NYSE Dow Jones finished today at:

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https://www.usnews.com/news/busines...care-companies-big-gainers-as-us-stocks-rally

Tech, Health Care Stocks Are Big Gainers as US Indexes Rally
Investors shrugged off geopolitical jitters, sending U.S. stocks broadly higher, extending the market's gains from last week.

By ALEX VEIGA, AP Business Writer

Investors shrugged off geopolitical jitters Monday, sending U.S. stocks broadly higher and extending the market's gains from last week.

Technology companies, health care stocks and industrial firms accounted for much of the rally as traders focused on the latest company earnings and deal news. Oil prices fell after surging last week ahead of the U.S.-led missile attack on Syria's chemical weapons program.

"It's some relief from the global political situation over the weekend," said Willie Delwiche, investment strategist at Baird. "The other thing is we've had over the last few weeks particularly this build up in pessimism, and that provided some opportunity for stocks to rally once the news of this event was out of the way."

The S&P 500 index rose 21.54 points, or 0.8 percent, to 2,677.84. The Dow Jones industrial average gained 212.90 points, or 0.9 percent, to 24,573.04. The Nasdaq added 49.63 points, or 0.7 percent, to 7,156.28. The Russell 2000 index of smaller-company stocks picked up 13.52 points, or 0.9 percent, to 1,563.03.

The market was in rally mode from the start of trading Monday, despite a sell-off among major indexes in Europe.

Investors seemed to put aside concerns over the geopolitical tensions that led to Friday night's missile attack by the U.S., Britain and France on Syria's chemical weapons program. On Monday, the White House said it was considering imposing additional sanctions on Russia, a key ally of Syrian leader Bashar Assad.

Instead, the market shifted its focus to corporate America. Wall Street is forecasting the strongest growth in seven years for S&P 500 companies, and the hope has been that healthy profit reports will steady the market following a rough couple of months. Over the long term, stock prices tend to track the progress of corporate profits.

Investors welcomed J.B. Hunt Transport Services' latest quarterly results Monday. The transportation company said shipping volumes grew in the first quarter and rates increased. Its shares climbed 6.2 percent to $119.75.

Bank of America also got a post-earnings boost after the lender posted a larger profit, helped by corporate tax cuts and rising interest rates. Its shares rose 0.4 percent to $29.93.

A couple of gambling companies were among the big movers Monday.

Carl Icahn's company struck a roughly $1.85 billion deal that would fuse the gambling and hotel operations of Tropicana Entertainment to Eldorado Resorts Inc. Tropicana vaulted 26.8 percent to $69.75. Eldorado jumped 16.2 percent to $41.50.

Truck and engine maker Navistar International jumped 9.8 percent to $40.71 after Reuters reported that Volkswagen might buy the company.

Traders sold shares in WPP, the world's largest ad agency, after its CEO, Martin Sorrell, resigned over an investigation into personal misconduct. Analysts say his departure could leave the company he founded three decades ago rudderless, but could also see parts sold off for higher value. The stock fell 4.7 percent to $80.56.

Oil prices fell back from spikes last week on fears over an escalation of strife in the Middle East. Benchmark U.S. crude declined $1.17, or 1.7 percent, to settle at $66.22 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international oils, slid $1.16, or 1.6 percent, to close at $71.42 per barrel.

Bond prices didn't move much. The yield on the 10-year Treasury held steady at 2.83 percent.

The dollar fell to 107.10 yen from 107.41 yen on Friday. The euro strengthened to $1.2381 from $1.2334.

Gold rose $2.80 to $1,350.70 an ounce. Silver added 2 cents to $16.68 an ounce. Copper gained 2 cents to $3.10 a pound.

In other energy futures trading, heating oil dropped 3 cents to $2.07 a gallon, while wholesale gasoline slid 3 cents to $2.04 a gallon. Natural gas rose 2 cents to $2.75 per 1,000 cubic feet.

Major indexes in Europe finished mostly lower. Germany's DAX lost 0.4 percent, while the CAC 40 in France ended essentially flat. The FTSE 100 in Britain dropped 0.9 percent.

Earlier in Asia, Japan's Nikkei 225 index rose 0.3 percent, while Hong Kong's Hang Seng dropped 1.6 percent. South Korea's Kospi edged 0.1 percent higher. Australia's S&P ASX 200 picked up 0.2 percent.

 

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https://www.usnews.com/news/busines...care-companies-big-gainers-as-us-stocks-rally

US Stocks Add to Gains as Company Earnings Reports Impress
Technology companies led U.S. stocks solidly higher, giving the market its second straight gain.

By ALEX VEIGA, AP Business Writer

Technology companies led U.S. stocks solidly higher Tuesday, giving the market its second straight gain.

Consumer-services companies, retailers and health care stocks accounted for a big slice of the broad rally. Banks declined, and oil prices recovered from an early slide.

Strong company earnings and outlooks, as well as some encouraging economic data, helped put investors in a buying mood.

"Even though we're early in the earnings season, the fact that we continue to see good earnings and earnings growth come out is really what's driving the market," said Nana Adae, global investment specialist at J.P. Morgan Private Bank. "Earnings growth ties to fundamentals and fundamentals are key."

The S&P 500 index rose 28.55 points, or 1.1 percent, to 2,706.39. The Dow Jones industrial average gained 213.59 points, or 0.9 percent, to 24,786.63. The latest gain nudged the blue chip average into positive territory for the year.

The Nasdaq composite climbed 124.81 points, or 1.7 percent, to 7,281.10. The Russell 2000 index of smaller-company stocks picked up 16.77 points, or 1.1 percent, to 1,579.80.

While the market has been preoccupied lately with concern over geopolitical and trade tensions, Wall Street has something else to focus on over the next few weeks: company earnings.

Financial analysts are forecasting the strongest growth in seven years for S&P 500 companies, partly because of a resurgent global economy, but also because of expectations that last year's corporate tax cut will have on corporate balance sheets.

"There's no doubt that corporate tax reform is a tail wind for earnings, but organic growth is really what is driving a lot of these earnings," Adae said.

Netflix jumped 9.2 percent to $336.06 after the video streaming service said it gained 7.4 million subscribers in the first quarter, more than analysts expected. Other technology companies also posted gains. Microsoft rose 2 percent to $96.07, while Amazon added 4.3 percent to $1,503.83.

UnitedHealth climbed 3.6 percent to $238.55 after it reported a 31 percent jump in first-quarter profit and said it gained Medicare Advantage and Medicaid customers. The nation's largest health insurer also raised its forecast for 2018.

Celanese gained 3.7 percent to $110.38 after the chemical company's latest results beat analysts' estimates. The company also raised its annual forecasts.

Some companies failed to impress traders. Johnson & Johnson fell 0.9 percent to $130.54 after much-higher spending and one-time charges offset a big jump in the company's first-quarter revenue.

Tesla Motors slid 1.2 percent to $287.69 following reports that the car maker shut down production of its Model 3 mass-market electric car again to solve manufacturing bottlenecks.

Southwest Airlines gave up 1.1 percent to $54.27 after one person was killed and others were injured when one of the airline's jets made an emergency landing at Philadelphia's airport Tuesday following an engine failure.

Investors also got some encouraging economic data Tuesday. The International Monetary Fund upgraded its economic outlook for the United States in 2018, forecasting that the U.S. economy will grow 2.9 percent this year, up from the 2.7 percent it had forecast in January and from the 2.3 percent growth the economy achieved last year. And the Federal Reserve said that U.S. factory output rose slightly last month.

Meanwhile, the Commerce Department said that housing starts rose in March to a seasonally adjusted annual rate of 1.32 million. That helped send homebuilder stocks higher. Hovnanian Enterprises led the pack, climbing 4.7 percent to $2.02.

Bond prices rose. The yield on the 10-year Treasury slipped to 2.82 percent from 2.83 percent late Monday. The decline in bond yields, which influence interest rates on mortgages and other loans, weighed on some bank shares. Comerica fell 3.5 percent to $92.74 and SunTrust Banks fell 2.2 percent to $65.95.

The dollar fell to 107.02 yen from 107.10 yen late Monday. The euro fell to $1.2367 from $1.2381.

Gold fell $1.20 to $1,349.50 an ounce. Silver added 11 cents to $16.79 an ounce. Copper slipped 2 cents to $3.08 a pound.

Benchmark U.S. crude rose 30 cents to settle at $66.52 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 16 cents to close at $71.58 per barrel.

In other energy futures trading, heating oil dropped 1 cent to $2.06 a gallon. Wholesale gasoline was little changed at $2.04 a gallon. Natural gas fell 1 cent to $2.74 per 1,000 cubic feet.

Major indexes in Europe also rose. Germany's DAX climbed 1.6 percent, while France's CAC 40 rose 0.8 percent. Britain's FTSE 100 added 0.4 percent.

In Asia, Japan's benchmark Nikkei 225 edged 0.1 percent higher, while Australia's S&P/ASX 200 was unchanged. South Korea's Kospi lost 0.2 percent. Hong Kong's Hang Seng shed 0.9 percent after new data showed China's economic growth held steady in the first quarter.

 

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https://www.usnews.com/news/busines...ocks-rise-after-wall-street-gains-for-2nd-day

Stocks End Modestly Higher as Earnings Come In; Oil Surges
U.S. stocks capped a day of mostly choppy trading broadly higher, giving the S&P 500 its third gain in as many days.

By ALEX VEIGA, AP Business Writer

US stocks finished broadly higher Wednesday, giving the S&P 500 its third gain in as many days.

Energy companies rose more than the rest of the market, riding a big upturn in crude oil prices. Solid gains in industrial stocks and retailers outweighed losses among food and beverage companies, technology stocks and banks.

Investors continued to bid up companies that reported positive earnings or outlooks. Not all companies delivered welcome results. IBM slumped 7.5 percent, single-handedly pulling the Dow Jones industrial average into the red.

"Earnings are the principal thing this week," said Paul Christopher, head of global market strategy for Wells Fargo Investment Institute. "The market wants to see more consistent evidence of strong earnings."

The S&P 500 index rose 2.25 points, or 0.1 percent, to 2,708.64. The Dow slid 38.56 points, or 0.2 percent, to 24,748.07. The Nasdaq composite gained 14.14 points, or 0.2 percent, to 7,295.24. The Russell 2000 index of smaller-company stocks picked up 3.76 points, or 0.2 percent, to 1,583.56.

The major stock indexes are all on track to finish the week higher.

Bond prices fell. The yield on the 10-year Treasury rose to 2.87 percent from 2.83 percent late Tuesday.

Investors continued to sift through corporate earnings reports. Financial analysts are forecasting the strongest growth in seven years for S&P 500 companies, partly because of a resurgent global economy, but also because of expectations that last year's corporate tax cut will have on corporate balance sheets.

Roughly 10 percent of the companies in the S&P 500 have reported results so far this earnings season, and some 67 percent of those have delivered both earnings and revenue that exceeded financial analysts' expectations, according to S&P Global Market Intelligence.

Railroad operator CSX jumped 7.8 percent to $61.01 and aircraft maker Textron climbed 6.8 percent to $63.99 after reporting results that beat analysts' forecasts.

United Continental rose 4.8 percent to $70.58 after the airline company raised its earnings outlook for the year.

Best Buy added 3.6 percent to $75.40 after announcing a partnership to sell Fire TVs with Amazon.

IBM was the biggest decliner in the S&P 500, sliding 7.5 percent to $148.79. That's its biggest loss in five years. The technology company's results failed to impress investors.

Oil futures surged, pushing closer to $70 a barrel. The pickup in the price of crude came as Reuters published a report citing unnamed industry sources saying that Saudi Arabia would be happy to see crude oil prices hit $100 a barrel.

