,716.94. The Dow Jones industrial average gained 116.36 points, or 0.5 percent, to 24,727.27. The Nasdaq composite rose 20.06 points, or 0.3 percent, to 7,364.30. The Russell 2000 index of smaller-company stocks dipped 0.16 points to 1,570.41.

Amazon jumped $41.58, or 2.7 percent, to $1,586.51 and Best Buy picked up $1.51, or 2.2 percent, to $70.04. Industrial companies including Caterpillar recovered much of their losses as well. Some major technology companies including Apple, Microsoft and Nvidia moved higher after significant drops a day ago.

Facebook lost $4.41, or 2.6 percent, to $168.15. The drop in the last two days is the worst for Facebook in two years, and it knocked Facebook from its perch as the fifth most valuable publicly traded company in the U.S. Warren Buffett's Berkshire Hathaway conglomerate, which owns insurance companies and railroads among many others, moved ahead of Facebook.

Other social media companies also sank: after sharp losses Monday, Twitter plunged $3.63, or 10.4 percent, to $31.35 and Snap lost 42 cents, or 2.6 percent, to $16. Alphabet, which fell 3 percent Monday, lost another $427 to $1,095.80.

Investors were disappointed with Oracle's third-quarter report. While the company announced a bigger profit than analysts expected, they were less impressed once items like lower tax rates and stock repurchases were excluded, and its sales were lower than Wall Street had forecast. The company's forecast for the fourth quarter also came up short of estimates. The stock dropped $4.90, or 9.4 percent, to $47.05.

The Federal Reserve's leaders began a two-day policy meeting that is expected to result in another interest rate increase on Wednesday. The Fed has said it expects to raise interest rates a total of three times this year, and one of the key debates on Wall Street is whether it will wind up increasing rates three times or four. The current meeting is the Fed's first since Jerome Powell became chairman, and investors will be watching his comments at a press conference Wednesday afternoon.

"Markets right now are hypersensitive to the Fed," said Azzarello of JPMorgan. She said the Fed is trying to communicate clearly with investors and it won't rush to raise interest rates.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.89 percent from 2.85 percent. When yields rise, it allows banks to charge higher interest rates on loans including mortgages.

Banks and other financial companies rose, while companies that pay large dividends, including phone and utility companies, moved lower. Those stocks tend to fall out of favor with income-seeking investors when bond yields rise.

Benchmark U.S. crude rose $1.34, or 2.2 percent, to $63.40 a barrel in New York. Brent crude, used to price international oils, gained $1.37, or 2.1 percent, to $67.42 per barrel in London.

Wholesale gasoline gained 4 cents to $1.97 a gallon. Heating oil added 4 cents to $1.95 a gallon. Natural gas picked up 2 cents to $2.68 per 1,000 cubic feet.

Gold fell $5.90 to $1,311.90 an ounce. Silver fell 14 cents to $16.19 an ounce. Copper lost 4 cents to $3.04 a pound.

The dollar rose to 106.46 yen from 105.97 yen. The euro fell to $1.2253 from $1.2357.

Germany's DAX added 0.7 percent and the CAC 40 in France gained 0.6 percent. Britain's FTSE 100 closed 0.3 percent higher. Japan's benchmark Nikkei 225 lost 0.5 percent while South Korea's Kospi edged up 0.4 percent. Hong Kong's Hang Seng inched up 0.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...cks-advance-ahead-of-fed-meeting-tokyo-closed

Stocks Wobble and End Lower After Fed Raises Interest Rates
US stock indexes give up early-afternoon gains and finish with small losses after the Federal Reserve raised interest rates and said it might boost those rates at a faster pace next year.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — After a jittery afternoon of trading, major U.S. stock indexes fell Wednesday while smaller companies fared better. The Federal Reserve raised interest rates, as investors expected, and said it could raise rates at a quicker pace next year.

Stocks traded higher early in the day and jumped after the Fed announced its decision. The Dow Jones industrial average climbed 250 points, but gave it all up as new Fed Chairman Jerome Powell addressed reporters. At the end of trading it wobbled and ended lower. The dollar weakened and bond yields turned lower. Yields had risen earlier in the afternoon.

The Fed said the U.S. economy and the job market continued to improve over the last two months. It still expects to raise interest rates three times this year, and said it might raise rates three more times this year instead of two.

Brent Schutte, the chief investment strategist for Northwestern Mutual Wealth Management, said Powell is trying to tell Wall Street what the Fed's plans are without worrying investors too much. He said stocks dropped after Powell said rates might rise higher than the Fed expects.

"The market will have to get to know Jerome Powell a little bit and will have to test his credibility as Fed chairman," he said. "I would imagine the bar is higher for him in the shorter term because he is not a trained economist," unlike Janet Yellen and other predecessors.

Small and mid-size companies climbed. Energy companies led the way as oil prices jumped for the second day in a row. Homebuilders advanced following a report that sales of previously occupied homes increased in February. Cereal and packaged foods companies slumped after General Mills reported rising expenses and cut its annual profit forecast and airlines skidded after Southwest said its revenue is suffering as it cuts fares to compete with other companies.

The S&P 500 index slid 5.01 points, or 0.2 percent, to 2,711.93. The Dow Jones industrial average lost 44.96 points, or 0.2 percent, to 24,682.31. The Nasdaq composite fell 19.02 points, or 0.3 percent, to 7,345.29. The Russell 2000 index of smaller companies gained 8.90 points, or 0.6 percent, to 1,579.30.

Bond prices edged lower. The yield on the 10-year Treasury note declined to 2.88 percent from 2.90 percent Tuesday. It had risen as high as 2.93 percent as investors expected quicker gains in interest rates.

David Kelly, the chief global strategist for JPMorgan Asset Management, said stocks usually do well when rates are rising, but only up to a point.

"If interest rates are rising from a low level, there's more optimism about the economy, and that generally is a more positive thing," he said. That's the case right now, but with an important difference: the economy has been growing for almost a decade, and interest rates have been historically low for the whole time.

Kelly added that the Fed and the government need to be careful to focus on smooth growth, as the recent tax cuts will dump some short-lived stimulus into the economy.

"The overall effect of the tax cut is to deliver another keg to a keg party at 2 a.m.," he said. "The party is probably going to go a little longer but the hangover is going to be worse."

Nine of the ten biggest gainers on the S&P 500 were energy companies. Some of the biggest gains went to Marathon Oil and Anadarko Petroleum.

Benchmark U.S. crude rose $1.63, or 2.6 percent, to $65.17 a barrel in New York. Brent crude, used to price international oils, added $2.05, or 3 percent, to $69.47 a barrel in London.

General Mills, the maker of Cheerios cereal, Yoplait yogurt and other packaged foods, plunged after its third-quarter results were hurt by rising freight and commodity costs. The company also cut its annual profit outlook. The stock dropped $4.42, or 8.9 percent, to $45.51, and companies including Kellogg, J.M. Smucker and Post Holdings also fell.

After early losses, Facebook rose $1.24 to $169.39. The stock fell 9 percent Monday and Tuesday following reports a data mining firm working for President Donald Trump's campaign took data from the accounts of 50 million Facebook users without their permission. Authorities in Britain and the U.S. launched investigations into Facebook's handling of user data.

Facebook stock is down 12.5 percent from the all-time high it set Feb. 1.

Social media companies Twitter and Snap also regained a portion of their recent losses. Adding to Snap's woes, its stock fell last week after pop star Rihanna called on her fans to delete the Snapchat app after an ad for game that made jokes about her assault in 2009 by her then-boyfriend Chris Brown. Snap apologized for the ad.

In other energy trading, wholesale gasoline added 5 cents to $2.01 a gallon. Heating oil rose 5 cents to $2 a gallon. Natural gas fell 4 cents to $2.64 per 1,000 cubic feet.

Metals prices also increased. Gold rose $9.60, or 0.7 percent, to $1,321.50 an ounce and silver jumped 23 cents, or 1.4 percent, to $16.42 an ounce. Copper gained 2 cents to $3.06 a pound.

The dollar fell to 106.10 yen from 106.46 yen. The euro rose to $1.2332 from $1.2253.

The CAC 40 in France declined 0.2 percent and Britain's FTSE 100 fell 0.3 percent. Germany's DAX finished with a small gain.

Hong Kong's Hang Seng index erased earlier gains to fall 0.4 percent and South Korea's Kospi finished little changed. Markets in Japan were closed for a holiday.

 

[bigdog]

TRUMPED AGAIN!!!!

The S&P 500 index skidded 68.24 points, or 2.5 percent, to 2,643.69. The Dow Jones industrial average sank 724.42 points, or 2.9 percent, to 23,957.89. The Nasdaq composite gave up 178.61 points, or 2.4 percent, to 7,166.68

https://www.usnews.com/news/busines...-shares-mixed-after-fed-raises-interest-rates

Stocks Dive on Trade War Fears After China Sanctions
Stocks plunge, sending the Dow Jones industrial average down more than 700 points, after the Trump administration moved to place trade sanctions on China. That set off worries of escalating trade conflict between the world's two largest economies.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks plunged Thursday after the Trump administration slapped sanctions on goods and investment from China. The Dow Jones industrial average dropped more than 700 points as investors feared that trade tensions between the world's largest economies would escalate.

The planned sanctions include tariffs on $48 billion worth of Chinese imports as well as restrictions on Chinese investments. Trump said he's taking those steps in response to theft of American technology, and the Chinese government said it will defend itself. Investors are worried that trade tensions would hurt U.S. companies and harm the world economy.

On Thursday they fled stocks and bought bonds, which sent bond prices higher and yields lower. With interest rates falling, banks took some of the worst losses. Technology and industrial companies, basic materials makers and health care companies also fell sharply.

Peter Donisanu, an investment strategy analyst for the Wells Fargo Investment Institute, said the risk of a damaging trade war is still low because the Trump administration is targeting specific goods that aren't central to China's economy. That could change if it puts tariffs on products like electronics or appliances imported from China.

"If the Trump administration really wanted to hurt China and start a trade war, then they would go after those larger sectors," he said. Still, Donisanu said that after last year's rally, investors are looking for new reasons to feel optimistic about stocks. With trade tensions in focus over the last month, they've had trouble finding any.

The S&P 500 index skidded 68.24 points, or 2.5 percent, to 2,643.69. The Dow Jones industrial average sank 724.42 points, or 2.9 percent, to 23,957.89. The Nasdaq composite gave up 178.61 points, or 2.4 percent, to 7,166.68. The Russell 2000 index of smaller-company stocks lost 35.43 points, or 2.2 percent, to 1,543.87.

Construction equipment maker Caterpillar fell $8.90, or 5.7 percent, to $146.90, for its worst loss since mid-2016. Aerospace company Boeing slid $17.49, or 5.2 percent, to $319.61.

Investors also sold some of the market's biggest recent winners. Among technology companies, Microsoft fell $2.69, or 2.9 percent, to $89.79 and Alphabet, Google's parent company, fell $40.85, or 3.7 percent, to $1,053.15. Online retailer Amazon slid $36.94, or 2.3 percent, to $1,544.92.

