NYSE Dow Jones finished today at:

[bigdog]

Another wobbly day of trading on Wall Street ended Thursday with modest gains, nudging the market's winning streak to a sixth straight day.

Banks, big retailers and communication services companies accounted for much of the market's gains as a late-afternoon flurry of buying drove stocks higher. Technology and health care stocks lagged the most.

Markets have been wobbly throughout the week as investors wait for the government's jobs report on Friday and prepare for a new round of corporate earnings reports next week.

https://www.usnews.com/news/busines...es-waver-following-lackluster-wall-st-session

US Stock Indexes Finish Mostly Higher After a Wobbly Day
Another wobbly day of trading on Wall Street ended Thursday with modest gains, nudging the market's winning streak to a sixth straight day.
April 4, 2019, at 4:56 p.m.

By ALEX VEIGA, AP Business Writer

Another wobbly day of trading on Wall Street ended Thursday with modest gains, nudging the market's winning streak to a sixth straight day.

Banks, big retailers and communication services companies accounted for much of the market's gains as a late-afternoon flurry of buying drove stocks higher. Technology and health care stocks lagged the most.

Markets have been wobbly throughout the week as investors wait for the government's jobs report on Friday and prepare for a new round of corporate earnings reports next week.

New government data on Thursday showing applications for unemployment aid fell last week to a 49-year low likely means Friday's jobs report will show a strong rebound in hiring after a weak February, said Phil Orlando, chief equity strategist at Federated Investors.

"The one piece of economic news we got today was actually quite good," Orlando said. "The (jobs) number should be good, and to some degree I think the market has been grinding up, reflecting that improvement, along with other improvements in economic data points that we've seen over the last couple of weeks."

The S&P 500 index rose 5.99 points, or 0.2%, to 2,879.39. The Dow Jones Industrial Average gained 166.50 points, or 0.6%, to 26,384.63.

The Nasdaq fell 3.77 points, or 0.1%, to 7,891.78. The Russell 2000 index of smaller company stocks picked up 6.58 points, or 0.4%, to 1,567.49.

Major indexes in Europe finished mostly lower.

Despite some bumps this week, the major U.S. stock indexes are on track to end the week with gains, adding to the market's blockbuster returns in the January-March period. The S&P 500 is now up 14.9% this year.

"The market is up 22 percent since the Christmas Eve lows, so the pace of improvement here is going to shift from being strongly positive, as we saw during the first quarter, to more of a grind at this point," Orlando said.

The market could finish the week on a strong note if a the government's latest jobs report shows, as many economists expect, that hiring bounced back in March after adding a paltry 20,000 jobs in February.

Most economists attributed February's meager job gains to harsh winter weather and other temporary factors. The March tally is expected to show employers added 175,000 jobs, according to FactSet.

Investors are also keeping a close watch on the latest rounds of U.S.-China trade negotiations. Washington and Beijing opened a ninth round of talks Wednesday, aiming to further narrow differences in a trade war that has deepened uncertainty for businesses and investors and cast a pall over the outlook for the global economy.

The latest reports say that both sides have resolved most of the key issues, with some pledges from China to end practices viewed by the U.S. as technology theft.

While the big wave of corporate earnings reports arrives next week, some companies have begun providing details that hint at what their next quarterly report cards will show.

Tesla sank 8.2% a day after the electric vehicle company said vehicle deliveries fell sharply in the first quarter.

The company only churned out 77,100 vehicles to start the year, leaving it well off pace to meet CEO Elon Musk's pledge to build 500,000 cars annually.

Musk already warned investors that the company will lose money during the first quarter as it cuts costs in order to lower the price of the Model 3, its first electric car designed for the mass market.

Meanwhile, Office Depot plunged 23.6% after the retailer warned investors that first-quarter revenue would fall short of forecasts. It also said a 20% jump in paper costs over the last 12 months will weigh down operating expenses.

Constellation Brands climbed 6.5% after the wine, liquor and beer company's fourth-quarter results topped Wall Street's forecasts. The company also said it will sell about 30 of its cheaper wine brands.

Boeing gained 2.9% after new details were released about the deadly Ethiopian Airlines crash of an passenger airplane built by the aircraft manufacturer.

Bond prices were little changed. The yield on the benchmark 10-year Treasury held at 2.51%.

The dollar rose to 111.58 yen from 111.47 yen on Wednesday. The euro weakened to $1.1221 from $1.1240.

Energy futures posted an uneven finish. Benchmark U.S. crude dropped 0.6% to settle at $62.10 a barrel. Brent crude, used to price international oils, closed 0.1% higher at $69.40 a barrel.

Wholesale gasoline dropped 0.6% to $1.94 a gallon, heating oil picked up 0.3% to $2.01 a gallon and natural gas fell 1.3% to $2.64 per 1,000 cubic feet.

Gold inched 0.1% lower to $1,294.30 an ounce, silver slipped 0.1% to $15.08 an ounce and copper fell 1.3% to $2.91 a pound.

 

[bigdog]

Wall Street closed out another solid week of gains Friday as the stock market hit its longest winning streak in a year and a half.

Health care, energy and technology companies accounted for much of the broad rally, which extended the S&P 500's consecutive run of gains to seven days. The benchmark index also ended the week with its second straight weekly gain. Small company stocks did better than the rest of the market.

A strong rebound in hiring, which eased worries that the U.S. economy is slowing too sharply, helped put traders in a buying mood.

https://www.usnews.com/news/busines...ostly-higher-on-upbeat-talk-on-china-us-trade

Jobs Rebound Drives US Stocks Higher for Another Weekly Gain
Wall Street closed out another solid week of gains Friday as the stock market hit its longest winning streak in a year and a half.
April 5, 2019, at 4:50 p.m.

By ALEX VEIGA, AP Business Writer

Wall Street closed out another solid week of gains Friday as the stock market hit its longest winning streak in a year and a half.

Health care, energy and technology companies accounted for much of the broad rally, which extended the S&P 500's consecutive run of gains to seven days. The benchmark index also ended the week with its second straight weekly gain. Small company stocks did better than the rest of the market.

A strong rebound in hiring, which eased worries that the U.S. economy is slowing too sharply, helped put traders in a buying mood.

The jobs report also hit a happy medium for markets, strategists said. It was neither low enough to heighten recession worries nor high enough to prod the Federal Reserve to raise interest rates.

"The big driver now over the next few weeks will be earnings," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "The bar is low, expectations are low, and that sets the market up for maybe some modest upside."

The S&P 500 rose 13.35 points, or 0.5%, to 2,892.74. The Dow Jones Industrial Average gained 40.36 points, or 0.2%, to 26,424.99. The Nasdaq composite climbed 46.91 points, or 0.6%, to 7,938.69.

The Russell 2000 index of smaller company stocks picked up 15.06 points, or 1%, to 1,582.56.

The S&P 500 has climbed every day this week, though most of the gains were only modest, and it now sits just 1.4% away from its most recent record high, which was set in September. The index has been tacking on more gains since closing out its best quarter in nearly a decade, with a 13.1% rise in the first three months of the year.

On Friday, traders drew encouragement from the government's latest monthly tally of hiring.

The Labor Department said that U.S. employers added 196,000 jobs last month, more than economists had forecast. The strong rebound suggests the prior month's jobs report, which was shockingly weak, may have been an aberration and that the economy can continue to grow, albeit at a slower pace.

"This is another green shoot of growth," Steve Chiavarone, portfolio manager and equity strategist at Federated Investors, who pointed to other encouraging data about the U.S. and China's economies from recent weeks. He expects economic growth to re-accelerate after hitting a bottom in the first part of 2009.

And with the Fed on record saying it may not raise rates at all this year, after having done so four times in 2018, "good news now is just good news," Chiavarone said.

That's unlike prior market scares, when investors saw strong data as bad news because it could encourage a more aggressive Fed. The mentality flipped earlier this year after the Fed said it may not raise rates at all this year after raising them four times in 2018.

The unemployment rate last month remained near a 50-year low of 3.8%. Average hourly earnings rose 3.2% in March from a year earlier, which was weaker than economists' forecasts. Markets pay close attention to the numbers because while higher wages help workers afford to buy more things, they also crimp corporate profit margins.

Profitability is one of the market's top concerns as companies line up to begin reporting their first-quarter results next week.

Analysts expect companies in the S&P 500 to report a nearly 4% drop in earnings per share from a year earlier, which would be the first decline since the spring of 2016.

The expected drop in profits is due almost entirely to weaker profit margins. Analysts are forecasting that revenue grew nearly 5% for S&P 500 companies during the quarter. Companies are holding on to less of each $1 of revenue as profit than a year ago, analysts say.

Health care and technology companies helped pulled the market higher Friday. Cigna rose 2.9% and Lam Research added 2.2%.

Energy stocks in the S&P 500 jumped 1.7%, by far the biggest gain among the 11 sectors that make up the index.

Apache jumped 6.6%, EOG Resources rose 5.3% and Anadarko Petroleum added 4.3% as energy-related stocks plowed higher with the price of crude oil.

The strong jobs report helped expectations for oil demand, and benchmark U.S. crude rose 1.6% to settle at $63.08 a barrel. Brent crude, the international standard, added 1.4% to close at $70.34.

Treasury yields wavered following the jobs report.

The yield on the 10-year Treasury tends to rise and fall with expectations for the U.S. economy and inflation, and it had been largely falling since last autumn as worries about a possible recession grew. After hitting a bottom at 2.37% last week, though, it had begun to recover.

On Friday, the yield on the 10-year Treasury climbed as high as 2.54% in the minutes following the job report's release, up from 2.51% late Thursday. But the gains evaporated, and it subsequently dipped down to 2.49%.

The yield on the two-year Treasury, whose movements are more closely tied to the Fed's actions, also bounced up and down following the jobs report. It rose to 2.33% from 2.32% late Thursday.

Major indexes in Europe finished higher, led by Britain's FTSE 100. The index rose 0.6% after Prime Minister Theresa May requested a further Brexit extension from the European Union until June 30 to give the U.K. breathing room since it is now scheduled to leave the bloc in just one week.

European Council President Donald Tusk proposed a longer time frame, urging the 27 other EU nations to offer the U.K. a flexible extension of up to a year to make sure the nation doesn't crash out of the bloc in a chaotic and costly way.

The CAC 40 in France and Germany's DAX each rose 0.2%.

The dollar rose to 111.71 yen from 111.58 yen on Thursday. The euro weakened to $1.1218 from $1.1221.

Gold inched 0.1% higher to $1,295.60 an ounce, silver was little changed at $15.09 an ounce and copper fell 0.5% to $2.89 a pound.

In other energy futures trading, wholesale gasoline rose 1.5% to $1.97 a gallon, heating oil picked up 1.4% to $2.04 a gallon and natural gas gained 0.8% to $2.66 per 1,000 cubic feet.

6439

 

[bigdog]

U.S. stock indexes took a round trip Monday, erasing their early-morning losses to end the day close to where they started.

The S&P 500 eked out a small gain, enough to prolong its winning streak to eight days, its longest in a year and a half. But the Dow Jones Industrial Average ended lower due to another big loss for Boeing.

Most stock movements were only modest, and the market was nearly evenly split between winners and losers as investors looked ahead to a busy week for markets with updates scheduled for corporate earnings, the U.S. economy and global trade.

https://www.usnews.com/news/busines...ixed-after-china-us-trade-talks-show-progress

S&P 500 Ekes Out Gain, Enough to Extend Winning Streak
U.S. stock indexes pulled back on Monday, putting at least a temporary halt to their weekslong advance, ahead of a busy week for markets.
April 8, 2019, at 4:35 p.m

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stock indexes took a round trip Monday, erasing their early-morning losses to end the day close to where they started.

The S&P 500 eked out a small gain, enough to prolong its winning streak to eight days, its longest in a year and a half. But the Dow Jones Industrial Average ended lower due to another big loss for Boeing.

Most stock movements were only modest, and the market was nearly evenly split between winners and losers as investors looked ahead to a busy week for markets with updates scheduled for corporate earnings, the U.S. economy and global trade.

The S&P 500 rose 3.03 points, or 0.1%, to 2,895.77. It climbed to within 1.2% of its record, which was set in September, and had been down as much as 0.4% in morning trading.

The Dow slipped 83.97, or 0.3%, to 26,341.02, and the Nasdaq gained 15.19, or 0.2%, to 7,953.88. The Russell 2000 index of small-cap stocks fell 3.55, or 0.2%, to 1,579.00.

Boeing was one of the biggest movers on the quiet Monday, slumping 4.4% after saying late Friday that it will cut production of its 737 Max plane. Regulators around the world grounded the jet model after it was involved in two separate fatal crashes that occurred within weeks of each other.

Boeing's struggles have dragged on other stocks, including its customers and its suppliers. Spirit AeroSystems Holdings, an aerospace supplier, fell 5.1%, and Southwest Airlines lost 2.5%.

On the winning side were energy stocks, which benefited from yet another climb for the price of oil.

Since hitting a bottom below $43 per barrel in December, benchmark U.S. crude has gained more than $20. It rose $1.32 to settle at $64.40 per barrel Monday. Brent crude rose 76 cents to $71.10 per barrel.

The gains helped send energy stocks in the S&P 500 index 0.5% higher, the biggest gain among the 11 sectors that make up the index.

The market's trend has been decidedly upward in recent weeks as stocks have grinded higher, mostly in small increments. It follows a torrid start to the year, after the Federal Reserve eased fears about a recession by saying it may not raise interest rates at all in 2019.

Later this week, investors will get more clues about the Fed's intentions. The central bank will release the minutes from its last policy meeting on Wednesday, and a report on consumer prices the same day will show whether inflation remains modest, which would give the Fed more leeway to keep interest rates low.

Earnings reporting season will begin in earnest at the end of this week, with JPMorgan Chase and other big banks set to tell investors how much they earned during the first three months of the year. Expectations are low for the market broadly, and analysts are forecasting the first drop in S&P 500 profits in years.