Benchmark U.S. crude rose $1.95, or 2.9 percent, to settle at $68.47 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, added $1.90, or 2.7 percent, to close at $73.48 per barrel in London.

"If you look at the activity in oil over the last couple of weeks, it almost seems like it's destined to flirt with the $70 level to see if it can break through," said JJ Kinahan, chief market strategist for TD Ameritrade. "The market seems very comfortable between this $58 and $70-ish area."

The surge in oil prices helped lift energy stocks. Newfield Exploration added 5.9 percent to $28.89.

The dollar gained to 107.26 yen from Tuesday's 107.02 yen. The euro rose to $1.2377 from $1.2367.

Gold rose $4 to $1,353.50 an ounce. Silver gained 46 cents, or 2.7 percent, to $17.25 an ounce. Copper added 8 cents to $3.16 a pound.

In other energy futures trading, heating oil rose 3 cents to $2.09 a gallon. Wholesale gasoline picked up 3 cents to $2.07 a gallon. Natural gas was little changed at $2.74 per 1,000 cubic feet.

Major stock indexes in Europe finished mostly higher. Germany's DAX was ended flat, while France's CAC 40 rose 0.5 percent. Britain's FTSE 100 added 1.3 percent. Indexes in Asia ended higher. Tokyo's Nikkei 225 rose 1.4 percent, while Hong Kong's Hang Seng added 0.7 percent. Seoul's Kospi rose 1.1 percent.

 

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https://www.usnews.com/news/busines...ares-oil-prices-rise-on-upbeat-global-outlook

Stocks Post First Loss of the Week as Tech Companies Drop
Losses among technology and consumer products companies weighed on U.S. stocks, snapping a three-day winning streak for the market.

By ALEX VEIGA, AP Business Writer

Losses among technology and consumer products companies weighed on U.S. stocks Thursday, snapping a three-day winning streak for the market.

Banks bucked the trend, rising along with bond yields. Energy companies also eked out a slight gain, despite a late-afternoon downturn in oil prices. The broad market slide came as investors pored over the latest corporate quarterly results.

"The earnings were a little bit disappointing today and we're just really seeing, especially within the tech sector, follow-through on some of the big names that have reported disappointing numbers in some key spaces," said Lindsey Bell, an investment strategist at CFRA Research.

The S&P 500 index fell 15.51 points, or 0.6 percent, to 2,693.13. The Dow Jones industrial average slid 83.18 points, or 0.3 percent, to 24,664.89. The drop knocked the blue chip average slightly into the red for the year.

The Nasdaq composite lost 57.18 points, or 0.8 percent, to 7,238.06. The Russell 2000 index of smaller-company stocks gave up 9.74 points, or 0.6 percent, to 1,573.82.

The major indexes were headed lower from the get-go as investors looked over the latest corporate earnings. Disappointing results from Philip Morris International and Procter & Gamble helped pull the market lower early on.

Philip Morris disclosed weak quarterly sales and said sales of its iQos device in Japan were slower than expected. The stock was the biggest decliner in the S&P 500, sinking 15.6 percent to $85.64. That's the tobacco company's worst single-day loss of all time.

Procter & Gamble declined 3.3 percent to $74.95 despite posting results that topped Wall Street's forecasts. The consumer products company reported a flat third-quarter profit and President and CEO David Taylor said the company is facing a challenging "macro environment" and that markets that it operates within are being transformed.

Technology stocks, still the biggest gainers this year, weighed on the market. Companies in the computer chip business were big decliners for the second day in a row. Lam Research, which makes chip-making equipment, led the slide, dropping 6.6 percent to $190.39.

Qualcomm slid 4.8 percent to $52.57 after the Chinese government said it still has concerns about the company's deal to buy NXP Semiconductors. Qualcomm withdrew one proposal for the deal Monday and submitted another.

Financial analysts are forecasting the strongest growth in seven years for S&P 500 companies, partly because of a resurgent global economy, but also because of expectations that last year's corporate tax cut will have on corporate balance sheets.

Roughly 10 percent of the companies in the S&P 500 have released quarterly results so far. And most have reported earnings and sales that beat financial analysts' forecasts. But that hasn't necessarily translated into gains for shareholders.

On average, the S&P 500 companies that have reported earnings and revenue that topped Wall Street's expectations saw their share price decline 5 percent on the day they released their results, Bell said.

"A lot of people had high expectations for the first quarter, as far as earnings results go, but it wasn't really reflected in stock prices, necessarily," Bell said, noting that investors appear to be unimpressed by the forecasts that management teams are giving for coming quarters.

Some corporate report cards did impress investors.

American Express jumped 7.6 percent to $102.37 after the credit card issuer reported a big quarterly profit thanks to strong customer spending and a lower tax rate.

Rising bond yields helped push bank shares higher. When bond yields rise, they drive up interest rates on mortgages and other loans, which can translate into bigger profits for banks. Bank of New York Mellon gained 5.7 percent to $54.24.

The yield on the 10-year Treasury rose to 2.92 percent from 2.88 percent late Wednesday. That's the highest level since February.

Benchmark U.S. crude gave up early gains, slipping 18 cents to settle at $68.29 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, added 30 cents to close at $73.78 per barrel in London.

Gold fell $4.70 to $1,348.80 an ounce. Silver slipped a penny to $17.24 an ounce. Copper dropped 3 cents to $3.13 a pound.

Aluminum rose about 4 cents to $1.4055 a pound, according to S&P Global Platts. The price, which includes the London Metal Exchange cash settlement and the U.S. transaction premium, spiked earlier this month after the U.S. slapped a major Russian exporter of the metal with sanctions, effectively blocking its supply from reaching the market.

The dollar rose to 107.41 yen from 107.26 yen on Wednesday. The euro fell to $1.2337 from $1.2377.

Indexes in Europe closed mostly higher. Germany's DAX slipped 0.2 percent, while France's CAC 40 rose 0.2 percent. Britain's FTSE 100 added 0.2 percent.

Major indexes in Asia finished higher. Japan's benchmark Nikkei 225 index rose 0.6 percent and South Korea's Kospi added 0.4 percent. Hong Kong's Hang Seng jumped 1.3 percent. Australia's S&P/ASX 200 gained 0.6 percent. Shares also rose in Taiwan and Southeast Asia.

 

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https://www.usnews.com/news/busines...hares-fall-back-on-trade-worries-tech-outlook

Slumping Tech Companies Weigh on US Stocks
A steep slide in technology stocks weighed on U.S. stocks Friday, pulling the market lower for the second day in a row.

By ALEX VEIGA, AP Business Writer

A steep slide in technology companies weighed on U.S. stocks Friday, pulling the market lower for the second day in a row.

Losses among retailers, packaged food and beverage makers and other consumer goods companies also helped weigh down the market. Banks rose as bond yields continued to climb, reflecting increasing investor concerns of higher inflation in the wake of rising oil and other commodity prices.

"Higher commodity prices, a little bit more inflation pressure and higher interest rates, that sort of takes some wind out of the sails for equity markets, at least short-term," said Edward Campbell, senior portfolio manager at QMA, a business unit of PGIM.

The S&P 500 index fell 22.99 points, or 0.9 percent, to 2,670.14. The Dow Jones industrial average slid 201.95 points, or 0.8 percent, to 24,462.94. The Nasdaq composite lost 91.93 points, or 1.3 percent, to 7,146.13. The Russell 2000 index of smaller-company stocks gave up 9.69 points, or 0.6 percent, to 1,564.12.

For every stock that rose on the New York Stock Exchange, two declined. Still, the indexes finished the week with a gain.

"This is just the market taking a breather here in an up month," Campbell said.

Bond prices continued to slide as bond yields rose. The yield on the 10-year Treasury rose to 2.96 percent. That's up from 2.91 percent late Thursday and the highest level since January 2014.

The pickup in bond yields helped drive bank shares higher. When bond yields rise, they drive up interest rates on mortgages and other loans, which can translate into bigger profits for banks. Regions Financial gained 4.1 percent to $18.89.

Technology stocks were the biggest contributor to the market decline, adding to the sector's losses for the week. It's still up 4.4 percent this year. Apple led the sector slide, finishing lower for the third day in a row. The stock lost 4.1 percent to $165.72.

Mattel was one of the biggest decliners among consumer-focused companies. The struggling toy maker slid 3.6 percent to $12.96 after announcing that CEO Margo Georgiadis is stepping down and is being succeeded by a company director and former studio executive.

Investors continued to weigh company earnings. While the busiest stretch of the current earnings reporting season begins next week, most of the S&P 500 companies that have reported results or outlooks so far have exceeded Wall Street's projections.

There have also been some big disappointments.

On Friday, Stanley Black & Decker slid 6.7 percent to $144.21 after the tool company said commodities costs rose in the first quarter and sales of outdoor products got off to a slow start.

Skechers USA also tumbled, sinking 27 percent to $30.70 after the footwear company issued a second-quarter forecast that was far weaker than analysts had expected.

Investors welcomed General Electric's latest results, which topped analysts' forecasts. Shares in the conglomerate climbed 3.9 percent to $14.54.

Crude oil prices reversed an early slide triggered by news that representatives from OPEC nations and allied oil ministers were meeting in Saudi Arabia to discuss their agreement to maintain cuts to production in a bid to keep prices up. Benchmark U.S. crude gained 9 cents to settle at $68.38 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, added 28 cents to $74.06 per barrel in London.

"With commodity prices being up, that's just more signs of inflation pressure and something for the markets to worry about a little bit more," Campbell said.

The dollar rose to 107.60 yen from 107.41 yen on Thursday. The euro fell to $1.2283 from $1.2337. The pound weakened to $1.4023 from $1.4078 after the Bank of England's governor cast some doubts about the possibility of a rate increase next month.

Gold fell $10.50 to $1,338.30 an ounce. Silver dropped 8 cents to $17.16 an ounce. Copper was little changed at $3.14 a pound.

In other energy futures trading, heating oil rose a penny to $2.12 a gallon. Wholesale gasoline picked up 2 cents to $2.10 a gallon. Natural gas gained 8 cents to $2.74 per 1,000 cubic feet.

Major stock indexes in Europe closed mostly higher. Germany's DAX slipped 0.3 percent, while France's CAC 40 gained 0.2 percent. Britain's FTSE 100 rose 0.4 percent.

Asian stock indexes finished lower. Japan's Nikkei 225 slipped 0.1 percent. South Korea's Kospi lost 0.4 percent, while Hong Kong's Hang Seng index fell 0.9 percent.

4169

 

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https://finance.yahoo.com/news/us-s...ur-highs-140328067--finance.html?guccounter=1

US stocks wobble and bond yields set four-year highs

Marley Jay, AP Markets Writer

NEW YORK (AP) -- U.S. stocks couldn't hang on to an early gain and finished mostly lower Monday as technology companies slipped. Bond prices continue to fall and the yield on the 10-year Treasury note drew closer to 3 percent, a milestone it hasn't reached since January 2014.

Investors once again focused on corporate deals Monday as utility company Vectren agreed to be bought by CenterPoint Energy for $6 billion, while the CEO of Sears called for the company to sell more assets and health care products company Henry Schein said it will split off its animal health unit. Aluminum producers tumbled after the Treasury Department moved to ease sanctions against Russian aluminum company Rusal.

Stocks have faded over the last few days as bond yields continued to climb. The yield on the 10-year Treasury note continued to trade at four-year highs, rising to 2.98 percent from 2.96 percent. Bond yields have climbed this year as investors are starting to see signs that inflation is picking up and the Federal Reserve continues to raise interest rates. The 10-year yield stood at 2.43 percent at the end of 2017.

Since the global financial crisis in 2008-09, a combination of low inflation expectations and a bond-buying program by the Federal Reserve have helped keep bond yields low. That pushed stocks higher by making bonds less appealing by comparison. With the Fed no longer buying bonds and investors expecting greater inflation, analysts say higher yields could make bonds more attractive.

