NYSE Dow Jones finished today at:

[bigdog]

NYSE markets will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

https://apnews.com/article/business...-new-zealand-d3e619c346ac9a9afc69d35c15c9822f

Stocks edge higher after another choppy day on Wall Street

By DAMIAN J. TROISE and ALEX VEIGA

Wall Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of the Thanksgiving holiday in the U.S.

The S&P 500 rose 0.2% after wavering between small gains and losses most of the morning. The benchmark index regained its footing in the final hour of trading.

The Dow Jones Industrial Average slipped less than 0.1% after having been down 0.6% in the early going. The Nasdaq rose 0.4%, getting a lift from a late-afternoon rally in technology stocks.

The Federal Reserve released the minutes from its October policy meeting, which showed that Fed officials discussed how they “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy.

The minutes also revealed Fed officials maintained that the spike in inflation seen this year was still likely to be transitory while acknowledging that the rise in prices had been greater than expected. The minutes covered a meeting in which the Fed voted to take the first steps to roll back the massive support it has provided to the economy struggling to recover from a global pandemic.

Supply chain problems and pressure from inflation have been key concerns for a wide range of industries. Many companies have warned that they are having trouble meeting demand and are dealing with higher costs for raw materials. Those higher costs are being passed off to consumers, who have been paying more for everything from food and other staples to a wide range of retail items.

“You’ve got an environment where the persistence of supply chain issues is starting to wear on people,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management.

The S&P 500 rose 10.76 points to 4,701.46. The index set an all-time high last Thursday. The Dow slipped 9.42 points to 35,804.38, and the Nasdaq gained 70.09 points to 15,845.23.

Small company stocks also rose. The Russell 2000 index added 3.60 points, or 0.2%, to 2,331.46.

Slightly more stocks in the S&P 500 index fell than rose. Gains in technology, real estate and energy stocks outweighed a slide in banks, materials companies and elsewhere in the market.

Investors kept an eye on the latest batch of quarterly report cards. Computer maker HP rose 10.10% for the biggest gain in the S&P 500 after reporting solid financial results. Autodesk slumped 15.5% after the design software company warned investors the pace of its recovery is being impacted by supply chain problems and pressure from inflation.

A mix of retailers that rely on direct consumer spending also turned choppy. Online crafts marketplace Etsy rose 6.2%. Gap nosedived 24.1% after the clothing chain said supply chain problems crimped its third-quarter earnings and revenue. Department store operator Nordstrom plunged 29% after reporting weak third-quarter earnings.

Energy stocks made gains as crude oil prices remained relatively stable and natural gas prices rose. Devon Energy rose 3.8%.

Bond yields were mixed. The yield on the 10-year Treasury slipped to 1.64% from 1.67% late Tuesday. That weighed down banks, which rely on higher yields to charge more lucrative interest on loans. JPMorgan Chase fell 0.8%.

The latest update on consumer spending showed an October rebound with a 1.3% rise, according to the Commerce Department. That’s slightly more than double the gain in September.

It’s been an otherwise uneventful and short week for investors. Markets will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

Investors received several upbeat economic updates on Wednesday.

The Commerce Department reported that the U.S. economy slowed to a modest annual rate of 2.1% growth in the October-December quarter, slightly better than its first estimate. But economists are predicting a solid rebound in the current quarter as long as rising inflation and a recent uptick in COVID cases do not derail activity.

The Labor Department reported that the number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year’s coronavirus recession.

ASX 200 expected to fall​

The Australian share market looks set to drop again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% lower this morning.

Stocks edge higher after another choppy day on Wall Street; on closing the Dow Jones was down 0.03%, the S&P 500 up 0.23%, and the Nasdaq up 0.44%.

 

[bigdog]

NYSE markets were closed on Thursday for the Thanksgiving holiday and will close early on Friday.

https://apnews.com/article/business-asia-sydney-tokyo-stock-markets-00fd342d5d83d20d1342f1d3af9d822d

Global stocks mixed after Fed says ready to act on inflation

By JOE McDONALD

BEIJING (AP) — Global stock markets mostly rose Thursday after Federal Reserve officials indicated they were ready to hike interest rates sooner than expected if needed to cool U.S. inflation.

London, Tokyo, Frankfurt and Hong Kong markets advanced, while Shanghai declined.

Wall Street futures were higher. U.S. markets were closed for the Thanksgiving holiday. They reopen Friday for a shortened trading session.

Fed officials at their October policy meeting said they “would not hesitate” to respond to inflation, according to notes released Wednesday. They foresaw the possibility of raising rates “sooner than participants currently anticipated.”

That fueled investor fears the Fed and other central banks might feel pressure to withdraw economic stimulus that has been boosting stock prices. Fed officials earlier indicated they might raise rates late next year.

Higher prices combined with stronger U.S. hiring suggest the attitude at the next Fed meeting might be “unabashedly more hawkish,” said Tan Boon Heng of Mizuho Bank in a report.

In early trading, the FTSE in London rose less than 0.1% to 7,289.90 and the DAX in Frankfurt gained 0.3% to 15,927.78. The CAC 40 in Paris added 0.3% to 7,063.84.

Futures for the S&P 500 and the Dow Jones Industrial Average were up 0.3%.

In Asia, the Shanghai Composite Index lost 0.2% to 3,584.18 while the Nikkei 225 in Tokyo gained 0.7% to 29,499.28. The Hang Seng in Hong Kong advanced 0.2% to 24,740.16.

The Kospi in Seoul lost 0.5% to 2,980.27 after the Korean central bank raised its policy interest rate by 0.25 percentage points to 1% in line with expectations.

Sydney’s S&P-ASX 200 added 0.1% to 7,407.30 and India’s Sensex gained 0.8% to 58,811.46. New Zealand and Jakarta advanced while Singapore and Bangkok declined.

On Wall Street, the S&P 500 advanced 0.2%. Gains in technology, real estate and energy stocks outweighed a slide in banks and materials companies.

The Dow slipped less than 0.1% while the Nasdaq composite gained 0.4%.

The Fed notes showed officials still believe this year’s inflation spike is likely to be temporary but acknowledged prices rose more than expected.

The notes covered the October meeting at which Fed board members voted to take the first steps to roll back easy credit and other measures to support an economic recovery from the coronavirus pandemic.