Earlier this month the Trump administration ordered tariffs on imported steel and aluminum, and stocks dropped as investors worried about the possibility of tougher restrictions on international trade and smaller profits for corporations.

Their fears eased when the administration said some countries will be exempt from the tariffs. That continued Thursday, as U.S. Trade Representative Robert Lighthizer said the tariffs won't apply to the European Union, Canada, Mexico, Argentina, Brazil and Australia.

Donisanu, of Wells Fargo, said the Trump administration isn't hostile to trade necessarily, but wants to get other countries to revise the terms of America's trade deals.

"This is probably intended to get China to get more serious in discussions around violations of intellectual property rights and addressing those issues," he said.

Bond prices climbed, sending yields lower. The yield on the 10-year Treasury note slipped to 2.82 percent from 2.88 percent. Falling bond yields are bad for banks because they force interest rates on loans lower. Bank of America lost $1.32, or 4.1 percent, to $30.55 and JPMorgan Chase gave up $4.79, or 4.2 percent, to $109.95.

Utility companies and real estate investment trusts moved higher. When bond yields decline, investors often bid up those stocks and others that pay big dividends.

The decline in rates comes a day after the Federal Reserve raised interest rates and said the U.S. economy and the job market continued to improve over the last two months. The Fed expects to raise rates three times this year, although some investors think a fourth increase is possible. The Fed also said it might raise rates three more times next year instead of two.

Overseas markets closed mostly lower. Germany's DAX lost 1.7 percent and the CAC 40 in France shed 1.4 percent. Britain's FTSE 100 dropped 1.2 percent. Hong Kong's Hang Seng dropped 1.1 percent. The Nikkei 225 in Japan index gained 1 percent and the South Korean Kospi added 0.4 percent.

AbbVie plunged after it reported disappointing results from a study of its cancer therapy Rova-T. AbbVie canceled its plans to ask for faster approval of Rova-T as a treatment for small cell lung cancer, but other studies are continuing. AbbVie shed $14.35, or 12.8 percent, to $98.10. Other health care stocks also sank.

Benchmark U.S. crude oil shed 87 cents, or 1.3 percent, to $64.30 a barrel in New York. Brent crude, used to price international oils, fell 56 cents, or 0.8 percent, to $68.91 a barrel in London.

Wholesale gasoline remained at $2.01 a gallon. Heating oil lost 1 cent to $1.99 a gallon. Natural gas lost 3 cents to $2.62 per 1,000 cubic feet.

Gold edged up $5.90 to $1,327.40 an ounce. Silver fell 3 cents to $16.39 an ounce. Copper lost 4 cents to $3.02 a pound.

The dollar fell to 105.61 yen from 106.10 yen. The euro rose to $1.2307 from $1.2332.

 

[bigdog]

Stocks Tumble on Trade Fears; S&P Has Worst Week in 2 Years
Global stocks sink as fears about trade conflict between the U.S. and China send the S&P 500 to its worst week in two years.

The S&P 500 index dropped 55.43 points, or 2.1 percent, to 2,588.26. The index skidded 6 percent this week, its worst since January 2016. The Dow Jones industrial average lost 424.69 points, or 1.8 percent, to 23,533.20. The Nasdaq composite fell 174.01 points, or 2.4 percent, to 6,992.67.

https://www.usnews.com/news/busines...-roiled-by-rising-fears-of-us-china-trade-war

Stocks Tumble on Trade Fears; S&P Has Worst Week in 2 Years
Global stocks sink as fears about trade conflict between the U.S. and China send the S&P 500 to its worst week in two years.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks around the world plunged Friday as investors feared that a trade conflict between the U.S. and China, the biggest economies in the world, would escalate. A second day of big losses pushed U.S. stocks to their worst week in two years.

As of Friday afternoon, China's only response to the tariffs President Donald Trump announced this week was to say it would defend itself. But investors are concerned tensions will keep rising, and that a round of sanctions and retaliation will affect the global economy and corporate profits.

The Chinese government did say it might place tariffs on a $3 billion list of U.S. goods such as pork, apples and steel pipes. That was a response to the tariffs on steel and aluminum imports that Trump announced earlier this month.

The losses were widespread. Technology companies were pummeled. They have made enormous gains over the last year, but since they do so much business outside the U.S., investors see them as particularly vulnerable to the effects of a trade dispute.

Stocks sagged at the start of this month after the tariffs on aluminum and steel were announced, but they quickly recovered as the administration said the tariffs wouldn't be as severe as they first looked. The losses this week were worse, and investors are hoping for hints the sanctions on China are more of a negotiating tactic.

"There could be a possibility of a bounce back if, as this progresses, both sides look like they're negotiating," said Lisa Erickson, chief investment officer at U.S. Bank Wealth Management. "There could be further decline if people get a sense there could be more trade restrictions in place."

The S&P 500 index dropped 55.43 points, or 2.1 percent, to 2,588.26. The index skidded 6 percent this week, its worst since January 2016. The Dow Jones industrial average lost 424.69 points, or 1.8 percent, to 23,533.20. The Nasdaq composite fell 174.01 points, or 2.4 percent, to 6,992.67.

Banks also took steep losses as interest rates decreased. They had climbed earlier this week after the Federal Reserve raised interest rates, but then tumbled after the tariffs were proposed. If the tariffs and counter-tariffs reduce economic growth in the U.S., the Fed is likely to raise rates at a slower pace.

The sanctions Trump proposed Thursday could affect as much as $60 billion in imports and are a response to allegations Beijing steals or forces foreign companies to hand over technology.

Germany's DAX lost 1.8 percent and the French CAC-40 fell 1.4 percent. The FTSE 100 in Britain dipped 0.4 percent. Japan's benchmark Nikkei 225 index plunged 4.5 percent and South Korea's Kospi tumbled 3.2 percent. Hong Kong's Hang Seng lost 2.5 percent.

Big U.S. companies tend to get more of their revenue from foreign customers than small companies do, and that makes them more vulnerable to damage from a trade war. With nearly 1.4 billion people, China is a big market for the largest U.S. businesses.

Not every company breaks out how much of its revenue comes from abroad, but FactSet estimates that 30.5 percent of revenue at big companies in the S&P 500 comes from outside the United States. For the smaller companies in the S&P 600 index, it's just 19.5 percent. Smaller companies are also getting a bigger benefit from the recent cut in corporate tax rates.

"We think a lot of the areas in the market with the greatest potential for earnings improvement this year are small- and mid-cap stocks, things that have the biggest benefit from tax reform and are less subject to trade wars," said Eric Marshall, portfolio manager at Hodges mutual funds.

Sales outside the U.S. are especially important for technology companies. Roughly $1 of every $5 in Apple's sales came from China, Hong Kong and Taiwan in its last year. That doesn't take into account how much of the manufacturing and assembly of Apple products is done in Chinese factories, which could be affected if tariffs start piling up. On Friday chipmakers fared especially badly.

Investors kept buying bonds, sending prices higher and yields lower. The yield on the 10-year Treasury note slipped to 2.81 percent from 2.83 percent.

In another sign investors are nervous, gold and silver prices jumped. Gold climbed $22.50, or 1.7 percent, to $1,349.90 an ounce and silver gained 20 cents, or 1.2 percent, to $16.58 an ounce. The dollar fell to 104.82 yen from 105.61 yen. The euro rose to $1.2367 from $1.2307.

Defense contractors including Raytheon and Lockheed Martin climbed after President Donald Trump signed a new government funding bill that provides increases in military spending. He had tweeted a threat to veto the measure.

Smaller companies have held up better than larger ones during the recent tumult over tariffs, in part because they do more of their business inside the U.S. and have less to fear from international trade disputes. While the tariffs might drive up their costs, they can pass those along to consumers by raising prices. Retaliatory tariffs on U.S. exports won't affect them as much.

The Russell 2000 index of smaller-company stocks sank 33.79 points, or 2.2 percent, to 1,510.08, but it's flat this month while the S&P 500 is down 4.6 percent.

The price of oil climbed $1.58, or 2.5 percent, to $65.88 a barrel in New York. Brent crude, the international standard for oil prices, added $1.54, or 2.2 percent, to $70.45 a barrel in London.

Wholesale gasoline rose 2 cents to $2.04 a gallon. Heating oil added 3 cents to $2.02 a gallon. Natural gas dipped 3 cents to $2.59 per 1,000 cubic feet.

Copper fell 3 cents to $2.99 a pound.

2283

 

[bigdog]

US Stocks Rally; Dow Surges 669, Clawing Back Lost Ground

https://www.usnews.com/news/busines...s-fall-for-3rd-day-on-us-china-trade-tensions

US Stocks Rally; Dow Surges 669, Clawing Back Lost Ground
News that the U.S. and China are open to negotiate to avert a trade war put investors in a buying mood Monday, giving the market its best day in more than two years and erasing about half of its huge losses last week.

By ALEX VEIGA, AP Business Writer

News that the U.S. and China are open to negotiating to avert a trade war put investors in a buying mood Monday, giving the market its best day in more than two years and erasing about half of its huge losses last week.

Technology companies accounted for much of the broad rally, which powered the Dow Jones industrial average to a gain of nearly 670 points. Microsoft was the biggest gainer in the 30-company Dow and the Standard & Poor's 500 index, climbing nearly 8 percent.

Banks also notched solid gains, benefiting from a pickup in bond yields. Retailers, consumer goods companies and health care stocks were among the big gainers.

The market rebound followed the worst week for U.S. stocks in two years as investors traded last week's jitters for a more optimistic outlook on trade, and an opportunity to buy.

"Certainly nothing's settled," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. "Investors are still viewing this as a glass half-full market and a constructive economy, so it's not surprising to see them buy on value here, buy on dips to try to rebuild their positions."

The Standard & Poor's 500 index rose 70.29 points, or 2.7 percent, to 2,658.55. The Dow Jones industrial average gained 669.40 points, or 2.8 percent, to 24,202.60. The Dow lost more than 1,400 points last week and is still down slightly for the year.

The Nasdaq added 227.88 points, or 3.3 percent, to 7,220.54. The Russell 2000 index of smaller-company stocks picked up 33.63 points, or 2.2 percent, to 1,543.72.

All told, the Dow, S&P 500 and Nasdaq posted their best one-day gains since August 2015, making up slightly more than half of the market's losses on Thursday and Friday.

Global stock markets fell sharply last week amid fears of a trade war after President Donald Trump announced duties on $60 billion worth of Chinese goods in a dispute over technology policy. On Friday, Beijing released a $3 billion list of U.S. goods targeted for possible retaliation over an earlier U.S. tariff hike on steel and aluminum imports. That prompted fears the spat might depress trade worldwide and set back the global economic recovery.

Those fears eased Monday, after China's government said it is open to negotiating with Washington. That announcement followed a news report indicating that U.S. officials have submitted a list of market-opening requests.