Duane McAllister, senior portfolio manager for Baird Advisors, said he doesn't think rising yields are a problem for the stock market. He said they are an opportunity for investors to diversify their holdings at a time of increased market volatility.

"Three percent is an important milestone on the continued trend toward higher interest rates," he said. "It shouldn't lead anyone, whether you're an individual investor or an institutional investor, to run for the hills."

The S&P 500 index rose 0.15 points to 2,670.29. It rose as much as 12 points before midday. The Dow Jones industrial average fell 14.25 points, or 0.1 percent, to 24,448.69. The Nasdaq composite gave up 17.52 points, or 0.2 percent, to 7,128.60. The Russell 2000 index of smaller-company stocks declined 2 points, or 0.1 percent, to 1,562.12.

Earlier this month, a Bank of America Merrill Lynch Global Research survey of fund managers concluded that if the 10-year yield rises to 3.50 percent, investors will start buying bonds while selling stocks. And when bond yields rise, it pushes up interest rates on mortgages and other kinds of loans, making it more expensive to borrow money. That can slow down economic growth.

Aluminum companies fell sharply after the Treasury Department extended a deadline for U.S. companies to stop doing business with Rusal. The department also said it could change its stance on sanctions against the Russian aluminum company if billionaire businessman Oleg Deripaska gives up control. Earlier this month the U.S. imposed sanctions that bar citizens from doing business with numerous Russian businessmen, including Deripaska, as well as several Russian officials and companies. That followed U.S. frustration with Russian policy in Syria and Ukraine, as well as alleged election interference.

Alcoa plunged 13.5 percent to $51.90 and Century Aluminum gave up 53 percent to $16.72. The stocks had rallied after the sanctions were announced.

Walmart fell 1 percent after Bloomberg reported that the retailer might spend $12 billion to buy the majority of Indian e-commerce company FlipKart.

The CEO of Sears, Eddie Lampert, called for the struggling retailer to sell the Kenmore brand and its home improvement business. ESL Investments, Lampert's hedge fund, said it might buy the home improvement assets and is willing to make an offer for Kenmore as well. Sears has been closing stores, cutting costs and selling brands as its sales fall. Its stock rose 7.6 percent to $3.24.

Health care products company Henry Schein jumped after it said it will spin off its animal health business. That division will combine with Vets FirstChoice as a new publicly traded company, and Henry Schein expects to get at least $1 billion in cash from the tax-free move. The stock gained 6.8 percent to $73.79.

Benchmark U.S. crude oil reversed an early loss and rose 0.4 percent to $68.64 a barrel in New York. Brent crude, used to price international oils, gained 0.9 percent to $74.71 per barrel in London. That helped energy companies finish higher. Wholesale gasoline rose 1.3 percent to $2.12 a gallon. Heating oil rose 0.8 percent to $2.14 a gallon. Natural gas stayed at $2.74 per 1,000 cubic feet.

Gold and silver prices tumbled. Gold fell 1.1 percent to $1,324 an ounce and silver fell 3.4 percent to $16.59 an ounce. Copper lost 0.8 percent to $3.11 a pound.

The dollar rose to 108.65 yen from 107.60 yen. The euro fell to $1.2205 from $1.2283.

The CAC 40 in France gained 0.5 percent. Britain's FTSE 100 rose 0.4 percent, and Germany's DAX added 0.3 percent. Tokyo's Nikkei 225 fell 0.3 percent and South Korea's Kospi shed 0.1 percent. Hong Kong's Hang Seng declined 0.5 percent.

 

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Sell-Off in Industrial, Tech Stocks Sends Dow Down 400

https://www.usnews.com/news/busines...-advance-as-us-bond-yields-push-dollar-higher

Sell-Off in Industrial, Tech Stocks Sends Dow Down 400
U.S. stocks tumble as investors worry that rising costs will slow down growth in company profits.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — After a strong start, U.S. stocks abruptly sold off Tuesday after machinery maker Caterpillar said it doesn't expect to top its first-quarter profit for the rest of the year. The Dow Jones industrial average plunged as much as 619 points as investors feared that rising oil prices and other costs will slow down growth in company profits.

Stocks climbed in early trading as companies like Caterpillar, appliance maker Whirlpool, and Fifth Third Bancorp posted strong quarterly results. Then Caterpillar executives told analysts on a conference call in the late morning that they don't expect the company to report a larger per-share profit for the rest of 2018. Other industrial, technology and basic materials companies also took sharp losses.

The S&P 500 index sank 35.73 points, or 1.3 percent, to 2,634.56. The Dow Jones industrial average finished with a loss of 424.56 points, or 1.7 percent, to 24,024.13. The Nasdaq composite dropped 121.25 points, or 1.7 percent, to 7,007.35.

Small-company stocks held up better than the rest of the market. The Russell 2000 index declined 8.84 points, or 0.6 percent, to 1,553.28, about half as much as the S&P 500, which tracks large U.S. companies.

Caterpillar's products are used in a wide variety of industries including construction, power generation, mining and oil and gas drilling. Meanwhile 3M, which makes Post-it notes and industrial coatings and ceramics, said the rising price of oil and other materials is affecting its business.

The companies' statements came as interest rates kept rising, which makes it more expensive for companies to borrow money. The yield on the 10-year Treasury note rose to 3 percent for the first time in more than four years.

Stocks shot up at the end of 2017 and the start of 2018 as investors bet that the corporate tax overhaul would lead to bigger profits for American companies and greater economic growth. Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said it hasn't happened yet.

"We're not yet seeing a very strong recovery in the broader economic numbers that would suggest the impact of tax reform is more than just temporary," she said. "The market is very impatient."

Adams said the tax cuts may help stocks later on, but investors always want to see better and faster growth, and now they're not sure where that improvement will come from.

The worries began to set in after construction and mining equipment maker Caterpillar said it doesn't expect to top its first-quarter profit for the rest of this year. Industrial and basic materials companies and technology firms took some of the worst losses.

Wall Street had cheered Caterpillar's results earlier in the day after the company had a strong first quarter and raised its forecasts for the year. But the stock gave up those gains and finished with a loss of 6.2 percent at $144.44.

3M shed 6.8 percent to $201.13. Chemical companies and other materials makers could also see their profits affected as oil prices and other expenses rise. DowDuPont shed 3.7 percent to $63.1. Elsewhere, aerospace company Boeing lost 2.9 percent to $329.06.

Bond prices slipped again Tuesday. The yield on the 10-year Treasury note rose to 2.99 percent from 2.98 percent. Earlier it peaked at 3 percent for the first time since January 2014.

Low interest rates have played an important role in the economic recovery of the last decade, and the yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages. It's been climbing because investors expect higher economic growth and inflation.

Since the global financial crisis in 2008-09, a combination of low inflation expectations and a bond-buying program by the Federal Reserve have helped keep bond yields low, but they have climbed this year as inflation expectations have picked up. The 10-year yield traded at 2.43 percent at the beginning of the year.

Alphabet slid 4.8 percent to $1,022.64 after the company said ad revenue climbed, but expenses also rose. Google's parent company benefited from strong digital ad sales as well as an accounting change. Other big technology companies also fell, as Facebook dropped 3.7 percent to $159.69 and Microsoft skidded 2.3 percent to $93.12. Another market favorite, online retailer Amazon, shed 3.8 percent to $1,460.09.

The dollar edged up to 108.67 yen from 108.65 yen. The euro rose to $1.2237 from $1.2205.

Benchmark U.S. crude oil shed 1.4 percent to $67.70 a barrel in New York. Brent crude, used to price international oils, fell 1.1 percent to $73.86 per barrel in London.

Wholesale gasoline lost 1.4 percent to $2.09 a gallon. Heating oil dipped 0.6 percent to $2.13 a gallon. Natural gas rose 1.5 percent to $2.78 per 1,000 cubic feet.

Gold rose 0.7 percent to $1,333 an ounce. Silver climbed 0.7 percent to $16.70 an ounce. Copper rose 1 percent to $3.14 a pound.

Germany's DAX lost 0.2 percent while the French CAC 40 added 0.1 percent and Britain's FTSE 100 rose 0.4 percent. Japan's benchmark Nikkei 225 rose 0.9 percent, helped by the weaker yen. The Kospi in South Korea lost 0.4 percent and Hong Kong's Hang Seng added 1.4 percent.

 

[bigdog]

AUSTRALIA AND NEW ZEALAND ANZAC PUBLIC HOLIDAY YESTERDAY

Lest We Forget.

https://www.usnews.com/news/busines...stocks-slip-following-sell-off-on-wall-street

Stocks Close Mixed; Dow Industrials End a Losing Streak
Gains for energy companies and retailers help stocks reverse some sharp early losses and finish the day mixed.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — A late round of buying erased early losses on Wall Street, leaving major indexes mixed at the close of trading. Bigger companies managed to eke out modest gains, while smaller companies mostly fell.

A big gain in Boeing pushed the Dow Jones industrial average higher, breaking a five-day losing streak. Late in the day, energy companies got a boost after Exxon Mobil said it is raising its quarterly dividend.

Stocks got off to a weak start as investors worried that growing costs for raw materials along with rising interest rates would hold back profit growth for U.S. companies. Defense contractors stumbled following first-quarter reports from Northrop Grumman and General Dynamics.

U.S. bond yields rose again and set four-year highs while oil prices, already at three-year highs, continued to move higher.

Stocks had tumbled on Tuesday after companies including Caterpillar, 3M and Sherwin-Williams said they seeing higher costs. Caterpillar also said it doesn't expect to top its first-quarter earnings for the rest of this year.

On Wednesday Goodyear Tire & Rubber said higher raw materials costs and weaker demand hurt its business in the first quarter. Its stock fell 5.1 percent to $25.51.

Invesco Chief Global Market Strategist Kristina Hooper said investors are starting to worry that the market's best days are behind it. She noted that wages are rising, as unemployment has been at multi-decade lows for the last few years. That means costs for companies are up. Oil prices have also jumped and investors are worried that new tariffs will also drive up costs and affect company earnings in the months to come.

"I wouldn't be surprised if earnings peaked by the end of this year, but certainly they haven't peaked yet," she said.

The S&P 500 index added 4.84 points, or 0.2 percent, to 2,639.40. The Dow rose 59.70 points, or 0.2 percent, at 24,083.83. The losing streak was its longest in more than a year.

The Nasdaq composite dipped 3.61 points, or 0.1 percent, to 7,003.74. The Russell 2000 index of smaller-company stocks lost 2.81 points, or 0.2 percent, to 1,550.47. Most stocks on the New York Stock Exchange fell.

Investors expected strong profit growth this year thanks to the growing global economy and the corporate tax cut President Donald Trump signed at the end of 2017. That optimism helped send stocks to record highs in January. Now investors are worrying about whether that growth will show up.

Aerospace company Boeing topped Wall Street's estimates in the first quarter and raised its forecasts for the year. Its stock gained 4.2 percent to $342.86 and railroad operator Norfolk Southern climbed 8.1 percent to $145.96 after it, too, surpassed analyst projections.

Investors also monitored rising interest rates, which tend to slow down economic growth by making it more expensive for people and companies to borrow money. Bond prices fell again Wednesday, sending yields higher. The yield on the 10-year Treasury note kept setting four-year highs as it rose to 3.03 percent from 3 percent.

Low interest rates have played an important role in the economic recovery of the last decade, and the yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages. It's been climbing because investors expect higher economic growth and inflation. While investors expect the Federal Reserve to raise interest rates two more times this year, growing numbers of them now expect it to raise rates a third time after that.

Media conglomerate Comcast made a new offer to buy British broadcaster Sky, this time for $30 billion. Sky had accepted a $16.5 billion offer from 21st Century Fox. British regulators are investigating whether Fox's bid for Sky would give Rupert Murdoch and his family too much control over the country's news media.