That puts more focus on what CEOs say about their profit prospects for the rest of the year. Analysts are expecting profit growth to resume after the weak first quarter, and if CEOs undercut those beliefs, it would put downward pressure on stock prices.

"We're watching the earnings and the drivers of earnings," said Doug Ramsey, chief investment officer of Leuthold Group. He's paying particular attention to how much in profit companies are able to hold onto from each $1 in revenue, as wages and interest expenses on their debts rise.

Investors are also watching across the Atlantic, as the U.K. prime minister prepares to meet continental European leaders ahead of a Friday deadline, when the United Kingdom is scheduled to depart the European Union. Economists worry about the drag on trade and the economy if the departure happens without a withdrawal agreement.

All this comes against a backdrop of heightened worries about global economic growth and a global trade war. Growth has slowed, and investors are debating how much last week's stronger-than-expected report on U.S. jobs changes the picture.

China's official news agency said Sunday that trade talks with the U.S. in Washington last week "achieved new progress" but did not elaborate on where or when further discussions will happen. Beijing and Washington are working to end a standoff over Beijing's industrial and technology policies that has shaken financial markets and darkened the world economic outlook.

Overseas markets were mixed Monday. The FTSE 100 in London rose 0.1%, while France's CAC 40 slipped 0.1% and Germany's DAX lost 0.4%. Japan's Nikkei 225 slipped 0.2%, the Hang Seng in Hong Kong rose 0.5% and the Kospi in South Korea was virtually flat.

The dollar slipped to 111.53 Japanese yen from 111.71 yen late Friday. The euro rose to $1.1261 from $1.1218, and the British pound climbed to $1.3066 from $1.3029.

In commodities markets, gold rose $6.30 to $1,301.90 per ounce, silver gained 13 cents to $15.22 per ounce and copper rose 4 cents to $2.93 per pound. Natural gas rose 4 cents to $2.71 per 1,000 cubic feet, heating oil gained 1 cent to $2.06 per gallon and wholesale gasoline rose 2 cents to $1.99 per gallon.

The yield on the 10-year Treasury note ticked up to 2.52% from 2.50% late Friday.

 

[bigdog]

Industrial companies led a broad slide in stocks on Wall Street Tuesday, ending the benchmark S&P 500's eight-day winning streak.

The sell-off came as traders weighed growing trade tensions between the U.S. and the European Union, and a report forecasting dimmer global economic growth this year.

Banks and technology companies also lost ground. Only utilities and communications service providers, a broad category that includes entertainment, telecommunications and internet companies, notched gains.

https://www.usnews.com/news/business/articles/2019-04-09/asian-markets-follow-wall-street-higher

US Stocks Close Lower, Ending 8-Day Win Streak for S&P 500
Industrial companies led a broad slide in stocks on Wall Street Tuesday, ending the benchmark S&P 500's eight-day winning streak.
April 9, 2019, at 4:57 p.m.

By ALEX VEIGA, AP Business Writer

Industrial companies led a broad slide in stocks on Wall Street Tuesday, ending the benchmark S&P 500's eight-day winning streak.

The sell-off came as traders weighed growing trade tensions between the U.S. and the European Union, and a report forecasting dimmer global economic growth this year.

Banks and technology companies also lost ground. Only utilities and communications service providers, a broad category that includes entertainment, telecommunications and internet companies, notched gains.

Smaller company stocks fell more than the rest of the market. Bond prices rose, sending yields lower, as investors moved money into safer holdings. The price of gold rose.

Tuesday's wave of selling marks a reversal for the market, which has been moving decidedly upward in recent weeks. The market is primed for more market-moving news this week, as the latest round of corporate earnings reports kicks off on Wednesday with Delta Air Lines. Several banks, including JPMorgan Chase, will release their first-quarter results on Friday. Analysts expect earnings for the S&P 500 to decline for the first time in almost three years.

"We're in the later stages of the economic cycle, so earnings are definitely needed to keep the momentum going," said Jennifer Green, global investment specialist at J.P. Morgan Private Bank. "We've seen a very nice run, so far year-to-date, so the next stage is listening to how the earnings come in and the outlook and the guidance that these companies give us."

The S&P 500 index fell 17.57 points, or 0.6%, to 2,878.20. The Dow Jones Industrial Average dropped 190.44 points, or 0.7%, to 26,150.58. The Nasdaq composite slid 44.61 points, or 0.6%, to 7,909.28. The Russell 2000 index of small-cap stocks gave up 19.32 points, or 1.2%, or 1,559.68.

European indexes also finished broadly lower, giving up early gains, after the U.S. threatened to impose $11.2 billion in tariffs on European products, including cheese, wine and helicopters.

The threat from President Donald Trump could make investors even more concerned about trade disputes hurting an already slowing global economy at a time when the U.S. is trying to resolve a trade conflict with China.

That spat has already made a list of goods more expensive for consumers and is weighing on an already slowing Chinese economy. Negotiators met again last week and both sides have said they are making progress.

Traders also were disappointed to see that the International Monetary Fund lowered its forecast for global growth this year. The IMF now projects 3.3% global growth in 2019, matching the weakest year since 2009. The U.S. fared particularly poorly in the report, with growth now expected at 2.3%, down from 2.9% in 2018.

Even against the backdrop of slowing global economic growth and a global trade war, U.S. stocks are off to a blockbuster start this year. The S&P 500 now sits just 1.8% away from its most recent record high, which was set in September. The index has been tacking on more gains since closing out its best quarter in nearly a decade, with a 13.1% rise in the first three months of the year.

The Federal Reserve eased fears about a recession by saying it may not raise interest rates at all in 2019.

Investors will get more clues about the Fed's intentions Wednesday, when the central bank releases minutes from its latest policy meeting. The European Central Bank will also meet Wednesday.

Pentair led the sell-off in industrial stocks Tuesday after the maker of pool and other aquatic products slashed its profit forecast for the year. Cold and wet weather weighed down sales in the first quarter for the company's pool equipment, which includes filters and pumps. It also sells equipment used for wells and water treatment facilities. The stock plunged 13.5%.

American Airlines Group fell 1.7% after the airline cut a key revenue measure because of grounded flights following Boeing's 737 Max troubles. Regulators grounded Boeing's 737 Max jets following two deadly international crashes. That included 24 planes in American Airlines' fleet. The airline also cited the lingering impact from a government shutdown for the lower revenue estimate.

Wynn Resorts slid 3.9% after the casino operator pulled out of a potential buyout of Australia's Crown Resorts. The company cited the "premature disclosure of preliminary discussions" as the reason. The move would have given Wynn a wider global reach.

Bond prices rose, sending yields lower. The yield on the benchmark 10-year Treasury fell to 2.50% from 2.52% late Monday.

Energy futures ended mostly lower. Benchmark U.S. crude fell 0.7% to settle at $63.98 a barrel. Brent crude also dropped 0.7% to close at $70.61 a barrel.

Wholesale gasoline rose 0.6% to $2 a gallon, heating oil gave up 0.6% to $2.04 a gallon and natural gas dropped 0.3% to $2.70 per 1,000 cubic feet.

The dollar fell to 111.11 yen from 111.53 yen on Monday. The euro strengthened to $1.1267 from $1.1261.

Gold rose 0.5% to $1,308.30 an ounce, silver was little changed at $15.21 an ounce and copper gained 0.1% to $2.93 a pound.

 

[bigdog]

Stocks closed higher on Wall Street Wednesday as solid gains by technology companies helped the market recoup some of its losses from a day earlier.

Small-company stocks also stood out, beating the rest of the market. Banks, retailers and homebuilders also notched gains. Utilities were the biggest laggard.

Investors appeared to welcome new insights from the Federal Reserve's last meeting of policymakers. The central bank released the minutes from the two-day March meeting, which showed that a majority of Fed officials believed the central bank could keep interest rates unchanged the rest of this year.

The rally was a reversal for the market following a slide on Tuesday that ended an eight-day winning streak as investors turned their attention to the next wave of corporate earnings.

https://www.usnews.com/news/busines...ixed-amid-world-tensions-worries-about-growth

Tech Companies Lead US Stocks Broadly Higher
Stocks closed higher on Wall Street Wednesday as solid gains by technology companies helped the market recoup some of its losses from a day earlier.
April 10, 2019, at 5:21 p.m.

By ALEX VEIGA, AP Business Writer

Stocks closed higher on Wall Street Wednesday as solid gains by technology companies helped the market recoup some of its losses from a day earlier.

Small-company stocks also stood out, beating the rest of the market. Banks, retailers and homebuilders also notched gains. Utilities were the biggest laggard.

Investors appeared to welcome new insights from the Federal Reserve's last meeting of policymakers. The central bank released the minutes from the two-day March meeting, which showed that a majority of Fed officials believed the central bank could keep interest rates unchanged the rest of this year.

The rally was a reversal for the market following a slide on Tuesday that ended an eight-day winning streak as investors turned their attention to the next wave of corporate earnings.

"It was just a little bit of an overreaction yesterday," said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. "This is a little bit of an uneasy period because we're waiting for earnings to start."

The S&P 500 index rose 10.01 points, or 0.3%, to 2,888.21.

The 30-stock Dow Jones Industrial Average recovered from an early slide to gain 6.58 points, or less than 0.1%, to 26,157.16.

The Nasdaq, which is heavily weighted with technology stocks, added 54.97 points, or 0.7%, to 7,964.24.

Small-company stocks, which investors tend to favor when they're feeling bullish about the economy, rose more than the rest of the market. The Russell 2000 picked up 21.87 points, or 1.4%, to 1,581.55.

Major indexes in Europe finished mostly higher.

Despite a downturn in stocks on Tuesday, the broader market has been steadily gaining in 2019. The S&P 500 is up 15.2% for the year.

Bond prices rose, sending yields lower, after the government reported that a key measure of consumer price inflation remained in check last month. The yield on the 10-year Treasury note, which is used to set interest rates on mortgages and many other kinds of loans, fell to 2.47% from 2.50% late Tuesday.

Traders turned their attention Wednesday to corporate earnings, as Delta Air Lines kicked off the first-quarter earnings reporting season. The company's results easily beat forecasts, sending its shares and those of other big airlines higher.

Levi Strauss also gained 4% after swinging to a quarterly profit in its first period since becoming a publicly traded company again.

Analysts expect first-quarter earnings for the S&P 500 index to contract for the first time in nearly three years and are closely tracking forecasts for the remainder of the 2019.

"Earnings are going to really be the barometer for what's going on with global growth," Cavanaugh said. "A lot of people are expecting negative earnings growth. I think we're going to be positively surprised, and that will help investors feel a little bit more at ease."

Investors also pored over the latest Fed meeting minutes, looking for clues that might signal the central bank's next move on interest rates.

The minutes showed that a majority of Fed officials last month believed that economic conditions would likely warrant keeping the Fed's benchmark policy unchanged for the rest of this year. Several officials said their view could shift in either direction based on incoming data, according to minutes of the meeting.

At the meeting, the Fed left its key policy rate unchanged and trimmed its rate hikes outlook this year from two to none. Some economists believe the Fed could actually start cutting rates later this year if the economy slows further.

Weaker growth and lower inflation expectations could prompt the Fed to cut rates, while faster growth and rising inflation expectations could prompt it to resume raising rates.

"This is a data-dependent Fed, and that's very positive and very good," said Tony Roth, chief investment officer at Wilmington Trust.

Meanwhile, the European Central Bank left its policy goals and interest rates unchanged Wednesday as it weighs looming risks to the region's economy from trade disputes.

Technology stocks led the market higher Wednesday. Chipmaker Advanced Micro Devices rose 2.2%.

Financial companies also notched gains. Invesco climbed 2.4% and Goldman Sachs Group rose 1.2%.

Delta Air Lines shares lifted off after it gave investors a better than-expected quarterly report and forecast. The stock jumped as much as 2% before giving up some of its early gains. It shares gained 1.6%.

Shares in other airlines also rose. American Airlines Group gained 2.1% and Southwest Airlines added 1.4%.

Not all corporate report cards were encouraging.

WD-40, which makes the popular lubricant for home and industrial uses, fell 5.1% after its fiscal second-quarter revenue fell short of Wall Street forecasts.

Lyft tumbled 10.9%, adding to a string of losses since the ride-hailing service made its stock market debut on March 29. The latest slide in the stock, which is now 16.5% below Lyft's IPO price, comes as rival Uber is reportedly close to filing paperwork ahead of its own IPO.

Energy futures ended mostly higher. Benchmark U.S. crude rose 1% to settle at $64.61 a barrel. Brent crude gained 1.6% to close at $71.73 a barrel.

Wholesale gasoline climbed 3.5% to $2.07 a gallon, heating oil picked up 2.1% to $2.09 a gallon and natural gas was little changed at $2.70 per 1,000 cubic feet.

The dollar fell to 110.96 yen from 111.11 yen on Tuesday. The euro strengthened to $1.1271 from $1.1267.

Gold rose 0.4% to $1,313.90 an ounce, silver added 0.2% to $15.24 an ounce and copper dropped 0.3% to $2.93 a pound.

 

[bigdog]

The major U.S. stock indexes closed unevenly Thursday after an early rally gave way to a mostly sideways day of trading on Wall Street.

Losses in health care stocks mostly offset gains in industrial companies, banks and elsewhere in the market. Insurers UnitedHealth Group and Anthem led the sector's slide. Technology stocks also fell.

The listless day of trading came as investors looked ahead to Friday, when major banks, including Wells Fargo and JPMorgan Chase, are due to report their first-quarter results. The banks will pave the way for a potentially market-moving wave of company earnings reports the next few weeks.

https://www.usnews.com/news/busines...all-as-fed-minutes-show-data-may-tweak-stance

Stocks Struggle to a Mixed Finish After Early Rally Sputters
The major U.S. stock indexes closed unevenly Thursday after an early rally gave way to a mostly sideways day of trading on Wall Street.
April 11, 2019, at 5:11 p.m.

By ALEX VEIGA, AP Business Writer

The major U.S. stock indexes closed unevenly Thursday after an early rally gave way to a mostly sideways day of trading on Wall Street.