A wide range of industries have been hit by inflation pressures and disruptions in supplies of raw materials and components. Forecasters worry consumers might cut spending if retail prices keep rising.

Consumer spending rose 1.3% in October, slightly more than double the previous month’s rise, according to the U.S. Commerce Department.

The Labor Department reported the number of Americans applying for unemployment benefits fell last week to its lowest level in more than half a century.

In energy markets, benchmark U.S. crude lost 5 cents to $78.34 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, gained 10 cents to $81.15 per barrel in London.

The dollar fell to 115.36 yen from 115.48 yen. The euro advanced to $1.1221 from $1.1199.

ASX 200 expected to edge lower​

The Australian share market looks set to end the week in a subdued fashion. According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% lower.

Wall Street futures were higher. U.S. markets were closed for the Thanksgiving holiday. They reopen Friday for a shortened trading session.

 

[bigdog]

A SEA OF RED ON FRIDAY NOVEMBER 26 2021

Stocks sink on new COVID variant; Dow loses 905 points

By KEN SWEET and PAUL WISEMAN

Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. Investors were uncertain whether the variant could potentially reverse months of progress at getting the COVID-19 pandemic under control.

The S&P 500 index dropped 106.84 points, or 2.3%, to close at 4,594.62. It was the worst day for Wall Street’s benchmark index since February.

The index was dragged lower by everything from banks, travel companies and energy companies as investors tried to reposition to protect themselves financially from the new variant. The World Health Organization called the variant “highly transmissible.”

The price of oil fell about 13%, the biggest decline since early in the pandemic, amid worries of another slowdown in the global economy. That in turn dragged down energy stocks. Exxon shares fell 3.5% while Chevron fell 2.3%.

The blue chips closed down 905.04 points to end the day at 34,899.34. The Nasdaq Composite lost 353.57 points, or 2.2%, to 15,491.66.

“Investors are likely to shoot first and ask questions later until more is known,” Jeffrey Halley of Oanda said in a report. That was evident from the action in the bond market, where the yield on the 10-year Treasury note fell to 1.48% from 1.64% on Wednesday. As a result, banks took some of the heaviest losses. JPMorgan Chase dropped 3%.

There have been other variants of the coronavirus — the delta variant devastated much of the U.S. throughout the summer — and investors, public officials and the general public are jittery about any new variant that’s spreading. It’s been nearly two years since COVID-19 emerged, killing more than 5 million people around the globe so far.

Cases of the new variant were found in Hong Kong, Belgium and Tel Aviv as well as major South African cities like Johannesburg.

The economic impacts of this variant were already being felt. The European Union and the U.K. both announced travel restrictions from southern Africa on Friday. After the market closed, the U.S. also put travel restrictions on those coming from South Africa as well as seven other African nations.

Airline stocks quickly sold off, with United Airlines dropping 9.6% and American Airlines falling 8.8%.

“COVID had seemingly been put in the rear-view mirror by financial markets until recently,” Douglas Porter, chief economist at BMO Capital Markets. “At the least, (the virus) is likely to continue throwing sand in the gears of the global economy in 2022, restraining the recovery (and) keeping kinks in the supply chain.”

Even Bitcoin got caught up in the selling. The digital currency dropped 8.4% to $54,179, according to CoinDesk.

In Nantucket, Massachusetts, where he is spending a holiday weekend, President Joe Biden said he wasn’t concerned about the market’s decline.

“They always do when there’s something on COVID (that) arises,” Biden said.

One sign of Wall Street’s anxiety was the VIX, the market’s measurement of volatility that is sometimes referred to as its “fear gauge.” The VIX jumped 53.6% to a reading of 28.54, its highest reading since January before the vaccines began to be widely distributed.

Fearful of more lockdowns and travel bans, investors moved money into companies that largely benefited from previous waves, like Zoom Communications for meetings or Peloton for at-home exercise equipment. Shares in both companies rose nearly 6%.

The coronavirus vaccine manufacturers were among the biggest beneficiaries of the emergence of this new variant and the subsequent investor reaction. Pfizer shares rose more than 6% while Moderna shares jumped more than 20%.

Merck shares fell 3.8%, however. While U.S. health officials said Merck’s experimental treatment of COVID-19 was effective, data showed the pill was not as effective at keeping patients out of the hospital as originally thought.

Investors are worried that the supply chain issues that have impacted global markets for months will worsen. Ports and freight yards are vulnerable and could be shut by new, localized outbreaks.

“Supply chains are already stretched,” said Neil Shearing, an economist with Capital Economics in London. “A new, more dangerous, virus wave could cause some workers to temporarily exit the workforce, and deter others from returning, making current labor shortages worse.’’

The variant also puts more pressure on central banks that are already faced with a dilemma: whether and when to raise interest rates to combat rising inflation. “The threat of a new, more serious, variant of the virus may be a reason for central banks to postpone plans to raise interest rates until the picture becomes clearer,” Shearing said.

Stock trading the Friday after Thanksgiving is typically the slowest day of the year, with the market closing at 1 p.m. Eastern. However volume on Friday was much higher than it would typically be for a holiday-shortened day. Roughly 3.4 billion shares exchanged hands on the New York Stock Exchange, which is only modestly below the 4 billion shares traded on an average day.

 

[Gunnerguy]

A SEA OF RED ON FRIDAY NOVEMBER 26 2021

Stocks sink on new COVID variant; Dow loses 905 points

By KEN SWEET and PAUL WISEMAN

Stocks sank Friday, with the Dow Jones Industrial Average briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe. Investors were uncertain whether the variant could potentially reverse months of progress at getting the COVID-19 pandemic under control.

The S&P 500 index dropped 106.84 points, or 2.3%, to close at 4,594.62. It was the worst day for Wall Street’s benchmark index since February.

The index was dragged lower by everything from banks, travel companies and energy companies as investors tried to reposition to protect themselves financially from the new variant. The World Health Organization called the variant “highly transmissible.”

The price of oil fell about 13%, the biggest decline since early in the pandemic, amid worries of another slowdown in the global economy. That in turn dragged down energy stocks. Exxon shares fell 3.5% while Chevron fell 2.3%.