A foreign ministry spokeswoman, Hua Chunying, didn't confirm the report by The Wall Street Journal but said at a regular briefing, "Our door for dialogue and discussion is always open."

China has yet to say how it might respond to Trump's tariff proposals. That didn't appear to dampen investors' resurgent optimism Monday.

"This declaration of tariffs on the president's part was his typical opening salvo into a negotiation process," said Randy Frederick, vice president of trading & derivatives at Charles Schwab. "He's done these things in the past, and now it looks like the markets are telling us, 'Yep, that's what's happening.'"

Meanwhile, a top trade negotiator for South Korea said Monday that the nation has agreed to further open its auto market to the United States as the two countries prepare to amend their six-year-old trade agreement.

Technology companies recouped some of the sector's big losses last week. Microsoft rose $6.60, or 7.6 percent, to $93.78.

Financial stocks surged as bond yields rose. Higher yields are good for banks, because they drive up interest rates on mortgages and other loans, making them more profitable for lenders. Bank of America added $1.27, or 4.4 percent, to $30.44.

The yield on the 10-year Treasury rose to 2.85 percent from 2.81 percent late Friday.

Lowe's climbed 6.6 percent after the home-improvement retailer said Chairman and CEO Robert Niblock is retiring. The stock gained $5.53 to $89.30.

Facebook ended barely higher after erasing an early slide triggered by new questions about collecting phone numbers and text messages from Android devices. The Federal Trade Commission confirmed Monday that it is investigating the social media giant's privacy practices, including whether the company engaged in "unfair acts" that cause "substantial injury" to consumers. The stock eked out a gain of 67 cents, or 0.4 percent, to $160.06.

Traders also had their eye on the latest corporate deal news Monday.

Finish Line vaulted $3.28, or 31.1 percent, to $13.83 after the sporting goods retailer agreed to be bought by JD Sports Fashion PLC.

USG Corp. jumped $6.52, or 19.5 percent, to $40.03 after the building products company rejected an offer worth $42 per share from Knauf.

Benchmark U.S. crude fell 33 cents to settle at $65.55 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, shed 33 cents to close at $70.12 in London.

In other energy futures trading, heating oil was little changed at $2.02 a gallon. Wholesale gasoline lost 2 cents to $2.01 a gallon. Natural gas added 3 cents to $2.62 per 1,000 cubic feet.

Gold rose $5.10 to $1,355 an ounce. Silver gained 10 cents to $16.68 an ounce. Copper slipped 2 cents to $2.97 a pound.

The dollar rose to 105.22 yen from 104.82 yen on Friday. The euro strengthened to $1.2455 from $1.2367.

In Europe, Germany's DAX fell 0.8 percent, while France's CAC-40 lost 0.6 percent. Britain's FTSE 100 shed 0.5 percent. In Asia, Tokyo's Nikkei 225 added 0.7 percent, while Hong Kong's Hang Seng rose 0.7 percent. Sydney's S&P-ASX 200 fell 0.5 percent. Seoul's Kospi gained 0.8 percent. India's Sensex rose 0.3 percent.

 

[bigdog]

https://www.usnews.com/news/busines...hares-gain-on-easing-us-china-trade-war-fears

Tech Stocks Pull Market Sharply Lower, Erasing Early Gains
A steep, late-afternoon sell-off in technology companies pulled U.S. stocks sharply lower Tuesday, knocking 344 points off the Dow Jones industrial average.

By ALEX VEIGA, AP Business Writer

A steep, late-afternoon sell-off in technology companies pulled U.S. stocks sharply lower Tuesday, knocking 344 points off the Dow Jones industrial average.

The market slide erased modest gains from earlier in the day and much of a powerful rally from the day before.

Banks also weighed on the market as bond yields declined. Investors bid up shares in safe-play stocks like utilities and real estate companies.

The market turbulence came as day after the major stock indexes notched their best day in more than two years following a steep slide last week.

"Just looking at the sector performance indicates to me this is a flight-to-safety kind of trade day," said Sam Stovall, chief investment strategist at CFRA. "Until we get better guidance as to whether this correction is truly over, we will take a very choppy rise possibly to new highs a few months down the road."

The Standard & Poor's 500 index fell 45.93 points, or 1.7 percent, to 2,612.62. The Dow tumbled 344.89 points, or 1.4 percent, to 23,857.71. The 30-company average had been down 493 points. A day earlier, it climbed 669 points.

The tech-heavy Nasdaq slid 211.74 points, or 2.9 percent, to 7,008.81. The Russell 2000 index of smaller-company stocks gave up 30.15 points, or 1.9 percent, to 1,513.57.

The major stock indexes appeared headed for more gains early Tuesday after their strong finish on Monday, but the rally didn't last. Stocks wavered through much of the morning, recovered somewhat by early afternoon, but then veered sharply lower as investors sold shares in Nvidia, Twitter, Facebook and other technology companies.

Nvidia tumbled more than any other stock in the S&P 500 on published reports that the company has temporarily stopped testing its technology for self-driving cars in the wake of a deadly collision last week in Tempe, Arizona, involving an Uber autonomous vehicle and a pedestrian. The chipmaker's shares lost $18.96, or 7.8 percent, to $225.52.

Microsoft, which outgained all the other companies in the S&P 500 Monday, gave up $4.31, or 4.6 percent, to $89.47.

Tesla sank 8.2 percent on news that the National Transportation Safety Board has sent two investigators to look into a fatal crash and fire Friday in California that involved a Tesla electric SUV. The agency said on Twitter that it's not clear whether the Tesla Model X was operating on its semi-autonomous control system called Autopilot at the time. The stock lost $25 to $279.18.

Social media companies also weighed on market. Twitter slumped 12 percent after Citron Research said it is shorting the company, citing Twitter's reliance on licensing its users' data. The remarks come ahead of a Senate hearing on data privacy set for next month. The stock gave up $3.84 to $28.07.

Facebook, whose shares have been hard hit recently amid heightened government scrutiny into the social media giant's collection of private user data, also declined, sliding another $7.84, or 4.9 percent, to $152.22. Facebook has lost 20 percent of its value since hitting a record high February 1.

Bond prices rose, sending the yield on the 10-year Treasury down to 2.78 percent from 2.85 percent late Monday.

The decline in bond yields helped pull banks and other financial stocks lower. When bond yields decline it can bring down interest rates on mortgages and other loans, making them less profitable for banks. Citizens Financial Group lost $1.53, or 3.5 percent, to $41.59.

Lower bond yields helped boost demand for high-yield stocks, such as real estate investment trusts and utilities. PG&E gained $1.07, or 2.5 percent, to $43.94.

Traders welcomed the latest corporate deal news.

U.S.-listed shares of British drugmaker GlaxoSmithKline rose 2.6 percent after the company agreed to buy out its Swiss partner Novartis in their consumer health joint venture for $13 billion in cash. GlaxoSmithKline gained 96 cents to $38.39.

Benchmark U.S. crude declined 30 cents to settle at $65.25 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, slipped a penny to close at $70.11.

In other energy futures trading, heating oil dropped 1 cent to $2.02 a gallon. Wholesale gasoline was little changed at $2.01 a gallon. Natural gas rose 7 cents, or 2.8 percent, to $2.69 per 1,000 cubic feet.

Gold fell $13, or 1 percent, to $1,342 an ounce. Silver dropped 14 cents to $16.54 an ounce. Copper gained 3 cents to $3 a pound.

The dollar rose to 105.54 yen from 105.22 yen on Monday. The euro fell to $1.2402 from $1.2455.

Major indexes in Europe finished higher. Germany's DAX rose 1.6 percent, while France's CAC 40 gained 1 percent. The FTSE 100 index of leading British shares added 1.6 percent.

In Asia, Japan's benchmark Nikkei 225 gained 2.7 percent. Australia's S&P/ASX 200 added 0.7 percent. South Korea's Kospi rose 0.6 percent. Hong Kong's Hang Seng added 0.8 percent.

 

[bigdog]

http://abcnews.go.com/Business/wireStory/us-stock-indexes-higher-early-trading-oil-slides-54068629

US stock indexes end choppy day of trading slightly lower

Associated Press March 29, 2018

U.S. stock indexes struggled to find direction Wednesday, ending the choppy day of trading with a loss for the second straight day.

The latest market decline was modest compared with the previous day's steep drop, but both were largely driven by a sell-off in technology stocks. Losses in Amazon, Netflix and other consumer-focused companies also weighed on the market Wednesday. Energy stocks fell in tandem with crude oil prices.

Those losses outweighed gains by drugstore chains, health care companies and other stocks.

Despite a crop of strong company earnings and market-boosting corporate deal news, traders continued to wrestle with the potential implications of negative headlines swirling around several big-name stocks, including Amazon, Facebook and Tesla.

"The news continues to be volatile and the markets are just highly sensitive to it in a way that they weren't sensitive to it last year," said Tom Martin, senior portfolio manager with Globalt Investments. "We've forgotten that this is more like the way things are, that markets do react to news that comes in."

The benchmark S&P 500 index lost 7.62 points, or 0.3 percent, at 2,605. The Dow Jones industrial average fell 9.29 points, or 0.04 percent, to 23,848.42. The Nasdaq composite slid 59.58 points, or 0.8 percent, to 6,949.23. The Russell 2000 index of smaller-company stocks lost 0.54 points, or 0.04 percent, to 1,513.03. More stocks rose than fell on the New York Stock Exchange.

Bond prices were little changed. The yield on the 10-year Treasury held at 2.78 percent.

The major stock indexes wobbled between gains and losses for much of the day as investors weighed the latest developments with some of the market's biggest names.

Facebook, which has taken a beating in recent days over privacy concerns, reflected the broader movement of the market, dipping into the red at times before eking out a small gain. The social media giant said early Wednesday it would give its privacy tools a makeover. The move is a response to criticisms over its data practices and the prospect of tighter European regulations in the coming months. The stock gained 81 cents, or 0.5 percent, to $153.03.

Software company Red Hat was the technology sector's biggest decliner, sliding $8.22, or 5.3 percent, to $146.20.

"Tech has had such a tremendous run-up and has outperformed some of the other sectors," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "There may be other areas now that are more attractive, and we've seen some strength recently in some of the more defensive-oriented sectors."

Investors also fretted about Amazon after Axios, citing anonymous sources, reported Wednesday that President Donald Trump has wondered aloud if there was a way to "go after" Amazon with antitrust or competition law.

Amazon has long been a target of Trump, who has tweeted in the past that the online retailer didn't pay enough taxes or needed to pay the U.S. post office more for handling shipments. Amazon CEO Jeff Bezos also personally owns The Washington Post, which Trump has labeled "fake news" when unfavorable stories are written about him or his administration. Shares in the e-commerce giant fell $65.63, or 4.4 percent, to $1,431.42.

Netflix also declined, shedding $14.92, or 5 percent, to $285.77.

