- Joined
- 28 December 2013
- Posts
- 6,352
- Reactions
- 24,221
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...fall-ahead-of-g7-summit-central-bank-meetings
After an Early Stumble, US Stock Indexes End Modestly Higher
The stock market shook off a bumpy start and ended modestly higher, led by gains in consumer products companies like Monster Beverage and Procter & Gamble.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — The stock market shook off a bumpy start and ended modestly higher Friday, led by gains in consumer products companies like Monster Beverage and Procter & Gamble. Health care companies also rose. Energy companies slipped along with the price of oil.
Trading has been muted ahead of the Group of Seven summit in Quebec, which began Friday. The meeting is expected to be tense as other leaders confront President Donald Trump over his protectionist trade policies.
Consumer products companies, which have been out of favor the last few months, rose for the second day in a row. Overall, major indexes were mostly higher after posting small losses the day before.
The G-7 meeting was set to be unusually contentious, as leaders of France and Canada in particular have expressed in tough terms their disapproval of the tariffs President Donald Trump recently imposed on steel and aluminum imports. Trump is expected to leave the summit on Saturday before it officially concludes as he heads to Singapore ahead of his meeting with North Korean leader Kim Jong Un.
Trade tensions have been rattling markets for the last three months, and the G-7 summit isn't expected to deliver much relief. That said, there could be a silver lining to the ongoing talks between the U.S. and its trading partners over the highly unpopular U.S. tariffs, according to Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute.
"The end result probably is going to be lower tariffs across the board," Wren said. Wren said that ultimately a large number of older tariffs that are currently levied on U.S. imports and exports could be reduced or eliminated.
The S&P 500 index added 8.66 points, or 0.3 percent, to 2,779.03. The Dow Jones industrial average rose 75.12 points, or 0.3 percent, to 25,316.53. The Nasdaq composite gained 10.44 points, or 0.1 percent, to 7,645.51.
The Russell 2000 index of smaller-company stocks rose 4.72 points, or 0.3 percent, to 1,672.49. Smaller and more U.S.-focused stocks have fared better than the rest of the market in recent months as investors worry that trade frictions could impact large multinational companies. The Russell is on a six-week winning streak.
Wall Street appeared to get ever so slightly less worried about the trade situation this week. The Dow has taken a bigger hit from the trade disputes than other U.S. indexes, but this week was its best in three months. The Nasdaq and Russell 2000 reached all-time highs on Wednesday.
Among consumer products makers, Monster Beverage climbed 5 percent to $55.48 after its annual shareholder meeting. Stifel analyst Mark Astrachan said the company's sales growth is solid. He said the company plans to raise its U.S. prices later this year in response to higher aluminum prices.
Tide maker Procter & Gamble gained 1.9 percent to $77.18. Cigarette maker Philip Morris International rose 2.6 percent to $79.42 after it raised its quarterly dividend, while Reuters said the company plans to start selling its tobacco-heating Iqos device in India.
U.S. crude slid 0.3 percent to $65.74 a barrel in New York. Brent crude, used to price international oils, fell 0.6 percent to $76.82 per barrel in London.
Wholesale gasoline stayed at $2.12 a gallon. Heating oil shed 0.7 percent to $2.16 a gallon. Natural gas fell 1.4 percent to $2.89 per 1,000 cubic feet.
Energy companies followed suit. Halliburton slumped 1.7 percent to $48.10 and Noble Energy lost 2.3 percent to $34.06.
Wall Street will be focused on central banks even more than usual next week as the European Central Bank and Federal Reserve both hold major meetings. Wren, of Wells Fargo, said the ECB will probably start to pare back its economic stimulus even though the European economy slowed in the first quarter.
Investors are nearly certain the Fed will raise interest rates for the second time this year, out of three the Fed says it's planning. If the Fed hints it's considering a fourth increase later in the year, it might jolt the stock market.
"Any more than three hikes this year is a headwind for equities," said Wren.
Online clothing retailer Stitch Fix jumped 26.5 percent to $24.88 after it beat Wall Street's expectations in its fiscal third quarter.
Toymaker Funko continued to rally, climbing 6.1 percent to $11.99. The company went public in November and its stock fell 50 percent through the end of 2017. It's up 80 percent this year and virtually back to its IPO price of $12.
Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.94 percent from 2.93 percent.
Gold was little changed at $1,302.70 an ounce. Silver declined 0.4 percent to $16.74 an ounce. Copper rose 0.8 percent to $3.30 a pound, its highest price this year.
The dollar dipped to 109.47 yen from 109.71 yen. The euro fell to $1.1769 from $1.1809.
Germany's DAX was down 0.3 percent and so was the FTSE 100 index in Britain. The CAC 40 in France rose less than 0.1 percent. Japan's benchmark Nikkei 225 shed 0.6 percent and South Korea's Kospi lost 0.8 percent. In Hong Kong, the Hang Seng slipped 1.9 percent.
7083
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
QUEENS BIRTHDAY HOLIDAY MONDAY JUNE 11 IN AUSTRALIA AND NEW ZEALAND
https://finance.yahoo.com/news/stock-markets-higher-ahead-trump-kim-meeting-140916587--finance.html
Stock markets rise slightly ahead of Trump-Kim meeting
Ken Sweet, AP Business Writer
NEW YORK (AP) -- U.S. and global markets rose modestly on Monday, as investors made preparations for President Donald Trump's meeting with North Korean leader Kim Jong Un in Singapore.
European investors also focused on Italy's new government, and its future using the euro.
The Dow Jones industrial average rose 5.78 points, or less than 0.1 percent, to 25,322.31. The Standard & Poor's 500 index rose 2.97 points, or 0.1 percent, to 2,782.00 and the Nasdaq composite rose 14.41 points, or 0.2 percent, to 7,659.93.
Investors spent most of Monday waiting for Tuesday's meeting between Trump and Kim, aimed at settling a standoff over the North's nuclear arsenal. North Korea has reportedly said it is willing to deal away its entire nuclear arsenal if the United States provides it with reliable security assurances and other benefits. But many say Kim's government is unlikely to give up weapons that help guarantee its survival.
If successful, the meeting would lower geopolitical tensions in an area that involves three of the world's largest economies: South Korea, Japan and China.
"There's a lot of potential volatility that could come this week: we have the Trump-Kim summit and the central bank meetings," said Ryan Larson, head of U.S. equity trading at RBC Capital Markets. "A lot of the tone for this week will be set out in Trump's meeting with Kim."
The Federal Reserve will start a two-day meeting on interest rates on Tuesday, wrapping up on Wednesday. Investors expect the nation's central bank to raise interest rates from their current level of 1.75 percent to 2 percent, but most attention will be on how many rate hikes Fed officials are considering doing later this year.
Investors showed little concern over the swipes that Trump took at Canadian Prime Minister Justin Trudeau over the weekend and Monday. Trump roiled a weekend meeting of the Group of Seven major industrial economies by agreeing to a group statement only to rapidly withdraw from it while complaining about Trudeau's criticism of his tariff threats.
After leaving Canada, Trump called Trudeau "dishonest" and "weak" on Twitter. German Chancellor Angela Merkel said she found Trump's tweet disavowing the G-7 statement "a little depressing."
Italy's markets jumped after the economy minister said the country's new populist government isn't considering leaving the eurozone or adding to the high public debt load. The statement was the strongest yet on the topic from an official in the new government. Markets fell sharply last month on worries that the new administration might consider pulling Italy out of the euro or weakening its role in the currency.
European markets closed broadly higher. Italy's main stock index jumped 3.4 percent, Germany's DAX rose 0.6 percent and France's CAC-40 index rose 0.4 percent.
In individual company news, utility company PG&E dropped $1.64, or 4 percent, to $39.81 after California authorities said a series of wildfires were caused by PG&E's equipment, raising liability implications for the company.
Boston Scientific jumped $2.32, or 7.2 percent, to $34.31 after The Wall Street Journal reported that that Stryker offered to purchase the medical device company. Stryker shares fell $9.31, or 5.2 percent, to $169.62.
In energy, benchmark U.S. crude closed up 36 cents to $66.10 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, was unchanged at $76.46 per barrel in London
In the metals markets, gold rose 80 cents to $1,298.90 a troy ounce, silver rose 21 cents to $16.95 an ounce and copper fell four cents to $3.257 a pound.
https://finance.yahoo.com/news/stock-markets-higher-ahead-trump-kim-meeting-140916587--finance.html
Stock markets rise slightly ahead of Trump-Kim meeting
Ken Sweet, AP Business Writer
NEW YORK (AP) -- U.S. and global markets rose modestly on Monday, as investors made preparations for President Donald Trump's meeting with North Korean leader Kim Jong Un in Singapore.
European investors also focused on Italy's new government, and its future using the euro.
The Dow Jones industrial average rose 5.78 points, or less than 0.1 percent, to 25,322.31. The Standard & Poor's 500 index rose 2.97 points, or 0.1 percent, to 2,782.00 and the Nasdaq composite rose 14.41 points, or 0.2 percent, to 7,659.93.
Investors spent most of Monday waiting for Tuesday's meeting between Trump and Kim, aimed at settling a standoff over the North's nuclear arsenal. North Korea has reportedly said it is willing to deal away its entire nuclear arsenal if the United States provides it with reliable security assurances and other benefits. But many say Kim's government is unlikely to give up weapons that help guarantee its survival.
If successful, the meeting would lower geopolitical tensions in an area that involves three of the world's largest economies: South Korea, Japan and China.
"There's a lot of potential volatility that could come this week: we have the Trump-Kim summit and the central bank meetings," said Ryan Larson, head of U.S. equity trading at RBC Capital Markets. "A lot of the tone for this week will be set out in Trump's meeting with Kim."
The Federal Reserve will start a two-day meeting on interest rates on Tuesday, wrapping up on Wednesday. Investors expect the nation's central bank to raise interest rates from their current level of 1.75 percent to 2 percent, but most attention will be on how many rate hikes Fed officials are considering doing later this year.
Investors showed little concern over the swipes that Trump took at Canadian Prime Minister Justin Trudeau over the weekend and Monday. Trump roiled a weekend meeting of the Group of Seven major industrial economies by agreeing to a group statement only to rapidly withdraw from it while complaining about Trudeau's criticism of his tariff threats.
After leaving Canada, Trump called Trudeau "dishonest" and "weak" on Twitter. German Chancellor Angela Merkel said she found Trump's tweet disavowing the G-7 statement "a little depressing."
Italy's markets jumped after the economy minister said the country's new populist government isn't considering leaving the eurozone or adding to the high public debt load. The statement was the strongest yet on the topic from an official in the new government. Markets fell sharply last month on worries that the new administration might consider pulling Italy out of the euro or weakening its role in the currency.
European markets closed broadly higher. Italy's main stock index jumped 3.4 percent, Germany's DAX rose 0.6 percent and France's CAC-40 index rose 0.4 percent.
In individual company news, utility company PG&E dropped $1.64, or 4 percent, to $39.81 after California authorities said a series of wildfires were caused by PG&E's equipment, raising liability implications for the company.
Boston Scientific jumped $2.32, or 7.2 percent, to $34.31 after The Wall Street Journal reported that that Stryker offered to purchase the medical device company. Stryker shares fell $9.31, or 5.2 percent, to $169.62.
In energy, benchmark U.S. crude closed up 36 cents to $66.10 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, was unchanged at $76.46 per barrel in London
In the metals markets, gold rose 80 cents to $1,298.90 a troy ounce, silver rose 21 cents to $16.95 an ounce and copper fell four cents to $3.257 a pound.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...al-stock-markets-mixed-after-trump-kim-summit
Stocks Mostly Rise Following Trump-Kim Summit
U.S. and global stock markets mostly rose Tuesday as investors reacted calmly to the outcome of a meeting between President Donald Trump and North Korean leader Kim Jong Un.
By KEN SWEET, AP Business Writer
NEW YORK (AP) — Stocks mostly rose in a quiet Tuesday session, as investors reacted calmly to the outcome of a meeting between President Donald Trump and North Korean leader Kim Jong Un, and turned their attentions to this week's trio of central bank meetings.
The Standard & Poor's 500 index rose 4.85 points, or 0.2 percent, to 2,786.85, closing at its highest level since February 1. The Nasdaq composite added 43.87 points, or 0.6 percent, to 7,703.79 and the Dow Jones industrial average fell 1.58 points, or less than 0.1 percent, to 25,320.73. The Russell 2000, an index that makes up mostly small companies, rose 7.62 points, or 0.5 percent, to 1,682.30.
Both the Russell and the Nasdaq set new record highs.
Trump and Kim concluded their summit by committing to working "toward complete denuclearization of the Korean Peninsula" and to "build a lasting and stable peace regime" on the Korean Peninsula.
The broad promises largely reiterated past agreements, while many of the details were left vague and there was no agreement on ending the technical state of war between North and South Korea. A potential deal has the chance of lowering geopolitical tensions in a region surrounded by three of the world's largest economies: Japan, China and South Korea.
"Deal or no deal? Just don't ask what comprises a 'deal' and we are fine. At the risk of sounding a tad frivolous, that appears to be the truth of the matter," said Vishnu Varathan of Mizuho Bank in Singapore of the Trump-Kim summit.
Following the Trump-Kim summit, shares of weapons makers and defense contractors were among the biggest decliners in the S&P 500. Raytheon lost nearly 3 percent to $206.61, Lockheed Martin fell 1.3 percent to $315.16 and Northrop Grumman fell 1.5 percent to $329.35.