The blue chips closed down 905.04 points to end the day at 34,899.34. The Nasdaq Composite lost 353.57 points, or 2.2%, to 15,491.66.

“Investors are likely to shoot first and ask questions later until more is known,” Jeffrey Halley of Oanda said in a report. That was evident from the action in the bond market, where the yield on the 10-year Treasury note fell to 1.48% from 1.64% on Wednesday. As a result, banks took some of the heaviest losses. JPMorgan Chase dropped 3%.

There have been other variants of the coronavirus — the delta variant devastated much of the U.S. throughout the summer — and investors, public officials and the general public are jittery about any new variant that’s spreading. It’s been nearly two years since COVID-19 emerged, killing more than 5 million people around the globe so far.

Cases of the new variant were found in Hong Kong, Belgium and Tel Aviv as well as major South African cities like Johannesburg.

The economic impacts of this variant were already being felt. The European Union and the U.K. both announced travel restrictions from southern Africa on Friday. After the market closed, the U.S. also put travel restrictions on those coming from South Africa as well as seven other African nations.

Airline stocks quickly sold off, with United Airlines dropping 9.6% and American Airlines falling 8.8%.

“COVID had seemingly been put in the rear-view mirror by financial markets until recently,” Douglas Porter, chief economist at BMO Capital Markets. “At the least, (the virus) is likely to continue throwing sand in the gears of the global economy in 2022, restraining the recovery (and) keeping kinks in the supply chain.”

Even Bitcoin got caught up in the selling. The digital currency dropped 8.4% to $54,179, according to CoinDesk.

In Nantucket, Massachusetts, where he is spending a holiday weekend, President Joe Biden said he wasn’t concerned about the market’s decline.

“They always do when there’s something on COVID (that) arises,” Biden said.

One sign of Wall Street’s anxiety was the VIX, the market’s measurement of volatility that is sometimes referred to as its “fear gauge.” The VIX jumped 53.6% to a reading of 28.54, its highest reading since January before the vaccines began to be widely distributed.

Fearful of more lockdowns and travel bans, investors moved money into companies that largely benefited from previous waves, like Zoom Communications for meetings or Peloton for at-home exercise equipment. Shares in both companies rose nearly 6%.

The coronavirus vaccine manufacturers were among the biggest beneficiaries of the emergence of this new variant and the subsequent investor reaction. Pfizer shares rose more than 6% while Moderna shares jumped more than 20%.

Merck shares fell 3.8%, however. While U.S. health officials said Merck’s experimental treatment of COVID-19 was effective, data showed the pill was not as effective at keeping patients out of the hospital as originally thought.

Investors are worried that the supply chain issues that have impacted global markets for months will worsen. Ports and freight yards are vulnerable and could be shut by new, localized outbreaks.

“Supply chains are already stretched,” said Neil Shearing, an economist with Capital Economics in London. “A new, more dangerous, virus wave could cause some workers to temporarily exit the workforce, and deter others from returning, making current labor shortages worse.’’

The variant also puts more pressure on central banks that are already faced with a dilemma: whether and when to raise interest rates to combat rising inflation. “The threat of a new, more serious, variant of the virus may be a reason for central banks to postpone plans to raise interest rates until the picture becomes clearer,” Shearing said.

Stock trading the Friday after Thanksgiving is typically the slowest day of the year, with the market closing at 1 p.m. Eastern. However volume on Friday was much higher than it would typically be for a holiday-shortened day. Roughly 3.4 billion shares exchanged hands on the New York Stock Exchange, which is only modestly below the 4 billion shares traded on an average day.


View attachment 133460

Sunday 11.30am Perth time ......
AXJO futures already down 2%-3%.
Looks like Monday mornings going to be fun.
Hold on to your hats.
Gunnerguy

 

[bigdog]

ASX 200 expected to sink again​

The Australian share market looks set to start the new week the same way as it ended the last one. According to the latest SPI futures, the ASX 200 is expected to open the day 104 points or 1.4% lower this morning.

This follows a selloff on Wall Street on Friday which saw the Dow Jones fall 2.5%, the S&P 500 drop 2.3%, and the Nasdaq tumble 2.2%. The Dow had its worst day of the year.

 

[bigdog]

https://apnews.com/article/coronavi...tock-markets-a495e093eb1a0503728f28b56bdcf56a

Stocks rise as Wall Street steadies following omicron slide

By DAMIAN J. TROISE, STAN CHOE and PAUL WISEMAN

NEW YORK (AP) — Wall Street steadied itself Monday after last week’s stock market slide caused by the newest coronavirus variant, with investors now waiting for more clues about just how much damage it may do to the economy.

The S&P 500 rose 1.3% to recover more than half of its drop from Friday, which was its worst since February. Bond yields and crude oil also recovered chunks of what they lost in traders’ knee-jerk reaction to run toward safety and away from risky investments.

With vaccines in hand — and with the benefit of a weekend to mull whether Friday’s sharp market moves were overdone — analysts said the world may be in better position to weather this newest potential wave. Plus, Friday’s tumble for markets may have been exacerbated by many traders taking the day off following Thanksgiving.

But while the market steadied itself, uneasiness still hangs over it due to the discovery of the variant now known as omicron. The variant appears to spread more easily, and countries around the world have put up barriers to travel in hopes of stemming it. Still to be seen is how effective vaccines currently available are for the variant, and how long it may take to develop new omicron-specific vaccines.

“There are still more questions than answers regarding the new variant,” said Ryan Detrick, chief market strategist for LPL Financial. “At the same time, we’ve been living with COVID-19 for almost 20 months now, and we’ve seen multiple variants.”

Given the uncertainty, the Dow Jones Industrial Average wavered between a loss of 3 points and a gain of 388 points through the day. It ended with a gain of 236.60 points, or 0.7%, at 35,135.94.

The most powerful lift for stocks came from those that have been able to grow strongly almost regardless of the economy’s strength or pandemic’s pall. Gains for five big tech-oriented stocks — Microsoft, Tesla, Apple, Amazon and Nvidia — alone accounted for more than a third of the S&P 500’s rise. The gains for tech-oriented stocks also helped to drive the Nasdaq composite up a market-leading 1.9%.