Tesla tumbled 7.7 percent after Moody's downgraded the electric car maker's credit rating. The move piles more pain on Tesla, whose stock has been pummeled by news that authorities will investigate a fatal crash that involved a Tesla electric SUV equipped with a semi-autonomous control system. The stock lost $21.40 to $257.78.

Investors welcomed strong quarterly report cards from Walgreens Boots Alliance, Lululemon Athletica and RH, the operator of Restoration Hardware.

Walgreens gained 2.5 percent after the largest U.S. drugstore chain reported quarterly earnings and revenue that came in ahead of analysts' forecasts. The stock rose $1.63 to $67.59. Investors also bid up shares in CVS Health, which climbed $2.11, or 3.5 percent, to $62.71.

Lululemon jumped 9.2 percent after the seller of premium yoga wear reported strong results for its fourth quarter and also released an upbeat outlook. The stock gained $7.25 to $85.96. Shares in RH vaulted 22.5 percent after the home furnishings retailer reported earnings that easily beat analysts' forecasts. The stock rose $16.93 to $92.24.

Irish drugmaker Shire Plc jumped 12.2 percent after Japanese rival Takeda said it's considering a takeover offer. Takeda said that buying Shire would enhance its R&D and its reach into the U.S. Shire's U.S.-listed shares climbed $15.66 to $144.53.

Benchmark U.S. crude lost 87 cents, or 1.3 percent, to settle at $64.38 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 58 cents, or 0.8 percent, to $69.53 per barrel in London.

The slide in oil prices weighed on energy sector stocks. Occidental Petroleum gave up $2.67, or 4.1 percent, to $63.15.

In other energy futures trading, heating oil dropped 1 cent to $2.01 a gallon. Wholesale gasoline was little changed at $2.01 a gallon. Natural gas dropped 2 cents to $2.70 per 1,000 cubic feet.

The dollar rose to 106.88 yen from 105.54 yen Tuesday. The euro fell to $1.2313 from $1.2402.

Gold fell $17.80, or 1.3 percent, to $1,324.20 an ounce. Silver dropped 29 cents to $16.25 an ounce. Copper was little changed at $3 a pound.

Major indexes in Europe finished mostly higher. Germany's DAX lost 0.3 percent, while France's CAC 40 gained 0.3 percent and Britain's FTSE 100 rose 0.6 percent. Indexes in Asia finished lower. Japan's Nikkei 225 sank 1.3 percent and South Korea's Kospi slid 1.3 percent. Hong Kong's Hang Seng index slumped 2.5 percent. Stocks in Taiwan, Singapore and other Southeast Asian countries also fell.

 

[bigdog]

U.S. stock markets will be closed for the Good Friday holiday.

U.S. stock markets will be open on Monday April 2

https://www.usnews.com/news/busines...s-mixed-as-tech-losses-weigh-in-muted-trading

Tech Gains Help US Stocks End a Rocky Quarter With a Bang
Technology companies powered U.S. stocks to solid gains Thursday, snapping the market's two-day losing streak.

By ALEX VEIGA, AP Business Writer

Technology companies powered U.S. stocks to solid gains Thursday, snapping the market's two-day losing streak.

Banks, consumer-focused companies and industrial stocks also helped lift the market. Even so, the broad gains, which came on the last day of trading ahead of the Easter holiday weekend, weren't enough to make up for the stock market's first quarterly loss since 2015.

After years of slow-and-steady growth and a roaring start to 2018, the market plunged in early February, marking its first 10 percent drop in two years. In the weeks since, the market has been more volatile and trading has frequently turned choppy.

"The equity market is ending the week and the quarter on a positive note, and that's following a quarter that's been volatile and uniformly lackluster," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "We still look for positive trends as we now move into the second quarter, but we think the pace at which equities move will still be muted."

The S&P 500 index rose 35.87 points, or 1.4 percent, to 2,640.87. The Dow Jones industrial average gained 254.69 points, or 1.1 percent, to 24,103.11. The blue chip average was briefly up 465 points. The Nasdaq added 114.22 points, or 1.6 percent, to 7,063.44. The Russell 2000 index of smaller-company stocks picked up 16.40 points, or 1.1 percent, to 1,529.43.

The Dow is down 2.5 percent for the year, while the S&P 500 is off 1.2 percent. The Nasdaq is holding to a 2.3 percent gain.

Sandven said the market's first-quarter performance has tempered expectations for the rest of the year after the market's strong start in January.

"Volatility has ramped up, inflationary pressures are more prevalent, interest rates are on the cusp of change, so that presents a higher level of uncertainty and higher investor angst," Sandven said.

The major indexes were headed higher from the start of trading Thursday as investors sized up several company earnings reports and new government data showing that spending by U.S. consumers rose 0.2 percent in February, while their incomes increased 4.4 percent. The healthy income gains could spur more spending in the coming months.

Technology stocks, which were big decliners earlier in the week, powered much of the market's climb Thursday.

Facebook was among the gainers, its shares adding 4.4 percent. The social media giant, which has taken a beating in recent days over privacy concerns, rose $6.76 percent, to $159.79.

Even with the roller-coaster ride that technology stocks have been on lately, the sector is up 3.2 percent this year, while most other sectors are in the red.

Thursday's run-up in technology stocks signaled that investors believe the sector was oversold in recent weeks, said Sandven, adding that perhaps some it can be explained by some fund managers padding portfolios with stocks to elevate their quarter-end results, what Wall Street calls "window-dressing."

Shares in several companies that reported improved quarterly earnings or outlooks got a boost.

PVH, which owns Calvin Klein and Tommy Hilfiger, climbed $7.41, or 5.1 percent, to $151.43, while beverage maker Constellation Brands rose $7.43, or 3.4 percent, to $222.92.

Solid results and a better-than-expected outlook also gave Movado Group shares a lift. The watchmaker's stock jumped $5.20, or 15.7 percent, to $38.40.

Some companies had a rough day, even after delivering strong quarterly results.

Gamestop slumped 10.8 percent after the retailer issued a disappointing full-year revenue and earnings outlook, which overshadowed fourth-quarter results that beat Wall Street's expectations. The stock slid $1.53 to $12.62.

The fallout from the heightened scrutiny on how social media portals use consumers' personal data weighed on Acxiom shares. The marketing data firm's stock tumbled 19 percent after it disclosed that Facebook would cease using third-party data providers like Acxiom over the next several months. Acxiom said it doesn't expect the move to affect its fiscal 2018 guidance, but noted it expects its total revenue and profitability to be negatively affected by as much as $25 million. Acxiom declined $5.34 to $22.71.

Bond prices rose. The yield on the 10-year Treasury fell to 2.74 percent from 2.78 percent late Wednesday.

Benchmark U.S. crude rose 56 cents to $64.94 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, added 74 cents to $70.27 per barrel in London.

In other energy futures trading, heating oil gained 1 cent to $2.03 a gallon. Wholesale gasoline rose a penny to $2.02 a gallon. Natural gas added 4 cents to $2.73 per 1,000 cubic feet.

The dollar fell to 106.50 yen from 106.88 yen on Wednesday. The euro weakened to $1.2306 from $1.2313.

Gold fell $1.40 to $1,322.80 an ounce. Silver rose 2 cents to $16.27 an ounce. Copper added 2 cents to $3.03 a pound.

Germany's DAX added 1.3 percent and France's CAC 40 gained 0.7 percent. Britain's FTSE 100 rose 0.2 percent. In Asia, Japan's Nikkei 225 rose 0.6 percent. South Korea's Kospi added 0.7 percent and Hong Kong's Hang Seng index rose 0.2 percent.

U.S. stock markets will be closed for the Good Friday holiday.

3021

 

[bigdog]

U.S., Asian stock and markets were open on Monday April 2

Europe, Australia and New Zealand markets were closed Monday April 2

https://apnews.com/099ca68399014f6a...-worsening-tensions-with-China-sink-US-stocks

Tech woes, worsening tensions with China sink US stocks

By MARLEY JAY
NEW YORK (AP) — Stocks fell sharply on Monday as investors responded to rising trade tensions between the United States and China and mounting scrutiny of big technology companies from consumers and politicians.

China imposed $3 billion of tariffs on U.S. farm goods and other exports, bringing the world’s two largest economies closer to a full-on trade conflict.

Amazon sank following weekend broadsides from President Donald Trump on Twitter, while Facebook tumbled as a widening privacy scandal continued to weigh on the company’s stock.

The looming threat of tighter regulation of the tech sector in Europe and the U.S. prompted investors to pull money out of high-flying companies, such as Netflix, Microsoft and Alphabet, Google’s parent company.

Among other recent winners, Intel dove 6.1 percent following a report in Bloomberg News that Apple plans to start using its own chips in Mac computers.

The Dow Jones industrial average fell as much as 758 points, although major indexes regained some of their losses later in the afternoon. The Dow lost 458.92 points, or 1.9 percent, to 23,644.19. The S&P 500 index gave up 58.99 points, or 2.2 percent, to 2,581.88.

The Nasdaq composite slumped 193.33 points, or 2.7 percent, to 6,870.12. The Russell 2000 index of smaller-company stocks fell 36.90 points, or 2.4 percent, to 1,492.53.

Kate Warne, an investment strategist for Edward Jones, said the step by China is small but significant.

“The fact that a country has actually raised tariffs in retaliation is an important step in the wrong direction,” she said. “The tariffs imposed by China today lead to greater worries that we will see escalating tariffs and the possibility of a much bigger impact than investors were anticipating last week. And that could be true for Mexico as well as for China.”

Food maker Tyson dropped 6.2 percent after China raised import duties on a $3 billion list of U.S. goods in response to the tariffs on imported steel and aluminum that President Trump ordered last month.

Amazon fell another 5.2 percent. The online retailer has slumped with the market recently, although it’s still up about 17 percent in 2018. Trump has repeatedly criticized Amazon over issues including taxes and Amazon’s shipping deals with the U.S. Postal Service.

Jack Ablin, chief investment officer of Cresset Wealth Advisors, said Amazon is just the latest company to falter after it drew scrutiny from the government, as Facebook and Alphabet have slumped recently on data privacy concerns.

“It seems like the long arm of the government is interfering with investors’ expectations,” he said. “Investors are pricing in an escalating trade war and regulation of tech companies.”

Microsoft dropped 3 percent and Alphabet, Google’s parent company, shed 2.4 percent.

After a month of public negotiations between the U.S. and several other countries, Monday marked the first time another country has placed tariffs on U.S. goods in response to the Trump administration’s recent trade sanctions.

The price of gold climbed 1.2 percent to $1,343.60 an ounce and silver jumped 2 percent to $16.60 an ounce as some investors took money out of stocks and looked for safer investments.

Health insurer Humana was one of the market’s few winners following more reports Walmart could buy the company or create a new partnership with it. Humana is a major provider of Medicare Advantage coverage for people 65 and older. Humana gained 4.4 percent while Walmart slid 3.8 percent.

Bond prices finished little changed. The yield on the 10-year Treasury stayed at 2.74 percent after a sharp decline last week.