With geopolitical issues set aside, investors turned their attention toward the current health of the U.S. economy.
The Federal Reserve started a two-day meeting on interest rates on Tuesday. Investors expect the central bank to raise its benchmark rate by a quarter of a percentage point to a range of 1.75-2 percent. However investors' attention will focus more on how many additional rate hikes Fed officials may do this year.
The government said that U.S. consumer prices rose 0.2 percent in May, with surging gasoline costs driving much of the increase. The Labor Department said Tuesday that the consumer price index climbed 2.8 percent last month from a year earlier, putting inflation on its fastest annual pace since February 2012. But core prices — which exclude the volatile food and energy categories — have risen a milder 2.2 percent over the past 12 months.
Fed officials have been closely watching inflation data, since they have a target of inflation being roughly 2 percent per year. Since core inflation is still tame likely means that the Federal Reserve will raise interest rates only gradually.
On Thursday, the European Central Bank will meet and could outline an end to its stimulus program, while on Friday the Bank of Japan is due to give its latest policy update.
After the market close, investors welcomed news that the $85 billion merger between AT&T and Time Warner will be allowed to go through. The Trump administration had sued to block the proposed merger and a rejection likely would have chilled possible multi-billion dollar deals between 21st Century Fox and Walt Disney; Verizon and CBS; and T-Mobile and Sprint.
Following the judge's decision, shares of Time Warner rose 4 percent and AT&T shares fell 2 percent
Shares of electrical car company Tesla rose $10.67, or 3 percent, to $342.77 after the company announced it would lay off 9 percent of its work force in order to boost profitability. The layoffs target white collar staff, not production workers.
Benchmark U.S. crude closed up 26 cents to $66.36 a barrel. Brent crude, used to price international oils, fell 69 cents to $75.77 per barrel in London.
The yield on the 10-year Treasury note rose to 2.96 percent. The dollar strengthened versus the Japanese yen, the euro and the British pound.
Gold prices fell $3.80 to $1,295.10 an ounce, silver fell 6 cents to $16.89 an ounce and copper fell less than a penny to $3.2495 a pound.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...al-stock-markets-mixed-after-trump-kim-summit
Stocks Slip After Fed Says Interest Rates Will Rise Faster
US stocks finish lower after the Federal Reserve raises interest rates for the second time this year and says it expects to increase rates two more times this year.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — U.S. stocks slipped Wednesday after the Federal Reserve raised interest rates and said it expects to increase rates two more times by the end of the year. Investors bet that several huge deals are more likely to happen after a federal court cleared AT&T's $85 billion purchase of Time Warner.
Wall Street was already certain the Fed would raise interest rates Wednesday. The central bank's decision makers also said they plan to raise rates two more times later this year for a total of four increases. Investors had debated all year if rates would rise three or four times, and some are concerned that if rates rise that quickly, it could stifle economic growth because consumers and businesses will have to pay more to borrow money.
The Fed's projections might have been unwelcome, but they weren't a shock: for months there have been signs the economy is getting stronger. Another came on Wednesday, when the Labor Department said wholesale prices climbed at a faster pace in May. The Fed says inflation is likely to increase and projects unemployment will hit a 50-year low in a few months, and it wants to keep inflation under control.
"There was nothing terribly surprising in the announcement," said Jeremy Zirin, head of investment strategy for UBS' global wealth management business. He said the Fed's new forecasts "appeared largely to simply reflect the economic reality of the last two or three months."
He added that the Fed didn't have a big change of heart either: the Fed's projections changed because one additional policymaker forecast four rate increases instead of three.
The ruling in the AT&T-Time Warner trial sent ripples through the media and telecommunications industries. Shares of Twenty-First Century Fox jumped as investors anticipated Comcast's offer for Fox's entertainment businesses. It came just after trading ended, as Comcast announced a $65 billion bid. The ruling also gave investors more confidence that two big takeovers in the health care field will now go through.
The S&P 500 index fell 11.22 points, or 0.4 percent, to 2,775.63 after it closed at a four-month high Tuesday. The Dow Jones industrial average lost 119.53 points, or 0.5 percent, to 25,201.20.
The Nasdaq composite slipped 8.09 points, or 0.1 percent, to 7,695.70. The Russell 2000 index of smaller-company stocks shed 5.76 points, or 0.3 percent, to 1,676.54.points. Both indexes finished at record highs Tuesday.
Judge Richard Leon said AT&T can buy Time Warner and rejected the government's argument that the deal would stifle competition and lead to higher cable bills. The purchase will give the wireless and cable giant control of CNN, HBO and the Warner Bros. movie studio. Time Warner climbed 1.8 percent to $97.95 while AT&T lost 6.2 percent to $32.22.
Media companies rallied. Netflix gained 4.4 percent to $379.93 and CBS gained 3.6 percent to $54.26.
Comcast had said it was preparing to make an offer for Fox's entertainment divisions, but was waiting for the judge's ruling. Fox jumped 7.7 percent to $43.66 Wednesday and was little changed in late trading. Comcast fell 0.2 percent to $32.32.
Fox has agreed to sell those businesses to Disney for $52.4 billion in stock, setting up the possibility that Disney will have to raise its offer. However Disney added 1.9 percent to $106.31.
Investors now view CVS's effort to buy health insurer Aetna as more likely to go through, and they felt similarly about Cigna's offer for pharmacy benefits manager Express Scripts. T-Mobile USA and Sprint made smaller gains. Investors have been skeptical the government would allow the third- and fourth-largest wireless carriers to combine.
Erik Gordon, a professor at the University of Michigan's Ross School of Business, said the ruling is probably a good sign for the two health care deals because, like AT&T and Time Warner, those acquisitions won't reduce the number of companies competing in an industry, unlike a Sprint-T-Mobile merger. But investors might be drawing overly broad conclusions from Leon's ruling, Gordon said.
"The judge's decision is based on some very particular facts of the AT&T-Time Warner case," he said, including the growing popularity of streaming services and greater competition for advertising revenue. "This isn't a case that's about a big sweeping legal philosophy."
Bond prices turned lower as investors expected interest rates to rise. The yield on the 10-year Treasury note rose to 2.97 percent from 2.96 percent late Tuesday.
The dollar rose to 110.55 yen from 110.33 yen. The euro rose to $1.1773 from $1.1750.
Benchmark U.S. crude rose 0.4 percent to $66.64 a barrel in New York. Brent crude, used to price international oils, gained 1.1 percent to $76.74 per barrel in London.
Wholesale gasoline added 1.7 percent to $2.13 a gallon. Heating oil picked up 1.1 percent to $2.19 a gallon. Natural gas advanced 0.8 percent to $2.97 per 1,000 cubic feet.
Gold added 0.1 percent to $1,301.30 an ounce. Silver gained 0.6 percent to $16.99 an ounce. Copper inched up 0.1 percent to $3.25 a pound.
Germany's DAX rose 0.4 percent. France's CAC 40 and the FTSE 100 in Britain took tiny losses.
The Nikkei 225 in Japan rose 0.4 percent and South Korea's Kospi fell less than 0.1 percent. Hong Kong's Hang Seng dropped 1.2 percent.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...cks-slump-after-fed-signals-faster-rate-hikes
Stocks Rise as Economy Strengthens, Central Banks Step Back
US stocks ticked higher Thursday after Europe's central bank laid out how it will close the spigot on the emergency stimulus it's flooded the market with in recent years.
By STAN CHOE, AP Business Writer
NEW YORK (AP) — U.S. stocks mostly rose Thursday, as markets get accustomed to the idea of investing with less of a safety net from central banks around the world.
The European Central Bank laid out its plan to pull back from the stimulus it's pumped into markets, but it also said it plans to hold off on raising interest rates for longer than some investors expected. More evidence arrived that the U.S. economy is improving, meanwhile, which helped send the S&P 500 to its fourth gain in the last five days.
The S&P 500 index rose 6.86 points, or 0.2 percent, to 2,782.49. The Dow Jones industrial average slipped 25.89, or 0.1 percent, to 25,175.31, and the Nasdaq composite rose 65.34, or 0.8 percent, to 7,761.04, a record. Roughly four stocks rose for every three that fell.
For years since the Great Recession, central banks around the world have thrown massive amounts of stimulus at markets, chiefly through the purchase of billions of dollars of bonds each month. That era neared its end after Europe's central bank said it will begin phasing out its bond-buying program in the autumn before ceasing it after December.
The European Central Bank also said it will hold off on raising interest rates until at least the summer of 2019, which was more accommodative than some investors had expected.
Its U.S. counterpart, the Federal Reserve, has already halted bond purchases and has increased interest rates seven times since late 2015. Its latest move came Wednesday, when it raised its benchmark rate by another quarter of a percentage point and indicated two more increases may come this year thanks to the improving economy. Higher rates can stave off inflation, but they can also hinder economic growth.
"It is momentous because you're moving to something more normal," said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. "At the same time, you're moving grudgingly toward that. Central banks around the world are going to err toward being more accommodative, and they don't want to cause a market shock."
Both the Fed and the ECB have said that their next moves will depend on what the economic data says, and if growth is strong enough, they'll raise rates more quickly. That could make markets around the world more volatile, Schutte said, as investors handicap what each weekly or monthly economic report means for interest rates.
On Thursday, the data for the U.S. economy were nearly uniformly encouraging.
Retail sales jumped in May after shoppers spent more at home and garden stores, gas stations and restaurants. It was the strongest gain in six months, and it fits with economists' projections that economic growth is picking up following a slowdown during the first quarter of the year.
A separate report showed that fewer U.S. workers filed for unemployment claims last week than expected, an encouraging sign for the labor market.
The yield on the 10-year Treasury fell to 2.93 percent from 2.98 percent late Wednesday. It gave up gains from the prior day, when the Federal Reserve surprised some investors by speeding up its timetable for rate increases.
Lower interest rates can hurt banks by crimping the profit they make from making loans. Financial stocks in the S&P 500 fell 0.9 percent for the biggest loss among the 11 sectors that make up the index.
On the winning side were dividend-paying stocks, whose payouts look more attractive when interest rates are falling. Utilities, telecom stocks and real-estate investment trusts were among the top-performing sectors in the S&P 500.
European stock markets rose more than U.S. indexes, with France's CAC 40 rising 1.4 percent and Germany's DAX up 1.7 percent. The FTSE 100 in London gained 0.8 percent. In Asia, Japan's Nikkei 225 index dropped 1 percent, South Korea's Kospi sank 1.8 percent and the Hang Seng in Hong Kong lost 0.9 percent.
Stocks from developing economies continued their struggles, which have been compiling since the spring. Investors worry that higher U.S. interest rates will hurt emerging-market economies.
The dollar rose to 110.57 Japanese yen from 110.55 yen late Wednesday. The euro fell to $1.1591 from $1.1773, and the British pound fell to $1.3281 from $1.3358.
In the commodities markets, benchmark U.S. crude rose 25 cents to settle at $66.89 per barrel. Brent crude, the international standard, fell 80 cents to $75.94.
Heating oil fell 3 cents to $2.16 per gallon, wholesale gasoline dropped 3 cents to $2.09 per gallon and natural gas was close to flat at $2.97 per 1,000 cubic feet.
Gold rose $7.00 to settle at $1,308.30 per ounce, silver gained 27 cents to $17.26 per ounce and copper slipped 3 cents to $3.22 per pound.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://finance.yahoo.com/m/a160506...3969444/ss_us-stocks-and-bond-yields-dip.html
US stocks and bond yields dip amid trade worries
Associated PressJune 16, 2018
NEW YORK (AP) — U.S. stocks closed out a whirlwind week with a modest loss Friday as markets gauged how much to fret about the Trump administration's decision to step up the trade dispute between the world's two biggest economies.
The White House announced tariffs on $50 billion of imports from China, and China's almost-immediate response was a promise to retaliate with its own of the same scale. Stocks sank from the start of trading, and the S&P 500 was down 0.7 percent at one point before paring its loss as the day progressed.
At the close, the S&P 500 was down 3.07 points, or 0.1 percent, at 2,779.42. The Dow Jones industrial average fell 84.83, or 0.3 percent, to 25,090.48, and the Nasdaq composite dropped 14.66, or 0.2 percent, to 7,746.38.
The worst-case scenario for investors is that an escalating trade war between the United State and China will leave the global economy as collateral damage. Barriers to trade could result in higher prices at stores for all kinds of products, weaker profits for companies and slower growth around the world. President Donald Trump has railed against the United States' trade deficits with other countries as unfair.
Investors generally don't expect the worst-case scenario to occur. The expectation for many is that the tariffs are merely a tool to spur the creation of new trade deals rather than as an end in itself.
"It's something that could hurt the economy if followed through on, but for now, markets seem to be assessing this as just a negotiation that is out there for everyone to see," said Matthew Miskin, market strategist with John Hancock Investments.
That belief helped to temper Friday's losses, and the day's trading was reminiscent of April 4, when stocks plunged at the opening bell on concerns about a U.S.-China tariff tiff only to end the day higher.
Tariffs weren't the only thing moving markets following a busy week full of encouraging reports on the U.S. economy and policy announcements from the world's biggest central banks.
Attention is focused on central banks because they're in various stages of pulling away from the emergency stimulus put in place following the Great Recession. The Bank of Japan decided on Friday to keep its stimulus program on track, for example. A day earlier, the European Central Bank said it would halt its bond-buying program after the end of the year, though it also pledged to hold off on rate increases through the summer of 2019.