Moderna jumped 11.8% for the biggest gain in the S&P 500, adding to an even bigger gain from Friday, after it said it’s testing the effectiveness of its vaccine against omicron. Its CEO said in a televised interview on ABC that it could take two to three months for a vaccine developed specifically for the variant to begin manufacturing.

Travel-related stocks started the day with gains but fell back as more caution filtered into the market and as travel restrictions around the world remained in force. They ended mixed after President Joe Biden said he wasn’t considering a widespread U.S. lockdown. He said the variant was a cause for concern and “not a cause for panic.” Delta Air Lines and American Airlines closed slightly lower, while cruise line operators Carnival and Norwegian Cruise Line notched gains.

All told, the S&P 500 rose 60.65 points to 4,655.27, while the Nasdaq added 291.18 points to 15,782.83. The Russell 2000 index of small companies was headed for its own rebound after climbing 1.6% in the early going, but its gains faded by late afternoon. The index slipped 3.96 points, or 0.2%, to 2,241.98.

“Because so much is still unknown about the omicron variant, it could take us a week or more to recover what we lost in a single day,” said Sam Stovall, chief investment strategist at CFRA.

The yield on the 10-year Treasury rose to 1.51% from 1.49% late Friday, recovering some of its steep slide from 1.64% that day. It tends to rise and fall with expectations for the economy’s strength and for inflation.

The VIX, an index that measures how worried investors are about upcoming drops for the S&P 500, also eased significantly. But it’s not all the way back to where it was before omicron.

Besides waiting on more clues about how much economic damage omicron will ultimately do, the market has several big mileposts this week that could swing prices. The headliner is likely Friday’s jobs report, where economists expect to see an acceleration in hiring by employers during November.

Omicron adds more risk to a global economy already contending with paralyzing uncertainty. Travel bans, including recent decisions by Japan and Israel to bar foreign visitors, threaten to disrupt global business. Global supply chains already gummed up by bottlenecks could be further ensnarled if outbreaks shut down factories, ports and freight yards.

Shipping problems would risk pushing prices higher, adding to inflation pressures. In response, the world’s central banks could raise interest rates and imperil the recovery from last year’s brief but intense coronavirus recession.

“Omicron reinforces that the economy remains tethered to the pandemic,” Mark Zandi, chief economist at Moody’s Analytics, said on Twitter Monday. “With each new wave of the pandemic, the economy will suffer slower growth and higher inflation.’’

The U.S. economic recovery lost significant momentum when the highly contagious delta variant hit over the summer. Economic growth slowed to an annual rate of 2.1% from July through September from 6.7% from April through June and 6.3% from January through March. The S&P 500 had its worst onth of the year in September, falling 4.8%.

Still, more Americans are vaccinated now, and the economy has shown resiliency, regaining speed after the summer slowdown. Zandi tweeted that “the most likely scenario is the economy will manage through each wave better than the one before it.”

Of course, the only way to know which scenario will ultimately occur is to wait to see it through. And that uncertainty in the meantime could lead to more up-and-down swings for the stock market, which has surged more than 24% this year and set a record as recently as Nov. 18.

“We’re just going to be in the dark for several weeks here,” LPL’s Detrick said.

ASX 200 expected to rebound​

The Australian share market looks set to rebound on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 50 points or 0.7% higher this morning.

This follows a solid start to the week on Wall Street, which on closing sees the Dow Jones up 0.68%, the S&P 500 up 1.32%, and the Nasdaq trading 1.88% higher. The latter bodes well for Aussie tech shares today.

 

[bigdog]

https://apnews.com/article/coronavi...ong-shanghai-c06381020f8f1aca48c9d39ac3249979

Stocks sink as omicron, rate worries rattle Wall Street

By DAMIAN J. TROISE and STAN CHOE

NEW YORK (AP) — Already unnerved by the newest coronavirus variant, Wall Street’s losses deepened on Tuesday after the head of the Federal Reserve said it will consider shutting off its support for financial markets sooner than expected.

The S&P 500 fell 1.9%, erasing its gains from a day earlier. The sell-off accelerated after Fed Chair Jerome Powell told Congress the central bank may halt the billions of dollars of bond purchases it’s making every month “perhaps a few months sooner.” It had been on pace to wrap up the purchases, meant to goose the economy by lowering rates for mortgages and other long-term loans, in June.

An end to the purchases would open the door for the Fed to raise short-term interest rates from their record low of nearly zero. That in turn would dilute a major propellant that’s sent stocks to record heights and swatted away concerns about an overly pricey market. As investors moved up their expectations for the Fed’s first rate hike following Powell’s remarks, yields on short-term Treasurys rose.

Losses for stocks mounted quickly, with the drop for the Dow Jones Industrial Average more than tripling in half an hour as it sank 711 points. The blue chip index ended down 652.22 points, or 1.9%, at 34,483.72.

The Nasdaq composite held up slightly better than the rest of the market, shedding 245.14 points, or 1.6%, to 15,537.69. Higher interest rates tend to hurt stock prices broadly, but they hit hardest on those seen as the most expensive or banking on big profit growth the furthest in the future. Such companies play a bigger role in the Nasdaq than other indexes. Microsoft fell 1.8% and chipmaker Nvidia slid 2.1%.

The whammy on interest rates came after stocks were already weak in the morning due to concerns about how badly the fast-spreading omicron variant of the coronavirus may hit the global economy.

The CEO of Moderna predicted in an interview with the Financial Times that existing COVID-19 vaccines may be less effective with omicron than earlier variants. Regeneron also said Tuesday that its monoclonal antibody treatment may have reduced effectiveness on omicron. Shares in Moderna fell 4.4%, while Regeneron dropped 2.7%.

Much is left to be determined about the variant, including how much it may slow already gummed-up supply chains or scare people away from stores. That uncertainty has sent Wall Street through jagged up-and-down jolts as investors struggle to handicap how much economic damage omicron will ultimately do.

“There will be heightened volatility around any piece of information,” said Kristina Hooper, chief global market strategist at Invesco. She said markets will likely remain cautious “before we know more.”

The S&P 500 dropped 88.27 points to 4,567. The benchmark index sank 2.3% Friday for its worst loss for February, only to rise 1.3% Monday as investors reconsidered whether the reaction was overdone, before giving way to Tuesday’s loss. The index closed out November with a 0.8% loss. That follows a 6.9% gain in October and a 4.8% drop in September. The index is now up 21.6% for the year.