Energy companies skidded as benchmark U.S. crude lost $1.93, or 3 percent, to $63.01 a barrel in New York. Brent crude, used to price international oils, slid $1.70, or 2.5 percent, to $67.64 a barrel in London.

Wholesale gasoline dropped 5 cents to $1.97 a gallon. Heating oil fell 4 cents to $1.98 a gallon. Natural gas slid 5 cents to $2.68 per 1,000 cubic feet.

Copper rose 2 cent to $3.05 a pound.

The dollar declined to 105.85 yen from 106.50 yen. The euro edged up to $1.23 from $1.2306.

Trading in France, Germany and Britain was closed for Easter. Japan’s benchmark Nikkei 225 lost 0.3 percent and South Korea’s Kospi fell almost 0.1 percent. The Hang Seng in Hong Kong was closed as well.

 

[bigdog]

https://finance.yahoo.com/m/2997c0bf-e356-3d53-8f13-172e85064fb8/ss_stocks-jump-late,-clawing.html

Stocks jump late, clawing back ground lost on trade fears
By MARLEY JAY

NEW YORK (AP) — Banks, retailers, health care and energy companies climbed Tuesday as U.S. stocks regained much of what they lost in a steep drop a day earlier. Several big technology companies including Apple also recovered.

Banks rose as interest rates turned higher, and automakers Ford and General Motors also jumped after saying their sales rose in March after a rough start to the year. Retailers like Foot Locker and consumer-focused companies including Netflix also climbed.

The market got off to a shaky start, wobbled for much of the day, then surged in the last hour of trading. The S&P 500 index rose 32.57 points, or 1.3 percent, to 2,614.45. It dropped 2.2 percent a day earlier.

The Dow Jones industrial average rose 389.17 points, or 1.6 percent, to 24,033.36. The Nasdaq composite climbed 71.16 points, or 1 percent, to 6,941.28. The Russell 2000 index of smaller-company stocks added 19.62 points, or 1.3 percent, to 1,512.15.

Craig Holke, investment strategy analyst for the Wells Fargo Investment Institute, said the market will continue to bounce around as investors worry about changes in trade that could slow down the global economy and company profits. He noted that the U.S. hasn't entered a full-blown trade war since 1930, and trade relationships were much different back then.

"There was a lot less interconnectedness," he said. "Every country was actually more insulated, produced more of their own goods at that time. It's really hard to get around that nowadays."

Among individual stocks, CBS added 4.2 percent to $52.86 on reports it plans to make an offer to buy corporate sibling Viacom. The offer is reported to be for less than Viacom's current market value, and Viacom stock fell 3.7 percent to $29.42.

Music streaming company Spotify made its debut on the New York Stock Exchange Tuesday. Instead of raising money through an initial public offering underwritten by an investment bank, Spotify Technologies took a more unusual route called a direct listing that lets investors sell the stock directly. It started trading at $165.90 a share, well above the previous high share price of $132.50 it reached in private deals. The stock wound up closing down 10.2 percent at $149.01.

It's been a rocky month for stocks as investors worried about changes to the North American Free Trade Agreement and tensions between the U.S. and China, the world's biggest economies. Stocks plunged one day ago after China placed tariffs on a small number of exports, and investors fear that its response to a broader package of trade sanctions will be harsher. But Holke, of Wells Fargo, said it's likely the countries will find ways to resolve their differences on issues including complaints that Beijing steals or pressures foreign companies to hand over technology.

"If they can get China to remove this process of having this technology transfer in place for companies that do business in China, the tariffs might not even go into effect," he said.

The Nasdaq, which set its most recent record on March 12, is down 7.5 percent in just three weeks. Some of the market's woes stem from the fact that several of the largest technology companies have come under fire at the same time. Facebook is still deep in the fallout of an ever-widening privacy scandal, and if the government decides to regulate online consumer data in new ways, that also might affect Alphabet, Google's parent company, as well as smaller social media companies like Twitter and Snap.

Meanwhile Amazon, which isn't officially classified as a technology company, has come under fire from President Donald Trump, who has griped about the company's tax payments, deals with the U.S. Postal Service, and other issues. His statements have often diverged from the facts and he's also blamed Amazon for critical news coverage of his administration by The Washington Post, which is owned by Amazon founder and CEO Jeff Bezos but isn't part of Amazon.

Amazon spiked 1.5 percent to $1,392.05 after Bloomberg News reported that the White House isn't talking about taking any steps against the company. Still, Piper Jaffray analyst Michael Olson said Trump is likely to continue periodically bashing the company for as long as he's in office, but steps like sales tax collection changes won't affect Amazon much, and the Post Office probably won't raise shipping rates much either.

Returning from the long Easter holiday weekend, Germany's DAX fell 0.8 percent while London's FTSE 100 declined 0.4 percent and France's CAC 40 dipped 0.3 percent. Earlier in Asia, Tokyo's Nikkei 225 shed 0.4 percent and Seoul's Kospi ended down 0.1 percent. Hong Kong's Hang Seng bucked the trend, ending up 0.2 percent.

Bond prices declined. The yield on the 10-year Treasury note rose to 2.78 percent from 2.73 percent.

Gold slid 0.7 percent to $1,337.30 an ounce. Silver fell 1.7 percent to $16.39 an ounce. Coper rose 1 cent to $3.06 a pound.

The dollar rose to 106.61 yen from 105.85 yen. The euro fell to $1.2267 from $1.2300.

A barrel of U.S. crude gained 50 cents to $63.51 in New York while Brent crude, used to price international oils, rose 48 cents to $68.12 a barrel in London.

Wholesale gasoline added 1 cent to $1.97 a gallon and heating oil rose 1 cent to $2 a gallon. Natural gas picked up 1 cent to $2.70 per 1,000 cubic feet.

 

[bigdog]

https://www.usnews.com/news/busines...xed-as-markets-mull-us-tariffs-list-for-china

Stocks Surge as Market Escapes Early Plunge on Trade Fears
Investors feared rising trade tensions between the US and China Wednesday, but stocks finished with strong gains after an early plunge as Wall Street hoped the sides will settle their differences.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — After an early jolt, stocks rallied and finished higher Wednesday as investors bet that back-and-forth tariff threats between the U.S. and China won't blossom into a bigger dispute that damages global commerce.

The Dow Jones industrial average plunged 501 points after the opening bell but made it all back, and more. Household goods makers, retailers and homebuilders led the way while technology companies reversed some early losses. But two major targets of China's possible tariffs, aerospace company Boeing and farm equipment maker Deere, finished lower.

The early declines followed an announcement by the Chinese government that it plans to impose tariffs of 25 percent on a list of U.S. goods worth $50 billion, including soybeans and aircraft. The U.S. plans to place tariffs on a similar amount of Chinese goods, including industrial robots and telecom gear, subject to potential tariffs to protest Beijing's alleged theft of U.S. technology.

But investors relaxed as both sides emphasized a willingness to talk. President Donald Trump's top economic adviser, Larry Kudlow, suggested the U.S. tariffs won't be implemented if China lowers barriers to trade. Others noted the two countries have too much to lose from a trade war.

"The most likely outcome is smoke, but no fire," said Bill Adams, senior international economist at PNC Financial. "The amount that both countries have invested in bilateral trade cooperation and economic cooperation is so significant that the costs of going back would be very painful, and more than either country would want to bear."

U.S. trade policy has loomed over the markets since early March. Over the last five weeks stocks have plunged numerous times as investors reacted to tariff developments with shock and concern that an increase in protectionism will hurt international trade and company profits. But often, investors have caught their breath and decided that a full-blown trade war is unlikely, resulting in sharp recoveries.

On Wednesday, both of those things appeared to happen in the same day.

The Dow Jones industrial average advanced 230.94 points, or 1 percent, to 24,264.30, after a swing of more than 700 points. The S&P 500 index climbed 30.24 points, or 1.2 percent, to 2,644.69. The Nasdaq composite rose 100.83 points, or 1.5 percent, to 7,042.11. The Russell 2000 index of smaller-company stocks gained 19.51 points, or 1.3 percent, to 1,531.66.

Boeing, which delivered one-fourth of all its planes to China last year, fell as much as 5.7 percent early on and finished with a loss of $3.38, or 1 percent, at $327.44.

Adams, of PNC Financial, said the tariffs would be especially painful for companies in agriculture: machinery makers in the U.S. would pay more for imported components, and they wouldn't sell as much food in China because their products would be more expensive. He said that will stir up political pressure against the trade sanctions.

Farm equipment maker Deere lost $4.47, or 2.9 percent, to $148.57, after an early drop of 6.2 percent. Futures for Soybeans, a big U.S. export to China, fell 2.2 percent on the CBOT.

However Adams said that there was good news for food producers, as the Chinese government proposed duties on imported beef, but not pork or chicken. Hormel jumped $1.65, or 4.8 percent, to $35.87.

European stocks fell. Germany's DAX lost 0.4 percent while the CAC 40 in France dipped 0.2 percent. The FTSE 100 in Britain gained 0.1 percent.

Most Asian indexes closed before China announced its tariff plan, but Hong Kong's Hang Seng was still trading and slumped 2.2 percent.

The biggest worry for investors is that an escalating trade war will derail a global economy that is largely growing in unison. The global economy is expected to grow 3.9 percent this year, which would be its strongest showing in seven years, according to the International Monetary Fund.

Elsewhere, homebuilders rose following strong quarterly report from Lennar, which gained $5.73, or 10 percent, to $62.82.

Tech stocks have added to the recent volatility, mostly due to controversies surrounding technology companies like Facebook. On Wednesday, Facebook closed with a small decline, but other big tech names such as Apple and Microsoft closed higher.

After a big early loss, U.S. crude dipped 14 cents to $63.37 a barrel in New York while Brent crude, used to price international oils, fell 10 cents to $68.02 a barrel in London.

Wholesale gasoline stayed at $1.98 a gallon. Heating oil lost 2 cents to $1.98 a gallon. Natural gas rose 2 cents to $2.72 per 1,000 cubic feet.

Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.80 percent from 2.77 percent. Gold prices jumped as much as 0.9 percent early on, but finished up just $2.90, or 0.2 percent, at $1,340.20 an ounce. Silver fell 14 cents to $16.25 an ounce and Copper lost 5 cents to $3.01 a pound.

After an early loss, the dollar rose to 106.74 yen from 106.61 yen. The euro rose to $1.2280 from $1.2267.

 

[bigdog]

http://abcnews.go.com/Business/wireStory/us-stocks-climbing-trade-war-fears-recede-54255517

Stocks jump as trade war fears ease; Amazon, Facebook rally
By marley jay, ap markets writer

Global stock indexes kept climbing Thursday as investors around the world grew more optimistic that a trade dispute between the U.S. and China, the two largest economies in the world, will resolve without too much damage. In the U.S., banks and retailers made some of the biggest gains.