Losses in health care stocks mostly offset gains in industrial companies, banks and elsewhere in the market. Insurers UnitedHealth Group and Anthem led the sector's slide. Technology stocks also fell.

The listless day of trading came as investors looked ahead to Friday, when major banks, including Wells Fargo and JPMorgan Chase, are due to report their first-quarter results. The banks will pave the way for a potentially market-moving wave of company earnings reports the next few weeks.

"For the better part here of five trading days we've been up and down just a little bit, and not really making any progress," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. "A lot of that is you're really waiting for earnings season."

The S&P 500 index eked out a tiny gain, adding 0.11 points, or less than 0.1%, to 2,888.32.

The Dow Jones Industrial Average fell 14.11 points, or 0.1%, to 26,143.05. The Nasdaq composite slid 16.88 points, or 0.2%, to 7,947.36. The Russell 2000 gave up 2.41 points, or 0.2%, to 1,579.14.

More stocks rose than fell on the New York Stock Exchange. Major European indexes closed mostly higher.

Stocks initially moved modestly higher as investors welcomed an encouraging report from the Labor Department, which said applications for unemployment aid declined last week to 196,000, the lowest level since October 1969.

By midmorning, the major stock indexes turned slightly lower, however, and then held steady for much of the day before a late-afternoon flurry of buying left the S&P 500 with a minuscule gain. The index is up 15.2% for the year.

The stock indexes' mixed performance Thursday means the market gave back some of the ground it won a day earlier, after minutes from the latest Federal Reserve meeting showed that the majority of officials want to keep interest rates unchanged in 2019. Investors want the central bank to take a more laid-back approach to avoid triggering a market slump.

Beyond the Fed, traders are squarely focused on company earnings reports the next few weeks in hopes of gleaning fresh clues about the trajectory of the economy and corporate profits.

Analysts expect companies in the S&P 500 to report a 3.3% drop in earnings per share from a year earlier, which would be the first decline since the spring of 2016. The expected drop in profits is due almost entirely to weaker profit margins.

Quarterly results from a couple of companies this week have been encouraging.

Fastenal led gains in industrial stocks Thursday after the maker of fasteners, nails and other hardware delivered better-than-expected quarterly results. The stock climbed 5%. Delta led a rally in airline stocks Wednesday after reporting solids results.

Financial stocks also held on to their early gains Thursday. Unum Group rose 2.7%.

Health insurers were among the biggest decliners as the health care sector took heavy losses. UnitedHealth Group fell 4.3%, Anthem dropped 4.1%, Humana slid 2.2% and Cigna lost 2.55. The sector is up 4.8% this year, lagging the S&P 500 other 10 sectors.

"Health care was really strong last year then started to roll over and has been falling out of favor among the sectors," said Willie Delwiche, investment strategist at Baird. "It has the worst year-to-date performance, and that was prior to today's weakness."

Tesla slid 2.8% following news reports that the electric maker would hold off on a key battery plant expansion in the U.S. The stalled expansion follows Tesla's report earlier in April of a first-quarter slowdown in production and demand.

Bed Bath & Beyond, which has been struggling recently and is being targeted by a number of activist investors, slumped 8.8% in heavy trading after the company reported a drop in a key sales measure that was worse than analysts were expecting.

Two technology companies hit the market running Thursday. PagerDuty soared 59.4% in its first day of trading as a public company, and Tufin Software surged 36.4%. The Israel-based company provides network security software.

After trading closed, ride-hailing giant Uber filed paperwork to make its own highly anticipated initial public offering of stock.

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.50% from 2.47% late Wednesday.

Energy futures ended broadly lower. Benchmark U.S. crude fell 1.6% to settle at $63.58 a barrel. Brent crude lost 1.3% to close at $70.83 a barrel.

Wholesale gasoline slid 1.9% to $2.03 a gallon, heating oil gave up 1% to $2.07 a gallon and natural gas dropped 1.3% to $2.66 per 1,000 cubic feet.

The dollar rose to 111.66 yen from 110.96 yen on Wednesday. The euro weakened to $1.1258 from $1.1271.

Gold fell 1.6% to $1,293.30 an ounce, silver slid 2.5% to $14.87 an ounce and copper dropped 1.3% to $2.89 a pound.

 

[bigdog]

Stocks notched solid gains on Wall Street Friday, erasing most of the losses the market sustained after an uneven week of trading.

The strong finish gave the S&P 500 its third straight weekly gain. The benchmark index is now just under 1% from its most recent all-time high set on September 20, reflecting the strong rebound for the market this year after a dismal slide in December.

Banks led the gains Friday after a solid quarterly profit report from JPMorgan Chase opened the latest round of highly anticipated company earnings. Banks have been benefiting from higher interest rates, which allow them to book fatter profits from making loans.

https://www.usnews.com/news/busines...n-stocks-mixed-after-listless-wall-street-day

S&P 500 Notches 3rd Straight Weekly Gain as US Stocks Rally
Stocks notched solid gains on Wall Street Friday, erasing most of the losses the market sustained after an uneven week of trading.
April 12, 2019, at 5:00 p.m.

By ALEX VEIGA, AP Business Writer

Stocks notched solid gains on Wall Street Friday, erasing most of the losses the market sustained after an uneven week of trading.

The strong finish gave the S&P 500 its third straight weekly gain. The benchmark index is now just under 1% from its most recent all-time high set on September 20, reflecting the strong rebound for the market this year after a dismal slide in December.

Banks led the gains Friday after a solid quarterly profit report from JPMorgan Chase opened the latest round of highly anticipated company earnings. Banks have been benefiting from higher interest rates, which allow them to book fatter profits from making loans.

Disney surged to an all-time high after it announced plans to offer its own video streaming service. Disney will be going head-to-head with Netflix, which declined.

The market was coming off a wobbly week as investors worried that the early first-quarter earnings reports would come in even weaker than the low expectations analysts already have.

The solid results from major banks Friday were encouraging, but investors need to see more, said Sam Stovall, chief investment strategist at CFRA.

"In general, you need to have the financial companies participate in order for a market advance to continue," Stovall said. "Investors will be waiting, listening for other news that would be beneficial not only to banks, but to industrial and technology stocks."

The S&P 500 index rose 19.09 points, or 0.7%, to 2,907.41. The Dow Jones Industrial Average climbed 269.25 points, or 1%, to 26,412.30. The average still finished slightly lower for the week.

The Nasdaq composite gained 36.80 points, or 0.5%, to 7,984.16. The Russell 2000 index of smaller-company stocks picked up 5.66 points, or 0.4%, to 1,584.80.

Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.56% from 2.50% late Thursday.

Indexes in Europe and Asia closed broadly higher.

In addition to banks, technology, communications and industrial companies helped lift U.S. stocks Friday. Health care was the only sector to lose ground. So far this year, it's lagging the other 10 sectors in the S&P 500.

The market got an early boost from new economic data out of China showing the world's second-largest economy benefited from a surge in exports last month, even as Beijing and Washington continued to negotiate a resolution to their costly trade war.

The gain marks a turnaround from a severe contraction in February and helped put investor fears over a global economic slowdown in check.

The data on Chinese exports suggests that growth is potentially going to rebound, said Tom Martin, senior portfolio manager with Globalt Investments.

"It wasn't as bad as people had expected it might be," he said.

Investors will be focusing over the next few weeks on company earnings reports in hopes of gleaning clues about the trajectory of the U.S. economy and corporate profits. Citigroup, UnitedHealth Group and Johnson & Johnson are among the larger companies releasing results next week.

Analysts expect companies in the S&P 500 to report a 3.4% drop in earnings per share from a year earlier, which would be the first decline since the spring of 2016. The expected drop in profits is due almost entirely to weaker profit margins.

Traders were encouraged Friday by JPMorgan's quarterly report card. The investment banking giant rose 4.7% after it reported solid profits for the first quarter.

Wells Fargo initially rose after its results beat analysts' forecasts, but its shares turned lower by midmorning and never recovered. The stock fell 2.6%.

JPMorgan and Wells Fargo's latest results show that higher interest rates during the quarter drove increases in revenue. Those higher rates allow banks and financial companies to charge more for loans and credit cards.

The trend helped boost shares in other major banks. Goldman Sachs picked up 2.5%, Bank of America added 3.8% and Citigroup rose 2.3%.

Disney surged 11.5% after it released plans to offer a streaming entertainment service dubbed Disney Plus. The service is scheduled to roll out on November 12 at $6.99 per month. That's well below the $13 monthly price tag for rival Netflix, whose stock fell 4.5%.

Disney ended a lucrative licensing relationship with Netflix in order to create the streaming service. It faces challenges as it builds a service to compete with the entrenched streaming leaders, which also include HBO Go and Showtime.

Energy companies rose Friday after Chevron said it would pay $33 billion to buy rival Anadarko Petroleum. The sector has been rising as oil prices have surged about 40% so far this year, sending energy company revenues higher and giving them more funds for investment.

Anadarko vaulted 32%. Among other big gainers in the sector, Pioneer Natural Resources jumped 11.5% and Devon Energy climbed 7.4%. Chevron was one of the sector's few decliners, dropping 4.9%.

Energy futures closed mostly higher. Benchmark U.S. crude rose 0.5% to settle at $63.89 a barrel. Brent crude gained 1% to close at $71.55 a barrel.

Wholesale gasoline added 0.3% to $2.04 a gallon, heating oil picked up 0.2% to $2.07 a gallon and natural gas dropped 0.2% to $2.66 per 1,000 cubic feet.

The dollar rose to 112.08 yen from 111.66 yen on Thursday. The euro strengthened to $1.1296 from $1.1258.

Gold inched 0.1% higher to $1,295.20 an ounce, silver added 0.6% to $14.96 an ounce and copper rose 2% to $2.95 a pound.

6867

 

[bigdog]

U.S. stock indexes edged lower on Monday, pulled down by sinking bank stocks, and the S&P 500 fell for just the third time in the last three weeks.

Goldman Sachs recorded one of the largest losses in the S&P 500 after describing a "muted start to the year," even though its earnings for the first quarter still beat analysts' expectations. Citigroup also slipped following its earnings report, as banks lead off a quarterly reporting season that analysts expect to be the weakest in nearly three years.

The S&P 500 lost 1.83 points, or 0.1%, to 2,905.58. The Dow Jones Industrial Average fell 27.53, or 0.1%, to 26,384.77, and the Nasdaq composite lost 8.15, or 0.1%, to 7,976.01. The Russell 2000 index of small-cap stocks dropped 5.63, or 0.4%, to 1,579.17.

https://www.usnews.com/news/busines...rld-stocks-mixed-as-us-china-move-toward-deal

S&P 500 Falls to Rare Loss, Hurt by Weak Bank Stocks
Falling bank stocks pulled U.S. indexes lower on Monday, and the S&P 500 fell for just the third time in the last three weeks.
April 15, 2019, at 4:39 p.m.

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stock indexes edged lower on Monday, pulled down by sinking bank stocks, and the S&P 500 fell for just the third time in the last three weeks.

Goldman Sachs recorded one of the largest losses in the S&P 500 after describing a "muted start to the year," even though its earnings for the first quarter still beat analysts' expectations. Citigroup also slipped following its earnings report, as banks lead off a quarterly reporting season that analysts expect to be the weakest in nearly three years.

The S&P 500 lost 1.83 points, or 0.1%, to 2,905.58. The Dow Jones Industrial Average fell 27.53, or 0.1%, to 26,384.77, and the Nasdaq composite lost 8.15, or 0.1%, to 7,976.01. The Russell 2000 index of small-cap stocks dropped 5.63, or 0.4%, to 1,579.17.

The S&P 500 nevertheless remains within 0.9% of its record following its torrid start to the year, after the Federal Reserve said it may not raise interest rates at all in 2019.

"I think we're going to see equities continue to confound their critics and advance," said Margie Patel, senior portfolio manager at Wells Fargo Asset Management.

She expects growth for both the economy and corporate earnings to reaccelerate later this year, in large part because of the Federal Reserve's pledge to hit pause on interest rate hikes. That follows seven increases in the last two years, including the last one in December, that raised worries about a possible recession and helped send the S&P 500 to a nearly 20% loss at one point.

"If you look through history, recessions have been precipitated by the Federal Reserve tightening and causing recessions — telling banks, 'Don't make loans' and pulling out liquidity," she said. "This time, they got right up to the brink, and when the market had that violent reaction in December, that made them rethink their approach."

Optimism has also grown that the U.S. and China can resolve their trade dispute. U.S. Treasury Secretary Steven Mnuchin said Saturday that the world's two largest economies were moving closer to an agreement.

Some of the market's biggest losses Monday came from the financial sector. Lighter trading activity during the first three months of the year meant that Goldman Sachs' revenue fell short of analysts' estimates, and its shares lost 3.8%.

Like Goldman Sachs, Citigroup also reported stronger profit for the first three months than analysts expected. But its stock slipped 0.1%.

Alliance Data Systems sank to the largest loss in the S&P 500 after it agreed to sell its Epsilon business to Publicis Groupe for $4.4 billion in cash, less than what some analysts had valued the business at. Alliance Data Systems lost 9.3%.

On the winning side was Waste Management, which jumped after it agreed to buy its smaller rival, Advanced Disposal, for $3 billion. It will also assume $1.9 billion of debt in the deal.

Waste Management rose 2.4%, and Advanced Disposal surged 17.9%.

The yield on the 10 year Treasury note held steady at 2.55%. It has been climbing since late last month, when it fell to 2.37% amid a crescendo of worries that global economic growth was slowing.

Asian stock markets were mixed, with the Nikkei 225 in Tokyo jumping 1.4%, South Korea's Kospi gaining 0.4% and the Hang Seng in Hong Kong losing 0.3%.

European markets were listless. The FTSE 100 in London was virtually flat, and the French CAC 40 rose 0.1%, while Germany's DAX was up 0.2%.

In the commodities markets, the price of oil gave back some of its big gains for the year. Benchmark U.S. crude oil fell 49 cents to settle at $63.40. Brent crude, the international standard, fell 37 cents to $71.18. Both remain up more than 30% for the year.