One measure of nervousness in the stock market jumped almost 19% Tuesday, nearing its level from Friday, when it touched its highest point since March. Much of the rise occurred after Powell began speaking.

Gold usually does well when fear among investors is rising, but its price slipped 0.5%. Higher interest rates could reduce the appeal of gold, which doesn’t pay its holders any interest.

Crude oil prices slid with concerns that a global economy weakened by omicron would burn less fuel. Benchmark U.S. crude dropped 5.4% and touched its lowest level in three months. Brent crude, the international standard, fell 3.9%.

If omicron does ultimately do heavy damage to the global economy, it could put the Federal Reserve in a difficult spot. Usually, the central bank will lower interest rates, which encourages borrowers to spend more and investors to pay higher prices for stocks.

But low rates can also encourage inflation, which is already high across the global economy. Powell acknowledged in his testimony before Congress that inflation has been worse and lasted longer than the Fed expected. For months, officials described inflation as only “transitory,” but Powell said that word no longer works.

The subsequent losses for stocks Tuesday were widespread, with all but seven stocks in the S&P 500 ending lower. Apple rose 3.2% for the biggest gain in the index.

Smaller stocks also took heavy losses. The Russell 2000 index slid 43.07 points, or 1.9%, to 2,198.91. Investors typically see them getting hurt more than their larger rivals by both higher interest rates and by a weaker U.S. economy.

One signal in the bond market was also flashing some concern about the economy’s prospects. Longer-term Treasurys usually offer higher yields than shorter-term Treasurys, in part to make up for the increased risk that future inflation may eat into their returns.

A 10-year Treasury is still offering more in yield than a two-year Treasury, but the gap narrowed sharply on Tuesday. The two-year yield rose to 0.54% from 0.51% late Monday. The 10-year yield, meanwhile, fell to 1.45% from 1.52%.

Many investors see that narrowed gap as meaning the bond market has less confidence in the economy’s long-term strength. If it were to flip, with short-term yields rising above long-term yields, many investors see that as a semi-reliable predictor of a recession.

ASX 200 expected to fall​

The Australian share market looks set to give back yesterday’s gains on Wednesday amid a resurgence in Omicron fears. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% lower this morning.

On closing in the United States, the Dow Jones was down 1.86%, the S&P 500 is down 1.9%, and the Nasdaq is trading 1.55% lower.

 

[bigdog]

https://apnews.com/article/coronavi...h-japan-asia-60d228fe43161aac0e28909f35b172d2

Markets turn cautious, reversing an early gain to end lower

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA

Another roller-coaster ride on Wall Street whipsawed investors Wednesday as an early market rally reversed course by midafternoon, piling up more losses for stocks.

The S&P 500 had been up 1.9% in the early going following some better-than-expected readings on the U.S. economy, but the gains gradually gave way to a 1.2% skid. The afternoon reversal is the latest dizzying move for Wall Street’s benchmark, which sank 2.3% on Friday for its worst loss since February, only to then rise 1.3% on Monday and then fall 1.9% on Tuesday.

The Dow Jones Industrial Average ended with a 1.3% loss, while the Nasdaq composite fell 1.8%. Both indexes had been solidly higher until the market’s afternoon swoon.

The wild movements are partly the result of investors struggling to handicap how much damage the newest coronavirus variant will do to the economy. Markets were already headed lower Wednesday afternoon when the White House announced that the first case of the omicron variant had been found in the U.S., in a person who recently had returned from South Africa.

“Investors are going to have to get used to the idea that this is not going to be the last variant,” said Liz Young, chief investment strategist at SoFi. “This is likely something that is with us for a while and we have to learn to live with it and manage growth from an investment standpoint.”

Another weight dropped on Wall Street Tuesday when the head of the Federal Reserve said that it may halt its immense support for financial markets sooner than expected amid persistently high inflation sweeping the world.

But since climbing out of its early 2020 collapse caused by the first wave of COVID-19, one hallmark of the stock market’s powerful run has been the continued willingness by bargain-hunting investors to buy following any dip in prices. That lasting habit has helped the S&P 500 set 66 all-time highs so far in 2021, the second-most on record for a year, according to S&P Dow Jones Indices.

It also helped the Dow initially climb 520 points Wednesday. The blue chip index ended up dropping 461.68 points to 34,022.04. The Nasdaq slid 283.64 points to 15,254.05, while the S&P 500 fell 53.96 points to 4,513.04.

Smaller company stocks fared worse than the broader market. The Russell 2000 index fell 51.49 points, or 2.3%, to 2,147.42. It had been up as much as 2.5% earlier.

Longer-term Treasury yields initially recovered some of their sharp drops from the day before, triggered by worries about slowing economic growth. But the rebound didn’t last. The yield on the 10-year Treasury slid to 1.41% from 1.44% late Tuesday, when it fell from 1.52%.

Some better-than-expected data on the economy failed to avert the late-day wave of selling. A report from the Institute for Supply Management showed that growth in the U.S. manufacturing sector accelerated a touch faster last month than economists expected.

A separate report from payroll processor ADP said that non-government employers hired more people in November than economists expected. That could raise expectations for Friday’s more comprehensive jobs report from the U.S. government, though the ADP report doesn’t have a perfect track record predicting it.

A stronger economy would burn more fuel, and crude oil prices initially rose, briefly sending Benchmark U.S. crude 2.1% higher. But it shed those gains, closing down 0.9% at $65.57 per barrel. It momentarily dropped below $65 the day before.

Vertex Pharmaceuticals rallied 9.7% for the biggest individual gain in the S&P 500 after it reported encouraging data from a study of its investigational treatment for kidney disease. More than 80% of stocks in the S&P 500 fell.

Travel stocks had some of the biggest swings Wednesday. Norwegian Cruise Line climbed 4.6% in morning trading, but ended with an 8.8% loss. American Airlines flipped from a 3.1% gain to an 8% loss.

A measure of fear on Wall Street jumped 14.5%. The VIX, which shows how worried investors are about upcoming drops for the S&P 500, is still well above where it was before omicron walloped markets worldwide after Thanksgiving.