The rally started late Wednesday as American and Chinese officials reassured investors that they are willing to talk and aren't rushing into a trade war that could hurt global economic growth and company profits. That helped stocks reverse the big losses they had taken hours earlier. On Thursday, banks rose along with interest rates, retailers and consumer-focused companies kept rising, and industrial and technology companies turned higher.

Worries and fears about international trade and new troubles for Facebook and Amazon have blotted out almost everything else over the last two weeks, and the market has been on a wild ride with a lot of unusually big moves. Between March 22 and Wednesday, the S&P 500 rose at least 1 percent or fell at least 1 percent in eight out of nine trading days.

"Very often the reaction in the market is 'sell first and ask questions later,'" said Quincy Krosby, chief market strategist at Prudential Financial.

The S&P 500 index climbed 18.15 points, or 0.7 percent, to 2,662.84. The Dow Jones industrial average rose 240.92 points, or 1 percent, to 24,505.22. The Nasdaq composite added 34.44 points, or 0.5 percent, to 7,076.55. The Russell 2000 index of smaller-company stocks rose 11.26 points, or 0.7 percent, to 1,542.93.

The German DAX jumped 2.9 percent and the CAC 40 in France rose 2.6 percent. Britain's FTSE 100 surged 2.4 percent. Japan's Nikkei 225 gained 1.5 percent and South Korea's Kospi rallied 1.2 percent. Markets in Hong Kong were closed for a holiday.

Amazon led retail companies higher with a gain of $41.18, or 2.9 percent, to $1,451.75. Netflix added $5.03, or 1.7 percent, to $293.97 and Nike picked up $1.17, or 1.7 percent, to $69.59.

Facebook rose $4.24, or 2.7 percent, to $159.34 after CEO Mark Zuckerberg told reporters that Facebook hasn't lost many users in the wake of a major privacy controversy. The company also plans to give users more information about the data it gathers and restrict the user data that outsiders can access.

At the same time, Facebook revealed that as many as 87 million users may have had their data exposed in the Cambridge Analytica scandal, more than the 50 million disclosed in published reports. Its stock is down 14 percent since the scandal became public almost three weeks ago.

Stocks tumbled Wednesday morning after the U.S. and China each announced tariffs on about $50 billion in goods made by the other country. The tariffs could take a toll on industrial companies by making parts more expensive and reducing sales. But on Thursday, Deere picked up $2.77, or 1.9 percent, to $151.34 and wiped out most of Wednesday's loss. Aerospace company Boeing rose $8.96, or 2.7 percent, to $336.40.

Construction equipment maker Caterpillar, which made a small gain Wednesday, rose another $2.95, or 2 percent, to $148.13.

Trade tensions have been the market's main focus over the last few weeks, but Krosby, of Prudential, said that could change next week because companies will start to report their first-quarter results. Investors are expecting another quarter of strong profit growth, and the reports will give investors more insight into the effects of the recent corporate tax cuts on the economy as well as company profits and spending. They will also learn more about how the proposed tariffs might affect different industries.

"What's going to be helpful is ... to hear from different sectors and watch what the CEOs and CFOs tell us about how they are factoring in the tax cuts, what they plan on doing with the extra cash on their balance sheets, and also what do they say about the potential tariffs," she said.

As investors grew less worried about the trade impasse, they sold government bonds. The yield on the 10-year Treasury note rose to 2.83 percent from 2.81 percent. That sent interest rates higher, which helped banks.

Companies that pay hefty dividends, such as utilities and real estate investment trusts, lagged the rest of the market. Their large dividend payments make those stocks similar to bonds, and investors find the stocks more appealing when bond yields are low.

Benchmark U.S. crude added 17 cents to $63.54 a barrel in New York. Brent crude, used to price international oils, rose 31 cents to $68.33 per barrel in London.

Wholesale gasoline and heating oil both remained at $1.98 a gallon. Natural gas fell 4 cents to $2.68 per 1,000 cubic feet.

Gold fell $11.70 to $1,328.50 an ounce. Silver gained 10 cents to $16.36 an ounce. Copper jumped 6 cents to $3.07 a pound.

The dollar rose to 107.12 yen from 106.74 yen The euro fell to $1.2256 from $1.2280.

• 
  

 

[bigdog]

https://www.usnews.com/news/busines...gher-as-markets-shrug-off-latest-trump-threat

Stocks Dive as US Proposes More China Tariffs; Dow Falls 572
US stocks take sharp losses after President Donald Trump ordered the government to consider a bigger set of tariffs on goods imported from China, which could increase trade tensions between the two countries.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks ended the week the way they began it: tumbling as investors worry that tariffs and harsh words between the U.S. and China will touch off a trade war that derails the global economy. The latest drop came as the White House proposed tripling the amount of goods from China that will be subject to tariffs.

The stock market changed direction again and again this week as investors tried to get a sense of whether the trade dispute between the world's two largest economies will escalate. On Friday technology companies, banks, industrial and health care stocks sank. The market didn't get any help from a March jobs report that was weaker than expected.

With administration officials sounding conciliatory one day and hostile the next and the president quick to fire off yet another tweet, investors simply don't know what the U.S. wants to achieve in its talks with China, said Katie Nixon, chief investment officer for Northern Trust Wealth Management.

"The process itself seems to be quite chaotic," she said. "We're not quite sure what the long-term strategy is."

The Dow Jones industrial average dropped 572.46 points, or 2.3 percent, to 23,932.76. It's down 10 percent from its record high in late January.

The S&P 500, which many index funds track, lost 58.37 points, or 2.2 percent, to 2,604.47. The Nasdaq composite slid 161.44 points, or 2.3 percent, to 6,915.11. The Russell 2000 index of smaller-company stocks dipped 29.63 points, or 1.9 percent, to 1,513.30.

President Donald Trump's administration spent the past few days reassuring investors that it's not rushing into a trade war, and China's government has done the same. But late Thursday, Trump ordered the U.S. Trade Representative to consider tariffs on another $100 billion in Chinese imports. China said it would "counterattack with great strength" if that happens.

Each nation proposed tariffs $50 billion in imports from the other at the start of this week. Stocks plunged on Monday, but they rallied over the next few days as officials from both countries said they were open to talks and that the tariffs might never go into effect.

The Dow average, which contains numerous multinational companies including industrial powerhouses Boeing and Caterpillar, swung dramatically this week, with almost 1,300 points separating its lowest point Monday afternoon from its high late Thursday. It fell 0.7 percent for the week.

On Friday Caterpillar, a construction equipment maker, slid $5.14, or 3.5 percent, to $142.99 and Boeing, an aerospace company, lost $10.28, or 3.1 percent, to $326.12. Among technology companies, Apple gave up $4.42, or 2.6 percent, to $168.378 and PayPal shed $3.09, or 4 percent, to $73.86.

Jason Pride, chief investment officer for Glenmede's private client business, said Trump's latest order caught investors off guard.

"It shows a willingness to go to the mat on this and fight it out," he said. Still, Pride said all of the proposed tariffs add up to a pretty small fraction of trade between the U.S. and China, and overall, they wouldn't affect the nation's economy that much if they do go into effect.

Nixon, of Northern Trust, said businesses also support the idea of making changes in America's trade relationship with China. Even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty.

The government reported that U.S. employers added 103,000 jobs in March, a weaker pace than the last few months. The Labor Department also said fewer jobs were added in January and February that it initially estimated. The unemployment rate remained low and the job market looks fundamentally healthy, but it's possible some employers are struggling to find workers.

Benchmark U.S. crude dropped $1.48, or 2.3 percent, to $62.06 a barrel in New York while Brent crude, used to price international oils, lost $1.22, or 1.8 percent, to $67.11 per barrel in London. Oil prices fell almost 5 percent this week as investors wondered if an increase in trade tensions will reduce demand for oil by slowing down the global economy.

Bond prices rose, sending yields lower. The yield on the 10-year Treasury fell to 2.77 percent from 2.83 percent. The lower yields mean banks can't make as much money from lending, and that sent bank stocks lower.

In other energy trading, wholesale gasoline dipped 3 cents to $1.95 a gallon. Heating oil lost 2 cents to $1.96 a gallon. Natural gas rose 3 cents to $2.70 per 1,000 cubic feet.

Gold rose $7.60 to $1,336.10 an ounce. Silver edged up 1 cent to $16.36 an ounce. Copper fell 2 cents to $3.06 a pound.

The dollar fell to 106.85 yen from 107.12 yen. The euro rose to $1.2285 from $1.2256.

Germany's DAX was down 0.5 percent while France's CAC-40 fell 0.3 percent lower. The FTSE 100 in Britain lost 0.2 percent.

Japan's benchmark Nikkei 225 index dipped 0.4 percent while South Korea's Kospi slipped 0.3 percent but Hong Kong's Hang Seng rose 1.1 percent after trading resumed following a holiday as investors caught up with the previous day's global gains.

3374

 

[bigdog]

https://www.usnews.com/news/busines...ise-amid-uncertainty-over-us-china-trade-spat

Stocks Rise, but Biggest Gains Fade as Market Stays Volatile
US stock indexes gave up most of a big gain in the afternoon but still finished slightly higher as technology companies and banks rallied.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stock indexes finished a bit higher Monday as investors let go of some of their fears about a possible trade war between the U.S. and China. But far bigger gains slipped away as the market suffered a steep afternoon decline.

Stocks climbed higher and higher in the first hours of trading, and at about 2 p.m. the Dow Jones industrial average was up 440 points. That put the market on track to make up almost all of the ground it lost during a big sell-off on Friday. But stocks have repeatedly changed course as investors tried to guess the outcome of the U.S.-China trade dispute, and they did it again Monday afternoon.

Health care companies finished with strong gains, and technology companies like Microsoft and Apple regained some of their recent losses. Banks rose along with interest rates. But industrial and retail companies finished with losses, and smaller companies fared worse than larger ones did.

"Every day the market wakes up and it struggles with whether it should pay attention to noise or pay attention to fundamentals," said Marina Severinovsky, an investment strategist at Schroders. She said stocks have done well recently when investors can get their minds off the trade disputes because the global economy and the U.S. economy are still growing.

When companies start to report their first-quarter results later this week, she added, the results are likely to be good.

The S&P 500 index gained 8.69 points, or 0.3 percent, to 2,613.16. The S&P 500 fell 1.4 percent last week, with large losses Monday and Friday and strong gains in between.

The Dow Jones industrial average rose 46.34 points, or 0.2 percent, to 23,979.10. The Nasdaq composite jumped 35.23 points, or 0.5 percent, to 6,950.34. The Russell 2000 index of smaller company stocks added 1.17 points, or 0.1 percent, to 1,514.46.

The Russell index is composed of more U.S.-focused companies that are somewhat less vulnerable to the effects of tariffs, so its moves in response to the recent trade tensions haven't been as dramatic.

Most of the stocks on the New York Stock Exchange finished lower Monday.