The Federal Reserve is further along this path. On Wednesday, it raised its benchmark rate for the fourth time in the last year and indicated two more increases may be on the way in 2018, which was more aggressive than some investors expected. It's making the moves because of the stronger economy, and that may mean something counterintuitive for the lay investor: The stronger the economy becomes, the more likely the Federal Reserve will be to raise interest rates quickly, and that would hurt stock prices.
"Stocks and the economy might go separate ways," Miskin said. "The economy might actually feel good for the first time in a decade, but the problem is that those tend to be the periods at the end of the cycle."
The biggest losses Friday came from the energy sector, where stocks fell with a sharp drop in the price of oil. Crude sank amid speculation that oil-producing countries could push to increase production at next week's OPEC meeting.
Benchmark U.S. crude fell $1.83 to $65.06 per barrel. Brent crude, the international standard, lost $2.50 to $73.44 per barrel. That helped drag energy in the S&P 500 down 2.1 percent for the largest loss among the 11 sectors that make up the index.
Markets abroad were also generally weaker. In Europe, the DAX in Germany lost 0.7 percent, and the CAC 40 in France dipped 0.5 percent. In London, the FTSE 100 lost 1.7 percent. In Asia, South Korea's Kospi shed 0.8 percent, and the Hang Seng in Hong Kong fell 0.4 percent. Japan's Nikkei 225 index was an outlier and rose 0.5 percent.
Treasury yields fell for a second straight day, and the yield on the 10-year Treasury sank to 2.91 percent from 2.94 percent late Thursday.
Gold dropped $29.80 to settle at $1,278.50 per ounce, silver fell 78 cents to $16.48 per ounce and copper lost 8 cents to $3.14 per pound.
Natural gas rose 6 cents to settle at $3.02 per 1,000 cubic feet, heating oil lost 7 cents to $2.09 per gallon and wholesale gasoline fell 7 cents to $2.02 per gallon.
The dollar rose to 110.62 Japanese yen from 110.57 yen late Thursday. The euro rose to $1.1607 from $1.1591, and the British pound inched up to $1.3282 from $1.3281.
7331
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/business/articles/2018-06-17/asian-markets-down-as-trade-war-heats-up
US Stocks Recover From Sharp Early Drop and Finish Mixed
US stocks end up mixed as health care companies and consumer products makers decline, but energy companies rise along with oil prices and technology companies and small U.S.-focused companies move higher.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — U.S. stocks shrugged off early losses and wound up with a mixed finish Monday. Household goods companies took some of the worst losses as the S&P 500 index fell for the third time in four days.
The S&P 500 dropped as much as 22 points early on. Consumer products and packaged foods companies stumbled and drug makers and distributors fell, as did health insurers. That came after indexes in Europe and Asia fell. German stocks took steep losses as investors wondered if a dispute over migrants could eventually threaten the German government.
But stocks gradually recovered most of their losses as energy companies rose along with oil prices and technology companies managed to make some gains as well. Smaller and more U.S.-focused companies climbed higher. That continued a pattern that has persisted for more than three months.
It's been a turbulent few months for stocks, but the benchmark S&P 500 is a bit higher than it was when international trade tensions started to weigh on the market in late February. Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said it's a good sign that some sectors that have struggled are now doing better.
"It's indicative of a market that's unconvinced that a trade war will develop," he said. Still, he said the next month of trading could be choppy as investors analyze the latest trade developments and wait for companies to start reporting their second-quarter results in mid-July.
The S&P 500 fell 5.91 points, or 0.2 percent, to 2,773.75. The Dow Jones industrial average dropped 103.01 points, or 0.4 percent, to 24,987.47. The Nasdaq composite edged up 0.65 points to 7,747.03.
The Russell 2000 index rose 8.55 points, or 0.5 percent, to a record 1,692.46. Many investors feel the smaller and more U.S.-focused companies in that index are less vulnerable in the event that a major trade dispute slows growth in the global economy. Most of the companies listed on the New York Stock Exchange closed higher.
Drugmaker Biogen suffered the biggest fall of any S&P 500 company following positive clinical trial results form a competitor. PTC Therapeutics jumped 27.5 percent to $47.88 after its report from an early study of a drug intended to treat Type 1 spinal muscular atrophy, a genetic disorder that affects infants. PTC's drug could affect sales of Biogen's Spinraza, and Biogen lost 5.2 percent to $289.12. Its partner Ionis Pharmaceuticals sank 6.4 percent to $43.61
Volkswagen slumped after German authorities detained Rupert Stadler, the CEO of its Audi division, in an extension of the emissions scandal that has rocked Volkswagen since 2015. That scandal has led to billions in fines, the arrest of executives and the indictment in the U.S. of its former CEO. Volkswagen stock fell 3.1 percent in Germany.
The German DAX fell 1.4 percent, and all 30 stocks on the index ended with losses. The CAC 40 in France lost 0.9 percent and Britain's FTSE 100 fell less than 0.1 percent. Japan's benchmark Nikkei 225 index dropped 0.8 percent while South Korea's Kospi lost 1.2 percent.
On Saturday the Trump administration launched an investigation into whether tariffs are needed on automobiles imported to the U.S. as talks with Canada and Mexico over the North American Trade Agreement stalled. A day earlier, President Donald Trump said the U.S. will put tariffs of up to 25 percent on some Chinese imports starting in July. Those tariffs target industrial and agricultural machinery, aerospace parts and communications technology. China said it will raise import duties on $34 billion worth of American goods, including soybeans, electric cars and whiskey.
Alphabet, Google's parent company, rose after it agreed to invest $550 million in Chinese e-commerce company JD.com. Alphabet picked up 2.1 percent to $1,183.58 while JD.com rose 0.4 percent to $43.76.
Rent-A-Center jumped 22 percent to $14.68 after private equity firm Vintage Capital Management agreed to buy it for $15 a share, or $800 million. Rent-A-Center leases household goods on a rent-to-own basis. Clothing company Perry Ellis lost 2.7 percent to $27.22 after founder George Feldenkreis started buying more stock to take the company private in a deal worth $27.50 a share, or $437 million.
Oil futures rose as investors wait for an OPEC meeting later this week. Benchmark U.S. crude added 1.2 percent to $65.85 a barrel in New York. Brent crude, used to price international oils, climbed 2.6 percent to $75.34 a barrel in London.
Chevron gained 1.6 percent to $125.97 and ConocoPhillips rose 1.9 percent to $66.60.
Wholesale gasoline rose 1.6 percent to $2.05 a gallon. Heating oil gained 2.1 percent to $2.13 a gallon. Natural gas fell 2.3 percent to $2.95 per 1,000 cubic feet.
Bond prices were little changed. The yield on the 10-year Treasury note stayed at 2.92 percent.
Gold rose 0.1 percent to $1,280.10 an ounce. Silver dipped 0.2 percent to $16.44 an ounce. Copper lost 1.2 percent to $3.11 a pound.
The dollar fell to 110.44 yen from 110.62 yen late Friday. The euro inched up to $1.1615 from $1.1607.
Markets in Hong Kong were closed for the Duanwu Festival commemorating the death of Qu Yuan, an ancient Chinese poet and minister.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...n-stocks-tumble-after-new-trump-tariff-threat
Dow Posts 6th Loss in Row on Trade Spat; Small Cos. Rally
US stocks slip and indexes in Europe and Asia took sharp losses as the U.S. and China exchange fresh threats in their dispute over trade.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — Big industrial and technology companies skidded Tuesday as the trade dispute between the U.S. and China threatened to come to a boil. Smaller companies less focused on overseas trade fared better, as did dividend-paying stocks.
The Dow Jones industrial average fell for the sixth day in a row and lost 287.26 points, or 1.1 percent, to 24,700.21. The S&P 500 index gave up 11.18 points, or 0.4 percent, to 2,762.57. The Nasdaq composite fell 21.44 points, or 0.3 percent, to 7,725.59. International markets suffered steeper losses. Hong Kong's Hang Seng index sank 2.8 percent, its biggest decline since February, and Germany's DAX lost 1.2 percent.
Oil and copper fell. Both are commodities that would be susceptible if a trade dispute caused a slowdown in global economic growth. Cautious investors moved money into bonds.
President Donald Trump told the U.S. Trade Representative to identify $200 billion in goods for a potential 10 percent tax, and China said it would respond with duties of its own. In a statement, Trump said that if China retaliated, he would order yet another $200 billion in tariffs. China doesn't import enough goods from the U.S. to match the scale of Trump's proposals, but could sanction U.S. products or companies through other means.
Just days ago, the U.S. and China each announced 25 percent taxes on $50 billion in imports from the other. While the dollar amounts are rising rapidly, the countries still have time to negotiate, as the previously announced tariffs won't take effect until July 6.
Stocks took bigger losses early in the day, as the Dow fell as much as 419 points. Smaller and more domestically-focused companies recovered and finished with small gains, and big-dividend companies like consumer products companies rose as well. The Russell 2000 index gained 0.99 points, or 0.1 percent, to a record 1,693.45. That index is up 10.3 percent this year while the S&P has risen 3.3 percent and the Dow has taken a small loss.
Kate Warne, investment strategist for Edward Jones, said investors are concerned about what they're seeing, but they still think the U.S. and China will work out their differences.
"There's concern but there's not overall great worry at this stage," she said. "We are certainly taking the first steps toward a trade war and the more tit-for-tat actions are taken the harder it is to pull back."
In Europe, the CAC 40 of France fell 1.1 percent and in London the FTSE 100 slipped 0.4 percent. The losses were even heavier in Asia, where Tokyo's Nikkei 225 retreated 1.8 percent and Seoul's Kospi gave up 1.5 percent.
Industrial and technology companies took some of the worst losses as investors worried that the dispute could grow more intense and drag down global economic growth. The dollar also got stronger, and the ICE-US Dollar Index hit its highest level since July. That makes U.S. goods more expensive in other markets.
Aerospace company Boeing dropped 3.8 percent to $341.12 and construction and mining equipment maker Caterpillar shed 3.6 percent to $143.30 while Apple fell 1.6 percent to $185.69. Companies that make cars, steel and aluminum and chemicals also took heavy losses. So did shares of Chinese companies listed in the U.S. E-commerce company Alibaba slid 2 percent to $204.43 and search engine Baidu declined 2.5 percent to $262.11.
The euro sank to $1.1575 from $1.1615. The dollar fell to 110.07 yen from 110.44 yen.
Bond prices climbed as investors turned more cautious. The yield on the 10-year Treasury note fell to 2.89 percent from 2.92 percent. The yield on the 10-year note is just 0.35 percentage points higher than the yield on the 2-year, the smallest it's been since the summer of 2007. For economists, the gap starts flashing a warning signal when short-term Treasurys are yielding more than their long- term counterparts. That's a scenario called an "inverted yield curve," and it has preceded each of the last seven recessions.
Shares of Chinese telecom giant ZTE fell 24.8 percent in Hong Kong after the U.S. Senate sought to restore a ban that prevents the company from buying U.S. components for seven years. The Senate's move would block a White House plan to stop the ban in exchange for a big fine and other penalties.
U.S. companies that supply ZTE also sank. Acacia Communications gave up 3.7 percent to $33.94.
Health care companies edged higher. CVS Health jumped 4.5 percent to $70.77 after the drugstore chain and pharmacy benefits manager said it will start making home deliveries of prescriptions and other items.
As the dollar gained strength and investors worried about economic growth, oil prices turned lower. U.S. crude fell 1.2 percent to $65.07 a barrel in New York, and Brent crude, the international standard for oil prices, fell 0.3 percent to $75.08 a barrel in London.
In other energy trading, wholesale gasoline shed 0.8 percent to $2.04 a gallon. Heating oil lost 0.5 percent to $2.12 a gallon. Natural gas fell 1.7 percent to $2.90 per 1,000 cubic feet.
Gold fell 0.1 percent to $1,278.60 an ounce. Silver lost 0.7 percent to $16.32 an ounce. Copper sank 1.9 percent to $3.05 a pound.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...ake-a-breather-from-trade-tensions-markets-up
Stocks Finish Mostly Higher as Tech and Media Companies Lead
U.S. stocks finish mostly higher as technology companies rise and media companies jump as a new deal between Twenty-First Century Fox and Disney has investors hoping for more media sales.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — U.S. stocks rose Wednesday as investors bet that technology companies and small, domestically-focused firms will continue to do well even if the trade dispute between the U.S. and China gets worse. Media companies jumped after Disney reached a new deal with Twenty-First Century Fox.
Facebook, Microsoft and Alphabet led the rally in technology companies as the Nasdaq composite topped the all-time high it set last week. Disney sweetened its deal to buy Fox's entertainment businesses to $71.3 billion, topping an offer from Comcast earlier this month. Other media companies like Netflix and Viacom climbed as investors hoped more deals will follow.
Starbucks plunged to its lowest price in a year and a half after the company said its U.S. and China businesses both ran into trouble during the current quarter. That led to losses in other restaurant companies such as McDonald's, which contributed to a small decline in the Dow Jones industrial average, its seventh straight down day.
General Electric dipped following the announcement that GE will be removed from the Dow next week, ending a 110-year stint. Shares of Walgreens, its replacement, surged.
Smaller and more U.S.-oriented companies such as retailers climbed. While technology companies are the biggest sector of the S&P 500 and make most of their sales overseas, just the opposite of small caps, investors feel that both types of stocks are less vulnerable to tariffs than industrial companies or household goods makers, among other sectors.