Natural gas slipped 7 cents to $2.59 per 1,000 cubic feet, heating oil slipped a penny to $2.06 per gallon and wholesale gasoline fell 3 cents to $2.01 per gallon.

Gold fell $3.90 to $1,291.30 per ounce, silver rose a penny to $14.98 per ounce and copper slipped 1 cent to $2.94 per pound.

The dollar slipped to 112.03 Japanese yen from 112.08 yen late Friday. The euro rose to $1.1304 from $1.1296, and the British pound inched up to $1.0041 from $1.0029.

 

[bigdog]

SEA OF GREEN TODAY

Stocks closed slightly higher on Wall Street Tuesday, erasing the market's modest losses from a day earlier.

The gains, which followed a rally in overseas stock indexes, came as investors sized up the latest batch of company earnings reports.

Financial stocks led the way higher as bond yields rose, which drives interest rates higher, enabling banks to make more money on loans. BlackRock and Progressive led the sector after each company reported solid quarterly results.

https://www.usnews.com/news/busines...dvance-as-shanghai-rebounds-from-early-losses

Banks Lead US Stocks to Slight Gains Amid Mixed Earnings
Stocks closed slightly higher on Wall Street Tuesday, erasing the market's modest losses from a day earlier.
April 16, 2019, at 5:00 p.m.

By ALEX VEIGA, AP Business Writer

Stocks closed slightly higher on Wall Street Tuesday, erasing the market's modest losses from a day earlier.

The gains, which followed a rally in overseas stock indexes, came as investors sized up the latest batch of company earnings reports.

Financial stocks led the way higher as bond yields rose, which drives interest rates higher, enabling banks to make more money on loans. BlackRock and Progressive led the sector after each company reported solid quarterly results.

Qualcomm powered technology sector stocks higher, notching its best day in 20 years, on news the chipmaker and Apple settled their bitter legal dispute.

Investors are looking to the latest wave of corporate earnings reports over the next few weeks for clues about the health of the global economy and the prospects for company profits this year.

Analysts expect the first-quarter results for S&P 500 companies overall to be the weakest in nearly three years.

"The markets are prepared for this year-over-year decline that everyone is expecting in earnings," said Erik Davidson, chief investment officer at Wells Fargo Private Bank. "Unless we have some significant misses, we should be doing OK."

The S&P 500 rose 1.48 points, or 0.1%, to 2,907.06. The Dow Jones Industrial Average gained 67.89 points, or 0.3%, to 26,452.66. The Nasdaq composite added 24.21 points, or 0.3%, to 8,000.23. The index had not closed above 8,000 points since October.

The Russell 2000 index of small-cap stocks picked up 3.62 points, or 0.2%, to 1,582.79.

Overseas stock indexes rallied on upbeat economic data from China and Germany. Markets in Asia and Europe finished higher.

U.S. stocks have had a torrid start to the year after the Federal Reserve said it may not raise interest rates at all in 2019. The benchmark S&P 500 remains within 0.8% of its most recent all-time high on September 20.

"Investors should take some comfort, because we have over those six months seen some pretty significant earnings growth and we're likely to continue to see it." Davidson said.

What investors take away from the slew of company earnings reports over the next few weeks will likely be a key driver of the market's move from here.

Analysts expect companies in the S&P 500 to report a 2.9% drop in earnings per share for the first quarter versus a year earlier, which would be the first decline since the spring of 2016. The expected decline is due almost entirely to weaker profit margins.

Banks kicked off the latest quarterly reporting season last week with mixed results. Analysts expect the first-quarter results for S&P 500 companies overall to be the weakest in nearly three years.

Companies that posted encouraging results helped put traders in a buying mood Tuesday.

Progressive jumped 6.9% after the insurer's latest quarterly results topped analysts' forecasts. BlackRock gained 3.2% after the investment firm reported first quarter profit that surged past Wall Street forecasts as a rebounding market helped to increase assets.

Bank of America inched 0.1% higher after the nation's second-largest bank reported strong earnings growth, but gave a weak forecast for net interest income, a key performance metric for banks.

UnitedHealth Group, the nation's largest health insurance company, reported first-quarter results that exceeded analysts' expectations and raised its estimates for the full year. But cautious comments from management during a conference call with analysts weighed on the stock, which slumped 4%, giving up an early gain.

Other health insurers also fell. HCA Health care slumped 10%. Cigna slid 7.8% and Anthem lost 6.8%.

Johnson & Johnson bucked the broader declines in the health care sector. Shares in the world's biggest maker of health care products rose 1.1% after the company's first-quarter results topped Wall Street's forecasts, even after its profit slumped 14% following a decline in sales overseas and higher costs for research and litigation.

JB Hunt Transport Services fell 4.9% after the trucking and logistics company's first quarter profit and revenue fell short of analysts' expectations.

Qualcomm shares surged 23.2% after the chipmaker and Apple settled their bitter financial dispute centered on some of the technology that enables iPhones to connect to the internet.

The deal requires Apple to pay Qualcomm an undisclosed amount. It also includes a six-year licensing agreement that likely involves recurring payments to the mobile chip maker.

The surprise truce announced late Tuesday afternoon came just as the former allies turned antagonists were facing off in a federal court trial that was supposed to unfold over the next month in San Diego. The resolution abruptly ended that trial, which also involved Apple's key iPhone suppliers.

Scientific Games climbed 8% on news that the maker of betting machines and technology is partnering with Wynn Resorts to help develop digital sports betting and gambling. Wynn added 2.%.

The yield on the 10 year Treasury note rose to 2.59% from 2.55% late Monday. The 10 year Treasury yield has been climbing since late last month, when it fell to 2.37% amid a crescendo of worries that global economic growth was slowing.

Energy futures finished mostly higher. Benchmark U.S. crude oil rose 1% to settle at $64.05 per barrel. Brent crude, the international standard, added 0.8% to close at $71.72 per barrel.

Wholesale gasoline gained 1% to $2.03 per gallon, while heating oil picked up 1% to $2.08 per gallon. Natural gas slipped 0.7% to $2.57 per 1,000 cubic feet.

Gold fell 1.1% to $1,277.20 per ounce, silver dropped 0.4% to $14.92 per ounce and copper slipped 0.2% to $2.93 per pound.

 

[bigdog]

Stocks finished a wobbly day of trading on Wall Street Wednesday with modest losses that erased most of the market's slight gains from a day earlier.

A sharp sell-off in health care companies far outweighed gains in technology and other sectors. Smaller company stocks fell more than the rest of the market.

Insurers drove the health care sector slide for the second straight day. Investors fear the potential impact on profits from health reform ideas being discussed in Washington and on the presidential campaign trail.

https://www.usnews.com/news/busines...shares-mixed-after-encouraging-china-gdp-data

Health Care Companies Lead US Stocks Lower; Small-Caps Slump
Stocks finished a wobbly day of trading on Wall Street Wednesday with modest losses that erased most of the market's slight gains from a day earlier.
April 17, 2019, at 4:47 p.m.

By ALEX VEIGA, AP Business Writer

Stocks finished a wobbly day of trading on Wall Street Wednesday with modest losses that erased most of the market's slight gains from a day earlier.

A sharp sell-off in health care companies far outweighed gains in technology and other sectors. Smaller company stocks fell more than the rest of the market.

Insurers drove the health care sector slide for the second straight day. Investors fear the potential impact on profits from health reform ideas being discussed in Washington and on the presidential campaign trail.

Qualcomm led the gainers in the technology sector. Intel climbed after pulling out of the smartphone modem market. And T-Mobile and Sprint slumped on reports the Justice Department is questioning their proposed merger.

PepsiCo and Morgan Stanley rose after delivering better than expected quarterly results Wednesday. IBM and Netflix fell a day after reporting their earnings.

Investors are poring over company earning reports this week, focusing on companies' profit and revenue outlooks for the rest of this year. Analysts expect the first quarter results for S&P 500 companies overall to be the weakest in nearly three years.

"The market is in wait and see mode," said Jamie Lavin, global investment specialist at J.P. Morgan Private Bank. "We're only 10% through earnings season, but so far, so good."

The S&P 500 fell 6.61 points, or 0.2%, to 2,900.45. The Dow Jones Industrial Average dropped 3.12 points, or less than 0.1%, to 26,449.54.

The Nasdaq composite slid 4.15 points, or 0.1%, to 7,996.08. The Russell 2000 index of small-cap stocks gave up 15.19 points, or 1%, to 1,567.60.

European stock indexes finished higher. Decliners outnumbered gainers on the New York Stock Exchange.

Bond prices held steady. The yield on the 10 year Treasury note remained at 2.59%.

The market has rebounded strongly from a steep sell-off late last year. The Federal Reserve helped spur the market's rebound early this year when it said that it may not raise interest rates at all in 2019. The benchmark S&P 500 remains within 1.5% of its most recent all-time high on September 20.

Wednesday's downbeat finish on Wall Street followed uneven trading in global markets, despite news that China's economy grew at a better than expected 6.4% annual pace in the January-March quarter. The data suggests Beijing's efforts to halt a slowdown are working, but its economy is still growing at the weakest pace since 2009.

Several health insurers helped pull the market lower. Anthem gave up 3.6%, Cigna lost 3.7% and UnitedHealth Group slid 1.9%.

The losses pulled the health care sector into the red for the year with a loss of 0.9%. The other 10 sectors in the S&P 500 are up for the year.

All told, health care has fallen 4.5% so far this week.

The decline is partly due to investors favoring cyclical growth sectors, such as materials, energy and technology, at the expense of less risky seeming stocks.

More recently, presidential politics has hurt the sector. Democratic presidential candidates such as Sen. Bernie Sanders of Vermont, who is emerging as the early fundraising front-runner, has been making the case for a "Medicare for All" plan that could replace private coverage.

"There is a growing perception that the popularity of universal health care is growing among the electorate, forcing investors to take notice as the odds of meaningful regulation increase," Alec Young, managing director of global markets research at FTSE Russell, wrote in a research note Wednesday.

While the likelihood of a major health care overhaul remains relatively low, enough uncertainty exists that investors are now selling first and asking questions later, Young added.

Qualcomm led all stocks in the S&P 500, closing 12.2% higher. That adds to a 23% gain on Tuesday as traders welcomed news that the mobile chipmaker's bitter legal dispute with Apple has ended. It centered on technology that enables iPhones to connect to the internet. Apple rose 1.9%.

In a related move, Intel climbed 3.3% after pulling out of the market for 5G smartphone modems. The company said it will focus on opportunities in computer modems and other devices.

Sprint and T-Mobile shares fell after a Wall Street Journal report cast doubt on the likelihood of government approval of the companies' $26.5 billion merger.

The Journal said that Justice Department antitrust personnel reviewing the takeover questioned the companies' reasoning for it in a meeting this month. Talks between regulators and the companies are ongoing, according to the report, which cited unnamed people familiar with the matter.

Sprint shares slid 6.2%, while T-Mobile dropped 2.2%.

Several companies rose Wednesday as traders welcomed their latest quarterly report cards.

PepsiCo shares climbed 3.8% after the soda and snack maker reported better than expected first quarter profit and said earnings at its Frito-Lay division were particularly strong.

Morgan Stanley rose 2.6% after delivering better than expected results.

United Continental Holdings added 4.8% after the airline's first quarter profit doubled, beating forecasts as it carried more passengers and contained costs.

Railroad operator CSX gained 4% a day after it turned in quarterly results that topped Wall Street's forecasts on a mix of volume growth and lower costs.

IBM slid 4.2% and Netflix dropped 1.3% a day after both companies reported their earnings.

Energy futures finished mostly lower Wednesday. Benchmark U.S. crude oil fell 0.5% to settle at $63.76 per barrel. Brent crude, the international standard, inched 0.1% lower to close at $71.62 per barrel.

Wholesale gasoline gained 0.5% to $2.04 per gallon, while heating oil lost 0.6% to $2.07 per gallon. Natural gas fell 2.1% to $2.52 per 1,000 cubic feet.

Gold was little changed at $1,276.80 per ounce, silver rose 0.2% to $14.93 per ounce and copper climbed 1.3% to $2.97 per pound.

The dollar strengthened to 112.07 Japanese yen from 111.99 yen late Tuesday. The euro rose to $1.1298 from $1.1288.

 

[bigdog]

The NYSE is closed for holiday on Good Friday April 19 and opens on Monday April 22

The major U.S. stock indexes capped a holiday shortened week with slight gains Thursday, reversing some of the modest losses from a day earlier.

The marginal upward move was not enough to keep the benchmark S&P 500 index from snapping a string of three straight weekly gains.

Industrial sector stocks paved the way higher as traders welcomed solid earnings from Snap-on, Honeywell International, United Rentals and Union Pacific. Technology companies also notched solid gains, offsetting losses by financial and energy stocks.

https://www.usnews.com/news/busines.../asian-stocks-sink-after-wall-street-declines

US Stocks Cap Holiday Shortened Week With Modest Gains
The major U.S. stock indexes capped a holiday shortened week with slight gains Thursday, reversing some of the modest losses from a day earlier.
April 18, 2019, at 5:01 p.m.

By ALEX VEIGA, AP Business Writer

The major U.S. stock indexes capped a holiday shortened week with slight gains Thursday, reversing some of the modest losses from a day earlier.

The marginal upward move was not enough to keep the benchmark S&P 500 index from snapping a string of three straight weekly gains.

Industrial sector stocks paved the way higher as traders welcomed solid earnings from Snap-on, Honeywell International, United Rentals and Union Pacific. Technology companies also notched solid gains, offsetting losses by financial and energy stocks.

Traders gave a strong reception to Pinterest and Zoom Video Communications, two technology companies that made their widely anticipated stock market debuts. Cigarette makers fell on news that the U.S. Senate's majority leader plans to introduce legislation to raise the minimum age to buy tobacco products from 18 to 21.