Investors don't know how the trade dispute might evolve and what it might mean for the global economy. While President Donald Trump continued to bash America's trade deals on Twitter Monday, he said the U.S. and China could settle their dispute. But things looked worse at the end of last week, when Trump threatened to impose tariffs on an additional $100 billion in Chinese goods. China has pledged to "counterattack with great strength" if Trump decides to follow through on that threat. The two nations had already proposed $50 billion in tariffs on imports, but none of that has taken effect yet.

"We don't have a trade war," said Severinovsky, of Schroders. "We have potential suggestions of things that could happen.

Swiss drugmaker Novartis agreed to buy AveXis for $8.7 billion, or $218 a share, as it aims to become a leader in the treatment of neurodegenerative diseases. AveXis is studying a treatment for a disorder called spinal muscular atrophy Type 1, which Novartis called the top genetic cause of death in infants.

AveXis climbed $94.55, or 81.6 percent, to $210.46 and Novartis added 87 cents, or 1.1 percent, to $81.07.

Agribusiness company Monsanto jumped $7.29, or 6.2 percent, to $125.15 after The Wall Street Journal reported that the Department of Justice will approve its sale to German conglomerate Bayer.

This week will be a big one for Facebook as it tries to get its data privacy scandal under control. Facebook CEO Mark Zuckerberg is meeting with legislators and will testify before Congress later this week as the company has embarked on a high profile effort to convince users, advertisers and investors that it is serious about fixing problems that led to the Cambridge Analytica scandal and about user privacy as a whole.

Facebook picked up 73 cents to $157.93. Its stock is down almost 15 percent since March 16.

Facebook's woes have affected other social media companies and big technology companies, including Google's parent company, Alphabet. Severinovsky said investors are considering the possibility that the companies will be regulated in ways they never have been, which will create new costs and affect their earnings. But she thinks they will continue to do well.

"These companies are going to continue to be very profitable," she said.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.78 percent from 2.77 percent late Friday.

Benchmark U.S. crude jumped $1.36, or 2.2 percent, to $63.42 a barrel in New York. Brent crude, used to price international oils, added $1.54, or 2.3 percent, to $68.65 a barrel London.

Wholesale gasoline rose 3 cents to $1.98 a gallon. Heating oil rose 4 cents to $2 a gallon. Natural gas lost 1 cent to $2.69 per 1,000 cubic feet.

Gold rose $4 to $1,340.10 an ounce. Silver gained 17 cents to $16.53 an ounce. Copper picked up 2 cents to $3.08 a pound.

The dollar fell to 106.78 yen from 106.85 yen. The euro rose to $1.2322 from $1.2285.

Germany's DAX rose 0.2 percent and the CAC 40 in France edged up 0.1 percent. The British FTSE 100 added 0.2 percent.

Asian stocks fared better. Tokyo's Nikkei 225 advanced 0.5 percent and Hong Kong's Hang Seng climbed 1.3 percent. Seoul's Kospi added 0.6 percent.

 

[bigdog]

https://www.usnews.com/news/busines...st-slim-gains-as-investors-eye-trade-tensions

Stock Indexes Rally as China's President Eases Trade Fears
US stocks jump after Chinese President Xi Jinping makes conciliatory remarks on trade, easing the market's fears about US-China trade tensions.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Stocks jumped Tuesday after Chinese President Xi Jinping said Beijing would reduce tariffs on imported cars and improve intellectual property protection, steps that could ease trade tensions. Facebook climbed as CEO Mark Zuckerberg testified before the Senate about the company's privacy scandal.

Xi's proposals could help the U.S. and China resolve their differences and avert a trade dispute that slows down global commerce. The dialing back of tensions helped send the price of crude oil up 3.3 percent.

"The market's increasing expectation is that the two sides will sit down now," said Paul Christopher, head of global market strategy for Wells Fargo Investment Institute. "There's still a lot at stake because you have a global supply chain that could be interrupted because of tariffs."

Facebook, Twitter and Snap rallied as Senators questioned Mark Zuckerberg about the Cambridge Analytica privacy scandal that has engulfed the company over the last four weeks. Technology companies have stumbled as investors wondered if the government will implement tighter regulations on technology companies, and those worries eased Tuesday. Zuckerberg will testify before the House of Representatives Wednesday.

The S&P 500 index surged 43.71 points, or 1.7 percent, to 2,656.87. The Dow gained 428.90 points, or 1.8 percent, to 24,408. Shortly before noon it rose as much as 532 points. The Nasdaq composite added 143.96 points, or 2.1 percent, to 7,094.30. The Russell 2000 index of smaller-company stocks advanced 28.97 points, or 1.9 percent, to 1,543.43.

Indexes overseas also climbed. Germany's DAX jumped 1.1 percent and the British FTSE 100 gained 1 percent. The French CAC 40 gained 0.8 percent. Japan's benchmark Nikkei 225 gained 0.5 percent and South Korea's Kospi added 0.3 percent while Hong Kong's Hang Seng added 1.7 percent.

Speaking at a business conference, Xi promised changes in some areas that the U.S. has identified as priorities. He didn't address other thorny topics including requirements for foreign companies to give technology to potential local competitors.

General Motors rose 3.3 percent to $39.07 and Tesla climbed 5.2 percent to $304.70.

Technology companies have made some of the biggest swings on the market during the trade spat. If trade conditions get worse, they might face higher costs as well as lower sales. They've also done better than most other parts of the market lately, and companies like Apple, Microsoft and Google's parent Alphabet have made up an outsize portion of the market's gains.

Apple jumped 1.9 percent to $173.25 and Microsoft rose 2.3 percent to $92.88.

So far the U.S. has proposed tariffs on at least $150 billion worth of products made in China, and China has said it could put tariffs on $50 billion in goods imported from the U.S. Christopher, of Wells Fargo, said the U.S. still has a lot of leverage because it has mostly targeted products that are only partly assembled in China.

"The U.S., in the next round of tariffs, could start targeting goods that the Chinese do mostly produce themselves," he said. That would cause China more economic pain.

Facebook CEO Mark Zuckerberg appeared before two Senate committees that comprised almost half the Senate and was questioned about the Cambridge Analytica scandal. As many as 87 million users were affected, and Facebook started notifying them this week.

Facebook shares have dropped sharply since the scandal emerged in March. They rose 4.5 percent to $165.04 Tuesday while Twitter jumped 5.3 percent to $29.53 and Snap gained 2.3 percent to $14.48.

Benchmark U.S. crude rose 3.3 percent to $65.51 a barrel in New York. Brent crude, used to price international oils, added 3.5 percent to $71.04 a barrel in London. Oil prices have bounced up and down recently as investors wonder if the trade dispute will hamper global economic growth.

Exxon Mobil added 2.9 percent to $77.07 and Marathon Oil jumped 4.3 percent to $17.06.

VeriFone Systems surged after it agreed to be bought by Francisco Partners and British Columbia Investment Group. The investment group will pay $23.04 a share, or $2.54 billion, for VeriFone, which makes terminals for electronic payments. VeriFone stock climbed 51.9 percent to $22.78.

In other energy trading, wholesale gasoline rose 2.9 percent to $2.04 a gallon. Heating oil added 3.4 percent to $2.06 a gallon. Natural gas lost 1.4 percent to $2.66 per 1,000 cubic feet.

Gold rose 0.4 percent to $1,345.90 an ounce. Silver added 0.4 percent to $16.60 an ounce. Copper climbed 1.9 percent to $3.14 a pound.

Bond prices turned lower. The yield on the 10-year Treasury note rose to 2.80 percent from 2.78 percent.

The dollar climbed to 107.17 yen from 106.78 yen. The euro rose to $1.2361 from $1.2322.

 

[bigdog]

https://www.usnews.com/news/busines...-meander-following-gains-on-upbeat-trade-talk

Banks and Technology Stocks Fall; Oil Rises to 3-Year High
US stock indexes finish mostly lower as banks and technology and health care companies fall, but energy companies rise as oil prices hit a three-year high.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Companies including banks and technology and health care firms fell Wednesday after U.S. stocks had surged the day before. Oil prices hit a three-year high after President Donald trump tweeted that the U.S. will launch missiles at targets in Syria.

Other than energy companies, stocks were slightly lower for most of the day. Banks slipped along with interest rates while health care and technology companies gave up some of the big gains they made on Tuesday. Trump said the U.S. will respond to the recent suspected chemical attack and Saudi Arabia said it intercepted missiles fired by rebels in Yemen. Fighting in the Middle East could restrict oil supplies and push prices higher.

The Federal Reserve released minutes from its meeting in March. Some policymakers felt the central bank may have to increase rates more quickly in response to faster economic growth and rising inflation, and it might have to focus on slowing the economy to keep inflation under control. The market didn't react dramatically to that development, but stock indexes trailed off in the afternoon.

Simona Mocuta, senior economist for State Street Global Advisors, said it's a challenge for investors to respond to events like possible strikes in Syria because it's not clear what the outcomes will be.

"There is so much uncertainty about the geopolitics that it's hard for the market even to price on a day-to-day basis," she said.

The S&P 500 index fell 14.68 points, or 0.6 percent, to 2,642.19 after it surged 1.7 percent Tuesday. The Dow Jones industrial average slid 218.55 points, or 0.9 percent, to 24,189.45. The Nasdaq composite lost 25.27 points, or 0.4 percent, to 7,069.03. But the Russell 2000 index of smaller-company stocks rose 3.36 points, or 0.2 percent, to 1,546.70, and most of the stocks on the New York Stock Exchange finished higher.

Facebook stock continued to rise as CEO Mark Zuckerberg testified before Congress for a second day. The stock surged Tuesday afternoon at the beginning of Zuckerberg's testimony. It rose 0.8 percent to $166.32 Wednesday after a jump of 4.5 percent Tuesday, its biggest gain in two years.

Daniel Ives, head of technology research for GBH Insights, said Facebook rallied for two reasons. One is that Zuckerberg did well in his testimony after investors had their doubts about how he would perform on Capitol Hill. The other is that Wall Street felt many members of Congress weren't very tough on Facebook because they don't grasp some of the relevant issues. As a result, investors grew less worried that the government will crack down on Facebook and other technology companies.

"A lot of the regulators and politicians don't really understand Facebook and its (business) model, so how can you expect that regulation is going to be a near-term issue?" he said. "The political theater and grandstanding has actually worked to the benefit of Facebook and Zuckerberg rather than to its detriment."

Facebook's stock is still down 10 percent since the Cambridge Analytica privacy scandal broke in mid-March. Other social media companies also rallied over the past two days. Snap, the parent of Snapchat, rose 2.2 percent, to $14.80. Twitter slipped 0.5 percent to $29.39 after a 5.4 percent gain Tuesday.

Energy companies rose as benchmark U.S. crude climbed 2 percent to $66.82 a barrel in New York. Brent crude, used to price international oils, gained 1.4 percent to $72.06 a barrel in London. Oil prices jumped more than 3 percent Tuesday as investors got more optimistic about a possible resolution to the U.S.-China trade spat.