Sameer Samana, global equity and technical strategist for the Wells Fargo Investment Institute, said investors aren't sure what to make of the administration's mix of harsh pronouncements and conciliatory statements. While the market has taken some sharp drops during the trade dispute, he said Wall Street usually comes back to the fact that the global economy, and especially the U.S. economy, is doing well.
"For the most point things are pretty good from an economic and fundamental standpoint," he said. Samana added that technology companies have often led the way when the market recovers from trade-related slumps because of their strong earnings, and because China's government can't put tariffs on too many U.S. technology companies because it is trying to build up its own technology sector.
The S&P 500 index rose 4.73 points, or 0.2 percent, to 2,767.32. The Nasdaq composite gained 55.93 points, or 0.7 percent, to 7,781.51. The Russell 2000 index of smaller-company stocks added 13.54 points, or 0.8 percent, to 1,706.99, also closing at a record high.
But the Dow industrials slipped 42.41 points, or 0.2 percent, to 24,657.80. The Dow has fallen for seven days in a row, its worst streak in more than a year, although the losses have been fairly small.
Markets have been on edge with the U.S. and China announcing tariffs on each other's imports and threatening more. While global stocks fell Tuesday, the S&P 500 finished with a loss of just 0.4 percent as investors decided that many U.S. industries don't face a major threat from the proposals and that negotiations might take some of the sting out of the proposed taxes.
Twenty-First Century Fox jumped again after it accepted Disney's latest offer. It said yes to a $52.4 billion bid from Disney in December before Comcast offered $65 billion in cash, and some experts think Comcast will raise its offer again. Fox surged 7.5 percent to $48.08 while Disney added 1 percent to $107.15 and Comcast climbed 1.8 percent to $33.39.
Starbucks sank 9.1 percent to $52.22 after a weak sales forecast. Starbucks said it didn't do as many transactions in China as it expected, and the controversy that followed the arrest of two black men at a Philadelphia store temporarily slowed its U.S. business. Other restaurant chains also struggled, and Dow component McDonald's lost 1.5 percent to $162.56.
General Electric was part of the Dow when it was created in 1896, and it's been a one of the 30 stocks on the index continuously since 1907. But GE has been selling businesses for a decade, reducing its value, and it's by far the least expensive Dow stock. The Securities and Exchange Commission is investigating the company over a $15 billion hit taken to cover miscalculations made within an insurance unit. Adjusted for inflation, GE was worth around $860 billion in mid-2000, but it's worth about $112 billion now.
GE slipped 0.5 percent to $12.88. Walgreens, which replaces GE in the Dow on Tuesday, jumped 5.2 percent to $68.
U.S. crude rose 1.8 percent to $66.22 and Brent crude, the international standard for oil prices, lost 0.5 percent to $74.74 a barrel in London. Wholesale gasoline lost 0.7 percent to $2.02 a gallon. Heating oil fell 0.7 percent to $2.11 a gallon. Natural gas jumped 2.2 percent to $2.96 per 1,000 cubic feet.
Bond prices inched lower. The yield on the 10-year Treasury note rose to 2.93 percent from 2.90 percent.
Gold fell 0.3 percent to $1,274.50 an ounce. Silver lost 0.1 percent to $16.31 an ounce. Copper dipped 0.2 percent to $3.04 a pound.
The dollar edged up to 110.22 yen from 110.07 yen. The euro rose to $1.1588 from $1.1575.
The FTSE 100 in Britain added 0.3 percent and Germany's DAX rose 0.1 percent. France's CAC 40 lost 0.3 percent. After sharp losses the day before, Japan's benchmark Nikkei 225 index rebounded 1.2 percent and South Korea's Kospi gained 1 percent. Hong Kong's Hang Seng rose 0.8 percent.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...mostly-up-despite-underlying-us-china-tension
US Stocks Skid as Industrials, Automakers, Tech Trade Lower
US technology and industrial companies and car makers fall and European indexes also end lower as investors focus again on trade tensions between the US and China.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — Car makers and technology and industrial companies fell Thursday as investors focused on the U.S.-China trade dispute, which could reduce company spending and earnings. The Dow Jones Industrial Average slipped for the eighth day in a row.
While investors generally don't expect a trade war between the U.S. and China, they remain sensitive to signs that rising tariffs and trade tensions will hurt the global economy and reduce corporate profits. This week they've received some signs that this is happening. On Thursday German automaker Daimler said the tariffs China plans to put on cars imported from the U.S. will contribute to a small decline in earnings this year.
The previous day, Fed Chairman Jerome Powell said the U.S. central bank has heard about businesses holding off on hiring and spending in response to the trade conflicts. Kate Moore, global equity strategist for BlackRock, said that investors have been hoping that the Republican-backed corporate tax cut would encourage companies to hire more workers, boost pay, and expand their operations, but the uncertainty over tariffs is discouraging them from doing that.
"There's a fear that rising uncertainty around trade and tariffs is going to significantly affect investment decisions and hiring decisions, and potentially take some steam off of what has looked like a very strong expansion," she said. She added that companies have been reluctant to make major investments since the financial crisis of 2008-09, and some investors felt the tax cuts would help change that pattern.
Online retailers skidded and rivals such as department stores rose after the Supreme Court ruled that states can force more online shoppers to pay sales tax. Energy companies declined ahead of a meeting where OPEC countries and other nations are expected to increase oil production. Bond yields fell, and big dividend payers like real estate investment trusts and utilities made some of the biggest gains on Wall Street.
The S&P 500 index slid 17.56 points, or 0.6 percent, to 2,749.76. The Dow fell 196.10 points, or 0.8 percent, to 24,461.70. The index has fallen 3.4 percent over the last eight days. Its last losing streak this long was in March 2017. The Nasdaq composite lost 68.56 points, or 0.9 percent, to 7,712.95. The Russell 2000 index of smaller-company stocks declined 18.04 points, or 1.1 percent, to 1,688.95. The Nasdaq and Russell 2000 both closed at record highs Wednesday.
Daimler is projecting fewer SUV sales and higher costs for Mercedes-Benz cars as a result of Chinese tariffs on cars made in the U.S. Those are scheduled to take effect July 6. The company now says its earnings before interest and taxes will fall slightly this year rather than the previously forecast small increase. Its stock fell 4.3 percent in Germany.
Online retailers dropped following the Supreme Court ruling. For more than two decades, companies were not required to collect sales tax on online purchases that were made in a state where the company did not have a warehouse, office or other physical presence. States argued that those rules deprived them of billions of dollars in tax revenue, and traditional retailers said online sellers had an unfair advantage.
Overstock.com lost 7.2 percent to $36.15 and home goods site Wayfair gave up 1.6 percent to $114.28 while Amazon lost 1.1 percent to $1,730.22. Target gained 1 percent to $76.14 and Nordstrom added 1.8 percent to $52.78.
Energy companies skidded as investors expect OPEC to agree to a production increase at a meeting on Friday. Greater production reduces oil prices, and that has weighed on energy stocks in recent weeks. Chevron fell 2.2 percent to $122.59 and Marathon Oil dropped 5.4 percent to $19.92.
U.S. crude dropped 0.3 percent to $65.54 a barrel in New York and Brent crude, the international standard for oil prices, lost 2.3 percent to $73.05 a barrel in London.
Intel fell 2.4 percent to $52.19 after its CEO resigned. The world's largest chipmaker said CEO Brian Krzanich is stepping down after the company learned he had a relationship with an employee. Intel said the relationship was consensual, but violated a policy that bars managers from having relationships with employees.
Bond prices climbed. The yield on the 10-year Treasury note fell to 2.90 percent from 2.94 percent. That helped stocks that pay big dividends including utilities and real estate investment trusts.
In other energy trading, wholesale gasoline lost 0.6 percent to $2.01 a gallon. Heating oil fell 1.8 percent to $2.07 a gallon. Natural gas rose 0.4 percent to $2.98 per 1,000 cubic feet.
Gold shed 0.3 percent to $1,270.50 an ounce. Silver edged up 0.1 percent to $16.33 an ounce. Copper slid 0.6 percent to $3.02 a pound.
The dollar fell to 109.90 yen from 110.40 yen. The euro rose to $1.1617 from $1.1587.
The German DAX dropped 1.4 percent after Daimler's warning. France's CAC 40 lost 1 percent and Britain's FTSE 100 gave up 0.9 percent after its central bank indicated it could raise rates this summer.
Japan's benchmark Nikkei 225 index finished up 0.6 percent and the Kospi in South Korea dropped 1 percent. Hong Kong's Hang Seng fell 1.4 percent.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...wn-as-multiple-trade-disputes-worry-investors
US Stocks Finish Mostly Higher as Energy Companies Climb
US stocks rise as energy companies and oil prices surge after major oil producers agree to produce more oil, but not as much as investors feared.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — Oil prices and energy companies rallied Friday after OPEC said it will produce more oil, but not as much as investors feared. While trade tensions remained in the headlines, U.S. stocks finished slightly higher at the end of a bumpy week.
U.S. crude futures jumped 4.6 percent after OPEC nations agreed to produce about 1 million additional barrels of oil per day. Reports have said for weeks that production was likely to rise, but analysts said investors appear to think the boost will be smaller than OPEC says it will. So oil prices rallied even though they usually go down when production rises.
"People were pricing crude in the last couple of weeks (expecting) a bigger increase by OPEC than what they agreed to," said Jim Paulsen, chief investment strategist for the Leuthold Group.
The European Union followed through on its promise to put import taxes on $3.4 billion in U.S. goods including bourbon, peanut butter and orange juice in response to U.S. tariffs on steel and aluminum. Automakers were jolted after President Donald Trump threatened to put a 20 percent tax on cars imported from Europe, although none of them took big losses.
The S&P 500 index rose as much as 14 points but ended with a gain of just 5.12 points, or 0.2 percent, to 2,754.88. The Dow Jones Industrial Average added 119.19 points, or 0.5 percent, to 24,580.89 to break an eight-day losing streak. The Dow lost 2 percent this week, with Boeing off 5.3 percent and Caterpillar down 6.7 percent. That was both companies' biggest loss in three months. Makers of chemicals and other basic materials like 3M also lost ground this week and technology companies slipped.
The Nasdaq composite fell 20.13 points, or 0.3 percent, to 7,692.82. The Russell 2000 index of smaller-company stocks sank 3.37 points, or 0.2 percent, to 1,685.58.
U.S. crude climbed 4.6 percent to $68.58 a barrel in New York. That was its biggest one-day gain since November 2016, when OPEC and a group of other countries including Russia agreed to cut production by 1.8 million barrels a day. Prices have been rising since then, and U.S. crude hit a three-year high of about $72 a barrel in May.
Brent crude, the standard for international oil prices, rose 3.4 percent to $75.55 a barrel in London.
Exxon Mobil picked up 2.1 percent to $81.38 and Marathon Oil surged 7.8 percent to $21.48.
The European Union is enforcing tariffs on $3.4 billion in U.S. products in retaliation for duties the Trump administration has put on European steel and aluminum. The taxes are on American products including bourbon, peanut butter and orange juice, and the choices appear designed to create political pressure on Trump and senior U.S. politicians.
EU authorities had said the move was coming in response to the U.S. import duties. On Twitter, Trump threatened to impose a 20 percent tax on cars imported from the EU if barriers to trade are not removed soon. He previously ordered the U.S. Trade Representative to look into possible tariffs or quotas on imported cars and car parts.
That jolted car companies. In Germany, shares of BMW lost 1.1 percent and Daimler sank 0.3 percent. Daimler fell more than 4 percent Thursday after it said Chinese tariffs on U.S. cars would contribute to a decline in its earnings this year. Ford and Toyota also dipped while Peugeot and General Motors rose.
"If you're in the direct line of fire from a tariff, it's hugely important," said Paulsen. Still, he said investors are very skeptical that a damaging trade war will break out. "The trade war has heated up over the last couple of months and yet stocks are up over that period of time," he said. That was also the case Friday.
Health care and household goods companies also rose while technology companies and banks fell.
Open source software maker Red Hat dropped 12.4 percent to $142.14 after it cut its sales forecasts due to the strengthening dollar. Other technology companies also declined. The industry has been leading the market for more than a year, but it makes more of its sales outside the U.S. than any other major S&P 500 sector. Micron Technology fell 3.9 percent to $57.10 and Nvidia lost 2.4 percent to $250.95.
In other commodity trading, wholesale gasoline jumped 2.9 percent to $2.07 a gallon. Heating oil added 2.7 percent to $2.13 a gallon. Natural gas skidded 1 percent to $2.95 per 1,000 cubic feet.
Gold slid 0.3 percent to $1,270.70 an ounce. Silver added 0.8 percent to $16.46 an ounce. Copper edged up 0.2 percent to $3.03 a pound.
Bond prices rose slightly. The yield on the 10-year Treasury note slid to 2.89 percent.
The dollar rose to 109.91 yen from 109.90 yen. The euro advanced to $1.1663 from $1.1617.
The CAC 40 in France climbed 1.3 percent and Britain's FTSE 100 gained 1.7 percent. In Germany the DAX rose 0.5 percent.
Some Asian markets gained following heavy losses on previous days but finished lower than a week ago. Hong Kong's Hang Seng index edged up 0.2 percent while Japan's Nikkei 225 lost 0.8 percent. The South Korean Kospi advanced 0.8 percent.
7597
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...fall-oil-gives-up-some-gains-after-china-move
Stocks Skid as Trade Worries Pull Technology Companies Lower
US stocks fall and so do indexes overseas following reports that the Trump administration could limit high-tech exports to China and restrict investment by Chinese firms in US companies.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — U.S. stocks slumped Monday as investors grew concerned that the technology sector, a pillar of the long-running bull market, could be dragged into to the broadening trade dispute between the U.S. and China. The Dow Jones industrial average fell for the ninth time in 10 days.