Comcast also had a stronger first quarter than analysts expected, although it continued to lose cable subscribers. Its stock rose 2.7 percent to $34.26. Sky gained 3.9 percent in London. Fox rose 1.6 percent to $36.58, while Disney, which plans to buy most of Fox's overseas and entertainment assets, climbed 1.7 percent to $101.15.

Germany's DAX fell 1 percent and Britain's FTSE 100 and France's CAC 40 both lost 0.6 percent. Japan's benchmark Nikkei 225 shed 0.3 percent. Hong Kong's Hang Seng lost 1.1 percent and the South Korean Kospi lost 0.6 percent.

The dollar rose to 109.34 yen from 108.67 yen. The euro fell to $1.2175 from $1.2237.

Benchmark U.S. crude oil rose 0.5 percent to $68.05 a barrel in New York. It's up 33 percent over the last 12 months and trading at its highest price in more than three years. Brent crude, used to price international oils, rose 0.2 percent to $74 a barrel in London.

Wholesale gasoline fell 0.2 percent to $2.09 a gallon. Heating oil rose 0.4 percent to $2.14 a gallon. Natural gas rose 0.2 percent to $2.79 per 1,000 cubic feet.

Gold fell 0.7 percent to $1,323.70 an ounce and silver sank 1.1 percent to $16.52 an ounce.

 

[bigdog]

https://www.usnews.com/news/busines...s-mixed-as-investors-consider-latest-earnings

Facebook and Big Tech Stocks Rally as US Indexes Climb
US stocks are rising as a big gain for Facebook helps technology companies rally and other big companies including Alphabet, Microsoft and Amazon also jump.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks climbed Thursday as Facebook led a rally by technology companies. Most of the market moved higher as interest rates declined from the four-year highs reached over the last few days.

Facebook saw its stock price wither last month after its data privacy scandal, but shares surged Thursday as the controversy didn't appear to affect the social media platform's business in the first quarter. Other big technology companies like Alphabet and Microsoft also rallied and reversed some of their recent losses.

Strong first-quarter results from companies including Chipotle Mexican Grill and O'Reilly Automotive helped retailers and other consumer-focused companies. Amazon surged and energy companies also climbed. Stock indexes rose and interest rates decreased after a Commerce Department survey showed business investment decreased in March for the third time in the last four months.

Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute, said investors were happy to see the decline in business investment because it might encourage the Federal Reserve to raise interest rates at a slower clip.

"To me the biggest risk (to the market) is the Fed, and the Fed hiking rates too much, given at least the level of economic growth we expect," he said.

The S&P 500 index jumped 27.54 points, or 1 percent, to 2,666.94. The Dow Jones industrial average added 238.51 points, or 1 percent, to 24,322.34. The technology-heavy Nasdaq composite advanced 114.94 points, or 1.6 percent, to 7,118.68.

The Russell 2000 index of smaller-company stocks added 7.43 points, or 0.5 percent, to 1,557.89.

Three months ago the S&P 500 and Dow closed at all-time highs. At that time they had repeatedly set records for a year and a half. But since Jan. 26 the market has been hit by worries about rising inflation and a potential trade war between the U.S. and China, and big names like Facebook and Amazon have had a rough ride. The S&P is down 7.2 percent in the last three months and the Dow has slumped 8.6 percent.

Facebook surged 9.1 percent to $174.16 after the company's advertisers appeared to shrug off the Cambridge Analytica privacy scandal. Facebook said its revenue jumped and there were few signs users or advertisers were abandoning the company since the scandal broke in mid-March.

Alphabet, Google's parent company and the only digital publisher larger than Facebook, rose 2 percent to $1,043.31. Twitter gained 1.7 percent to $30.27.

Facebook has faced a backlash about how it collects and uses data since the revelation that Cambridge Analytica, a data mining firm linked to the Trump campaign, had gained information on up to 87 million of its users.

Facebook stock is down 5.9 percent since then, and other technology companies have also stumbled as investors worried about the possibility that the government would start regulating them more harshly, which could affect their profits.

Amazon jumped 4 percent to $1,517.96. It rose another 6 percent in aftermarket trading as Wall Street was pleased with the online retailer's first-quarter results.

Wren, of Wells Fargo, said that big name technology and consumer-focused stocks have struggled since the market reached its recent highs, but they should continue to do well.

"This cycle isn't over and technology and the consumer discretionary sector are going to continue to participate in the upside (for the market)," he said.

Chipotle Mexican Grill climbed after the company said sales improved in the first quarter, raising hopes that the chain is recovering from repeated food safety scares. The shares rose 24.4 percent to $422.50. They traded as high as $757 in mid-2015.

Bond prices edged higher. The yield on the 10-year Treasury note dipped to 2.98 percent from 3.03 percent.

AT&T fell 6 percent to $33.107 after its profit and revenue fell short of Wall Street estimates, and analysts said its video business struggled. E-commerce company eBay slid 5.6 percent to $38.68 after its first-quarter sales and second-quarter forecast disappointed Wall Street.

Benchmark U.S. crude oil inched up 0.2 percent to $68.19 a barrel in New York. Brent crude, used to price international oils, rose 1 percent to $74.74 a barrel in London.

Oil prices have surged in recent months, driving up fuel costs for many companies. Those expenses were a problem for airlines in the first quarter, as American said its profit fell 45 percent and cut its profit forecast for the rest of the year. Its stock lost 46.4 percent to $42.37.

Wholesale gasoline gained 1.1 percent to $2.11 a gallon. Heating oil rose 1.1 percent to $2.16 a gallon. Natural gas rose 1.3 percent to $2.82 per 1,000 cubic feet.

Gold lost 0.4 percent to $1,317.90 an ounce. Silver fell 0.1 percent to $16.49 an ounce. Copper sank 0.7 percent to $3.11 a pound.

The dollar rose to 109.36 yen from 109.34 yen and the euro dipped to $1.2106 from $1.2175.

France's CAC 40 rose 0.7 percent and the British FTSE 100 and German DAX both added 0.6 percent. Japan's benchmark Nikkei 225 index climbed 0.5 percent and South Korea's Kospi jumped 1.1 percent after Samsung reported better than expected earnings. Hong Kong's Hang Seng lost 1.1 percent.

 

[bigdog]

https://www.usnews.com/news/busines...ollow-wall-street-higher-after-strong-results

Stocks Finish Mixed as Amazon Leads Retail Rally; Exxon Dips
US stocks finish little changed Friday, ending an up and down week, as Amazon jumps following a bigger-than-expected profit in the first quarter but Exxon Mobil sinks.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks finished with a split decision Friday after a wobbly day of trading. Amazon led a rally among retailers, but Exxon Mobil dragged energy companies lower to end an uneven week on Wall Street.

So far the first-quarter earnings season has been a strong one for U.S. companies, but it hasn't thrilled investors. On Friday Amazon, Microsoft and Expedia all climbed after reporting earnings, but Exxon, Charter Communications and Starbucks all slumped. According to FactSet, about 80 percent of the S&P companies that have reported their results have announced a larger per-share profit than analysts expected.

High-dividend companies like utilities rose as bond yields slipped, but defense contractors fell. Asian stocks rose following the landmark summit of the leaders from North and South Korea.

This week investors worried that rising raw materials costs, as well as higher interest rates and wages, could eat into corporate profits. Meanwhile they were pleased with strong results from Facebook, Amazon, Microsoft and others. The S&P 500 index finished the week almost exactly where it started.

Karyn Cavanaugh, senior market strategist for Voya Investment Strategies, said investors haven't regained their confidence since February's market plunge. But in her view, the economy continues to do well and there are few signs that inflation or wages are about to rocket higher, an outcome that could dent corporate profits.

"There's reason to think things are very, very good, but not overheating. That's a great environment for earnings," she said. "The market is getting a little bit spoiled."

The S&P 500 index gained 2.97 points, or 0.1 percent, to 2,669.91. The Dow Jones industrial average lost 11.15 points, or less than 0.1 percent, to 24,311.19. The Nasdaq composite rose 1.12 points to 7,119.80. The Russell 2000 index of smaller-company stocks lost 1.66 points, or 0.1 percent, to 1,556.24. Most of the stocks on the New York Stock Exchange finished higher.

Amazon said its first-quarter profit more than doubled as consumers shopped more online and revenue from its cloud computing business continued to rise. The results were far stronger than Wall Street expected and the stock jumped 3.6 percent to $1,572.62, adding to Thursday's 4 percent gain. Amazon also said it will hike the price of an annual Prime membership to $119 from $99 in the U.S.

Amazon recovered the last of its losses from late March and early April. It slumped after President Donald Trump repeatedly criticized the company over issues including sales tax collection and its contracts with the U.S. Postal Service.

The U.S. economy grew 2.3 percent in the first quarter, better than experts had forecast. While consumer spending turned in the weakest performance in nearly five years, experts think it will pick up later in the year thanks to continued low unemployment and Republican-backed tax cuts.

Bond prices rose again. The yield on the 10-year Treasury note fell to 2.96 percent from 2.98 percent Thursday. It hit four-year highs recently and peaked at 3.03 percent earlier this week. High-yield stocks like household goods makers and utilities moved up.

Even with help from climbing oil prices Exxon Mobil's results still fell short of estimates and its stock dropped 3.8 percent to $77.79. Cable company Charter Communications tumbled 11.7 percent to $263.33. Jefferies & Co. analyst Scott Goldman said the company's residential video and high speed data subscriber totals were both weaker than he expected.

Technology companies also gave up an early gain. Intel rose 5 percent in the morning but later dipped 0.6 percent to $52.73. After a big rally in the morning, Microsoft rose 1.7 percent to $95.82.

The leaders of North and South Korea vowed Friday to seek a nuclear-free peninsula and work toward a formal end to the Korean War this year, although they offered few specifics about how they would achieve those goals. As part of the summit, Kim Jong Un became the first North Korean leader to visit South Korea since 1953, when the two sides signed an armistice that left them still technically at war. Later Kim and South Korean President Moon Jae-in briefly stepped into North Korea together.

Seoul's Kospi was 0.7 percent higher and Tokyo's Nikkei 225 added 0.7 percent. Hong Kong's Hang Seng advanced 0.9 percent.

In Britain, shares got a lift after soft growth data reined in expectations that the Bank of England will raise interest rates again next month. The pound fell sharply, to $1.3785 from $1.3924. That was good news for British exporters, as it makes their goods less expensive, and London's FTSE jumped 1.1 percent. The German DAX rose 0.6 percent and France's CAC 40 added 0.5 percent.

Benchmark U.S. crude fell 0.1 percent to $68.10 a barrel in New York while Brent crude, used to price international oils, fell 0.1 percent to $74.64 per barrel in London.

Wholesale gasoline rose 0.6 percent to $2.13 a gallon. Heating oil lost 0.4 percent to $2.15 a gallon. Natural gas lost 2.4 percent to $2.77 per 1,000 cubic feet.

Gold rose 0.4 percent to $1,323.40 an ounce. Silver fell 0.5 percent to $16.41 an ounce. Copper dropped 2.2 percent to $3.05 a pound.

4361

 

[bigdog]

https://www.usnews.com/news/busines...gher-in-asia-some-markets-closed-for-holidays

Stocks Close Lower, as Telecom Companies Weigh on Market
U.S. stock indexes fall, after a morning burst of buying faded away, as telecommunications companies weigh on the broader market.

By STAN CHOE and KEN SWEET, AP Business Writers

NEW YORK (AP) — U.S. stocks fell moderately on Monday, giving up an early gain, but still ended April higher. It was the first monthly increase for the market since January as company earnings have come in better than many expected.