Investors remain focused on company earnings as they look for clues about the health of the U.S. economy and the prospects for better corporate profits, a key driver of stock market gains. Analysts expect the wave of first quarter results for S&P 500 companies being reported over the next few weeks will be the weakest in nearly three years.

"The big takeaway over the past week is the U.S. is doing OK and (company) outlooks are initially reasonable," said Ben Phillips, chief investment officer at EventShares.

The S&P 500 gained 4.58 points, or 0.2%, to 2,905.03.

The Dow Jones Industrial Average rose 110 points, or 0.4%, to 26,559.54. The Nasdaq composite inched 1.98 points higher, or less than 0.1%, to 7,998.06.

The Russell 2000 index of small-cap dropped 1.85 points, or 0.1%, to 1,565.75.

Major European stock indexes finished mostly higher.

Bond prices rose. The yield on the 10 year Treasury fell to 2.56% from 2.59% late Wednesday.

The U.S. stock indexes struggled to maintain momentum for much of the day before locking in slight gains by the end of the day.

The market has been charting an uneven course all week as traders wade through company earnings reports.

Even so, stocks are still holding on to blockbuster gains after rebounding from a steep sell-off late last year. The S&P 500 remains within 1% of its most recent all-time high on September 20.

The Federal Reserve helped spur the market's rebound early this year when it said that it may not raise interest rates at all in 2019.

Still, investors are looking at company earnings as they divine which direction the stocks will churn next.

"We haven't really gotten to the meat of earnings season and (investors) want to see some really positive guidance and they want to make sure earnings are growing," said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. "We have a high bar to jump over from last year, because in the first quarter we had that one-time tax bump."

Several industrial sector stocks surged after reporting solid quarterly results Thursday.

Snap-On climbed 6.5% after the tool and diagnostic equipment maker's first quarter profit beat forecasts and it reported growth in its U.S. franchise network.

Union Pacific gained 4.4% after the railroad's first quarter profit climbed 6% even though the company hauled 2% fewer carloads and dealt with massive flooding. Union Pacific's earnings topped analysts' estimates, though its revenue declined, falling short of analysts' forecasts.

United Rentals surged 8.1% after the construction equipment rental company's first quarter results beat Wall Street's expectations.

Honeywell International picked up 3.8% after its first quarter earnings topped analysts' forecasts thanks to a strong sales growth in aerospace, building technologies and other lines of business. The company also raised its earnings guidance for the year.

Results from other companies left traders wanting.

Skechers USA tumbled 10.4% after the footwear company's first quarter result fell short of Wall Street's forecasts. The company also issued second quarter guidance that came in below analysts' estimates.

KeyCorp fell 2.2% after the bank's latest quarterly snapshot missed analysts' targets as income from fees declined.

Shares in cigarette makers fell after Senate Majority Leader Mitch McConnell said he plans to introduce legislation to raise the minimum age to buy tobacco products from 18 to 21 nationally.

The Senate leader said his bill will cover all tobacco products, including vaping devices, and will continue to hold retailers responsible for verifying the age of anyone buying tobacco products. About a dozen states have already enacted laws raising the minimum legal age to 21.

Altria Group fell 3.2% and Philip Morris International dropped 1.2%.

Pinterest and Zoom surged in their first day of trading. Pinterest, which lets users share images of crafts and other projects, jumped 28.4% from its IPO pricing of $19. Zoom, a maker of video conference technology, vaulted 72.2% from its IPO pricing of $36.

The San Francisco-based companies' market debuts came less than a month after ride-hailing service Lyft began trading. In what might be a cautionary tale for other anticipated tech IPOs, Lyft shares surged on their first day but have since plunged back below their original offering price.

The market also got a boost from positive economic data on U.S. retail sales and unemployment claims.

The Commerce Department said retail sales surged in March at the fastest pace since late 2017, driven by increased spending on autos, gasoline, furniture and clothing. The gains are a sign that the healthy job market has likely made consumers more eager to spend in ways that boost overall economic growth.

Meanwhile, the Labor Department said weekly applications for unemployment aid declined last week.

"Let's face it, the consumer is the driving force of the U.S. economy, and when you get good initial jobless claims and good retail sales it just confirms the fact that the consumer is very strong, and that's what's giving investors a little bit of comfort," Cavanaugh said.

U.S. stock markets are closing Friday in observance of the Good Friday holiday.

Energy futures finished mostly higher Thursday. Benchmark U.S. crude oil rose 0.4% to settle at $64 per barrel. Brent crude, the international standard, added 0.5% lower to close at $71.97 per barrel.

Wholesale gasoline gained 1.5% to $2.07 per gallon, while heating oil inched 0.1% higher to $2.07 per gallon. Natural gas fell 1.1% to $2.49 per 1,000 cubic feet.

Gold slipped 0.1% to $1,276 per ounce, silver rose 0.1% to $14.96 per ounce and copper fell 1.6% to $2.92 per pound.

The dollar fell to 111.93 Japanese yen from 112.07 yen late Wednesday. The euro weakened to $1.1230 from $1.1298.

 

[bigdog]

Exchanges closed for Easter Monday Holiday were
FTSE 100;
DAX PERFORMANCE-INDEX
CAC 40
ALL ORDINARIES
HANG SENG INDEX
S&P/NZX 50 INDEX GROSS

The NYSE was open on Monday April 22
Wall Street capped a day of mostly sideways trading Monday with a slight gain for the benchmark S&P 500 index, as a spike in crude oil prices sent energy companies broadly higher.

Energy sector stocks climbed as the price of crude oil hit its highest level since October after the U.S. government moved to further block Iranian oil exports.

Even with the surge in energy stocks, losses in banks, real estate companies and elsewhere in the market led to a mostly lower finish for the major U.S. indexes. Smaller company stocks fell more than the rest of the market.

https://www.usnews.com/news/busines...sian-markets-lower-oil-rises-on-iran-concerns

US Stock Indexes End Mostly Lower After Listless Trading Day
Wall Street capped a day of mostly sideways trading Monday with a slight gain for the benchmark S&P 500 index, as a spike in crude oil prices sent energy companies broadly higher.
By Associated Press, Wire Service Content April 22, 2019, at 4:55 p.m.

By ALEX VEIGA, AP Business Writer

Wall Street capped a day of mostly sideways trading Monday with a slight gain for the benchmark S&P 500 index, as a spike in crude oil prices sent energy companies broadly higher.

Energy sector stocks climbed as the price of crude oil hit its highest level since October after the U.S. government moved to further block Iranian oil exports.

Even with the surge in energy stocks, losses in banks, real estate companies and elsewhere in the market led to a mostly lower finish for the major U.S. indexes. Smaller company stocks fell more than the rest of the market.

Homebuilders slumped following a report showing that sales of previously owned U.S. homes fell in March.

Monday's listless day of trading was in line with a relatively calm stretch for the U.S. stock market in recent weeks. The market has been hovering near all-time highs after following up a nearly 20% plummet late last year with a nearly mirror-opposite rebound.

Investors are focused on a cavalcade of corporate earnings reports later this week and new data that will give them a read on how much U.S. economic growth slowed during the first three months of the year.

"This week is a crucial week for the market," said Quincy Krosby, chief market strategist at Prudential Financial. "(Investors) want to hear what these companies are saying in terms of their guidance, and that's going to be crucial to see if this market can continue to inch higher."

The S&P 500 wavered between gains and losses for much of the day before eking out a gain of 2.94 points, or 0.1%, to 2,907.97. The index, which had briefly been down as much as 0.3%, is now within 0.8% of its record high set in September.

The Dow Jones Industrial Average fell 48.49 points, or 0.2%, to 26,511.05. The Nasdaq composite gained 17.20 points, or 0.2%, to 8,015.27. The Russell 2000 index of small-cap stocks dropped 5.70 points, or 0.4%, to 1,560.04.

More stocks fell than rose on the New York Stock Exchange.

Bond prices fell. The yield on the 10 year Treasury rose to 2.59% from 2.55% late Thursday.

Energy futures closed broadly higher. Benchmark U.S. crude surged 2.7% to settle at $65.70 per barrel. The leap tacks further gains onto the price of oil, which has been climbing since dropping below $43 in late December. Brent crude rose 2.9% to close at $74.04 per barrel.

The Trump administration said it will no longer exempt any countries from U.S. sanctions if they continue to buy Iranian oil, including China and Japan, the world's second and third largest economies.

President Donald Trump made the move with the intent of bringing Iran's oil exports to zero. Reducing Iran's exports could increase demand for oil from U.S. allies Saudi Arabia and the United Arab Emirates but would heighten political tensions.

"The big fear now and perhaps the markets' next significant catalyst, will Iran retaliate with force?" said Stephen Innes of SPI Asset Management in a report.

The rally in oil prices helped drive energy stocks higher, leading the other 10 sectors in the S&P 500 with a gain of 2.1%.

Marathon Oil climbed 6.6% and Exxon Mobil rose 2.2%.

Communications and technology companies also rose Monday, but those gains were outweighed by losses in banks, real estate and industrial stocks. People's United Financial dropped 2.9%, Simon Property Group lost 2.4% and Boeing fell 1.3%.

Homebuilders declined broadly after a report showing that sales of previously owned U.S. homes fell in March after a huge gain the previous month. The National Association of Realtors said home sales slid 4.9% to a seasonally adjusted annual rate of 5.21 million last month. That followed an 11.2% gain in February, the largest monthly pickup in more than three years.

The March sales tally is the latest sign of a national housing market that's struggling to rebound after slumping in the second half of last year as mortgage rates surged.

Beazer Homes USA was among the biggest decliners, sliding 3.2%.

Traders weighed earnings from several companies Monday.

Intuitive Surgical tumbled 7%, the largest loss in the S&P 500, after the robotic surgery system company reported weaker earnings for the latest quarter than Wall Street expected.

W.W. Grainger dropped 5.5% after the supplier of maintenance, repair and operating products reported weaker revenue for the latest quarter than analysts expected.

Kimberly-Clark gained 5.4% after the maker of Huggies diapers and Kleenex tissue reported stronger earnings and revenue for its latest quarter than analysts expected.

The stock market has been notably calm, with no move for the S&P 500 of more than 0.7% in either direction after April 1.

Bigger moves may be ahead, with a crush of corporate earnings reports due this week. More than a quarter of the companies in the S&P 500 are scheduled to report, including Amazon.com, Exxon Mobil and Facebook.

Expectations are low for earnings in general, and analysts are forecasting the first drop in profit for the S&P 500 in nearly three years. But most companies are reporting stronger profits than Wall Street had been expecting, which is typical.

Later this week, investors will also get a preliminary read on the economy's strength during the first quarter of the year. Economists expect the report to show that growth slowed to 1.8% from 2.2% in the fourth quarter of last year.

In other commodities trading, wholesale gasoline gained 2.8% to $2.13 per gallon, while heating oil rose 1.6% to $2.10 per gallon. Natural gas added 1.4% to $2.52 per 1,000 cubic feet.

Gold inched 0.1% higher to $1,277.60 per ounce, silver rose 0.1% to $14.98 per ounce and copper fell 0.6% to $2.90 per pound.

The dollar edged up to 111.94 Japanese yen from 111.93 yen late Friday. The euro strengthened to $1.1259 from $1.1246.

 

[bigdog]

The S&P 500 hit an all-time high Tuesday, marking the stock market's complete recovery from a nosedive at the end of last year.

The benchmark index's previous record was set last September, shortly before the market sank in the fourth quarter amid fears of a recession, an escalating trade war between the U.S. and China, and concern the Federal Reserve was moving too aggressively to raise interest rates.

Those concerns have eased or taken a back seat to more optimism among investors this year. Investors are more confident in the prospects for steady, if slower, growth. And they've been encouraged by an increasingly hands-off Federal Reserve, which has signaled this year that it may not raise interest rates at all in 2019 after seven increases the prior two years.

https://www.usnews.com/news/busines...ocks-rise-oil-soars-on-iran-sanctions-worries

S&P 500, Nasdaq Close at Record Highs as Earnings Roll In
The S&P 500 closed at an all-time high Tuesday, marking the stock market's complete recovery from a nosedive at the end of last year.
By Associated Press, Wire Service Content April 23, 2019, at 4:58 p.m.

By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

The S&P 500 hit an all-time high Tuesday, marking the stock market's complete recovery from a nosedive at the end of last year.

The benchmark index's previous record was set last September, shortly before the market sank in the fourth quarter amid fears of a recession, an escalating trade war between the U.S. and China, and concern the Federal Reserve was moving too aggressively to raise interest rates.

Those concerns have eased or taken a back seat to more optimism among investors this year. Investors are more confident in the prospects for steady, if slower, growth. And they've been encouraged by an increasingly hands-off Federal Reserve, which has signaled this year that it may not raise interest rates at all in 2019 after seven increases the prior two years.

Traders are also feeling more optimistic about the global economy. In China, economic growth held steady at 6.4% in the first quarter of the year as increased government efforts to stem a slowdown gained traction. In the U.S., job growth rebounded in March following a surprisingly weak February.

And the uncertainty over the costly trade dispute between the U.S. and China has eased in recent weeks amid signs that both sides are making progress toward reaching a resolution.

The S&P 500 has now recovered all of the ground it lost last fall, gaining 24.8% since it hit a bottom on Christmas Eve.

"New highs, in and of themselves, tend to be bullish and tend to beget more new highs," said Willie Delwiche, investment strategist at Baird. "You have the combination of Fed friendliness, the economy still in good shape and some expectations from an earnings front being reset that create a fundamental backdrop that isn't all together unfavorable for stocks."

Tuesday's broad rally was driven by big U.S. companies turning in solid results for the first quarter. That surprised investors because analysts have forecast the worst quarter of earnings growth in years.

The S&P 500 index gained 25.71 points, or 0.9%, to 2,933.68. It's previous record high was 2,930.75, which was set on Sept. 20.

The Dow Jones Industrial Average rose 145.34 points, or 0.5%, to 26,656.39. The Nasdaq composite index climbed 105.56 points, or 1.3%, to 8,120.82, beating the record high close of 8,109.69 it reached on Aug. 29.