“The biggest driver of the near-term volatility has been omicron,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “It clouds near-term visibility, and it’s just simply too early to tell the extent to which it will evade existing vaccines and how severe it will be relative to other mutations. It’s the big unknown.”

The possibility of less help for markets from the Fed continues to hang over Wall Street. Chair Jerome Powell said Tuesday the central bank will consider an earlier halt to its monthly purchases of bonds, which are meant to goose the economy by keeping rates low for mortgages and other long-term loans.

That would open the door for the Fed to raise short-term interest rates, diluting one of the main reasons for the S&P 500′s more than doubling since late March 2020. Low rates encourage investors to pay higher prices for stocks and have helped deflect criticism that the market had become too expensive. So a faster ramp up in short-term rates threatens stocks, but analysts say it could also be an encouraging signal about the Fed’s confidence in the economy’s strength.

Analysts also warn that the market is likely to remain jumpy until more clarity arrives on omicron’s ultimate impact. With no answer yet on the effectiveness of vaccines against the variant, it’s only a guess on whether governments will reinstate tough restrictions, people will be scared away from businesses or inflation will worsen.

ASX 200 expected to fall​

The Australian share market looks set to fall again on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 26 points or 0.35% lower this morning.

Another roller-coaster ride on Wall Street whipsawed investors Wednesday as an early market rally reversed course by mid afternoon, piling up more losses for stocks.

On closing the Dow Jones was down 1.34%, the S&P 500 down 1.18%, and the Nasdaq down 1.86%. US markets were up materially until a case of Omicron was confirmed in the US

 

[bigdog]

https://apnews.com/article/coronavi...-sydney-asia-3e4782ce264310e488d5e183db3c705c

Broad rally lifts US stocks after run of volatile trading

By DAMIAN J. TROISE and ALEX VEIGA

A broad rally on Wall Street pushed stocks higher Thursday, giving the S&P 500 its best day in seven weeks as the market recouped some of its losses after a several days of volatile trading.

The benchmark index rose 1.4%, its biggest gain since mid-October. The Dow Jones Industrial Average rose 1.8%, its best showing since early March. The tech-heavy Nasdaq rose 0.8%, held back in part by a modest drop in Apple.

Smaller company stocks, which have lost the most ground this week, outpaced the broader market, sending the Russell 2000 index 2.7% higher.

The market rebound comes as investors try to gauge the amount of damage the omicron variant of COVID-19 might inflict on the economy, as well as measures that the U.S. and other governments are taking to restrain it. Trading has been choppy all week and, despite the latest gains, every major index is on track for a weekly loss.

The heavy selling in recent days may have presented too tempting an opportunity for traders, said said Jay Hatfield, CEO of Infrastructure Capital Advisors.

“It’s bargain-hunting after an overreaction,” Hatfield said. “Clearly the Fed and the variant are overhanging on the market, but the fundamentals are very strong and the Fed is still injecting liquidity into the market.”

The S&P 500 rose 64.06 points to 4,577.10. The index has been on a roller coaster ride throughout the week. It was up as much as 1.9% Wednesday before skidding and closing 1.2% lower.

The Dow gained 617.75 points to 34,639.79. The Nasdaq added 127.27 points to 15,381.32. The Russell 2000 picked up 58.91 points to 2,206.33.

The latest coronavirus variant has led countries to impose barriers to travel and stricter restrictions on business and people. Concerns about global restrictions potentially crimping economic growth butted up against concerns about rising inflation this week. The persistence of rising inflation has prompted the Federal Reserve to consider withdrawing stimulus measures sooner than expected.

Wall Street will likely remain jumpy until investors have more information on how contagious the new variant is and how well current vaccines will hold up against it.

More than 90% of companies in the S&P 500 index rose Thursday. Banks and other financial companies accounted for a big slice of the gains. Bank of America rose 2.9% and American Express rose 4.5%.

Technology companies also rose, but the gains were crimped by a 0.6% drop from Apple after the iPhone maker reportedly warned suppliers that it is seeing weak demand ahead of the holiday season.

Bond yields rose. The yield on the 10-year Treasury rose to 1.44% from 1.43% late Wednesday.

U.S. crude oil prices rose 1.4%. OPEC and allied oil-producing countries have decided to maintain the amount of oil they pump to the world even as the new omicron variant potentially threatens the economy. Energy companies gained ground. Chevron rose 2.7%.

Travel-related companies, which got hammered earlier this week as worries about the new coronavirus variant swept markets, rebounded Thursday. American Airlines climbed 7%, while Delta Air Lines rose 9.3%. Cruise line operators Carnival and Norwegian Cruise Line jumped 9.2% and 7.7%, respectively.

Several companies made outsized gains on a mix of corporate news. Supermarket chain Kroger jumped 11% for the biggest gain in the S&P 500 after raising its profit forecast for the year. Software maker Synopsys gained 4.5% after also giving investors an encouraging profit forecast.

Boeing rose 7.5% after China’s aviation regulator cleared the airplane maker’s 737 Max to return to flying with technical upgrades.

Southeast Asia’s largest ride-hailing company Grab fell 20.5% in its market debut Thursday, following a $40 billion merger in a special purpose acquisition company deal.

ASX 200 expected to rebound​

The Australian share market looks set to end the week in a positive fashion. According to the latest SPI futures, the ASX 200 is expected to open the day 61 points or 0.85% higher this morning.

A broad rally on Wall Street pushed stocks higher Thursday, giving the S&P 500 its best day in seven weeks as the market recouped some of its losses after a several days of volatile trading.

On closing the Dow Jones was up 1.82%, the S&P 500 up 1.42% and the Nasdaq up 0.83%.

 

[noirua]

AMERICAN STOCK EXCHANGE
Historical Timeline

https://www.nyse.com/publicdocs/American_Stock_Exchange_Historical_Timeline.pdf

 

[bigdog]

https://apnews.com/article/coronavi...yo-hong-kong-3d956448e885cf73014a55b4a77b7f6f

Stocks slump after murky jobs report as markets swing

By STAN CHOE and ALEX VEIGA

A week of volatile swings on Wall Street ended Friday with more losses for stocks, as a mixed batch of U.S. job market data triggered another bout of dizzying trading.