Indexes jumped in the early going following news of several buyout deals and more strong earnings reports, but sagged after lunchtime, weighed down by losses for telecom stocks and other areas of the market.

The Dow Jones industrial average lost 148.04 points, or 0.6 percent, to 24,163.15. The Standard & Poor's 500 index fell 21.86 points, or 0.8 percent, to 2,648.05 and the Nasdaq composite lost 53.53 points, or 0.8 percent, to 7,066.27.

Dow member McDonald's jumped 5.8 percent to $167.83 after it reported healthier profit and revenue than analysts expected for the first three months of the year. Sales at its restaurants open more than a year were much stronger than Wall Street had forecast

McDonald's joined the wave of companies to report big earnings growth for the first quarter, which has been better than analysts expected. Just over half the companies in the S&P 500 have reported their earnings for the first three months of the year, and they're on pace to deliver overall growth of 23 percent, according to FactSet. That would be the strongest showing since the summer of 2010.

"It's been phenomenal," said Phil Orlando, chief equity market strategist at Federated Investors. "Corporate earnings are doing better. Economic growth is doing better, and I think the market is begrudgingly allowing those numbers to work their way into share prices."

The S&P 500 has been whipping higher and lower in recent months, hurt by worries about higher interest rates and the possibility of a trade war. But the index is ending April up a modest 0.3 percent, compared to the 2.7 percent loss it had in March and 3.9 percent loss it had in February.

At the center of the buyout news was Sprint and T-Mobile. The pair announced a $26.5 billion deal to merge following years of consideration for a combination. Investors are unsure whether this attempt will get the necessary approvals from U.S. regulators.

Sprint dropped 13.7 percent to $5.61, and T-Mobile lost 6.2 percent to $60.51. Other telecom stocks also fell, with Verizon giving up 4.3 percent to $49.35 and AT&T falling 1 percent to $32.70.

Oil company Andeavor was the biggest gainer in the S&P 500 after Marathon Petroleum said it will buy the refiner and pipeline owner for more than $23 billion. Andeavor, which used to be called Tesoro, soared 13 percent to $138.32.

And DCT Industrial Trust, a logistics real-estate company, gained 11.6 percent to $65.57 after Prologis, an owner of distribution centers and other logistics real estate, agreed on Sunday to buy it in an all-stock deal.

Besides being the heart of earnings reporting season for companies, this week will also feature a policy meeting for the Federal Reserve on interest rates. The Fed will announce its decision on Wednesday.

On Friday, the government releases its jobs report, which is usually the most anticipated economic report of each month.

Benchmark U.S. crude rose 47 cents to $68.57 per barrel. Brent crude, the international standard, gained 53 cents to $75.17. The yield on the 10-year Treasury note dipped to 2.94 percent from 2.96 percent late Friday.

The dollar rose to 109.29 Japanese yen from 109.02 yen late Friday. The euro fell to $1.2082 from $1.2121, and the British pound dipped to $1.3748 from $1.3785.

Gold fell $4.20 to $1,319.20 an ounce, silver fell 10 cents to $16.40 an ounce and copper rose less than 1 cent to $3.074 a pound.

 

[bigdog]

https://www.usnews.com/news/busines...okyo-stocks-higher-in-quiet-labor-day-trading

Apple Leads Tech Higher as Stocks Recover From an Early Loss
US stocks recover early losses as Apple leads a rally in technology companies and smaller companies also climb.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks clawed back early losses Tuesday as Apple led a rally in technology companies. Smaller, more domestically-focused companies also climbed. The late push offset a slump in household goods makers and industrial companies.

Stocks fell in the early going as investors focused on trade tensions, a drop in construction, and weaker growth in manufacturing. Steel makers lost ground after the White House said it will delay its decision to impose tariffs on imports of steel and aluminum from the European Union, Canada and Mexico for 30 days. The Dow Jones industrial average fell as much as 354 points, then recovered much of that loss and closed down 64.

Amazon and other consumer-focused companies like Comcast, Hilton and Carnival rose, while banks and health care companies wiped out early losses to finish slightly higher.

Randy Frederick, vice president of trading and derivatives at Charles Schwab, said the that even though companies are reporting great first-quarter results, the market isn't reacting very much. He thinks some people don't want to invest because the market has gone through such huge swings over the last three months.

"It's been the best earnings season we've had in 10 years," he said. "People are starting to sit out. And part of the reason they're sitting out is we're having such high volatility."

The S&P 500 index rose 6.75 points, or 0.3 percent, to 2,654.80. The Dow slipped 64.10 points, or 0.3 percent, to 24,099.05 as Boeing fell along with other industrial companies and McDonald's gave back some of the previous day's gain.

Technology companies surged, sending the Nasdaq composite up 64.44 points, or 0.9 percent, to 7,130.55. The Russell 2000 index of smaller-company stocks added 8.44 points, or 0.5 percent, to 1,550.33.

Apple climbed 2.3 percent to $169.10 in regular trading. Its stock rose 4 percent in aftermarket trading after the company's fiscal second quarter profit surpassed Wall Street's expectations, as did its sales forecast for the current quarter. The company also raised its dividend and said it will buy back $100 billion in stock.

Apple, the most valuable publicly traded U.S. company, has lagged behind peers like Microsoft and Intel as investors worried about the possibility of slowing iPhone sales.

Intel added 3.3 percent to $53.33 and video game maker Electronic Arts rose 1.6 percent to $119.83.

Electronic storage company Seagate Technology plunged 6.4 percent to $54.21 after its fiscal third-quarter report. The stock is still up almost 30 percent this year.

The administration's delay in imposing tariffs sidesteps a potential trade battle with Europe for now, but European Union leaders want a permanent exemption and say the uncertainty caused by delays is bad for business. The announcement comes ahead of the trade talks between U.S. and China later this week.

Industrial companies struggled. Boeing fell 1.2 percent to $329.54 and engine maker Cummins tumbled 4.1 percent to $153.28 after its first-quarter report. Lockheed Martin sagged 3.9 percent to $308.46 as defense contractors continued to struggle.

U.S. manufacturing kept growing in April, but it did so at a slower pace, according to the Institute for Supply Management, a trade group of purchasing managers. Many factories said shortages of workers and skills affected their productivity. Meanwhile the Commerce Department said construction spending fell in March as home building dropped sharply.

Frederick, of Charles Schwab, said investors haven't had to deal with a lot of weak economic data in the last year.

"That's something the market is kind of not used to," he said.

After Mark Zuckerberg said Facebook is developing its own dating feature, shares of Match Group tumbled. The operator of dating apps including Match, OKCupid and Tinder plunged 22.1 percent to $36.71 and its biggest investor and former parent company, IAC/InteractiveCorp, lost 17.8 percent to $133.33.

Pfizer slumped as its first-quarter sales fell short of estimates. The maker of pain medicine Lyrica and the blockbuster Prevnar 13 vaccine against pneumococcal infections said sales of older medicines slipped and its stock lost 3.3 percent to $35.40.

Tapestry, Coach's parent company, lost 11.7 percent to $47.46 as its Kate Spade and Stuart Weitzman brands had a weak first quarter.

Commodities prices fell as the dollar grew stronger. Oil prices gave up some of their recent gains. Benchmark U.S. crude fell 1.9 percent to $67.25 a barrel in New York. Brent crude, the international standard, declined 2.1 percent to $73.13 a barrel in London.

Wholesale gasoline lost 2 percent to $2.09 a gallon and heating oil fell 2.3 percent to $2.10 a gallon. Natural gas rose 1.4 percent to $2.80 per 1,000 cubic feet.

Gold fell 0.9 percent to $1,306.80 an ounce and silver lost 1.7 percent to $16.13 an ounce. Copper dipped 1.2 percent to $3.04 a pound.

Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.97 percent from 2.96 percent. The 10-year yield hit a four-year high last week.

The dollar rose to 109.81 yen from 109.29 yen. The euro fell to $1.1993 from 1.2082.

Britain's FTSE 100 rose 0.1 percent and the Japanese Nikkei 225 rose 0.2 percent. Markets in France and Germany, Hong Kong, Shanghai, Seoul and most cities in Southeast Asia were closed for public holidays.

 

[bigdog]

https://finance.yahoo.com/m/cf33466..._late-skid-leaves-us-stocks.html?guccounter=1

Late skid leaves US stocks mostly lower; Apple climbs

MARLEY JAY
Associated Press May 3, 2018

NEW YORK (AP) — A late slump left U.S. stocks mostly lower on Wednesday as investors appeared to grow more concerned about the possibility of rising interest rates. Apple climbed after a solid quarterly report and a forecast for strong iPhone sales.

Brewer Molson Coors suffered its biggest one-day loss in 13 years after it said the U.S. beer industry got off to a slow start in 2018. Weak results from drugmaker Gilead Sciences and animal health company Zoetis weighed on health care companies. Smaller companies fared better. Apple did a bit better than Wall Street expected in its latest quarter and forecast better sales than investors feared. The tech giant also said it will spend some of its tax savings on a $100 billion stock repurchase.

The Federal Reserve left interest rates unchanged, as investors and analysts expected, and said it expects to keep raising interest rates gradually. The central bank said inflation has approached its 2 percent target, but it didn't suggest it is overly concerned that inflation will strengthen more than that. Major indexes sold off in the last hour of trading. Steve Wood, chief market strategist at Russell Investments, said investors believe the Fed doesn't expect to do much to prop up the economy.

"The Fed views the economy as having improved and inflation has returned to normal," he said. "That environment, in the Fed's opinion, no longer justifies overly accommodative monetary policy."

One of the key debates on Wall Street is whether the Fed will raise rates three times as planned, or if it will raise them four times in response to more signs of inflation and faster economic growth. That question wasn't answered Wednesday and Wood said he thinks a fourth increase is possible.

The S&P 500 index fell 19.13 points, or 0.7 percent, to 2,635.67. The Dow Jones industrial average lost 174.07 points, or 0.7 percent, to 23,924.98. The Nasdaq composite slid 29.81 points, or 0.4 percent, to 7,100.90.

The Russell 2000 index of smaller-company stocks added 4.58 points, or 0.3 percent, to 1,554.92 as smaller technology companies and retailers advanced.

After months of concerns on Wall Street about weak iPhone sales, Apple had a slightly better fiscal second quarter than expected and investors were pleased with its projections for the current quarter as well. It's also giving its shareholders a lot of cash. Apple bought back almost $23 billion in stock in the first three months of the year and will spend another $100 billion on stock repurchases. It's also raising its dividend.

The Republican-backed tax package temporarily lowered the taxes that companies pay when they bring cash stashed overseas back to the U.S., which encouraged companies like Apple to bring that cash back to the U.S. Apple stock climbed 4.4 percent to $176.57.

The bond market had little reaction to the Fed's statement and bond prices were little changed. The yield on the 10-year Treasury note remained at 2.97 percent. The dollar weakened and fell to 109.73 yen from 109.81 yen. The euro fell to $1.1988 from $1.1993.

Molson Coors Brewing said cold weather may have prompted consumers to cut back on their drinking. The company's results fell short of analyst projections and it also said sales to wholesalers declined. Its stock shed 15.4 percent to $60.64. Coca-Cola and Pepsi continued to fall, with Coke down 1.2 percent to $42.06 and Pepsi sliding 1.9 percent to $97.23.

Xerox's CEO and most of its board will resign as investors Carl Icahn and Darwin Deason push the company to stop its sale to longtime partner Fujifilm. The duo called for Jacobson to resign in late January, shortly before Xerox announced a deal that will result in Fujifilm taking majority control of Xerox. Jacobson and five other directors are being replaced. Xerox said the new board will reconsider the deal with Fujifilm and could terminate or restructure Xerox's relationship with the company.

Xerox shares fell 9 percent to $29.38.