Small-company stocks rose much more than the rest of the market, a bullish sign indicating that investors were more willing to take on risk. The Russell 2000 index picked up 25.05 points, or 1.6%, to 1,585.09. It finished well below the peak it reached last August.

At the sector level, technology and industrial stocks are leading the way this year, with gains of 27.2% and 22.4%, respectively.

While the S&P 500's latest milestone reflects renewed optimism about stocks, where the market goes from here depends largely on corporate earnings growth. To that end, the breadth of earnings growth is key, said Delwiche.

"You could argue that a bulk of the decline last year was concern about the global economy and whether or not the Fed was tightening too, much too soon," Delwiche said. "The question is: What's next?

"In terms of identifying what's next for the market, you really need to see how the average stock does," he said. "Is the average stock able to come through with earnings growth? Is the average stock able to rally? Or have the past six-seven months been just one big action-reaction and we're left with spinning heads but not much else?"

Delwiche noted that while the S&P and Nasdaq notched new highs Tuesday, the number of individual stocks making new highs is relatively small.

"That's a cause for concern," he said.

On Tuesday, Hasbro, Lockheed Martin and Twitter all surprised Wall Street with strong profit and revenue. Analysts are watching corporate reports closely this week as they gauge whether first quarter earnings for U.S. companies will be as bad as predicted. Wall Street has been forecasting a contraction during the quarter.

Stocks are under a little less pressure following the latest round of earnings results. That's not only because the earnings have been mostly solid, but also because companies have been issuing optimistic forecasts.

"We're getting a nice forward-looking picture from those companies," said J.J. Kinahan, chief market strategist for TD Ameritrade.

There are still many big companies yet to report earnings and it's far too early to conclude that the results will beat Wall Street's modest expectations. Reports from Caterpillar, Boeing and Microsoft are all going to be closely watched Wednesday.

Hasbro surged 14.2% after the toy company reported strong growth in its various franchises, which include Transformers toys, which benefited from the hit movie "Bumblebee" and "Magic: The Gathering Arena." The turnaround comes as Hasbro and other toy makers recover from the bankruptcy of Toys R Us.

Coca-Cola surprised Wall Street with its beverage sales during the first quarter after it previously warned of slower growth this year. The stock rose 1.7%.

Twitter surged 15.6% after surprising Wall Street by adding more users than analysts had expected during the first quarter.

Lockheed Martin rose 5.7% after raising its forecast for the year on a solid outlook for jet and arms production.

Bond prices rose. The yield on the 10 year Treasury fell to 2.57% from 2.59% late Monday.

Energy futures closed mostly higher. U.S. crude gained 1.1% to settle at $66.30 per barrel. Oil has been climbing since dropping below $43 in late December. Brent crude rose 0.6% to close at $74.51 per barrel.

Wholesale gasoline inched 0.1% higher to $2.13 per gallon. Heating oil rose 0.7% to $2.12 per gallon. Natural gas fell 2.7% to $2.46 per 1,000 cubic feet.

Gold slipped 0.3% to $1,273.20 per ounce, silver dropped 1.2% to $14.79 per ounce and copper fell 0.3% to $2.89 per pound.

The dollar fell to 111.83 Japanese yen from 111.94 yen late Monday. The euro weakened to $1.1215 from $1.1259.

 

[bigdog]

U.S. stocks closed slightly lower Wednesday as the market gave back some of its gains a day after the S&P 500 and Nasdaq hit record highs.

Energy stocks led the modest slide as crude oil prices fell after a three-day rally. Communications companies also helped pull the market lower, offsetting gains in real estate and other sectors. Bond prices rose as traders took a more defensive approach.

Stocks wavered between small gains and losses through much of the day as investors continued to wade through a steady flow of corporate earnings. Analysts have been expecting a contraction in first-quarter corporate profits, but the results so far have been mostly solid.

https://www.usnews.com/news/busines...s-lower-after-s-p-500-nasdaq-hit-record-highs

US Stock Indexes Finish Slightly Lower a Day After Record
U.S. stocks closed slightly lower Wednesday as the market gave back some of its gains a day after the S&P 500 and Nasdaq hit record highs.
By Associated Press, Wire Service Content April 24, 2019, at 5:03 p.m.

By ALEX VEIGA, AP Business Writer

U.S. stocks closed slightly lower Wednesday as the market gave back some of its gains a day after the S&P 500 and Nasdaq hit record highs.

Energy stocks led the modest slide as crude oil prices fell after a three-day rally. Communications companies also helped pull the market lower, offsetting gains in real estate and other sectors. Bond prices rose as traders took a more defensive approach.

Stocks wavered between small gains and losses through much of the day as investors continued to wade through a steady flow of corporate earnings. Analysts have been expecting a contraction in first-quarter corporate profits, but the results so far have been mostly solid.

That trend continued Wednesday with strong reports from e-commerce company eBay, industrial giant Caterpillar and health insurer Anthem.

"The pace of earnings beats is at a very nice level, certainly exceeding diminished expectations," said Eric Wiegand, senior portfolio manager for Private Wealth Management at U.S. Bank. "The strength of the dollar has been, perhaps, a little bit of a weight on markets today."

The S&P 500 index fell 6.43 points, or 0.2%, to 2,927.25. The benchmark index closed at a record high on Tuesday. The Dow Jones Industrial Average dropped 59.34 points, or 0.2%, to 26,597.05. The Nasdaq composite lost 18.81 points, or 0.2%, to 8,102.01. The index was also coming off a record high close.

Small-company stocks fared better than the rest of the market. The Russell 2000 index picked up 3.04 points, or 0.2%, to 1,588.13.

Despite the overall decline in the major indexes, slightly more stocks rose than fell on the New York Stock Exchange. Major European stock indexes finished mostly lower.

Bond prices rose. The yield on the 10 year Treasury note fell to 2.52% from 2.57% late Tuesday.

The U.S. stock market mounted a strong recovery this year after finishing 2018 in a steep slump fueled by fears of recession, an escalating trade war between the U.S. and China, and concern the Federal Reserve was moving too aggressively to raise interest rates.

Those worries have been mostly quelled this year amid greater confidence in the economy and reassurances that the Fed is unlikely to raise interest rates this year.

Traders have also been more confident in the prospects for corporate earnings growth as companies have begun reporting solid first quarter results.

A little more than a quarter of S&P 500 companies have issued their first quarter report cards so far, resulting in overall earnings growth of 2.4%. Still, analysts are forecasting that earnings will be down 3% by the time all the S&P 500 companies deliver their results. That would be the first decline since the spring of 2016.

Energy stocks fell more than the 10 other S&P 500 sectors, losing 1.9%. National Oilwell Varco led the way lower, shedding 5.1%.

The slide came as the price of U.S. crude oil snapped a three-day winning streak.

Benchmark U.S. crude fell 0.6% to settle at $65.89 per barrel. Oil had been climbing recently since dropping below $43 in late December. Brent crude rose 0.1% to $74.57 per barrel.

Anadarko Petroleum bucked the energy sector's broad slide as the oil and gas exploration and production company became the focus of a bidding war by two of the oil industry's largest companies.

Occidental Petroleum is hoping to beat a rival bid made by Chevron earlier this month. The two companies are hoping to secure their position in the oil-rich Permian Basin. Anadarko vaulted 11.6%. Occidental dropped 0.6%, while Chevron fell 3.1%.

The latest wave of company earnings reports included some disappointing results, which weighed on stocks.

AT&T dropped 4.1% after the telecommunications giant's first quarter revenue fell short of forecasts, due in part to a bid decline in premium video subscribers.

IRobot plunged 23.1% after the robotics company's revenue fell short of Wall Street forecasts. The company, which is best known for its robotic Roomba vacuum, beat profit forecasts for the quarter and gave investors solid guidance for the year, but it wasn't enough to overcome disappointing revenue growth.

Other companies got a boost from their latest quarterly snapshots.

EBay rose 5% after it raised its full-year sales and profit forecast. Active buyers grew by 4% during the first quarter, pushing revenue and profit beyond Wall Street forecasts.

Flir Systems climbed 5.5% after the imaging and surveillance systems company turned in better-than-expected first quarter results and a solid forecast.

SAP soared to an all-time high after activist investor Elliott Management revealed a $1.3 billion investment in the German software company on the same day SAP reported solid first quarter results. SAP's U.S.-listed stock jumped 12.4%.

In other commodities trading, wholesale gasoline inched 0.1% lower to $2.13 per gallon. Heating oil dropped 0.9% to $2.10 per gallon. Natural gas gained 0.3% to $2.46 per 1,000 cubic feet.

Gold rose 0.5% to $1,279.40 per ounce, silver added 0.8% to $14.92 per ounce and copper picked up 0.6% to $2.91 per pound.

The dollar rose to 112.35 Japanese yen from 111.83 yen late Tuesday. The euro weakened to $1.1143 from $1.1215.

 

[bigdog]

Anzac Holiday for Australia and New Zealand Yesterday

Lest we forget Anzac Day

U.S. stock indexes finished mostly lower Thursday as disappointing earnings reports from several industrial sector companies weighed on the market, offsetting strong results from Facebook, Microsoft and others.

3M, which makes Post-it notes and many other products, plunged 12.9% in heavy trading after announcing weak results and a restructuring program. It was the biggest loss for the company since the market crash of October 1987.

The loss for 3M pulled the Dow Jones Industrial Average into the red. The S&P 500 finished slightly lower, holding close to the record high it set on Tuesday.

https://www.usnews.com/news/busines...xed-after-us-stocks-retreat-from-record-highs

US Stocks End Mostly Lower, Weighed Down by Industrials
U.S. stock indexes finished mostly lower Thursday as disappointing earnings reports from several industrial sector companies weighed on the market, offsetting strong results from Facebook, Microsoft and others.
By Associated Press, Wire Service Content April 25, 2019, at 4:57 p.m.

By ALEX VEIGA, AP Business Writer

U.S. stock indexes finished mostly lower Thursday as disappointing earnings reports from several industrial sector companies weighed on the market, offsetting strong results from Facebook, Microsoft and others.

3M, which makes Post-it notes and many other products, plunged 12.9% in heavy trading after announcing weak results and a restructuring program. It was the biggest loss for the company since the market crash of October 1987.

The loss for 3M pulled the Dow Jones Industrial Average into the red. The S&P 500 finished slightly lower, holding close to the record high it set on Tuesday.

Facebook and Microsoft both rose after reporting strong earnings. That helped the Nasdaq eke out a small gain.

The indexes' mixed finish gave the benchmark S&P 500 index its second modest loss in as many days. The market remains on track for solid gains this month.

Traders have grown more optimistic that most companies will continue to deliver strong growth this year, despite some signs that point to a slowing global economy.

"Earnings are flowing, and we're going to see a positive earnings season," said Karyn Cavanaugh, senior markets strategist, Voya Investment Management. If (the market) keeps going up, up, up, then that kind of makes you a little skeptical. The fact that investors are being a little bit more selective, that's a good sign."

The S&P 500 slipped 1.08 points, or less than 0.1%, to 2,926.17. The Dow Jones Industrial average lost 134.97 points, or 0.5%, to 26,462.08. Without the loss from 3M, the Dow would have been 58 points higher.

The Nasdaq composite rose 16.67 points, or 0.2%, to 8,118.68.

Small-company stocks fared worse than the rest of the market. The Russell 2000 index gave up 12.52 points, or 0.8%, to 1,575.61.

Major European indexes finished lower.

Bond prices fell. The yield on the 10 year Treasury note rose to 2.53% from 2.52% late Wednesday.

Earnings reporting season is more than a third of the way in, and investors are searching for clues about whether profit growth can accelerate later this year following a weak first quarter. The stock market has had a furious rally this year, largely because the Federal Reserve has said that it is halting its plan to raise interest rates, at least temporarily.

Industrial stocks were on the losing side Thursday after 3M reported lower revenue and profit for the first three months of the year than Wall Street expected. It also slashed its profit forecast for the full year.

United Parcel Service said its net income fell 17% on nearly flat revenue, and Illinois Tool Works had weaker revenue than analysts forecast. Rockwell Automation said that automotive related sales were less than it expected last quarter.

UPS lost 8.1%, Illinois Tool Works fell 3.6% and Rockwell Automation sank 6.7% following their earnings reports.

Raytheon, a defense contractor that is also in the industrial sector, dropped 4.4%. It reported stronger profit for the latest quarter than expected, but analysts noted some mixed results for its profit margins.

All told, the companies helped drag industrial stocks down 2%, the steepest loss by far among the 11 sectors that make up the S&P 500.

Altria Group slid 6% after the nation's largest cigarette maker reported weak first quarter results on lower sales and a hefty investment in cannabis company Cronos.

Other companies turned in quarterly report cards that blew past expectations.

Facebook surged 5.8% after the social media giant reported a 26% jump in quarterly revenue. That helped lift the communications sector by 1.1%.

Microsoft gained 3.3% after the software maker said its quarterly revenue vaulted 14% from a year earlier. Amazon reported that its profit more than doubled in the first quarter, the latest sign that the e-commerce company's push into advertising and cloud computing paid off. Amazon reported its results after the close of regular trading.

Coming into this earnings reporting season, Wall Street was expecting a dud. Partially because of slowing economic growth around the world, analysts were forecasting the first drop in earnings for the S&P 500 in nearly three years.

Companies, though, have been surprising analysts with not-as-bad results. So far, about 190 of the companies in the S&P 500 have reported their earnings for the first three months of the year. Among them, earnings actually grew 2.1% from a year earlier.

All the better-than-expected results mean analysts are now forecasting a drop of 2.8% in earnings for S&P 500 companies this reporting season. That's not as bad as the 4% decline they were expecting a few weeks ago.

Energy futures finished mixed. Benchmark U.S. crude fell 1% to settle at $65.21 per barrel. Brent crude dropped 0.3% to close at $74.35 per barrel.

Wholesale gasoline inched 0.2% higher to $2.13 per gallon. Heating oil was little changed at $2.10 per gallon. Natural gas gained 2.1% to $2.51 per 1,000 cubic feet.