The S&P 500 closed 0.8% lower after erasing a 0.7% gain in the early going. The benchmark index was coming off a jolting stretch where it swerved by at least 1.2% in five straight days, pounded by uncertainty about how badly the newest coronavirus variant will hit the economy and about when the Federal Reserve will halt its immense support for financial markets.

The Dow Jones Industrial Average slipped 0.2% and the Nasdaq composite lost 1.9%. The Russell 2000 index of company stocks slumped 2.1%. All the indexes also posted a weekly loss.

Treasury yields fell, rose and then fell again as investors struggled to square what the jobs report means the Federal Reserve will do on interest rates. The erratic movements fit right in with a week where the S&P 500 swung from a 1.9% gain to a 1.2% loss in one day.

“We got some mixed messages on the data” from the jobs report, “and that can make for some messy markets,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.

The report, which is usually the most anticipated economic data by Wall Street each month, showed employers added only 210,000 jobs last month. It was a disappointing result when economists were expecting much stronger hiring of 530,000, and it raised worries the economy may stagnate while inflation remains high. That’s a worse-case scenario called “stagflation” by economists, and the omicron variant’s arrival makes its likelihood more uncertain.

But other areas of the jobs report showed better strength. More people are coming back to the workforce, and the unemployment rate improved to 4.2% from 4.6%.

Those encouraging numbers helped Treasury yields briefly climb during the morning. But they also came from a section of the jobs report that usually takes a back seat in investors’ eyes to the jobs-growth figure. That’s because they come from different surveys, one of employers and the other of households, and many investors see the job-growth numbers as the more reliable ones historically.

“Today’s non-farm payroll report looks messy to me,” said Jamie Cox, managing partner for Harris Financial Group. “Best to wait for the revisions next month before sounding the stagflation alarm too loudly.”

Some investors said the jobs report could ultimately push the Fed to get more aggressive about raising short-term interest rates off their record low. Others, though, said they expected the mixed report to have no effect, and the wide differences in opinion helped lead to the day’s sharp swings in the market.

What the Fed decides is a huge deal for stocks because low interest rates have been one of the main reasons the S&P 500 has roughly doubled since the early days of the pandemic. Low rates encourage borrowers to spend more and investors to pay higher prices for stocks.

The Fed has already begun slowing, or tapering, its program to buy billions of dollars of bonds each month to support the economy and markets. Chair Jerome Powell jolted markets earlier this week when he said the Fed could wrap up its bond-buying program months before the June target it had been on pace for. That would open the door for the Fed to make the more impactful decision of raising short-term rates.

“With the headlines on omicron and then figuring out if a faster taper also means a sooner hike — and investors worrying if the Fed is going to make a mistake — it’s to be expected we’re going to see some of this volatility,” said Allspring Global Investments’ Jacobsen.

Consider the yield on the two-year Treasury, which is heavily influenced by investors’ expectations for upcoming Fed actions. It fell, then recovered briefly, only to slide to 0.59%. That’s down from 0.63% late Thursday.

The 10-year Treasury yield, which moves more on investors’ expectations for upcoming economic growth and inflation, was likewise unsteady. It zig-zagged immediately after the jobs report’s release and fell to 1.36% by late afternoon, down from 1.44% Thursday evening.

About 60% of the stocks in the S&P 500 fell, with some of Wall Street’s biggest recent stars offering the heaviest weights.

Microsoft fell 2%, Nvidia slid 4.5% and Tesla dropped 6.4%. They were part of a turnaround for high-growth companies that earlier had led the market on expectations they could keep growing even if the economy was slow.

Energy futures mostly fell. The price of U.S. crude oil slid 0.4%. Energy stocks fell broadly. Exxon Mobil dropped 0.6%.

All told, the S&P 500 fell 38.67 points to 4,538.43. The Dow dropped 59.71 points to 34,580.08. The blue chip index pinballed between a gain of 161 points to a loss of 375. The Nasdaq fell 295.85 points to 15,085.47, while the Russell 2000 gave up 47.02 points to 2,159.31.

Chinese ride-hailing service Didi Global Inc. said Friday it will pull out of the New York Stock Exchange and shift its listing to Hong Kong as the ruling Communist Party tightens control over tech industries.

The Securities and Exchange Commission has moved to require that U.S.-listed foreign stocks like Didi’s disclose their ownership structures and audit reports, which could lead to some of them being delisted.

 

[bigdog]

ASX 200 expected to rise​

The Australian share market looks set to start the week on a mildly positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.15% higher this morning.

This is despite a very red end to the week on Wall Street, which saw the Dow Jones fall 0.17%, the S&P 500 drop 0.84%, and the Nasdaq tumble 1.92%.

 

[bigdog]

https://apnews.com/article/business-china-asia-australia-tokyo-2eac49f604b1da18cb450d62773015b8

Stocks rise broadly on Wall Street, travel companies rebound

By DAMIAN J. TROISE and ALEX VEIGA

Stocks rose broadly on Wall Street Monday, nearly reversing the S&P 500′s losses from last week, when jitters over a new coronavirus variant roiled markets.

The benchmark index rose 1.2%. More than 85% of stocks in the index gained ground, with technology companies and banks accounting for a large slice of the gains. The rally also included airlines, cruise lines and other travel-related companies that stand to benefit from the economy staying clear of more pandemic-related restrictions.

The Dow Jones Industrial Average rose 1.9%, while the Nasdaq composite gained 0.9%. Small-company stocks outpaced the broader market, sending the Russell 2000 index 2% higher. Long-term bond yields rose, also making up a big portion of what they lost last week.

Wall Street was encouraged by comments from Dr. Anthony Fauci, the White House’s chief medical adviser, who said early indications suggested that the omicron variant of COVID-19 may be less dangerous than the delta variant. It will still take a few weeks to learn whether omicron is more contagious, causes more severe illness or evades immunity.

“The COVID concerns from last week maybe aren’t as pronounced, and some of the geopolitical tensions maybe are not quite as pronounced,” said Willie Delwiche, investment strategist at All Star Charts. “At least for a day, people feel better about it.”

The S&P 500 rose 53.24 points to 4,591.67. The Dow gained 646.95 points to 35,227.03. The Nasdaq rose 139.68 to 15,225.15. The Russell 2000 picked up 44.17 points to 2,203.48.