Snap skidded 21.9 percent to $11.03 after its first-quarter revenue fell far short of estimates. The company said its redesign, which some users have slammed, was one of the reasons for the slip.

After posting its highest growth in a decade during 2017, economic growth in the 19-country eurozone slowed a bit in the first quarter, largely because of temporary factors such as cold weather. Despite the slowdown, growth was higher than the equivalent in the U.S.

The DAX in Germany soared 1.5 percent and the French CAC 40 picked up 0.2 percent. In Britain the FTSE 100 rose 0.3 percent.

Benchmark U.S. crude jumped 1 percent to $67.93 a barrel in New York, while Brent crude, the international standard, rose 0.3 percent to $73.36 per barrel in London.

Wholesale gasoline lost 0.4 percent to $2.08 a gallon. Heating oil rose 1 percent to $2.12 a gallon. Natural gas fell 1.7 percent to $2.75 per 1,000 cubic feet.

Gold fell 0.1 percent to $1,305.70 an ounce. Silver jumped 1.5 percent to $16.38 an ounce. Copper added 1 percent to $3.07 a pound.

Japan's Nikkei 225 slipped 0.2 percent and the Hang Seng in Hong Kong lost 0.3 percent. South Korea's Kospi gave up 0.4 percent.

 

[bigdog]

http://gazette.com/late-buying-drive-erases-much-of-an-early-loss-for-stocks/article/feed/561912

Late buying drive erases much of an early loss for stocks
By: MARLEY JAY, Associated Press
May 3, 2018

NEW YORK (AP) — Losses for health care companies and banks left U.S. stocks lower Thursday, although a late push for technology and industrial companies helped the market avoid a steeper decline.

After a weak finish the day before, the Dow Jones industrial average dropped as much as 393 points Thursday morning. Thanks to another gain in Boeing, it ended slightly higher.

Companies including insurer AIG, prescription drug distributor Cardinal Health, and music streaming service Spotify suffered big losses. Banks declined along with interest rates.

Electric car maker Tesla fell after it reported another big loss and CEO Elon Musk mocked some questions from analysts during the company's conference call.

Microsoft and Cisco Systems helped technology companies to some modest gains. But investors haven't found much to get excited about the last couple of days as they worry about trade tensions and the possibility that growth in company profits has peaked.

"Investors went from being very optimistic to being more concerned about what could happen next," said Kate Warne, investment strategist for Edward Jones. "People are getting far ahead of themselves."

The S&P 500 index slid 5.94 points, or 0.2 percent, to 2,629.73. The Dow rose 5.17 points to 23,390.15. The Nasdaq composite lost 12.75 points, or 0.2 percent, to 7,088.15. The Russell 2000 index of smaller-company stocks fell 8.36 points, or 0.5 percent, to 1,546.56.

About three-fourths of S&P 500 companies had reported results as of Wednesday, according to CFRA Research, and their profits and revenues have consistently blown past Wall Street's expectations. But the market isn't acting like it: since April 12, the day before big banks started reporting their results, the S&P 500 is down 1.3 percent.

"Investors looked for any and all reasons to sell the results," wrote Lindsey Bell, investment strategist for CFRA Research. In a note to clients, Bell said that Caterpillar "crushed all hopes" that stocks would rise following earnings. The construction equipment maker said it doesn't expect to top its first-quarter profit for the rest of the year.

The possibility that earnings growth was at its peak didn't appear to be on investors' minds until the comments from Caterpillar executives last week. Rising costs are one challenge companies are facing, and that could be in focus again Friday after the government releases its report on job creation and wage growth.

Warne, of Edward Jones, said she still expects stocks to rise this year because of continued economic and profit growth. But she said it might take weeks or even months before that happens.

Banks fell in tandem with interest rates as bond prices climbed. The yield on the 10-year Treasury note fell to 2.95 percent from 2.97 percent. Lower bond yields mean banks can't make as much money from lending.

Cardinal Health, which distributes prescription drugs, also had a smaller-than-expected profit and slashed its forecast for the rest of the year. Cardinal said its Cordis cardiovascular products business ran into supply chain problems and also paid a higher expected tax rate. The stock gave up 21.4 percent to $50.80.

Medical device maker Hologic dropped 6.9 percent to $36.91 after it wrote down the value of its Cynosure business by about $732 million. It paid $1.57 billion to buy the company a little more than a year ago.

Tensions between the U.S. and China have also taken investors' attention away from earnings. Chinese and U.S. officials met face-to-face in Beijing Thursday in an attempt to resolve a dispute over technology that has taken the world's two largest economies the closest they've ever come to a trade war. Analysts felt the two sides aren't likely to have a big breakthrough in the two-day meeting.

Tesla tumbled 5.5 percent to $284.45 after the electric car maker took another big loss as it struggles to produce its lower-cost Model 3 sedan. Some experts are wondering if Tesla will be able to pay all of its bills because of the repeated losses.

Musk appeared to make matters worse on the company's conference call, as he dismissed questions about the company's cash needs as "boring, boneheaded" and "not cool." After being asked about reservations for the Model 3, he said the subject matter was "killing me." JPMorgan Chase analyst Ryan Brinkman said the call was "truly bizarre."

Benchmark U.S. crude recovered from an early loss and rose 0.7 percent to $68.43 barrel in New York. That was its highest price since December 2014. Brent crude, the international standard, rose 0.4 percent to $73.62 a barrel in London.

Wholesale gasoline picked up 0.4 percent to $2.09 a gallon. Heating oil slipped 0.4 percent to $2.11 a gallon. Natural gas lost 1 percent to $2.73 per 1,000 cubic feet.

Gold rose 0.5 percent to $1,312.70 an ounce. Silver added 0.4 percent to $16.45 an ounce. Copper gained 0.4 percent to $3.08 a pound.

The dollar fell to 109.17 yen from 109.73 yen. The euro rose to $1.1993 from $1.1988.

Germany's DAX fell 0.9 percent and Frances CAC 40 shed 0.5 percent. The British FTSE 100 dipped 0.5 percent. Hong Kong's benchmark Hang Seng index dropped 1.2 percent and South Korea's Kospi dipped 0.7 percent. Japanese markets were closed for a holiday.

 

[bigdog]

Markets in Japan remained closed for a public holiday.

https://www.usnews.com/news/busines...-markets-lower-as-investors-watch-trade-talks

Stocks Jump, With Buffett Helping Apple to New Highs
US stocks rise, with Apple leading a rally in technology companies after Warren Buffett said his company bought more shares in the iPhone maker.

By MARLEY JAY, AP Markets Writer

NEW YORK (AP) — U.S. stocks made up for a shaky week with a strong finish Friday as Apple led a rally in technology companies. The tech giant hit an all-time high after Warren Buffett said he'd made another big investment.

Stocks got off to a mixed start after trade talks between the U.S. and China ended with few signs of progress. The April jobs report showed that hiring continued at a solid clip and wages continued to grow at a slow pace. Apple surged after Buffett said Berkshire Hathaway bought 75 million shares during the first quarter.

Alphabet, Cisco Systems and other technology companies rose, and retailers, banks, and household goods makers also rallied. Investors also cheered strong first-quarter results from companies including Shake Shack and Activision Blizzard.

"We went into this earnings season with very high expectations," said Quincy Krosby, chief markets strategist for Prudential Financial. "When you go in with such high expectations, you expect near perfection."

The S&P 500 index climbed 33.69 points, or 1.3 percent, to 2,663.42. The Dow Jones industrial average rose 332.36 points, or 1.4 percent, to 24,262.51. The Nasdaq composite jumped 121.47 points, or 1.7 percent, to 7,209.62. The Russell 2000 index of smaller-company stocks gained 19.05 points, or 1.2 percent, to 1,565.60.

Overall, stocks have taken small losses in choppy trading over the last two weeks. But for Apple, this was the best week in six and a half years.

Apple rose 3.9 percent to $183.83 after Warren Buffett told CNBC his company boosted its investment in Apple to more than 240 million shares altogether. Buffett told CNBC about the purchase ahead of Berkshire Hathaway's annual meeting this weekend. Berkshire stock rose 2.1 percent to $195.64.

Apple climbed 13.3 percent for the week after it reported solid quarterly results and investors were pleased with its forecast of solid iPhone sales, which came as a relief. It also raised its dividend and announced a big stock repurchase.

Companies have done well in the first quarter, but stocks haven't necessarily followed suit as investors worried about the U.S.-China trade spat, rising interest rates, and other issues. But on Friday investors responded.

After better-than-expected reports, burger chain Shake Shack surged 18 percent to $55.95 while music streaming company Pandora Media advanced 19.8 percent to $6.89. Video game maker Activision Blizzard gained 4.5 percent to $69.84. The stock had dipped Thursday afternoon after Activision's results were released early.

U.S. employers stepped up hiring modestly in April, and the hiring estimate from March was revised higher. That's evident the economy remains resilient even though some businesses are concerned about a possible trade war. While many employers say it's difficult to find qualified workers, they have yet to significantly boost pay in most industries, a trend that continued last month.

"That may not be good for Main Street, but it's what Wall Street wanted to see," said Krosby, of Prudential.

The Trump administration asked China to reduce its trade deficit with the U.S. by $200 billion by the end of 2020, striking an assertive stance in talks aimed at averting a trade war between the world's largest economies. It also wants China to immediately stop providing subsidies to certain industries listed in a key industrial plan and end some of its policies related to technology transfers, a key source of tension underlying the dispute. While the trade tensions have rattled investors, many market watchers think the two sides will eventually come to a deal that doesn't disrupt trade much.

Engineering and construction company Fluor plunged after it slashed its profit forecast because a gas-fired power project suffered "continued challenges." The company took an unexpected loss in the first quarter and now expects a profit of $2.10 to $2.50 per share for the year, down from 2$3.10 to $3.50 per share. The stock dropped 22.4 percent to $45.76.

Bond prices rose early, but later gave up that gain. The yield on the 2-year Treasury note rose to 2.49 percent from 2.48 percent. The yield on the 10-year Treasury note remained at 2.95 percent. That helped banks recover from an early loss. Lower bond yields mean lower rates for mortgages and other types of loans, which reduces profits for banks. Companies that pay big dividends didn't rise as much as the rest of the market.

Benchmark U.S. crude rose 1.9 percent to $69.72 per barrel in New York. Brent crude, the international standard, gained 1.7 percent to $74.87 per barrel in London.

Wholesale gasoline jumped 1.3 percent to $2.11 a gallon. Heating oil climbed 2 percent to $2.15 a gallon. Natural gas lost 0.6 percent to $2.71 per 1,000 cubic feet.

Gold gained 0.2 percent to $1,314.70 an ounce. Silver added 0.4 percent to $16.52 an ounce. Copper rose 0.2 percent to $3.09 a pound.

The dollar fell to 109.11 yen from 109.73 yen. The euro fell to $1.1962 from $1.1993.

Britain's FTSE 100 rose 0.9 percent and the DAX in Germany added 1 percent. France's CAC 40 gained 0.3 percent. The South Korean Kospi sank 1 percent and Hong Kong's Hang Seng index lost 1.3 percent. Markets in Japan remained closed for a public holiday.

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[bigdog]

https://www.usnews.com/news/busines...rise-tracking-wall-street-gains-on-job-report

US Stocks Close Modestly Higher, Add to Gains From Last Week
U.S. stocks closed modestly higher Monday, extending the market's gains from last week.

By ALEX VEIGA, AP Business Writer

U.S. stocks closed modestly higher Monday, extending the market's gains from last week.

Technology companies and banks accounted for much of the latest gains, outweighing losses among beverage makers and other consumer goods companies.

Energy stocks got a boost from U.S. crude oil prices, which closed above $70 a barrel for the first time since November 2014.

"Geopolitical risk has cooled a little bit and economic data, even if it isn't accelerating as fast as it was a month ago, is still accelerating," said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. "The last couple of days are showing that investors are getting their sea legs back."