Overseas markets mostly fell following their gains the day before. Germany's DAX lost 0.8 percent and the CAC 40 in France dropped 0.6 percent. Britain's FTSE 100 edged 0.1 percent lower. Japan's Nikkei 225 stock index lost 0.5 percent and the Kospi in South Korea declined 0.3 percent. Hong Kong's Hang Seng climbed 0.6 percent.

The yield on the 10-year Treasury note fell to 2.78 percent from 2.80 percent. That put pressure on banks. When bond yields fall, it forces interest rates on mortgages and other kinds of loans lower, meaning lower profits for banks. JPMorgan Chase fell 1.7 percent to $110.62 and Bank of America declined 1.9 percent to $29.90.

Medical and security imaging equipment maker Analogic agreed to be bought by Altaris Capital Partners for $84 a share, or $1.05 billion. That was much less than investors had hoped for and the stock dropped 13.2 percent to $83.35. Analogic spiked from about $84 in March to as much as $96 a share Tuesday. Analogic noted that the stock price was lower than that when the company announced it would consider a sale.

The dollar dipped to 106.95 yen from 107.17 yen. The euro hardly budged as it rose to $1.2362 from $1.2361.

In other commodity trading, gold rose 1 percent to $1,360 an ounce. Silver also rose 1 percent to $16.77 an ounce. Copper lost 0.6 percent to $3.12 a pound.

Wholesale gasoline rose 1.3 percent to $2.07 a gallon and heating oil added 1.4 percent to $2.09 a gallon Natural gas edged up 0.7 percent to $2.68 per 1,000 cubic feet.

 

[bigdog]

https://www.usnews.com/news/busines...s-lower-as-markets-mull-fed-geopolitical-risk

Technology, Industrials and Banks Lead Rally as Stocks Rise
Banks and technology and industrial companies help US stocks add to their gains from earlier in the week.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — Technology companies, banks and industrial companies all rose Thursday as investors got ready for big banks to announce their first-quarter results and let go of some of their concerns about the trade dispute between the U.S. and China.

Big tech companies like Apple and Microsoft, the market's leaders over the last year, rose again. Industrial companies like Boeing and Caterpillar gained ground as well, with airlines climbing after Delta reported solid results in the first quarter. Bond prices dropped and interest rates rose, which helped banks.

Friday morning, JPMorgan Chase, Wells Fargo and PNC Financial Services will report their first batch of quarterly results since last year's corporate tax cut went into effect. Alicia Levine, head of global investment strategy at BNY Mellon Investment Management, said that's giving investors something new to focus on after almost six weeks of worrying about a trade war.

"Part of the reason that markets were strong this week is in anticipation of perhaps better than expected earnings," she said. Levine said she thinks companies are likely to beat Wall Street's expectations thanks in part to the lower tax rate.

The S&P 500 index gained 21.80 points, or 0.8 percent, to 2,663.99. The Dow Jones industrial average added 293.60 points, or 1.2 percent, to 24,483.05. The Nasdaq composite climbed 71.22 points, or 1 percent, to 7,140.25. The Russell 2000 index of smaller-company stocks advanced 10.52 points, or 0.7 percent, to 1,557.33.

The market has been jittery as investors worried about tariffs and other barriers to trade. Investors may have been pleased to hear that, according to a group of legislators, President Donald Trump asked advisers to explore the possibility of the U.S. rejoining trade talks with 11 Pacific nations. Those countries formalized a deal last month after Trump rejected the Trans-Pacific Partnership, an earlier agreement that involved the U.S.

The S&P 500, a benchmark that is used by many index funds, has fallen for three of the last four weeks, but it's up 2.3 percent so far this week as investors felt new proposals by Chinese President Xi Jinping could help avert a trade war. On Thursday China's government denied that Xi was trying to resolve the dispute and said negotiations with the U.S. aren't possible right now.

Levine, of BNY Mellon, said the tariffs the U.S. and China have proposed won't stop the growth of the U.S. economy, but they could cause real pain for some industries and investors sold stocks in response to that.

"If you use steel and aluminum, you might be less likely to open up another plant if you're a manufacturer," she said. "You might be less likely to raise wages."

Bond prices fell. The yield on the 10-year Treasury note rose to 2.84 percent from 2.79 percent. That helped banks because higher yields mean they can make more money from mortgages and other types of loans. Big dividend stocks like utilities and household goods companies fell, as investors see them as an alternative to bonds and they are less interested in buying them when yields rise.

Home goods retailer Bed, Bath & Beyond plunged after it gave a weak forecast for the fiscal year. The company also said it expects its earnings to decline next year and its stock fell 20 percent to $17.21. Online rival Amazon gained 1.5 percent to $1,448.50.

Oil prices continued to trade at three-year highs. Benchmark U.S. crude rose 0.4 percent to $67.07 a barrel in New York. Brent crude, used to price international oils, shed 0.1 percent to $72.02 a barrel in London.

Precious metals prices tumbled. Gold dropped 1.3 percent to $1,341.90 an ounce and silver fell 1.8 percent to $16.47 an ounce. Copper lost 1.7 percent to $3.06 a pound.

Wholesale gasoline lost 0.6 percent to $2.05 a gallon. Heating oil dipped 0.4 percent to $2.08 a gallon. Natural gas rose 0.4 percent to $2.69 per 1,000 cubic feet.

Bristol-Myers Squibb fell and Pfizer rose after an analyst for Citi Investment Research said a deal between the two drugmakers isn't likely to happen. Analyst Andrew Baum said he met with Pfizer's top executives Wednesday and don't want to buy Bristol-Myers or any other big company. Bristol-Myers lost 2.2 percent to $58.84, giving it a market value of $96 billion. Pfizer rose 1.5 percent to $36.52.

Drugmaker Mallinckrodt dropped after a former employee filed a whistleblower lawsuit against the company. Rasvinder Dhaliwal said Mallinckrodt asked her to mislead an insurance company so it would cover Acthar gel, a drug that brings in more than one third of Mallinckrodt's revenue, and said an executive acknowledged the company misled payers about what Acthar is made of.

The lawsuit says she had numerous other concerns about potentially illegal or improper behavior, but the company retaliated against her for bringing them up and ultimately fired her last month.

Mallinckrodt said it "vehemently disagrees with the allegations" and will defend itself in court. Its stock fell 6.8 percent to $13.89.

The dollar rose to 107.23 yen from 106.95 yen. The euro fell to $1.2329 from $1.2362.

The DAX in Germany rose 1 percent and France's CAC 40 added 0.6 percent. The FTSE 100 in Britain rose less than 0.1 percent. Japan's benchmark Nikkei 225 stock index dipped 0.1 percent while the Kospi in South Korea ended 0.1 percent lower. Hong Kong's Hang Seng fell 0.2 percent.

 

[bigdog]

https://www.usnews.com/news/busines...s-mostly-up-after-wall-street-finishes-higher

Tumbling Banks Hold Back S&P 500 as Earnings Season Launches
Bank stocks buckled, even after several reported fatter profits than analysts expected, and the sharp declines overshadowed gains elsewhere in the market to drag the S&P 500 lower.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Bank stocks buckled on Friday, even after several reported fatter profits than analysts expected, and the sharp declines overshadowed gains elsewhere in the market to drag the S&P 500 lower.

JPMorgan Chase and several other financial titans marked the unofficial start of the earnings reporting season, and expectations were high for them, as they are for most major companies. Wall Street is forecasting the strongest growth in seven years for S&P 500 companies, and the hope has been that healthy profit reports in coming weeks will steady the market following a rough couple of months.

But high expectations can be as much a burden as cause for optimism. JPMorgan Chase reported its biggest-ever profit and topped analysts' expectations. But investors were already anticipating the good news that it delivered, such as healthier trading revenue, and took note of things like an increase in charge-offs for credit cards. JPMorgan Chase's shares fell 2.7 percent to $110.30 to lop off most of the big gains it had made earlier in the week.

The S&P 500 fell 7.69 points, or 0.3 percent, to 2,656.30. The loss pared the index's gain for the week to 2 percent.

The Dow Jones industrial average dropped 122.91, or 0.5 percent, to 24,360.14, and the Nasdaq composite lost 33.60, or 0.5 percent, to 7,106.65.

As a group, financial stocks in the S&P 500 fell 1.6 percent, more than double the loss for any of the other 10 sectors that make up the index.

PNC Financial Services Group had one of the biggest losses in the S&P 500 after reporting first-quarter results that fell short of some analysts' expectations. It dropped 4.1 percent to $145.46.

Wells Fargo fell 3.4 percent to $50.89, and Citigroup dropped 1.6 percent to $71.01 even though both reported profits that beat expectations. The possibility of a big settlement with federal regulators hung over Wells Fargo's results.

After weeks where fears about a possible trade war dominated the market, many analysts along Wall Street were expecting strong profit reports to divert investors' attention. Over the long term, stock prices tend to track the progress of corporate profits.

Expectations for profit growth this year may have climbed so high, particularly following Washington's recent overhaul of the tax code, that they may be setting the stage for future disappointment, said Matthew Watson, portfolio manager at James Investment Research.

"In the near term, it looks like companies are beating expectations in general," he said. "Our concern comes over the next 12 months."

Outside financial stocks, other areas of the market were stronger. Energy stocks in the S&P 500 jumped 1.1 percent after the price of oil continued its strong climb.

Benchmark U.S. crude oil added 32 cents to $67.39, its highest settlement price since 2014. Brent crude, the international standard, rose 56 cents to $72.58.

Alaska Air Group jumped to the biggest gain in the S&P 500 after it gave an updated forecast for first-quarter revenue trends that was better than what it had previously given. Shares rose 6.1 percent to $63.95.

Airline stocks have been strong after Delta Air Lines reported stronger-than-expected earnings on Thursday. Delta rose 2.8 percent over the last two days.

Broadcom had one of the biggest gains in the S&P 500 after it said it will repurchase up to $12 billion of its stock. By taking shares off the market, buybacks can result in higher earnings per share for companies. The technology company rose 3.1 percent to $246.94.

In the commodities market, gold rose $6.00 to settle at $1,347.90 per ounce, silver added 19 cents to $16.66 per ounce and copper rose a penny to $3.07 per pound.

Natural gas rose 5 cents to $2.74 per 1,000 cubic feet, heating oil gained 2 cents to $2.10 per gallon and wholesale gasoline added 1 cent to $2.07 per gallon.

The yield on the 10-year Treasury note slipped to 2.82 percent from 2.84 percent late Thursday.

The dollar rose to 107.41 Japanese yen from 107.23 yen late Thursday. The euro rose to $1.2334 from $1.2329, and the British pound rose to $1.4237 from $1.4225.

In European stock markets, France's CAC 40 edged up 0.1 percent, and Germany's DAX gained 0.2 percent. The FTSE 100 in London rose 0.1 percent.

Japan's Nikkei 225 rose 0.5 percent, South Korea's Kospi advanced 0.5 percent and Hong Kong's Hang Seng index edged down 0.1 percent.

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