Gold was little changed at $1,279.70 per ounce, silver inched 0.2% lower to $14.88 per ounce and copper slid 1.7% to $2.86 per pound.

The dollar fell to 111.62 Japanese yen from 112.35 yen late Wednesday. The euro weakened to $1.1128 from $1.1143.

 

[bigdog]

Wall Street capped a week of milestones by delivering a couple more Friday.

A late-afternoon burst of buying lifted the major U.S. stock indexes, which had spent much of the day in a sideways drift. The gains nudged the benchmark S&P 500 index and Nasdaq composite to new closing highs for the second time this week. Both indexes also set record highs on Tuesday.

The Dow Jones Industrial Average eked out a gain, but ended the week slightly lower.

The market's latest milestones came as investors weighed a mixed bag of corporate earnings. Solid quarterly reports from Ford and Amazon helped lift the market. Weaker showings from Intel and Exxon Mobil cut into the Dow's gains.

https://www.usnews.com/news/busines...xed-after-us-stocks-retreat-from-record-highs

US Stocks Close Higher as S&P 500, Nasdaq Hit New Highs
Wall Street capped a week of milestones by delivering a couple more Friday.
By Associated Press, Wire Service Content April 26, 2019, at 5:29 p.m.

By ALEX VEIGA, AP Business Writer

Wall Street capped a week of milestones by delivering a couple more Friday.

A late-afternoon burst of buying lifted the major U.S. stock indexes, which had spent much of the day in a sideways drift. The gains nudged the benchmark S&P 500 index and Nasdaq composite to new closing highs for the second time this week. Both indexes also set record highs on Tuesday.

The Dow Jones Industrial Average eked out a gain, but ended the week slightly lower.

The market's latest milestones came as investors weighed a mixed bag of corporate earnings. Solid quarterly reports from Ford and Amazon helped lift the market. Weaker showings from Intel and Exxon Mobil cut into the Dow's gains.

Smaller company stocks fared better than the rest of the market, a bullish sign indicating that investors were more willing to take on risk.

While company earnings were mixed, investors drew encouragement from a government report estimating that the U.S. economy grew at a solid 3.2% annual rate in the first three months of the year — a much bigger increase than expected.

"The first quarter number is typically the weakest of the year, so the fact that this number was so strong is a positive sign going forward," said Cliff Hodge, director of investments for Cornerstone Wealth.

The S&P 500 rose 13.71 points, or 0.5%, to 2,939.88. The broad index is now up 17.3% this year. The Dow rose 81.25 points, or 0.3%, to 26,543.33. The Nasdaq composite recovered from an early slide, adding 27.72 points, or 0.3%, to 8,146.40.

The Russell 2000 index of smaller company stocks climbed 16.20 points, or 1%, to 1,591.82.

Major European stock indexes ended mostly higher.

Bond prices rose. The yield on the 10 year Treasury fell to 2.50% from 2.53% late Thursday.

The S&P 500's latest all-time high underscores the market's blockbuster turnaround this year after nosediving at the end of 2018 amid fears of a recession, an escalating trade war between the U.S. and China, and concern that the Federal Reserve was moving too aggressively to raise interest rates.

In the months since, those concerns have eased or taken a back seat to more optimism among investors about the prospects for steady economic growth. Improved economic data out of China and signals that Washington and Beijing are making progress toward resolving their costly trade dispute has also helped ease market jitters.

Perhaps most of all, traders have been encouraged by an increasingly hands-off Fed, which has signaled that it may not raise interest rates at all in 2019 after seven increases the previous two years.

More recently, companies that have reported first quarter results have mostly met profit forecasts, taking some pressure off the market.

U.S. companies are about a third of the way through their latest round of quarterly reports. So far they've avoided analysts' most dire predictions for a severe contraction.

"It's marginally better than expected, so the market has rallied a bit," said Andrew Slimmon, managing director and senior portfolio manager at Morgan Stanley Investment Management.

Meanwhile, investor fears of a potential recession have subsided since the year started, helping the market steadily recover from its fourth-quarter meltdown.

"With no recession, the market was due for a bounce back," he said, noting that investors seem to be complacent with a less volatile market, which he said could be setting it up for a pullback.

Wall Street's strong recover this year has helped fuel a surge in corporate deals. So far this year, there have been $711 billion in mergers and acquisitions in the U.S., the fastest start to a year on record, according to Dealogic.

The market has also been rewarding some technology companies since their highly anticipated stock market debuts. Pinterest and Zoom both went public earlier this month and are trading near their raised initial prices. Ride-hailing company Uber and messaging platform Slack are set to be the next technology companies to open up for public investment.

All told, 34 IPOs have been completed this year, raising $9.5 billion, down from 55 IPOs that raised $18.5 billion in the same period last year, said Kathleen Smith, principal at Renaissance Capital, a provider of pre-IPO research and IPO exchange-traded funds.

Smith noted that the upcoming $8.5 billion Uber IPO and a pipeline of over 200 others, could make 2019 a record year for capital raised in the IPO market.

On Friday, gains in financial, health care and other sectors offset losses in technology stocks. Energy companies also fell as the price of U.S. crude oil slumped for the third straight day.

Ford Motor rode its trucks and SUVs to a solid first-quarter profit. The stock vaulted 10.7%.

Amazon gained 2.5% a day after the e-commerce giant said its profit more than doubled in the first quarter.

Intel shares tumbled 9% after the chipmaker warned that weak demand in China will likely continue through the current quarter. It slashed its forecast for the quarter and expects a drop in revenue for the year.

Exxon Mobil slid 2.1% after the oil company's first quarter profit fell by half, missing forecasts due to more spending on oil production and lower margins in its refinery business.

Exxon was part of a broad slide in energy sector stocks Friday, as the price of benchmark U.S. crude oil fell 2.9% to settle at $63.30 a barrel.

Oil prices increased during the first quarter following an agreement by OPEC and allies including Russia to limit production. More recently, prices have risen after the U.S. government announced it will end waivers from sanctions for countries that import oil from Iran, including China, India, Japan and South Korea.

Energy futures finished mostly lower.

Brent crude, the international standard, fell 3% to close at $72.15 per barrel. Wholesale gasoline slid 1.5% to $2.10 per gallon. Heating oil dropped 2.2% to $2.05 per gallon. Natural gas rose 2.1% to $2.57 per 1,000 cubic feet.

Gold rose 0.7% to $1,288.80 per ounce, silver gained 0.8% to $15.01 per ounce and copper added 0.9% to $2.89 per pound.

The dollar slipped to 111.61 Japanese yen from 111.62 yen late Thursday. The euro strengthened to $1.1154 from $1.1128.

8032

 

[bigdog]

Japanese markets were closed for a weeklong holiday.

Labour days holiday on Wednesday May 1 also

U.S. stock indexes edged further into record territory Monday following more signs that the economy is growing in the not too hot, not too cold way that investors love.

The S&P 500 index ticked up by 3.15 points, or 0.1%, to 2,943.03. Big gains for banks led the way on hopes for bigger profits from making loans, but losses for high dividend stocks held indexes in check.

The Dow Jones Industrial Average rose 11.06, or less than 0.1%, to 26,554.39, and the Nasdaq composite gained 15.46, or 0.2%, to 8,161.85. Both the S&P 500 and Nasdaq closed at record highs.

https://www.usnews.com/news/busines...al-stocks-lower-ahead-of-us-china-trade-talks

Stocks Tick up to Another Record High as Goldilocks Reigns
US stocks edge higher as banks benefit from a report showing that consumer spending surged last month, clocking its biggest gain in almost a decade.
By Associated Press, Wire Service Content April 29, 2019, at 4:36 p.m.

By DAMIAN J. TROISE and STAN CHOE, AP Business Writers

NEW YORK (AP) — U.S. stock indexes edged further into record territory Monday following more signs that the economy is growing in the not too hot, not too cold way that investors love.

The S&P 500 index ticked up by 3.15 points, or 0.1%, to 2,943.03. Big gains for banks led the way on hopes for bigger profits from making loans, but losses for high dividend stocks held indexes in check.

The Dow Jones Industrial Average rose 11.06, or less than 0.1%, to 26,554.39, and the Nasdaq composite gained 15.46, or 0.2%, to 8,161.85. Both the S&P 500 and Nasdaq closed at record highs.

After rocketing higher in the first few months of the year, momentum has moderated for the S&P 500 index in recent weeks. Trading has remained relatively quiet, as reports on the economy and corporate profits come in better than analysts expected and give investors further confidence that the economy can avoid a recession.

"I think it's healthy to see these sideways or even slightly down days," said Nate Thooft, senior portfolio manager at Manulife Asset Management. "This is just digesting the big move we had earlier in the year."

The S&P 500 is up 17.4% so far in 2019, and it has more than erased its nearly 20% drop from late last year when worries were high than an overly aggressive Federal Reserve could cause a recession by raising interest rates too quickly.

"We're kind of in complacency land, Goldilocks land," Thooft said. "That in itself is a little bit alarming, but I don't see what changes it either."

Helping to spur Monday's gains was a report from the Commerce Department that showed an economy that's growing, but not at too hot a pace. Consumer spending jumped 0.9% in March, the biggest gain in nearly a decade. But the same report also showed that the Federal Reserve's preferred measure of price changes remains well below its target.

Low inflation gives the central bank more leeway to hold off on raising interest rates, and it was the Fed's pledge earlier this year to be patient on rates that sent stocks surging. The Federal Reserve will meet again on interest rates this week, and most investors expect it to make no changes.

More relief is also coming from ongoing negotiations between the U.S. and China as they try to end a costly trade war. Both sides have said they are making progress and are continuing talks this week.

Big U.S. companies also continue to turn in stronger earnings for the first three months of the year than analysts expected. Google's parent company, Alphabet, joined the lengthening list when it reported its results after trading ended on Monday.

Analysts say companies across the S&P 500 index may end up reporting slightly higher profits for the first quarter than a year ago. Just a few weeks ago, Wall Street was predicting the first drop in earnings in nearly three years.

Nearly a third of the companies in the S&P 500 are scheduled to report their results for the first quarter this upcoming week, including CVS Health, General Motors and McDonald's.

Treasury yields rose with the encouraging data on consumer spending, and the yield on the 10-year Treasury climbed to 2.52% from 2.50% late Friday.

Higher interest rates can mean bigger profits for banks, and financial stocks in the S&P 500 jumped 0.9%. JPMorgan Chase and Bank of America both rose 1.4%.

On the losing side were utility stocks and real estate investment trusts, which are big dividend payers. When bonds pay more in interest, it can dull the appeal of dividend paying stocks.

Real estate stocks in the S&P 500 dropped 1.1%, and utilities sank 0.6%.

In overseas markets, the Hang Seng rose 1% in Hong Kong, and South Korea's Kospi jumped 1.7%. The French CAC 40 gained 0.2%, Germany's Dax inched up by 0.1% and the FTSE 100 in London rose 0.2%. Japanese markets were closed for a weeklong holiday.

Benchmark U.S. crude rose 20 cents to settle at $63.50 per barrel. Brent crude, the international standard, fell 11 cents to $72.04 a barrel.

Natural gas added a penny to $2.59 per 1,000 cubic feet, heating oil was virtually flat at $2.05 per gallon and wholesale gasoline dipped 2 cents to $2.08 per gallon.

Gold fell $7.30 to $1,281.50 per ounce, silver lost 16 cents to $14.93 per ounce and copper was virtually flat at $2.90 per pound.

The dollar rose to 111.71 Japanese yen from 111.61 yen late Friday. The euro rose to $1.1183 from $1.1154, and the British pound ticked up to $1.2935 from $1.2925.

 

[bigdog]

Japanese markets were closed for a week long holiday.

Wall Street capped a day of mostly wobbly trading with meager gains Tuesday, enough to nudge the S&P 500 to an all-time high for the third straight day.

The benchmark index spent much of the day hovering below its previous high, but edged up in the last few minutes of trading.

Household goods makers, health care stocks, utilities and other sectors helped lift the market, narrowly offsetting a steep decline in communications companies.

https://www.usnews.com/news/busines...asian-stocks-mixed-after-new-wall-street-high

US Stocks Post Meager Gains; S&P 500 Index Hits New High
Wall Street capped a day of mostly wobbly trading with meager gains Tuesday, enough to nudge the S&P 500 to an all-time high for the third straight day.
By Associated Press, Wire Service Content April 30, 2019, at 5:05 p.m.

By ALEX VEIGA, AP Business Writer

Wall Street capped a day of mostly wobbly trading with meager gains Tuesday, enough to nudge the S&P 500 to an all-time high for the third straight day.

The benchmark index spent much of the day hovering below its previous high, but edged up in the last few minutes of trading.

Household goods makers, health care stocks, utilities and other sectors helped lift the market, narrowly offsetting a steep decline in communications companies.

Google's parent company, Alphabet, led the slide after the search giant reported a slowdown in revenue growth. Retailers and hospitality industry companies also fell.

The market's latest gyrations came as investors weighed the latest batch of corporate earnings reports.

"This is a market that's trying to find its way after advancing nearly 18% through last night on a year-to-date basis," said Lindsey Bell, investment strategist at CFRA. "While the numbers have been good, there still remains a cautious tone in the market."

The S&P 500 rose 2.80 points, or 0.1%, to 2,945.83, a record. The Dow Jones Industrial Average added 38.52, or 0.1%, to 26,592.91.

The Nasdaq, which is heavily weighted with technology companies, fell 66.47 points, or 0.8%, to 8,095.39. The Russell 2000 index of smaller company stocks dropped 7.15 points, or 0.4%, to 1,591.21.

Major indexes in Europe finished mostly higher.

Bond prices rose. The yield on the 10 year Treasury fell to 2.50% from 2.53% late Monday.

The U.S. stock market has been riding high this year after mounting a big comeback from a steep slump at the end of 2018. Investors have been feeling more optimistic this year as fears of a global economic recession eased and negotiations between the U.S. and China over their costly trade war appear to be making progress.