Stocks sank after the Wall Street Journal and Bloomberg News reported that the administration intends to limit exports of some high-tech products to China, and will limit investment in technology firms by companies with substantial Chinese ownership. Treasury Secretary Steven Mnuchin suggested the investment restrictions wouldn't be limited to China and the losses deepened. The Dow Jones Industrial Average lost as much as 496 points.
The market recovered some of those losses after Peter Navarro, one of President Donald Trump's top trade advisers, told CNBC there was no plan for investment restrictions and that the administration's probe into alleged technology theft is limited to China.
"We hear one thing one hour and something that contradicts it the next hour or the next day," said Randy Frederick, vice president of trading and derivatives for Charles Schwab. "Nobody knows what to think or what to believe. It makes it really tough to invest."
All but one of the 72 technology companies listed on the S&P 500 index fell Monday. Those companies have done far better than the broader market over the last year and a half and investors had considered them to be less vulnerable to tariffs than other sectors like manufacturing.
Taxes by the U.S. on tens of billions of dollars in imports from China, and retaliatory taxes by China on U.S. goods, are set to take effect in less than two weeks. While few investors expect a full-blown trade war, Frederick said talks appear to be going in the wrong direction.
"Every day you get closer to those particular dates it gets more worrisome," he said. Frederick said that is likely to lead to more market volatility.
The S&P 500 index shed 37.81 points, or 1.4 percent, to 2,717.07, its worst loss since April 6. The Dow Jones Industrial Average lost 328.09 points, or 1.3 percent, to 24,252.80. The Nasdaq composite fell 160.81 points, or 2.1 percent, to 7,532.01. The Russell 2000 index of smaller-company stocks slid 28.07 points, or 1.7 percent, to 1,657.51.
Elsewhere, Harley-Davidson said it would move some production overseas to avoid tariffs the European Union is placing on motorcycles made in the U.S. Those tariffs were a response to taxes the U.S. placed on steel and aluminum from Europe. Its stock fell 6 percent to $41.57.
China is attempting to become a global leader in biotechnology, electric vehicles and other industries, and the reports said the administration wants to slow Beijing's progress in those areas. President Donald Trump has threatened to put tariffs on hundreds of billions of dollars in Chinese imports over complaints Beijing steals or pressures foreign companies to hand over technology. He's also pressuring China to buy more U.S.-made goods.
Chipmaker Micron Technology, which gets half its revenue from China, lost 6.9 percent to $53.16 and Advanced Micro Devices fell 4.4 percent to $15.11. Nvidia sank 4.7 percent to $239.12.
Germany's DAX fell 2.5 percent and London's FTSE 100 gave up 2.2 percent. France's CAC 40 shed 1.9 percent. Hong Kong's Hang Seng lost 1.3 percent. Tokyo's Nikkei 225 shed 0.8 percent and in South Korea the Kospi was little changed.
Retailers and other companies focused on consumers fell as investors sold some of the stocks that have done the best this year. Amazon lost 3.1 percent to $1,663.15 and Netflix dropped 6.5 percent to $384.48.
The S&P 500 index of technology companies and the index of consumer-focused companies are both up 10 percent this year. The S&P 500 is up 1.6 percent.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.87 percent from 2.89 percent.
Elsewhere, cruise lines dropped after Carnival cut its annual profit forecast. The company cited the rising cost of fuel. Carnival fell 7.9 percent to $58.54 and competitors Royal Caribbean and Norwegian Cruises also slumped.
Investors still responded positively to deal reports. Broadcaster Gray Television jumped 16 percent to $14.85 after it said it will combine with Raycom in a deal the companies valued at $3.6 billion. Campbell Soup rose 9.4 percent to $42.23 after the New York Post said Kraft Heinz is interested in buying the company. Kraft added 0.2 percent to $63.32.
Benchmark U.S. crude dipped 0.7 percent to $68.08 per barrel in New York. It climbed 4.6 percent Friday, its biggest one-day gain since late 2016. Brent crude, used to price international oils, dropped 1.1 percent to $74.73 per barrel in London.
OPEC countries agreed to produce more oil Friday, but investors aren't sure the cartel will produce as much crude oil as it says it will.
Wholesale gasoline lost 0.9 percent to $2.05 a gallon. Heating oil fell 1.2 percent to $2.10 a gallon. Natural gas dipped 0.7 percent to $2.92 per 1,000 cubic feet.
Gold fell 0.1 percent to $1,268.90 an ounce. Silver lost 0.8 percent to $16.33 an ounce. Copper fell 1.3 percent to $2.99 a pound.
The dollar fell to 109.45 yen from 109.91 yen. The euro rose to $1.1704 from $1.1663.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...xed-as-trade-tensions-weigh-on-us-tech-sector
US Stocks Inch Higher a Day After Sharp Losses; GE Leaps
US stocks manage only small gains as technology companies recover a portion of the losses they took a day earlier.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — U.S. stocks bobbed higher Tuesday as technology and consumer-focused companies regained a sliver of their losses from the day before. Oil prices and energy companies jumped as the U.S. pressed its allies to stop importing oil from Iran.
Coming off their worst loss since early April, stocks were on track for hefty gains Tuesday afternoon but weakened late in the day. Technology companies like Apple bounced back after abrupt losses on Monday. General Electric led industrial companies higher after it said it would shrink even further by spinning off its health care business and its oil service unit.
Banks and other financial companies took losses as bond yields and interest rates remained well off their highs from last month. Household goods makers also slipped.
Julian Emanuel, chief equity and derivative strategist for BTIG, said the stock market is going to be volatile as long as investors are concentrating on the trade disputes the U.S. is having with many of its biggest trading partners.
"The economy is strong as it stands now and earnings are great, but when all of the psychic energy and all of the focus is on the trade war, as it was in late March and early April, the market has responded accordingly," he said.
The S&P 500 index gained 5.99 points, or 0.2 percent, to 2,723.06. It fell 1.4 percent Monday. The Dow Jones Industrial Average gained 30.31 points, or 0.1 percent, to 24,283.11. The Nasdaq composite added 29.62 points, or 0.4 percent, to 7,561.63 after it plunged 2.1 percent a day ago. The Russell 2000 index picked up 11.02 points, or 0.7 percent, to 1,668.53.
A senior State Department official said the Trump administration wants allies to stop importing oil from Iran. If they do it would increase demand from other countries, which would likely produce more oil to pick up the slack. Benchmark U.S. crude added 3.6 percent to $70.53 a barrel in New York. Brent crude, used to price international oils, rose 2.1 percent to $76.31 per barrel in London.
President Donald Trump withdrew the U.S. from the Iran nuclear deal in May, so sanctions on Iran's energy sector will kick in again in November. The State Department official said the U.S. is telling Asian and European governments that they should completely eliminate their oil imports from Iran before the grace period expires on November 4.
Exxon Mobil jumped 1.1 percent to $80.64 and Chevron picked up 1.3 percent to $124.16.
Apple climbed 1.2 percent to $184.43 and Facebook gained 1.3 percent to $199. Technology stocks were hammered Monday as investors reacted to reports that the Trump administration might bar technology companies from selling certain high-tech products to China and other countries and limit investment in tech companies by Chinese firms. Stocks recovered some of those losses after a top U.S. trade adviser rebutted those reports.
ADVERTISING
inRead invented by Teads
Consumer focused companies also rose. Amazon jumped 1.7 percent to $1,691.09 and Netflix rose 3.9 percent to $399.39 after they both dropped on Monday. Homebuilder Lennar climbed 4.9 percent to $51.61 after a strong quarterly report, and its competitors also climbed.
It's been five months since the S&P 500 and Dow last closed at record highs. The S&P 500 is down 5.2 percent since Jan. 26 and the Dow has fallen 8.8 percent. However the Nasdaq, which has a high concentration of technology companies, and the smaller and more domestically-focused Russell 2000, closed at record highs on Wednesday.
Emanuel said investors' decision to shift money into smaller companies might also lead to headaches later on because those stocks are more volatile than the larger and more multinational companies in the S&P 500.
"This whole notion of small caps being a safe haven is really a headscratcher," he said.
GE jumped 7.8 percent to $13.74 after the company said it will sell its two-thirds stake in Baker Hughes and also divest its health care business. The company has sold numerous major businesses in recent years including its railroad locomotive division, lending unit, its appliance businesses and its stake in NBC, and on Monday GE agreed to sell its gas-engine business to Advent International for $3.25 billion.
Tuesday was also the first day in 110 years that General Electric wasn't part of the Dow Jones Industrial Average.
Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.88 percent. Banks continued to fall, as lower interest rates reduce the profits they make on mortgages and other types of lending.
In other commodities trading, gold lost 0.7 percent to $1,259.90 an ounce. Silver sank 0.5 percent to $16.25 an ounce. Copper rose 0.2 percent to $2.99 a pound.
Wholesale gasoline rose 1.1 percent to $2.07 a gallon. Heating oil gained 1.4 percent to $2.13 a gallon. Natural gas rose 0.5 percent to $2.94 per 1,000 cubic feet.
The dollar rose to 110.13 yen from 109.45 yen. The euro fell to $1.1650 from $1.1704.
Germany's DAX lost 0.3 percent and the French CAC 40 fell less than 0.1 percent. The FTSE 100 in Britain jumped 0.6 percent.
Japan's benchmark Nikkei 225 index rose less than 0.1 percent while South Korea's Kospi lost 0.3 percent. Hong Kong's Hang Seng shed 0.3 percent.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...s-are-mostly-lower-on-lingering-trade-jitters
After a Global Pirouette, S&P 500 Slumps to Lowest Since May
After a global pirouette, S&P 500 slumps to lowest since May.
By STAN CHOE, AP Business Writer
NEW YORK (AP) — Global stock markets pirouetted again on Wednesday as investors chased after mixed signals on global trade tensions, and the S&P 500 erased an early-morning jump to drop to its lowest closing level in nearly a month.
One of the day's few market certainties was oil's continued rise, and benchmark U.S. crude hit its highest price since 2014. That helped lift energy stocks, but other areas of the market zigged, zagged and zigged again as the day progressed.
Early on, Asian stocks slumped on concerns about the sometimes-heated talk on trade that has been ongoing between the United States and its partners. European stocks later flipped from losses to gains on hopes that a move by the Trump administration indicated a less combative stance with China. U.S. stocks opened higher, but the gains evaporated after a White House adviser said the move wasn't necessarily a signal of a softer stance.
By the end of the day, the S&P 500 fell 23.43 points, or 0.9 percent, to 2,699.63 after earlier being up as much as 0.8 percent.
The Dow Jones industrial average lost 165.52, or 0.7 percent, to 24,117.59, the Nasdaq composite gave up 116.54, or 1.5 percent, to 7,445.08 and the Russell 2000 index of small-cap stocks fell 28.07, or 1.7 percent, to 1,640.45.
Stocks have swung in recent weeks, even by the hour, on worries about global trade.
Investors were feeling less nervous about it in the morning after the Trump administration indicated it's shifting away from a plan to impose limits on Chinese investment in U.S. technology companies and high-tech exports to China. Instead, the administration is calling on Congress to enhance an existing review process.
Markets took it as a sign of a less antagonistic stance, but the gains disappeared in the afternoon after Larry Kudlow, director of the National Economic Council, said in an interview with Fox Business that it should not necessarily be viewed as a softer stance.
"Trade is the hot topic du jour, and it's having an impact on the market" said Barry Bannister, head of institutional equity strategy at Stifel.
It's only adding to pressures that have been mounting on the market. The Federal Reserve is raising interest rates, but more importantly to Bannister, interest rates after accounting for the effects of inflation are set to cross key thresholds. That is putting pressure on stock prices, and he says this bull market that began in 2009 may end by the first quarter of 2020.
Chinese stocks have already fallen into a bear market. The Shanghai Composite index fell 1.1 percent on Wednesday, and it's down more than 20 percent from a late January high.
Other Asian markets also fell Wednesday. Japan's Nikkei 225 lost 0.3 percent, and South Korea's Kospi sank 0.4 percent.
European stocks were higher. France's CAC 40 gained 0.9 percent, Germany's DAX rose 0.3 percent and the FTSE 100 in London added 1.1 percent.
In the U.S. market, Conagra Brands had the biggest loss among stocks in the S&P 500 after it agreed to buy Pinnacle Foods, the company behind Duncan Hines and Hungry-Man, in a deal that would create a frozen-food giant. Conagra dropped $2.78, or 7.3 percent, to $35.45.
The strongest area of the market was the energy sector. Crude jumped after a report showed that U.S. oil inventories dropped more sharply last week. It had already been rising on reports that the Trump administration is pushing other countries to stop importing oil from Iran.
Crude's rise helped drive energy stocks in the S&P 500 up 1.3 percent, more than double the gain for any of the other 10 sectors that make up the index.
Concho Resources, a company that looks for oil and gas in New Mexico and west Texas, jumped $6.09, or 4.6 percent, to $137.78 for the biggest gain in the S&P 500.
Benchmark U.S. crude rose $2.23 to settle at $72.76 per barrel. Brent crude, the international standard, rose $1.31 to $77.62 a barrel.
Natural gas rose 6 cents to $2.30 per 1,000 cubic feet, heating oil gained 5 cents to $2.17 per gallon and wholesale gasoline added 6 cents to $2.13 per gallon.