The S&P 500 index rose 9.21 points, or 0.3 percent, to 2,672.63. The Dow Jones industrial average gained 94.81 points, or 0.4 percent, to 24,357.32. The Nasdaq added 55.60 points, or 0.8 percent, to 7,265.21. The Russell 2000 index of smaller-company stocks picked up 13.34 points, or 0.9 percent, to 1,578.95.

Trading got off to a solid start early Monday, as investors weighed the big move in energy futures.

Crude oil prices have been rising as investors weigh heightened geopolitical risks in the Middle East, a push by OPEC to slash oil production and strong worldwide demand amid a global economic expansion.

On Monday, oil futures climbed to their highest level since November 2014 as a May 12 deadline approached for the U.S. to decide whether to remain in the nuclear agreement with Iran.

Benchmark U.S. crude rose $1.01, or 1.4 percent, to settle at $70.73 a barrel in New York. Brent crude, the international standard, gained $1.30, or 1.7 percent, to close at $76.17 a barrel in London.

The pickup in oil prices helped lift energy company shares. Range Resources rose 3.7 percent to $14.12.

"Concern about Iran has oil up, taking energy stocks up and helping out the whole market," said Erik Davidson, chief investment officer at Wells Fargo Private Bank.

Technology companies accounted for a big slice of the S&P 500's gains. Nvidia led the sector, rising 4 percent to $248.68. Financial sector stocks also racked up solid gains. Morgan Stanley added 1.9 percent to $52.39. Walgreens Boots Alliance slumped 2.4 percent to $62.30, the biggest decliner in the sector that includes food, beverage and other consumer goods companies.

After a couple of weeks of choppy trading, the market got a strong boost Friday from government data showing hiring continued at a solid clip in April, the latest evidence that the U.S. economy remains resilient despite some jitters about a possible trade war.

Corporate earnings, meanwhile, have also been a source of good news for investors.

Roughly 80 percent of the companies in the S&P 500 have reported results so far this earnings season, and some 62 percent of those have delivered both earnings and revenue that exceeded financial analysts' expectations, according to S&P Global Market Intelligence.

"The market doesn't seem quite as skeptical about the future prospects as maybe it was a couple of weeks ago," Davidson said.

Sysco added 1.9 percent to $63.48 after the food distributor reported earnings for its latest quarter that came in ahead of what analysts were expecting. Cognizant Technology Solutions slid 5.2 percent to $77.86 after the information technology consulting firm's earnings outlook for the current quarter was below analysts' forecasts.

Investors also had their eye on the latest company deal news.

Starbucks slipped 0.4 percent to $57.45 after Nestle paid $7.15 billion for the rights to sell the company's coffee products around the world. Nestle gained 1.4 percent to $77.35.

Shares in athenahealth vaulted 16.4 percent to $146.75 on news that Elliott Management has made a bid to acquire the medical software and services company. Gramercy Property Trust jumped 15.4 percent to $27.50 after Blackstone Group offered to buy the commercial real estate owner in a deal valued at around $7.6 billion.

Bond prices were little changed. The yield on the 10-year Treasury held at 2.95 percent.

The dollar fell to 109.06 yen from 109.11 yen on Friday. The euro weakened to $1.1923 from $1.1962.

Gold slipped 60 cents to $1,314.10 an ounce. Silver dropped 2 cents to $16.50 an ounce. Copper lost a penny to $3.08 a pound.

In other energy futures trading, heating oil rose 3 cents to $2.19 a gallon. Wholesale gasoline added 2 cents to $2.13 a gallon. Natural gas picked up 3 cents to $2.74 per 1,000 cubic feet.

Major stock indexes in Europe closed higher. Germany's DAX added 1 percent, while the CAC 40 in France rose 0.3 percent. British stock markets were closed for a public holiday.

Earlier in Asia, Japan's benchmark Nikkei 225 index dipped less than 0.1 percent. Hong Kong's Hang Seng index rose 0.2 percent. Australia's S&P/ASX 200 added 0.4 percent. Taiwan's benchmark rose, but Southeast Asian indexes finished mostly lower. South Korean markets were closed for a holiday.

 

[bigdog]

https://www.usnews.com/news/busines...-advance-as-china-reports-recovery-in-exports

US Stocks End Mixed; Oil Falls on US Pullout From Iran Deal
The major U.S. stock indexes partially recovered from a daylong slide in the final minutes of trading Tuesday to finish essentially flat.

By ALEX VEIGA, AP Business Writer

The major U.S. stock indexes partially recovered from a daylong slide in the final minutes of trading Tuesday to finish essentially flat.

The indexes had been drifting slightly lower as investors weighed the Trump administration's decision to withdraw from a 2015 nuclear deal with Iran and reinstate sanctions on the country.

The policy change, announced in an afternoon speech by President Donald Trump, had been largely expected by traders, who sent crude oil prices sliding more than 2 percent a day after crude reached above $70 a barrel for the first time in more than three years.

Health care, utilities and consumer-goods companies were among the biggest decliners. Banks, technology stocks and industrials posted gains. Energy sector companies also eked out a gain after being in a slump much of the day on lower oil prices.

"At least for the moment the movement in oil is moderate and seems to be more or less what the market was expecting," said Phil Guarco, global investment specialist, J.P. Morgan Private Bank. "While this is big news, it is not something that the market hadn't already priced in. Now we have to see what the reactions are."

The S&P 500 index dipped 0.71 points, or 0.03 percent, to 2,671.92. The lower close snapped a two-day winning streak for the broad market index. The Dow Jones industrial average gained 2.89 points, or 0.01 percent, to 24,360.21. The Nasdaq rose 1.69 points, or 0.02 percent, to 7,266.90.

Smaller companies fared better than the rest of the market. The Russell 2000 index of smaller-company stocks picked up 7.44 points, or 0.5 percent, to 1,586.39.

The major stock indexes spent much of the day in the red and oil prices slumped as investors awaited Trump's announcement on the U.S.-Iran policy.

In televised remarks, Trump said that the United States was withdrawing from the Iran nuclear deal, which he called "defective at its core." The move reinstalls sanctions on the Iranian regime. The 2015 agreement required Iran to curb its nuclear enrichment program in exchange for relief from international sanctions.

After Trump's remarks, oil prices pared some of their earlier losses. Benchmark U.S. crude oil fell $1.67, or 2.4 percent, to $69.06 per barrel in New York. Uncertainty over whether the U.S. would pull out of the Iran pact helped lift the price of crude on Monday above $70 a barrel for the first time since November 2014.

On Tuesday, Brent crude, which is used to price international oils, lost $1.32, or 1.7 percent, to $74.85 per barrel in London.

So why didn't prices keep climbing Tuesday?

"It's all really in the expectations," Guarco said. "The market was pricing in something even more aggressive. Still, things are very fluid and oil markets could turn on a dime if it seemed that the potential for a supply disruption got meaningfully larger."

Energy stocks mostly reversed an early tumble. Marathon Oil led the gainers, rising 3.4 percent to $20.44.

Several companies, including Airbus, Boeing and Total, that have struck business deals in Iran and could be looking for exemptions from U.S. sanctions, finished slightly lower. Boeing fell 0.6 percent to $338.37, while Total dipped 0.5 percent to $61.67.

Corporate deal news also helped move the market Tuesday.

Shire rose 4.6 percent to $40.35 after the Ireland-based pharmaceutical company agreed to be acquired by Japanese drugmaker Takeda in a deal worth $62.4 billion. Shares in Takeda slipped 0.1 percent to $20.98.

Comcast fell 5.6 percent to $30.59 after Reuters reported that the company wants to make a new offer for the entertainment businesses that Twenty-First Century Fox agreed to sell to Disney. Shares in Fox slipped 0.1 percent to $37.99. Disney slid 0.7 percent to $101.79.

Xcerra gained 3.1 percent to $13.24 after the semiconductor equipment testing company accepted a cash and stock offer valued at $764.4 million from competitor Cohu. Shares in Cohu tumbled 6.3 percent to $21.87.

Bond prices fell. The yield on the 10-year Treasury rose to 2.97 percent from 2.95 percent late Monday. The rise in yields pushed up interest rates, which allows banks to make more money from loans. That helped drive financial sector stocks higher. Capital One Financial rose 1.4 percent to $90.18.

The dollar fell to 109.02 yen from 109.06 yen on Monday. The euro weakened to $1.1858 from $1.1923.

Gold dipped 40 cents to $1,313.70 an ounce. Silver dropped 2 cents to $16.47 an ounce. Copper lost 2 cents to $3.06 a pound.

In other energy futures trading, heating oil fell 3 cents to $2.16 a gallon. Wholesale gasoline lost 2 cents to $2.11 a gallon. Natural gas gave up a penny to $2.73 per 1,000 cubic feet.

Major indexes in Europe finished mostly lower. Germany's DAX dropped 0.3 percent while the CAC 40 in France lost 0.2 percent. Britain's FTSE 100 was flat.

Markets in Asia ended mixed. Japan's Nikkei 225 stock index added 0.2 percent and Hong Kong's Hang Seng index climbed 1.4 percent. South Korea's Kospi gave up early gains to lose 0.5 percent. Shares rose higher in Singapore and Taiwan, but fell 1.9 percent in Indonesia after the government reported economic growth slowed in January-March.

 

[bigdog]

https://www.usnews.com/news/busines...ts-track-wall-street-gains-oil-prices-advance

BY ALEX VEIGA, AP Business Writer

A broad rally drove U.S. stocks solidly higher Thursday for the second day in a row, extending the market's gains for the week.

Technology companies, which have led the market this year, contributed the most to the rally. Health care stocks and banks also accounted for a big slice of the market's gains as investors sized up the latest company earnings and economic news. Crude oil prices rebounded after an early slide.

The S&P 500 index rose 25.28 points, or 0.9 percent, to 2,723.07. The Dow Jones industrial average climbed 196.99 points, or 0.8 percent, to 24,739.53. The gain turned the Dow back to positive for the year.

The Nasdaq added 65.07 points, or 0.9 percent, to 7,404.97.

Smaller-company stocks continued to post solid gains. The Russell 2000 index of smaller-company stocks picked up 7.66 points, or 0.5 percent, to 1,603.71. That's the highest close for the index since January.

"They've had a good couple of months," said Tom Martin, senior portfolio manager with Globalt Investments. "The dollar really strengthened here up until the last couple of days, and that is benefiting those smaller-cap companies."

The major indexes were moving higher from the get-go Thursday as investors sifted through the latest measure of inflation in the economy.

The Labor Department said that U.S. consumer prices rose a modest 0.2 percent in April, a sign that broader inflation pressure remains muted. Excluding the volatile food and energy categories, core prices ticked up just 0.1 percent last month and 2.1 percent from April last year.

Slower growth in core prices may mean that the Federal Reserve will be less inclined to accelerate interest rate hikes. The Fed has signaled they will lift rates twice more this year, following an increase in March. Some expect that an uptick in inflation or economic growth might spur the Fed to add a third hike.

"It tells us that rates are going to continue to go higher, but maybe it starts to call into question: Are we really going to have four? Maybe three is enough," said Bob Doll, chief equity strategist at Nuveen Asset Management.

Bond investors appeared to interpret the consumer prices data as a sign that the Fed is not likely to speed up the pace of its planned rate hikes. Bond prices rose, pulling the yield on the 10-year Treasury note down to 2.96 percent from 3 percent late Wednesday.

Technology stocks extended their gains. The sector is up 11.1 percent this year, ahead of all others.

On Thursday, Qualcomm led the sector, climbing 3.4 percent to $54.97 after the company's board approved a $10 billion share buyback.