The Federal Reserve has done the most to allay the market's jitters this year by signaling that it may not raise interest rates at all in 2019 after seven increases the previous two years.

Traders will get to hear from the Fed again on Wednesday, when the central bank's policymakers issue another update on interest rate policy and their view on the U.S. economy.

Earnings reporting season is more than a third of the way in, and investors continue to search for clues about whether profit growth can accelerate later this year following a weak first quarter.

So far, about 269 of the companies in the S&P 500 have reported their earnings for the first three months of the year. Among them, earnings are down about 0.3% from a year earlier. Analysts forecast a drop of 1% in earnings growth for S&P 500 companies this reporting season. That's not as bad as the 4% decline they were expecting a few weeks ago.

"Sales numbers have been better than expected, too, which I think is the bigger story here, because that was the No. 1 thing people were worried about," Bell said.

The strong rally in stocks at a time when company earnings growth is still sluggish may be giving investors reason to pause.

Bell noted that valuations, or the price-earnings ratio of stocks, are becoming "a little bit stretched" at nearly 18 times expected earnings.

"You've seen corporate management teams still remain a little bit cautious in tone, with regard to guidance," she said.

The latest batch of corporate earnings Tuesday gave traders a mixed snapshot of how companies are doing.

Industrial conglomerate General Electric climbed 4.5% in heavy trading after beating Wall Street's profit and revenue forecasts for the second straight quarter. The company has been shedding units and reorganizing as it tries to increase growth.

Health care stocks bounced back after wobbling in early trading as several of the sector's big names reported their results.

Merck rose 2.5% after reporting that its profit quadrupled in the first quarter, easily beating Wall Street's forecasts. Pfizer, another huge drugmaker, gained 2.6% after higher sales of prescription drugs helped it report a 9% jump in profits, also easily beating forecasts.

Eli Lilly slid 2.1% after the drugmaker cut its revenue forecast for the year as it faces price declines and more competition for its drugs.

Other big names on Wall Street posted results that put traders in a selling mood.

Alphabet slumped 7.5% in heavy trading after disappointing advertising sales held back revenue growth during the first quarter.

The search engine's revenue fell short of analysts' forecasts because advertising revenue only grew by 15%. The company is in tight competition for digital ads with Facebook and Amazon.

General Motors slid 2.6% after reporting a surprise drop in sales during the first quarter. The automaker raised prices on its vehicles, especially trucks, during the quarter.

Restaurant operator Texas Roadhouse slumped 11.6% after profit fell because of higher labor costs. Both profit and revenue fell short of forecasts.

Energy futures finished mostly higher. Benchmark U.S. crude rose 0.6% to settle at $63.91 per barrel. Brent crude added 1.1% to close at $72.80 per barrel.

Wholesale gasoline gained 1.9% to $2.12 per gallon. Heating oil climbed 1.3% to $2.08 per gallon. Natural gas fell 0.7% to $2.58 per 1,000 cubic feet.

Gold added 0.3% to $1,285.70 per ounce, silver inched 0.3% higher to $14.98 per ounce and copper rose 0.2% to $2.90 per pound.

The dollar fell to 111.37 Japanese yen from 111.71 yen late Monday. The euro strengthened to $1.1221 from $1.1183.

 

[bigdog]

Japanese markets were closed for a week long holiday.

May day holiday in Germany and France for exchanges

Holiday in Asia for all indexes shown

U.S. stocks sold off late in the day and ended broadly lower Wednesday after the head of the Federal Reserve appeared to play down the possibility of an interest rate cut this year, something some investors had been hoping for.

The Fed's decision to leave its benchmark interest rate alone was widely expected and came amid signs of renewed economic health, but unusually low inflation. The announcement reaffirmed a message that has reassured investors since the start of the year: No rate hikes are likely anytime soon.

The low-rate policy is helping to keep borrowing costs down and supporting an economy that's been growing steadily since late last year.

https://www.usnews.com/news/busines...ostly-closed-sydney-up-after-new-s-p-500-high

Stocks Sink After Fed Appears to Dash Hopes of a Rate Cut
Stocks gave up some early gains and ended broadly lower on Wall Street Wednesday after the head of the Federal Reserve appeared to play down the possibility of an interest rate cut this year, something some investors had been hoping for.
By Associated Press, Wire Service Content May 1, 2019, at 5:55 p.m.

By ALEX VEIGA, AP Business Writer

U.S. stocks sold off late in the day and ended broadly lower Wednesday after the head of the Federal Reserve appeared to play down the possibility of an interest rate cut this year, something some investors had been hoping for.

The Fed's decision to leave its benchmark interest rate alone was widely expected and came amid signs of renewed economic health, but unusually low inflation. The announcement reaffirmed a message that has reassured investors since the start of the year: No rate hikes are likely anytime soon.

The low-rate policy is helping to keep borrowing costs down and supporting an economy that's been growing steadily since late last year.

Still, some investors who saw inflation trending below the Fed's preferred target of 2% thought Chairman Jay Powell might signal a rate cut to spur economic growth, a notion that Powell dashed during a press conference and that some market watchers dismissed as wishful thinking.

"I don't think investors who were anticipating a rate cut were being very realistic," said Karyn Cavanaugh, senior markets strategist at Voya Investment Management.

Cavanaugh said that a rate cut wouldn't be an appropriate move against the backdrop of the U.S. economy that grew 3.2% in the first three months of this year and a national unemployment rate below 4%.

The S&P 500 index fell 22.10 points, or 0.8%, to 2,923.73.

The Dow Jones Industrial Average lost 162.77 points, or 0.6%, to 26,430.14. The Nasdaq composite dropped 45.75 points, or 0.6%, to 8,049.64. The Russell 2000 index of smaller company stocks gave up 14.83 points, or 0.9%, to 1,576.38.

The U.S. stock market has been riding high this year as it's made its way back from a nosedive at the end of 2018. The Fed spurred the market's recovery earlier this year when it signaled that it would take a patient approach to raising interest rates.

On Wednesday, the central bank once again reassured investors that it is unlikely it will hike rates in coming months. The Fed raised rates seven times over 2017 and 2018.

The Fed also expressed a more upbeat view of the economy, saying "economic activity rose at a solid rate." In March, the Fed had said it appeared that growth had slowed from the fourth quarter of last year.

"The Fed action is a positive, because it means that rates are going to remain low," said Tom Martin, senior portfolio manager with Globalt Investments. "And if there was anything that looked like it could be harmful, the Fed is standing ready to consider more accommodation."

Soon after the Fed issued its statement, stock prices rose modestly. And the yield on the 10-year Treasury note, which influences mortgages and some other loans, fell slightly.

But the trajectory for stocks and bonds changed course as Powell fielded questions from reporters. At one point, he declined to say whether some investors are misguided in expecting the U.S. central bank to trim interest rates this year, something traders have been betting will happen before year's end.

"The committee is comfortable with our current policy stance," Powell said.

The U.S. dollar spiked versus other currencies as Powell spoke. Bond prices ended up little changed, with the yield on the 10-year Treasury note holding at 2.50%.

Household goods makers, banks and energy companies took some of the heaviest losses Wednesday. Only real estate stocks eked out a slight gain.

Stocks had been moving sideways right before the Fed's announcement. They rallied earlier in the day as large U.S. companies continued to surprise investors with solid profits.

Apple rose 4.9% after its first quarter results beat Wall Street forecasts. The consumer electronics giant's sales are still shrinking as iPhone demand weakens, however. Still, Apple raised its dividend and signaled that the revenue slide could level off in the current quarter.

Royal Caribbean Cruises jumped 6.7% after the cruise line operator said booking rates and volumes helped push revenue higher, along with more demand for onboard activities.

CVS Health climbed 5.4% after the company reported a 42% surge in quarterly profits, blowing past Wall Street's forecasts. The nation's second-largest drugstore chain also raised its profit forecast for the year.

Beer maker Molson Coors slid 7.5% after a slump in volume weighed down revenue. The company, which makes both Molson and Coors, reported revenue and profit below Wall Street forecasts.

Earnings reporting season is more than a third of the way through and the results have been tempering investors' worst fears about a severe profit slump. Earnings are down about 0.3% so far for S&P 500 companies. That's far better than the 4% drop expected just a few weeks ago.

Energy futures finished mostly higher. Benchmark U.S. crude fell 0.5% to settle at $63.60 per barrel. Brent crude added 0.2% to close at $72.18 per barrel.

Wholesale gasoline inched 0.1% lower to $2.06 per gallon. Heating oil rose 0.8% to $2.09 per gallon. Natural gas added 1.7% to $2.62 per 1,000 cubic feet.

Gold dropped 0.1% to $1,284.20 per ounce, silver fell 1.7% to $14.73 per ounce and copper slid 3.5% to $2.80 per pound.

The dollar rose to 111.61 Japanese yen from 111.37 yen late Tuesday. The euro weakened to $1.1194 from $1.1221.

 

[bigdog]

Japanese markets are closed for a week long holiday.

Energy stocks led a broad slide on Wall Street Thursday as oil and gas prices fell, handing the market its second straight loss.

Losses in technology and communications stocks also helped power the sell-off, offsetting gains in health care and real estate companies. Banks also rose, getting a boost from rising bond yields, which allow lenders to charge higher interest on loans.

The market's downward tilt came as investors continued to weigh remarks on Wednesday by the head of the Federal Reserve that appeared to dim prospects for an interest rate cut this year.

https://www.usnews.com/news/busines...xed-as-fed-steers-clear-of-signaling-rate-cut

Energy, Tech Companies Help Pull US Stocks Broadly Lower
Energy stocks led a broad slide in U.S. stocks Thursday as oil and gas prices fell, handing the market its second straight loss.
By Associated Press, Wire Service Content May 2, 2019, at 5:13 p.m.

By ALEX VEIGA, AP Business Writer

Energy stocks led a broad slide on Wall Street Thursday as oil and gas prices fell, handing the market its second straight loss.

Losses in technology and communications stocks also helped power the sell-off, offsetting gains in health care and real estate companies. Banks also rose, getting a boost from rising bond yields, which allow lenders to charge higher interest on loans.

The market's downward tilt came as investors continued to weigh remarks on Wednesday by the head of the Federal Reserve that appeared to dim prospects for an interest rate cut this year.

"You got a continuation of what you saw yesterday," said Willie Delwiche, investment strategist at Baird. "You saw stock market weakness, you saw bond yields rising and you saw the Fed funds futures continuing to shift away from pricing in a rate cut in the near future."

The S&P 500 index fell 6.21 points, or 0.2%, to 2,917.52. The Dow Jones Industrial Average dropped 122.35 points, or 0.5%, to 26,307.79. The Nasdaq composite, which is heavily weighted with technology companies, slid 12.87 points, or 0.2%, to 8,036.77.

Smaller company stocks fared better. The Russell 2000 index rose 6.27 points, or 0.4%, to 1,582.65.

Major indexes in Europe finished mostly lower.

The S&P 500 index is up 16.4% for the year and notched three straight all-time highs before finishing lower Wednesday after the remarks by Federal Reserve Chair Jay Powell.

In those remarks, Powell played down the possibility of an interest rate cut this year and restated the central bank's message that there will likely be no rate hikes in 2019.

Those comments made it seem like investors had a "less supportive Fed" than they anticipated, said Brad McMillan, chief investment officer for Commonwealth Financial Network.

McMillan noted that a pullback in stocks was likely because they have been gaining so much over the last few weeks.

"We ran up to new highs again and I think the markets are getting a little bit nervous about that," he said.

The U.S. stock market has been riding high this year as it's made its way back from a nosedive at the end of 2018. The Fed spurred the market's recovery earlier this year when it signaled that it would take a patient approach to raising interest rates.

On Thursday, a slide in crude oil prices helped drag down energy stocks. The sector fell 1.7%, more than triple the declines in the technology and communications sectors.

Benchmark U.S. crude fell 2.8% to settle at $61.81 per barrel. Brent crude, the international standard, dropped 2% to close at $70.75.

Marathon Oil dropped 6.1% after the company reported revenue that fell short of estimates.

Technology stocks, the biggest gainers this year, also weighed on the market. Cognizant Technology Solutions led the sector's decliners, losing 7.7%. Microsoft fell 1.3%.

Among media companies, Fox Corp. and Discovery Inc. each fell more than 5%.

Investors were treated to a mostly mixed batch of corporate earnings reports Thursday.

Fluor was the biggest loser in the S&P 500. The engineering and construction company plunged 24.1% after it reported a huge quarterly loss and issued an earnings forecast that was far below what analysts were expecting.

Sports apparel company Under Armour gained 3.5% after it reported first quarter results that beat Wall Street forecasts. It also raised its profit forecast for the year.

Online games maker Zynga climbed 5.6% after raising its revenue forecast for the year.

Earnings reporting season is more than a third of the way through and the results have been better than investors had expected. Analysts had been predicting a slump in profits and their worst fears have not materialized.

The market seemed to approve of Tesla's decision to attempt to raise more than $2 billion in a stock and debt offering. The electric car maker reported a shrinking balance sheet and falling sales during the first quarter and CEO Elon Musk had suggested it might need to raise more money. The stock rose 4.3%.

Traders also proved hungry for Beyond Meat, which soared in its stock market debut. Shares in the maker of plant-based burgers and sausages zoomed more than twofold above their opening price of $25 each.

The company is the latest in a string of high-profile IPOs this year, including Slack, Lyft and Zoom.

Bond prices fell. The yield on the 10-year Treasury note, which influences mortgages and some other loans, rose to 2.54% from 2.51% late Wednesday.

In other commodities trading, wholesale gasoline fell 2.2% to $2.02 per gallon. Heating oil slid 0.8% to $2.08 per gallon. Natural gas dropped 1.2% to $2.59 per 1,000 cubic feet.

Gold fell 1% to $1,272 per ounce, silver lost 0.8% to $14.62 per ounce and copper slid 0.8% to $2.78 per pound.

The dollar weakened to 111.50 Japanese yen from 111.61 yen late Wednesday. The euro dropped to $1.1175 from $1.1194.