Gold fell $3.80 to $1,256.10 per ounce, silver lost 10 cents to $16.15 per ounce and copper slipped a penny to $3.01 per pound.
The dollar edged up to 110.20 Japanese yen from 110.13 yen late Tuesday. The euro fell to $1.1557 from $1.1650, and the British pound dropped to $1.3128 from $1.3232.
The yield on the 10-year Treasury dropped to 2.82 percent from 2.88 percent late Tuesday. The two-year yield fell to 2.48 percent from 2.53 percent, and the 30-year sank to 2.96 percent from 3.02 percent.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...-stocks-mixed-over-befuddling-us-trade-stance
US Tech Stocks Jump; Amazon Deal Shakes Health Care Firms
US stocks are bouncing back from their recent losses as technology companies and banks rise.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — A rally for technology companies helped U.S. stocks recover some of their recent losses Thursday, but trading remained uneven as investors tried to figure out if the tensions between the U.S. and other nations will spill over into a trade war.
Technology companies and banks were responsible for the bulk of the gains. Amazon surged and shook investors in two separate industries. The online retailer said it's buying online pharmacy PillPack, which led to sharp losses for drugstores and companies that distribute prescription medications to pharmacies. Amazon also announced that it is launching its own delivery van business, which hurt UPS and FedEx. U.S. crude oil rose to its highest price since November 2014.
Stocks started the day at their lowest levels in almost a month. Contradictory reports from U.S. officials about trade policy have led the market to lurch between gains and losses, sometimes by the hour.
"What's happening is that the market is watching the president and his team and the president is watching the markets," said Marina Severinovsky, an investment strategist at Schroders.
Severinovsky said the Trump administration doesn't want to derail the economy or the stock market and is sensitive to the way investors react to the ongoing trade disputes. Lately they've sent stocks lower, but if the market rallies in response to some strong second-quarter reports next month, she said the Trump team might feel encouraged to take tougher positions in trade talks.
The S&P 500 index added 16.68 points, or 0.6 percent, to 2,716.31. The Dow Jones Industrial Average rose 98.46 points, or 0.4 percent, to 24,216.05. The Nasdaq composite gained 58.60 points, or 0.8 percent, to 7,503.68. The Russell 2000 index of smaller-company stocks picked up 4.56 points, or 0.3 percent, to 1,645.02.
Amazon shook up multiple industries Thursday after it said it's buying online pharmacy PillPack, which offers pre-sorted dose packaging and home delivery. Investors expected Amazon to use its muscle to reduce costs and drug prices, and that led to sharp losses for drugstores, pharmacy benefits managers and companies that distribute medications.
Amazon rose 2.5 percent to $1,701.45 while Walgreens fell 9.9 percent to $59.70, and medication distributor Cardinal Health shed 4.8 percent to $50.37. Pharmacy benefits manager Express Scripts dipped 1.4 percent to $77.62.
Amazon also announced a new program under which contractors around the country can launch businesses that deliver Amazon packages, meaning Amazon will have new ways to deliver products without relying on companies like UPS and FedEx. UPS lost 2.3 percent to $105.88 and FedEx declined 1.3 percent to $226.67.
Benchmark U.S. crude continued to surge and gained 0.9 percent to $73.45 a barrel in New York. It's at its highest price since November 2014. Brent crude, used to price international oils, rose 0.3 percent to $77.85 a barrel in London.
Oil prices have rallied over the last week. First, investors concluded that OPEC countries will not increase oil production by as much as they feared. Then the U.S. started pressuring countries to stop importing oil from Iran, the world's sixth-largest producer of oil. The Trump administration is threatening other countries, including close allies such as South Korea, with sanctions if they don't cut off Iranian imports by early November, essentially erecting a global blockade.
BJ's Wholesale Club jumped after the company went public again. The stock started trading at $17 a share, at the high end of the company's projections, and then advanced 29.4 percent to $22. BJ's was taken private in 2011.
Madison Square Garden Co. jumped 13 percent to $303.29 after it said it will consider spinning off its sports division, which owns the NBA's New York Knicks and the NHL's Rangers, into a separate publicly traded company.
Still, trade concerns are a major reason the market is having a downbeat finish to the second quarter. The S&P 500 is down 2.4 percent in the last two weeks, trimming its gain for the quarter to 3 percent. The Dow is up just 0.5 percent.
The volatility may worsen at the beginning of the third quarter, as the U.S. is set to impose a 25 percent tariff on billions of dollars of Chinese products starting July 6. In response, China will raise import duties on $34 billion worth of American goods.
Bond prices edged lower. The yield on the 10-year Treasury note rose to 2.84 percent from 2.83 percent.
The dollar rose to 110.64 yen from 110.20 yen. The euro slipped to $1.1555 from $1.1557.
In other commodities trading, gold lost 0.4 percent to $1,251 an ounce. Silver fell 1.2 percent to $16.04 an ounce. Copper shed 1.2 percent to $2.97 a pound.
Wholesale gasoline was unchanged at $2.13 a gallon. Heating oil remained at $2.18 a gallon. Natural gas fell 1.4 percent to $2.94 per 1,000 cubic feet.
Germany's DAX was down 1.4 percent France's CAC 40 shed 1 percent. Britain's FTSE 100 lost 0.1 percent. Japan's benchmark Nikkei 225 index remained almost flat and South Korea's Kospi lost 1.2 percent. Hong Kong's Hang Seng added 0.5 percent.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
https://www.usnews.com/news/busines...higher-as-trade-conflict-uncertainty-persists
US Stocks Tick Higher, but Trade Worries Stop an Early Rally
US stocks finish mostly higher, but their early gains mostly evaporated as investors focused on unresolved trade tensions.
By MARLEY JAY, AP Markets Writer
NEW YORK (AP) — U.S. stocks finished mostly higher Friday, but they surrendered most of an early gain as worries about rising tariffs once again dampened investors' enthusiasm as the second quarter came to an end.
Banks led the early rally. The Federal Reserve gave the green light for most large U.S. financial institutions to pay bigger dividends to shareholders and buy back more stock. Apparel maker Nike surged after it said sales in North America improved in its latest quarter, helping the Dow Jones Industrial Average to a gain of around 293 points near midday.
Those gains eroded as investors again focused on U.S. trade policy, which has overhung the market since late February. Canada announced $12.6 billion in retaliatory tariffs on U.S. goods in response to U.S. tariffs on steel and aluminum imports. General Motors warned that if the Trump administration places import taxes on cars and car parts, it will likely face retaliation and might have to eliminate jobs in the U.S.
At the close, the Dow's gain was 55.36 points, or 0.2 percent, at 24,271.41. The S&P 500 index edged up 2.06 points, or 0.1 percent, to 2,718.37. The Nasdaq composite rose 6.62 points, or 0.1 percent, to 7,510.30. The Russell 2000 index of smaller-company stocks lost 1.95 points, or 0.1 percent, to 1,643.07. All four indexes ended the second three months of the year with gains with the Russell having the strongest showing, up 7.4 percent.
On Friday, Wells Fargo gained 3.4 percent to $55.44, its biggest gain since shortly after the 2016 Presidential election.
The gain came after the Federal Reserve allowed 32 of the 35 largest banks in the U.S. to raise their quarterly dividends and buy back more stock. The central bank determined that those institutions are in good enough financial shape to weather a major downturn in the economy.
While the Fed's "stress tests" measure a bank's financial health and are separate from its business tactics, investors felt the Fed's approval was a notable win for Wells. Earlier this year the Fed placed numerous restrictions on the bank in response to abusive practices that duped consumers out of millions of dollars.
Nike said revenue in North America grew after several quarters of declines, and its fourth-quarter profit and sales blew past Wall Street forecasts. The athletic apparel company also said it will buy back $15 billion in stock over the next four years. It gained 11.1 percent to $79.68, its biggest surge in almost four years.
With trade tensions in focus throughout the second quarter, stocks didn't make big gains, even after a very strong round of first-quarter corporate reports. The S&P 500 rose 2.9 percent over those three months and the Dow added just 0.7 percent.
Investors felt technology companies and smaller, more U.S.-focused companies were safe picks in case the trade tensions get worse. The Nasdaq composite jumped 6.3 percent and the Russell 2000 index advanced 7.4 percent. Both set records as recently as last week.
The Dow is the only major index still lower for the year, though only down 0.6 percent.
Only a week remains before the U.S. and China each place tariffs on tens of billions of dollars in imports. Shawn Cruz, manager of trader strategy for TD Ameritrade, said the outcome of the broader trade tensions will help determine what stocks do in the months to come. He said stocks might set more records if the situation is resolved in a way the market likes, but if the tensions end up hurting global economic growth, stocks could fall further.
Energy companies and oil prices continued to climb. Benchmark U.S. crude gained 1 percent to $74.15 a barrel in New York and rose 14 percent during the second quarter, to its highest price since late 2014. The S&P 500 index of energy companies climbed almost 13 percent this quarter, far better than the rest of the market and its biggest gain in six and a half years.
Brent crude, used to price international oils, rose 1.9 percent to $79.44 a barrel in London.
Wholesale gasoline climbed 2.2 percent to $2.18 a gallon. Heating oil jumped 1.4 percent to $2.21 a gallon. Natural gas lost 0.5 percent to $2.92 per 1,000 cubic feet.
Bond prices wobbled and turned lower. The yield on the 10-year Treasury note rose to 2.86 percent from 2.84 percent.
Gold added 0.3 percent to $1,254.50 an ounce. Silver gained 1 percent to $16.20 an ounce. Copper fell 0.2 percent to $2.97 a pound.
The dollar rose to 110.85 yen from 110.64 yen. The euro rose to $1.1672 from $1.1555.
France's CAC 40 gained 1.1 percent and the German DAX added 0.9 percent after a deal on migration relieved pressure on the coalition government of Chancellor Angela Merkel. Britain's FTSE 100 added 0.3 percent.
Japan's benchmark Nikkei 225 edged 0.2 percent higher. South Korea's Kospi advanced 0.5 percent and Hong Kong's Hang Seng added 1.6 percent.
7831
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
U.S. stock markets will close early at 1 p.m. ET Tuesday ahead of the Independence Day holiday on Wednesday.
https://finance.yahoo.com/m/075586a...6a54fed/ss_tech-companies-lead-us-stocks.html
Tech companies lead US stocks higher after rocky start
Associated Press
U.S. stocks closed higher Monday after a last-minute market rally erased the losses from a daylong slump.
Technology companies led the market rebound. Banks and health care stocks also notched gains. Energy took the biggest losses as crude oil prices declined. Big department store chains and consumer goods companies also declined.
The stock market, which was coming off two weekly losses in a row, was in the red for most of the day following disappointing economic data out of Asia that left global indexes sharply lower.
Trading volume was lighter than usual ahead of Tuesday, when U.S. markets are scheduled to close early for the Independence Day holiday the following day.
"We opened very low and then, during the course of the day, the market started to basically gain some momentum," said Quincy Krosby, chief market strategist at Prudential Financial. "The volume in the market typically comes down markedly in a holiday week, and moves can be exaggerated to the upside as well as to the downside by events, headlines or data."
The S&P 500 index rose 8.34 points, or 0.3 percent, to 2,726.71. The Dow Jones Industrial Average gained 35.77 points, or 0.2 percent, to 24,307.18. The Nasdaq composite jumped 57.38 points, or 0.8 percent, to 7,567.69. The Russell 2000 index of smaller-company stocks picked up 12.02 points, or 0.7 percent, to 1,655.09.
A slump in global markets weighed on U.S. stocks from the get-go Monday, after new economic reports out of China and Japan disappointed traders. A German government crisis also weighed on markets in Europe, which closed lower.
"You saw some of the more tariff-sensitive stocks a little bit weaker on the opening," said JJ Kinahan, chief market strategist for TD Ameritrade. "It's all headline news trading."
U.S. stocks gradually pared their losses as the day went on, led by gains in technology stocks.
Investors continued to focus on global trade tensions. The European Union warned the Trump administration Monday that it might slap tariffs on $300 billion of U.S. exports in retaliation for Trump's threatened tariffs on European cars. On Sunday, Canada started imposing tariffs on billions of dollars of U.S. goods in response to the Trump administration's duties on Canadian steel and aluminum.
The U.S. is set to impose a 25 percent tariff on up to $50 billion of Chinese products starting this Friday. In response, China has said it will raise import duties on $34 billion worth of American goods.
"We're just not sure what's going to happen with that," said Rob Haworth, senior investment strategist with U.S. Bank Wealth Management. "We don't think a lot of the July 6 tariffs have yet to be fully priced into the market."
Technology companies led the market rebound. Micron Technology led the sector, gaining 3.9 percent to $54.48.
"You're getting a reaction to last week, when technology did so poorly and now they're getting a bounce here," Haworth said.
Tracking shares in computer maker Dell vaulted 9 percent to $92.20 after it announced it would go public again after five years as a private company. Meanwhile, shares in VMware jumped 10.2 percent to $162.02 on speculation that Dell may buy the rest of the business software company, which will also issue a special dividend to shareholders.
Wynn Resorts sank 7.9 percent to $154.14 after June revenue growth at the casino operator's resorts in Macau fell well short of Wall Street's expectations.
Shares in several department store chains declined. Nordstrom fell 2.1 percent to $50.71, while Macy's lost 2.4 percent to $36.54. Kohl's gave up 2.2 percent to $71.33.
Bond prices fell. The yield on the 10-year Treasury rose to 2.87 percent from 2.86 percent late Friday.