Envision Healthcare was the biggest gainer among health care stocks. The company added 5 percent to $42.74. Cardinal Health also moved higher, adding 3.8 percent to $54.74 after The Wall Street Journal reported that experts think the Trump administration's plan to reduce drug prices won't have a big effect on costs.

Traders also had their eye on corporate earnings Thursday.

CenturyLink jumped 7.5 percent to $19.40 after the telecom company reported earnings that were much higher than analysts were expecting.

Booking Holdings slid 4.7 percent to $2,080.02 after its latest quarterly report card disappointed traders.

L Brands slumped 7.2 percent to $31.68 after the retailer said it expects to only reach the low end of its first-quarter profit forecast.

Benchmark U.S. crude oil reversed an early slide. It rose 22 cents to settle at $71.36 a barrel in New York. Brent crude, used to price international oils, gained 26 cents to close at $77.47 per barrel.

The dollar fell to 109.37 yen from 109.72 yen on Wednesday. The euro strengthened to $1.1927 from $1.1861. The pound weakened to $1.3519 from $1.3555 after the Bank of England held off raising interest rates due to weaker economic growth so far this year.

Gold rose $9.30 to $1,322.30 an ounce. Silver gained 22 cents to $16.76 an ounce. Copper picked up 5 cents to $3.11 a pound.

In other energy futures trading, heating oil was little changed at $2.22 a gallon. Wholesale gasoline added 3 cents to $2.19 a gallon. Natural gas gained 8 cents to $2.81 per 1,000 cubic feet.

Major indexes in Europe finished higher Thursday. Germany's DAX rose 0.6 percent and France's CAC 40 added 0.2 percent. Britain's FTSE 100 gained 0.5 percent.

Earlier in Asia, Japan's benchmark Nikkei 225 rose 0.4 percent. South Korea's Kospi added 0.8 percent. Hong Kong's Hang Seng gained nearly 1.0 percent.

 

[bigdog]

https://www.usnews.com/news/busines...lly-as-modest-inflation-eases-rate-hike-fears

S&P 500 Index Has Its Best Weekly Gain Since Early March
Major U.S. stock indexes ended mostly higher as the market closed out its biggest weekly gain since March. Health care stocks led the gains.

By ALEX VEIGA, AP Business Writer

U.S. stock indexes ended mostly higher Friday as the market closed out its biggest weekly gain since March.

Drug makers and other health companies climbed after investors sized up President Donald Trump's latest plans to rein in drug prices and concluded any policy changes didn't pose immediate threats to health care company profits.

"All of this will have to go through a year-plus regulatory process, and none of it will have immediate impact," Terry Haines, macro research analyst at Evercore ISI, wrote in a research note Friday. "Thus our market positive view today."

The health sector's gains outweighed losses in technology stocks, phone companies and banks.

All told, the S&P 500 index added 4.65 points, or 0.2 percent, to 2,727.72. The benchmark index had its best weekly gain since early March with an increase of 2.4 percent.

The Dow Jones industrial average climbed 91.64 points, or 0.4 percent, to 24,831.17. The Nasdaq composite fell 2.09 points, or 0.03 percent, to 7,402.88. The Russell 2000 index of smaller-company stocks rose 3.08 points, or 0.2 percent, to 1,606.79.

For the week, the Dow notched a gain of 2.3 percent, while the Nasdaq finished 2.7 percent higher. The Russell 2000 picked up a gain of 2.6 percent.

Trading was choppy for much of the day as investors waited for the Trump administration to release details of its plan to control drug prices. After Trump began discussing the broad goals of his plan Friday afternoon, health care sector stocks mostly moved higher.

Regeneron Pharmaceuticals jumped 6.2 percent to $306.94 and CVS Health gained 3.2 percent to $64.41. Biogen added 3.1 percent to $282.39.

"Trump had a choice today: To seek disruptive fundamental reform or to embrace more incremental steps," Haines wrote. "Trump chose the incremental over the disruptive, which is the decisive factor for markets today."

Technology stocks, which are up 10.8 percent this year, outgaining all other sectors in the S&P 500, were among the biggest decliners Friday.

Symantec slumped 33.1 percent to $19.52 after the security software company revealed an internal investigation that could delay its annual report. The company also said the matter has been referred to the Securities and Exchange Commission. Symantec also gave weak profit forecasts.

Chipmaker Nvidia reported solid quarterly results, but shed some of its recent gains, sliding 2.2 percent to $254.53.

Investors continued to key in on the latest corporate earnings and outlooks.

Trade Desk vaulted 43.4 percent to $75.61 after the digital advertising platform company raised its annual forecasts after a strong first quarter.

Yelp fell 7.8 percent to $44.02 after the online review portal gave an outlook for its current quarter fell short of analysts' expectations.

TiVo slid 1.2 percent to $13.88 after the digital video recording company took a bigger-than-expected loss and reported weak revenue.

Despite the rash of disappointing company report cards, corporate earnings have been a source of good news for investors in recent weeks.

Roughly 90 percent of the companies in the S&P 500 have reported results so far this earnings season, and some 62 percent of those have delivered both earnings and revenue that exceeded financial analysts' expectations, according to S&P Global Market Intelligence.

Walmart, Home Depot and other retailers are due to report quarterly results next week.

"The market is looking forward to the next ingredient that's going to push it up or down as you get through earnings," Jeff Zipper, managing director at U.S. Bank Private Wealth Management.

Benchmark U.S. crude oil fell 66 cents to settle at $70.70 a barrel in New York. Brent crude, used to price international oils, lost 35 cents to close at $77.12. Oil futures have remained near their highest level since 2014 this week following the Trump administration's decision to re-impose sanctions Iran, the world's fifth-biggest oil producer.

Bond prices fell. The yield on the 10-year Treasury rose 2.97 percent from 2.96 percent late Thursday.

The dollar fell to 109.30 yen from 109.37 yen on Thursday. The euro strengthened to $1.1945 from $1.1927.

Gold fell $1.60 to $1,320.70 an ounce. Silver dropped 1 cent to $16.75 an ounce. Copper was little changed at $3.11 a pound.

In other energy futures trading, heating oil was little changed at $2.22 a gallon. Wholesale gasoline also held steady at $2.19 a gallon. Natural gas slipped a penny to $2.80 per 1,000 cubic feet.

European stock indexes finished mostly lower Friday after a strong rally saw many indexes strike multi-week highs. Germany's DAX fell 0.2 percent and France's CAC 40 slid 0.1 percent. Britain's FTSE 100 gained 0.3 percent. Earlier in Asia, Japan's benchmark Nikkei 225 rose 1.2 percent and South Korea's Kospi added 0.6 percent. Hong Kong's Hang Seng jumped 1.0 percent.

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[bigdog]

https://www.usnews.com/news/busines...s-mixed-hong-kong-jumps-as-trump-softens-tone

US Stock Indexes Eke Out Small Gains After Early Rally Fades
The major U.S. stock indexes eked out tiny gains after a late-afternoon pullback weighed on small-company shares.

By ALEX VEIGA, AP Business Writer

The major U.S. stock indexes eked out small gains Monday after a late-afternoon pullback weighed on small-company shares.

The market had been broadly higher earlier in the day on hopes that trade tensions were easing between the U.S. and China. But much of that rally faded, leaving decliners on the New York Stock Exchange outnumbering risers.

Gains by health care and energy stocks outweighed losses in real estate companies and other decliners. Casino operators and equipment companies got a boost from a Supreme Court decision that cleared the way for states to legalize sports betting.

The S&P 500 index added 2.41 points, or 0.1 percent, to 2,730.13. The Dow Jones industrial average climbed 68.24 points, or 0.3 percent, to 24,899.41. The Nasdaq composite rose 8.43 points, or 0.1 percent, to 7,411.32.

Small-company stocks fell. The Russell 2000 index lost its early gains, sliding 6.45 points, or 0.4 percent, to 1,600.34.

The major stock indexes' latest gains add to the market's solid run this month. The S&P 500, the benchmark for the broader stock market, had its best weekly gain since early March last week.

The indexes got off to a strong start Monday, as investors hoped for reduced trade tensions between the U.S. and China after President Donald Trump tweeted over the weekend that he would help Chinese telecommunications company ZTE get "back into business."

ZTE's Hong Kong-traded shares have been suspended since U.S. authorities banned it last month for seven years from importing U.S. components in a case involving illegal exports to North Korea and Iran. But Trump said too many jobs in China are at stake after the U.S. government sanctions cut off access to ZTE's American suppliers.

China's foreign ministry responded by saying it "highly commended" the move, ahead of trade talks in Washington this week.

Fears of retaliatory tariffs and other trade disruptions roiled the market earlier this spring before the latest raft of company earnings captured investors' focus. The president's tweet about ZTE may be a sign that U.S.-China trade negotiations are relatively constructive, if not friendly, said Brian Nick, chief investment strategist at Nuveen Asset Management.

"If you have concessions being made like that on one or both sides it probably means that the worst-case outcome is less likely, which would be a good thing for stocks," Nick said. "In general the market probably overreacted to the trade-related noise that started popping up around March 1. There was this sense that we might get this worst-case-scenario trade war and that seemed to be priced in relatively quickly, and we're starting to see it priced out of equity valuations now."

U.S. companies that would stand to benefit from an effort to rescue ZTE moved higher Monday. Acacia Communications jumped 8.7 percent to $34.25, while Oclaro gained 2.9 percent to $8.82.

Qualcomm and NXP Semiconductors also got a boost as investors banked that Chinese regulators will reverse their stance and approve Qualcomm's proposed $44 billion acquisition of NXP. China is the final major government withholding approval of the deal, but Bloomberg News reported that Chinese regulators are reviewing the deal again.

Qualcomm rose 2.7 percent to $56.74, while NXP surged 11.8 percent to $110.74.

Investors continued to bid up shares in health care companies. CVS Health gained 3.7 percent to $66.82.

Casino operators and equipment makers surged after the Supreme Court struck down a federal law that barred gambling on football, basketball and other sporting events in most states. The 6-3 decision gives states the go-ahead to legalize sports betting.

MGM Resorts rose 1.6 percent to $32.32. Penn National Gaming climbed 4.7 percent to $33.75, while Empire Resorts jumped 15.7 percent to $22.50. Scientific Gaming, which makes casino and interactive games as well as lottery games, vaulted 11.2 percent to $59.30.

Viacom tumbled 4.9 percent to $28.74 after CBS sued its controlling shareholder, seeking to block efforts to make the company combine with Viacom. CBS added 2.2 percent to $53.65.

Xerox slid 4.3 percent to $28.87 after the copier maker ended merger talks with Fujifilm and resolved a dispute with investors Carl Icahn and Darwin Deason.

Benchmark U.S. crude oil rose 26 cents to settle at $70.96 a barrel in New York. Brent crude, used to price international oils, gained $1.11, or 1.4 percent, to $78.23 a barrel in London.

Rising oil prices helped lift energy stocks. Range Resources added 3.3 percent to $14.76.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent from 2.97 percent late Friday.

The dollar rose to 109.66 yen from 109.30 yen on Friday. The euro weakened to $1.1944 from $1.1945.

Gold fell $2.50 to $1,318.20 an ounce. Silver dropped 11 cents to $16.65 an ounce. Copper slipped 2 cents to $3.09 a pound.

In other energy futures trading, heating oil rose 3 cents to $2.25 a gallon. Wholesale gasoline added a penny to $2.20 a gallon. Natural gas gained 4 cents to $2.84 per 1,000 cubic feet.

Major stock indexes in Europe finished lower. Germany's DAX lost 0.2 percent, while France's CAC 40 dipped 0.02 percent. Britain's FTSE 100 slid 0.2 percent. In Asia, Japan's benchmark Nikkei 225 closed 0.5 percent higher. South Korea's Kospi dipped 0.1 percent. Hong Kong's Hang Seng jumped 1.4 percent.