The increase in bond yields helped lift bank shares. Interest rates on mortgages and other consumer loans tend to move along with bond yields. Rising rates translate into bigger profits for banks from credit cards, mortgages and other consumer loans. Capital One Financial gained 2.1 percent to $93.78.
Benchmark U.S. crude fell 21 cents to settle at $73.94 a barrel in New York. Brent crude, used to price international oils, lost $1.93, or 2.4 percent, to close at $77.30 in London. The decline in oil prices weighed on energy stocks. Cimarex Energy lost 4 percent to $97.66.
The dollar fell to 110.86 yen from 110.88 yen on Friday. The euro weakened to $1.1610 from $1.1669.
Gold fell $12.80, or 1 percent, to $1,241.70 an ounce. Silver dropped 36 cents, or 2.2 percent, to $15.84 an ounce. Copper lost 2 cents to $2.94 a pound.
In other energy futures trading, heating oil dropped 5 cents to $2.16 a gallon. Wholesale gasoline also fell 5 cents to $2.11 a gallon. Natural gas slid 6 cents to $2.86 per 1,000 cubic feet.
Major indexes in Europe finished in the red. Germany's DAX fell 0.6 percent, while France's CAC 40 lost 0.9 percent. Britain's FTSE 100 gave up 1.2 percent.
Markets in Asia were overshadowed by weaker than expected Chinese manufacturing data and a softening in Japan's economic outlook.
China's manufacturing activity slowed in June, adding to concerns that the economy is cooling due to tighter government controls on lending. Meanwhile, the Bank of Japan's "tankan" survey measuring confidence among large-scale manufacturers declined for the first time in two years.
Japan's benchmark Nikkei 225 index plunged 2.2 percent and South Korea's Kospi tumbled 2.4 percent. Australia's S&P/ASX 200 lost 0.3 percent. Taiwan's benchmark fell but Southeast Asian indexes were mixed. Hong Kong's markets were closed for a market holiday.
U.S. stock markets will close early at 1 p.m. ET Tuesday ahead of the Independence Day holiday on Wednesday.
https://finance.yahoo.com/m/075586a...6a54fed/ss_tech-companies-lead-us-stocks.html
Tech companies lead US stocks higher after rocky start
Associated Press
U.S. stocks closed higher Monday after a last-minute market rally erased the losses from a daylong slump.
Technology companies led the market rebound. Banks and health care stocks also notched gains. Energy took the biggest losses as crude oil prices declined. Big department store chains and consumer goods companies also declined.
The stock market, which was coming off two weekly losses in a row, was in the red for most of the day following disappointing economic data out of Asia that left global indexes sharply lower.
Trading volume was lighter than usual ahead of Tuesday, when U.S. markets are scheduled to close early for the Independence Day holiday the following day.
"We opened very low and then, during the course of the day, the market started to basically gain some momentum," said Quincy Krosby, chief market strategist at Prudential Financial. "The volume in the market typically comes down markedly in a holiday week, and moves can be exaggerated to the upside as well as to the downside by events, headlines or data."
The S&P 500 index rose 8.34 points, or 0.3 percent, to 2,726.71. The Dow Jones Industrial Average gained 35.77 points, or 0.2 percent, to 24,307.18. The Nasdaq composite jumped 57.38 points, or 0.8 percent, to 7,567.69. The Russell 2000 index of smaller-company stocks picked up 12.02 points, or 0.7 percent, to 1,655.09.
A slump in global markets weighed on U.S. stocks from the get-go Monday, after new economic reports out of China and Japan disappointed traders. A German government crisis also weighed on markets in Europe, which closed lower.
"You saw some of the more tariff-sensitive stocks a little bit weaker on the opening," said JJ Kinahan, chief market strategist for TD Ameritrade. "It's all headline news trading."
U.S. stocks gradually pared their losses as the day went on, led by gains in technology stocks.
Investors continued to focus on global trade tensions. The European Union warned the Trump administration Monday that it might slap tariffs on $300 billion of U.S. exports in retaliation for Trump's threatened tariffs on European cars. On Sunday, Canada started imposing tariffs on billions of dollars of U.S. goods in response to the Trump administration's duties on Canadian steel and aluminum.
The U.S. is set to impose a 25 percent tariff on up to $50 billion of Chinese products starting this Friday. In response, China has said it will raise import duties on $34 billion worth of American goods.
"We're just not sure what's going to happen with that," said Rob Haworth, senior investment strategist with U.S. Bank Wealth Management. "We don't think a lot of the July 6 tariffs have yet to be fully priced into the market."
Technology companies led the market rebound. Micron Technology led the sector, gaining 3.9 percent to $54.48.
"You're getting a reaction to last week, when technology did so poorly and now they're getting a bounce here," Haworth said.
Tracking shares in computer maker Dell vaulted 9 percent to $92.20 after it announced it would go public again after five years as a private company. Meanwhile, shares in VMware jumped 10.2 percent to $162.02 on speculation that Dell may buy the rest of the business software company, which will also issue a special dividend to shareholders.
Wynn Resorts sank 7.9 percent to $154.14 after June revenue growth at the casino operator's resorts in Macau fell well short of Wall Street's expectations.
Shares in several department store chains declined. Nordstrom fell 2.1 percent to $50.71, while Macy's lost 2.4 percent to $36.54. Kohl's gave up 2.2 percent to $71.33.
Bond prices fell. The yield on the 10-year Treasury rose to 2.87 percent from 2.86 percent late Friday.
The increase in bond yields helped lift bank shares. Interest rates on mortgages and other consumer loans tend to move along with bond yields. Rising rates translate into bigger profits for banks from credit cards, mortgages and other consumer loans. Capital One Financial gained 2.1 percent to $93.78.
Benchmark U.S. crude fell 21 cents to settle at $73.94 a barrel in New York. Brent crude, used to price international oils, lost $1.93, or 2.4 percent, to close at $77.30 in London. The decline in oil prices weighed on energy stocks. Cimarex Energy lost 4 percent to $97.66.
The dollar fell to 110.86 yen from 110.88 yen on Friday. The euro weakened to $1.1610 from $1.1669.
Gold fell $12.80, or 1 percent, to $1,241.70 an ounce. Silver dropped 36 cents, or 2.2 percent, to $15.84 an ounce. Copper lost 2 cents to $2.94 a pound.
In other energy futures trading, heating oil dropped 5 cents to $2.16 a gallon. Wholesale gasoline also fell 5 cents to $2.11 a gallon. Natural gas slid 6 cents to $2.86 per 1,000 cubic feet.
Major indexes in Europe finished in the red. Germany's DAX fell 0.6 percent, while France's CAC 40 lost 0.9 percent. Britain's FTSE 100 gave up 1.2 percent.
Markets in Asia were overshadowed by weaker than expected Chinese manufacturing data and a softening in Japan's economic outlook.
China's manufacturing activity slowed in June, adding to concerns that the economy is cooling due to tighter government controls on lending. Meanwhile, the Bank of Japan's "tankan" survey measuring confidence among large-scale manufacturers declined for the first time in two years.
Japan's benchmark Nikkei 225 index plunged 2.2 percent and South Korea's Kospi tumbled 2.4 percent. Australia's S&P/ASX 200 lost 0.3 percent. Taiwan's benchmark fell but Southeast Asian indexes were mixed. Hong Kong's markets were closed for a market holiday.
U.S. stock markets will close early at 1 p.m. ET Tuesday ahead of the Independence Day holiday on Wednesday.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
U.S. stock markets will be closed on tomorrow Wednesday for the July 4 Independence Day holiday.
https://www.usnews.com/news/busines...arkets-tumble-as-china-us-trade-tensions-rise
S&P 500 Snaps 3-Day Winning Streak; Trade Fireworks Ahead?
U.S. stocks closed lower Tuesday as a swift sell-off in the final minutes of trading wiped out earlier gains and snapped a three-day winning streak for the market.
By ALEX VEIGA, AP Business Writer
U.S. stocks closed lower Tuesday as a swift sell-off in the final minutes of trading wiped out earlier gains and snapped a three-day winning streak for the market.
Technology companies and banks led the market slide, outweighing gains in health care and energy stocks. The Dow Jones Industrial Average and S&P 500 each fell 0.5 percent. The Nasdaq composite fell nearly 1 percent, while smaller companies bucked the trend with modest gains.
The trading session was shortened ahead of the Independence Day holiday. Once investors return Thursday, they'll have no shortage of reasons to snap out of the holiday lull by the end of the week.
On Friday the U.S. is set to impose a 25 percent tariff on $34 billion worth of Chinese imports. And China is expected to strike back with tariffs on a similar amount of U.S. exports. The big question is how far the two countries will go in their dispute over trade.
"The market might get worked up about a tit-for-tat retaliation, which we'll probably see," said Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute. "There's a relatively low probability of an all-out trade war."
The Trump administration has said it won't target an additional $16 billion worth of Chinese goods until it gathers further public comments. It's also identifying an additional $200 billion in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates.
Uncertainty over U.S. trade policy has hung over the market since late February. The S&P 500 posted two consecutive weekly declines heading into this week.
Investors will also have their eye Friday on the Labor Department's latest monthly jobs and wage report.
Analysts expect the report will show that hourly wages rose 2.8 percent last month. But if it comes in above 3 percent, that could be a bad day for the market, Wren said.
"The market is paying very close attention to wage pressure, very close attention to anything that's going to hurt corporate margins, anything that's going to make the Fed want to quicken the pace and magnitude of interest rate hikes," Wren said.
On Tuesday, gainers slightly outnumbered decliners on the New York Stock Exchange, with small-company stocks faring better than the overall market. Trading volume was lighter than usual going into Wednesday's U.S. market holiday.
The S&P 500 index fell 13.49 points, or 0.5 percent, to 2,713.22. The Dow Jones Industrial Average slid 132.36 points, or 0.5 percent, to 24,174.82. The Nasdaq lost 65.01 points, or 0.9 percent, to 7,502.67. Smaller-company stocks bucked the broader market decline. The Russell 2000 index picked up 5.33 points, or 0.3 percent, to 1,660.42.
Bond prices rose. The yield on the 10-year Treasury fell to 2.83 percent from 2.87 percent late Monday.
Technology and bank stocks took some of the heaviest losses. Chip maker Micron Technology slumped 5.5 percent to $51.48, while Charles Schwab dropped 2.1 percent to $50.24.
Traders sent shares in Campbell Soup higher after the New York Post reported an activist investor is in talks with shareholders about potentially selling the company. The stock gained 1.8 percent to $41.03.
Crude oil futures pared some of their early gains. Benchmark U.S. crude added 20 cents to $74.14 a barrel in New York. The contract reached more than $75 a barrel in early trading. Brent crude, used to price international oils, rose 46 cents to $77.76 a barrel in London.
The dollar fell to 110.62 yen from 110.86 yen on Monday. The euro strengthened to $1.1652 from $1.1610.
Gold rose $11.80, or 1 percent, to $1,253.50 an ounce. Silver gained 21 cents to $16.04 an ounce. Copper slipped 3 cents to $2.92 a pound.
In other energy futures trading, heating oil gained 1 cent to $2.16 a gallon. Wholesale gasoline added a penny to $2.12 a gallon. Natural gas rose a penny to $2.87 per 1,000 cubic feet.
Major stock indexes in Europe notched gains. Germany's DAX rose 0.7 percent as German leaders put to rest fears that a weekslong dispute on migration may topple Chancellor Angela Merkel's fourth government. France's CAC 40 added 0.8 percent and Britain's FTSE 100 gained 0.5 percent.
In Asia, Hong Kong's Hang Seng closed 1.4 percent lower, while Japan's benchmark Nikkei 225 index lost 0.1 percent. South Korea's Kospi added 0.1 percent. Australia's S&P/ASX 200 rose 0.5 percent after the Reserve Bank of Australia kept its 1.5 percent benchmark interest rate unchanged.
https://www.usnews.com/news/busines...arkets-tumble-as-china-us-trade-tensions-rise
S&P 500 Snaps 3-Day Winning Streak; Trade Fireworks Ahead?
U.S. stocks closed lower Tuesday as a swift sell-off in the final minutes of trading wiped out earlier gains and snapped a three-day winning streak for the market.
By ALEX VEIGA, AP Business Writer
U.S. stocks closed lower Tuesday as a swift sell-off in the final minutes of trading wiped out earlier gains and snapped a three-day winning streak for the market.
Technology companies and banks led the market slide, outweighing gains in health care and energy stocks. The Dow Jones Industrial Average and S&P 500 each fell 0.5 percent. The Nasdaq composite fell nearly 1 percent, while smaller companies bucked the trend with modest gains.
The trading session was shortened ahead of the Independence Day holiday. Once investors return Thursday, they'll have no shortage of reasons to snap out of the holiday lull by the end of the week.
On Friday the U.S. is set to impose a 25 percent tariff on $34 billion worth of Chinese imports. And China is expected to strike back with tariffs on a similar amount of U.S. exports. The big question is how far the two countries will go in their dispute over trade.
"The market might get worked up about a tit-for-tat retaliation, which we'll probably see," said Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute. "There's a relatively low probability of an all-out trade war."
The Trump administration has said it won't target an additional $16 billion worth of Chinese goods until it gathers further public comments. It's also identifying an additional $200 billion in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates.
Uncertainty over U.S. trade policy has hung over the market since late February. The S&P 500 posted two consecutive weekly declines heading into this week.
Investors will also have their eye Friday on the Labor Department's latest monthly jobs and wage report.
Analysts expect the report will show that hourly wages rose 2.8 percent last month. But if it comes in above 3 percent, that could be a bad day for the market, Wren said.
"The market is paying very close attention to wage pressure, very close attention to anything that's going to hurt corporate margins, anything that's going to make the Fed want to quicken the pace and magnitude of interest rate hikes," Wren said.
On Tuesday, gainers slightly outnumbered decliners on the New York Stock Exchange, with small-company stocks faring better than the overall market. Trading volume was lighter than usual going into Wednesday's U.S. market holiday.
The S&P 500 index fell 13.49 points, or 0.5 percent, to 2,713.22. The Dow Jones Industrial Average slid 132.36 points, or 0.5 percent, to 24,174.82. The Nasdaq lost 65.01 points, or 0.9 percent, to 7,502.67. Smaller-company stocks bucked the broader market decline. The Russell 2000 index picked up 5.33 points, or 0.3 percent, to 1,660.42.
Bond prices rose. The yield on the 10-year Treasury fell to 2.83 percent from 2.87 percent late Monday.
Technology and bank stocks took some of the heaviest losses. Chip maker Micron Technology slumped 5.5 percent to $51.48, while Charles Schwab dropped 2.1 percent to $50.24.
Traders sent shares in Campbell Soup higher after the New York Post reported an activist investor is in talks with shareholders about potentially selling the company. The stock gained 1.8 percent to $41.03.
Crude oil futures pared some of their early gains. Benchmark U.S. crude added 20 cents to $74.14 a barrel in New York. The contract reached more than $75 a barrel in early trading. Brent crude, used to price international oils, rose 46 cents to $77.76 a barrel in London.
The dollar fell to 110.62 yen from 110.86 yen on Monday. The euro strengthened to $1.1652 from $1.1610.
Gold rose $11.80, or 1 percent, to $1,253.50 an ounce. Silver gained 21 cents to $16.04 an ounce. Copper slipped 3 cents to $2.92 a pound.
In other energy futures trading, heating oil gained 1 cent to $2.16 a gallon. Wholesale gasoline added a penny to $2.12 a gallon. Natural gas rose a penny to $2.87 per 1,000 cubic feet.
Major stock indexes in Europe notched gains. Germany's DAX rose 0.7 percent as German leaders put to rest fears that a weekslong dispute on migration may topple Chancellor Angela Merkel's fourth government. France's CAC 40 added 0.8 percent and Britain's FTSE 100 gained 0.5 percent.
In Asia, Hong Kong's Hang Seng closed 1.4 percent lower, while Japan's benchmark Nikkei 225 index lost 0.1 percent. South Korea's Kospi added 0.1 percent. Australia's S&P/ASX 200 rose 0.5 percent after the Reserve Bank of Australia kept its 1.5 percent benchmark interest rate unchanged.
bigdog
Retired many years ago
- Joined
- 19 July 2006
- Posts
- 8,125
- Reactions
- 5,476
U.S. stock markets closedTODAY for the July 4 Independence Day holiday.
REST OF WORLD REPORTED
https://finance.yahoo.com/m/2bf4feac-49cf-306e-b22e-e1fc7d4c2bc9/ss_asian-shares-track-wall-st.html
Asian shares track Wall St decline as China-US tariffs loom
Associated PressJuly 4, 2018
BANGKOK (AP) — Asian shares were moderately lower on Wednesday after U.S. stocks succumbed to a sell-off in the final minutes of trading, snapping a three-day winning streak.
KEEPING SCORE: Japan's Nikkei 225 index fell 0.4 percent to 21,707.11 and the Shanghai Composite index dropped 0.7 percent to 2,767.91. Hong Kong's Hang Seng index fell 1.1 percent to 28,239.11 and the Kospi in South Korea lost 0.4 percent to 2,264.58. Australia's S&P ASX/200 gave up 0.6 percent to 6,176.00. Shares also fell in Southeast Asia and Taiwan.
WALL STREET: Technology companies and banks led the market slide, outweighing gains in health care and energy stocks. The trading session, shortened ahead of the Independence Day holiday, pulled the S&P 500 index down 0.5 percent to 2,713.22. The Dow Jones Industrial Average slid 0.5 percent to 24,174.82 and the Nasdaq lost 0.9 percent to 7,502.67. Smaller-company stocks bucked the broader market decline, with the Russell 2000 index picking up 0.3 percent, to 1,660.42.
CHINA-U.S. TRADE: On Friday the U.S. is set to impose a 25 percent tariff on $34 billion worth of Chinese imports. And China is expected to strike back with tariffs on a similar amount of U.S. exports. The big question is how far the two countries will go in their dispute over trade. The Trump administration has said it won't target an additional $16 billion worth of Chinese goods until it gathers further public comments. It's also identifying an additional $200 billion in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates.
CHINESE CURRENCY: Reported comments by the head of China's central bank saying he's closely watching the recent slide in the value of the yuan, also known as the renminbi (RMB), against the U.S. dollar have helped to reassure investors. People's Bank of China Gov. Yi Gang said financial risks were under control and the China's international balance of payments and currency flows were stable.
ANALYST VIEWPOINT: "The statement puts paid to any fears that the PBOC could be engineering a depreciation to cushion the economy, as Yi Gang stakes his credibility on the RMB being stable within the bounds of broad USD volatility," Chang Weiliang of Mizuho Bank said in a commentary. The yuan fell to 6.70 yuan to the U.S. dollar on Tuesday but ended the day at 6.64 yuan in its first trading day gain in two weeks, Chang said.
ENERGY: Benchmark U.S. crude added 44 cents to $74.58 per barrel in electronic trading on the New York Mercantile Exchange. It added 20 cents to $74.14 a barrel on Tuesday, reaching more than $75 a barrel in early trading. Brent crude, used to price international oils, rose 31 cents to $78.07 per barrel.
CURRENCIES: The dollar fell to 110.44 yen from 110.59 yen on Tuesday. The euro strengthened to $1.1664 from $1.1657.
https://finance.yahoo.com/m/1b7c8079-c921-318b-8e1f-815a23c131df/ss_european-markets-close.html
European markets close marginally higher as trade war concerns hit tech stocks
European stocks closed marginally higher Wednesday afternoon, amid elevated tensions between the U.S. and China over looming trade tariffs and investment restrictions.
The pan-European Stoxx 600 edged up 0.04 percent during the day's deal-making, with a slim majority of sectors in positive territory.
The FTSE 100 in London and Germany's Xetra Dax closed lower while the French CAC 40 managed to eke out a small gain.
Trading volumes were lighter than usual because U.S. financial markets were closed for the Independence Day holiday.
Europe's technology stocks led the losses, down more than 1 percent after a slide in U.S. chip makers overnight. U.S. peer Micron was banned from selling chips in China late Tuesday, as heightened fears over trade frictions prompted a slump in global tech shares. Europe's STMicroelectronics and Siltronic were the worst sectoral performers, down over 3 and 7 percent respectively.
Looking at individual stocks, French healthcare company Orpea rose towards the top of the European benchmark after HSBC raised its stock recommendation to "buy." Shares of the Paris-listed company ended up 2.06 percent on the news.
Meanwhile, shares of Danske Bank dipped 2.01 percent after Danish daily newspaper Berlingske cited new data in an Estonian money laundering legal case.
Gold hit a one week high on Wednesday helped by a softer dollar. The U.S currency fell versus the euro and the yuan, with the Chinese currency continuing its recovery from recent 11-month lows.
Trade frictions
Britain's dominant services industry gained momentum last month, ramping up expectations that the country's central bank could soon raise interest rates. The IHS Markit services Purchasing Managers' Index (PMI) rose to an eight-month high of 55.1 in June, further supporting recent signs of the U.K.'s tentative economic recovery.
Elsewhere, Germany also recorded robust growth in its services sector. Markit's final services PMI rose to 54.1 in June, climbing to its highest level in four months.
Market focus is largely attuned to the ongoing U.S.-Sino trade row, with investors concerned that the dispute could soon derail a rare period of synchronized global growth. At the end of the trading week, Washington is set to impose tariffs on $34 billion worth of goods from Beijing. China is then expected to respond with charges of its own on U.S. products.
REST OF WORLD REPORTED
https://finance.yahoo.com/m/2bf4feac-49cf-306e-b22e-e1fc7d4c2bc9/ss_asian-shares-track-wall-st.html
Asian shares track Wall St decline as China-US tariffs loom
Associated PressJuly 4, 2018
BANGKOK (AP) — Asian shares were moderately lower on Wednesday after U.S. stocks succumbed to a sell-off in the final minutes of trading, snapping a three-day winning streak.
KEEPING SCORE: Japan's Nikkei 225 index fell 0.4 percent to 21,707.11 and the Shanghai Composite index dropped 0.7 percent to 2,767.91. Hong Kong's Hang Seng index fell 1.1 percent to 28,239.11 and the Kospi in South Korea lost 0.4 percent to 2,264.58. Australia's S&P ASX/200 gave up 0.6 percent to 6,176.00. Shares also fell in Southeast Asia and Taiwan.
WALL STREET: Technology companies and banks led the market slide, outweighing gains in health care and energy stocks. The trading session, shortened ahead of the Independence Day holiday, pulled the S&P 500 index down 0.5 percent to 2,713.22. The Dow Jones Industrial Average slid 0.5 percent to 24,174.82 and the Nasdaq lost 0.9 percent to 7,502.67. Smaller-company stocks bucked the broader market decline, with the Russell 2000 index picking up 0.3 percent, to 1,660.42.
CHINA-U.S. TRADE: On Friday the U.S. is set to impose a 25 percent tariff on $34 billion worth of Chinese imports. And China is expected to strike back with tariffs on a similar amount of U.S. exports. The big question is how far the two countries will go in their dispute over trade. The Trump administration has said it won't target an additional $16 billion worth of Chinese goods until it gathers further public comments. It's also identifying an additional $200 billion in Chinese goods for 10 percent tariffs, which could take effect if Beijing retaliates.
CHINESE CURRENCY: Reported comments by the head of China's central bank saying he's closely watching the recent slide in the value of the yuan, also known as the renminbi (RMB), against the U.S. dollar have helped to reassure investors. People's Bank of China Gov. Yi Gang said financial risks were under control and the China's international balance of payments and currency flows were stable.
ANALYST VIEWPOINT: "The statement puts paid to any fears that the PBOC could be engineering a depreciation to cushion the economy, as Yi Gang stakes his credibility on the RMB being stable within the bounds of broad USD volatility," Chang Weiliang of Mizuho Bank said in a commentary. The yuan fell to 6.70 yuan to the U.S. dollar on Tuesday but ended the day at 6.64 yuan in its first trading day gain in two weeks, Chang said.
ENERGY: Benchmark U.S. crude added 44 cents to $74.58 per barrel in electronic trading on the New York Mercantile Exchange. It added 20 cents to $74.14 a barrel on Tuesday, reaching more than $75 a barrel in early trading. Brent crude, used to price international oils, rose 31 cents to $78.07 per barrel.
CURRENCIES: The dollar fell to 110.44 yen from 110.59 yen on Tuesday. The euro strengthened to $1.1664 from $1.1657.
https://finance.yahoo.com/m/1b7c8079-c921-318b-8e1f-815a23c131df/ss_european-markets-close.html
European markets close marginally higher as trade war concerns hit tech stocks
- The pan-European Stoxx 600 edged up 0.04 percent during Wednesday deals.
- Trading volumes were lighter than usual because U.S. financial markets were closed for Independence Day.
- Market focus remained largely attuned to the ongoing U.S.-Sino trade row.
European stocks closed marginally higher Wednesday afternoon, amid elevated tensions between the U.S. and China over looming trade tariffs and investment restrictions.
The pan-European Stoxx 600 edged up 0.04 percent during the day's deal-making, with a slim majority of sectors in positive territory.
The FTSE 100 in London and Germany's Xetra Dax closed lower while the French CAC 40 managed to eke out a small gain.
Trading volumes were lighter than usual because U.S. financial markets were closed for the Independence Day holiday.
Europe's technology stocks led the losses, down more than 1 percent after a slide in U.S. chip makers overnight. U.S. peer Micron was banned from selling chips in China late Tuesday, as heightened fears over trade frictions prompted a slump in global tech shares. Europe's STMicroelectronics and Siltronic were the worst sectoral performers, down over 3 and 7 percent respectively.
Looking at individual stocks, French healthcare company Orpea rose towards the top of the European benchmark after HSBC raised its stock recommendation to "buy." Shares of the Paris-listed company ended up 2.06 percent on the news.
Meanwhile, shares of Danske Bank dipped 2.01 percent after Danish daily newspaper Berlingske cited new data in an Estonian money laundering legal case.
Gold hit a one week high on Wednesday helped by a softer dollar. The U.S currency fell versus the euro and the yuan, with the Chinese currency continuing its recovery from recent 11-month lows.
Trade frictions
Britain's dominant services industry gained momentum last month, ramping up expectations that the country's central bank could soon raise interest rates. The IHS Markit services Purchasing Managers' Index (PMI) rose to an eight-month high of 55.1 in June, further supporting recent signs of the U.K.'s tentative economic recovery.
Elsewhere, Germany also recorded robust growth in its services sector. Markit's final services PMI rose to 54.1 in June, climbing to its highest level in four months.
Market focus is largely attuned to the ongoing U.S.-Sino trade row, with investors concerned that the dispute could soon derail a rare period of synchronized global growth. At the end of the trading week, Washington is set to impose tariffs on $34 billion worth of goods from Beijing. China is then expected to respond with charges of its own on U.S. products.