Bond yields rose, which benefits banks. The yield on the 10-year Treasury rose to 1.44% from 1.33% late Friday. JPMorgan Chase rose 1.2%.

Delwiche said that the rise in the 10-year bond yield says more about investors’ confidence in the economy than the pickup in stocks.

“Seeing yields in the 10-year get back above 1.40% is the most encouraging development,” he said. “It’s hard to make an optimistic case of the U.S. economy if yields are moving lower.”

U.S. crude oil prices rose 4.9% and helped send energy stocks higher. Exxon Mobil rose 1.1%.

Airlines, cruise operators and a wide range of travel-related companies made solid gains. Norwegian Cruise Line vaulted 9.5% for the biggest gain in the S&P 500. Rivals Carnival and Royal Caribbean jumped 8.1% and 8.2%, respectively.

American Airlines climbed 7.9%, while United Airlines gained 8.3%. Expedia Group rose 6.7%. The travel industry has been under pressure over concerns about the latest coronavirus variant and the potential for it to crimp economic activity in the midst of the busy holiday season.

Shares in COVID-19 vaccine makers fell. Moderna slid 13.5% for the biggest decline among S&P 500 stocks. Pfizer dropped 5.1% and BioNTech slumped 18.7%.

The stock market is coming off of a choppy week as investors gauged the threat from COVID-19, along with a mixed batch of job market data and lingering inflation concerns. The S&P 500 posted two straight weekly losses heading into this week. The benchmark index is up 22.3% for the year.

Investors are still reacting to the Federal Reserve’s plan to hasten the withdrawal of its support for the market and economy, said Michael Arone, chief investment strategist at State Street Global Advisors.

The central bank plans to speed up the pace at which it trims bond purchases, which have helped keep interest rates low. That has raised concerns that the Fed will raise its benchmark interest rates next year sooner than expected.

“What you’re seeing now is that is being priced into markets and that underlying shift in expectations is starting to play out in market leadership,” Arone said.

Banks and other sectors that benefit from higher interest rates are starting to lead the market higher, while industries that typically suffer from higher rates, like technology stocks, are lagging, he said.

Investors will get more economic data this week that could help give them a clearer picture of the economy.

The Labor Department will release its job openings and labor turnover survey for October on Wednesday, along with its weekly unemployment benefits report on Thursday. Wall Street will get another update on inflation when the Labor Department releases the Consumer Price Index for November on Friday.

A mix of corporate news helped send several stocks higher. Del Taco Restaurants surged 66.1% on news it is being bought by Jack in the Box.

Department store operator Kohl’s rose 5.4% after activist investor Engine Capital LP pushed for a sale or spin off.

BuzzFeed fell 11% in its market debut after the digital media company went public through a merger with a special purpose acquisition company.

The price of Bitcoin, which fell sharply on Friday, steadied by late afternoon Monday, edging up 0.1% to $48,947, according to Coindesk.

ASX 200 expected to rise​

The Australian share market looks set to rise on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 33 points or 0.45% higher this morning.

Stocks rose broadly on Wall Street Monday, nearly reversing the S&P 500′s losses from last week, when jitters over a new coronavirus variant roiled markets. On closing the Dow Jones was up 1.87%, the S&P 500 up 1.17%, and the Nasdaq trading 0.93% higher.

 

[bigdog]

https://apnews.com/article/coronavi...yle-business-4d3d08664cf8828dd351689bc4fc5c9a

Stocks build on their gains and open higher on Wall Street

The Associated Press

Stocks are off to a solid start on Wall Street Tuesday as investors continue to wager that the new variant of the COVID-19 virus won’t pose a big threat to the economy. The S&P 500 rose 1.4% in the first few minutes of trading, adding to its gains from a day earlier. The tech-heavy Nasdaq rose 2%, and small-company stocks also posted gains. Safe-play sectors like utilities lagged the rest of the market. Treasury yields rose and crude oil prices climbed about 3%. European markets were also solidly higher, and Asian markets closed higher overnight.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

BEIJING (AP) — Global stock markets followed Wall Street higher Tuesday as anxiety about the coronavirus’s latest variant eased and China reported stronger November trade figures than expected.

London and Frankfurt opened higher. Shanghai, Tokyo and Hong Kong advanced. Oil prices rose more than $1 a barrel for a second day.

Wall Street futures were higher after the chief White House medical adviser said Monday the omicron variant might be less dangerous. That might allow travel and business restrictions to ease.

Reports from South Africa, where omicron first was spotted, that hospitals haven’t been overwhelmed “is fueling some optimism” among traders who sold earlier, said Yeap Jun Rong of IG in a report.

In early trading, the FTSE 100 in London gained 1% to 7,302.61 and Frankfurt’s DAX advanced 1.6% to 15,623.97. The CAC 40 in Paris added 1.7% to 6,982.63.

On Wall Street, the S&P 500 future was up 1% and that for the Dow Jones Industrial Average advanced 0.8%.

On Monday, the S&P 500 rose 1.2% while the Dow added 1.9%. The Nasdaq composite gained less than 0.1%.

In Asia, the Shanghai Composite Index rose 0.2% to 3,595.09 after November imports surged 31.7% over a year earlier in a sign domestic demand might be strengthening.

The Nikkei 225 in Tokyo gained 1.9% to 28,455.60 and Hong Kong’s Hang Seng added 2.6% to 23,983.66.

The Kospi in Seoul advanced 0.6% to 2,991.72 and Sydney’s S&P-ASX 200 gained 1% to 7,313.90.

India’s Sensex rose 2% to 57,871.21. New Zealand and Southeast Asian markets gained.

On Wall Street, more than 85% of stocks in the S&P 500 rose Monday, led by technology and banks.

Airlines, cruise lines and other travel companies that stand to gain from avoiding more anti-coronavirus controls advanced after Dr. Anthony Fauci said early indications suggested omicron may be less dangerous than the earlier delta variant.

It will still take a few weeks to learn whether omicron is more contagious, causes more severe illness or evades immunity.

Investors also are factoring mixed U.S. jobs data and the Federal Reserve’s plan to accelerate its withdrawal of stimulus to cool inflation pressures.

The U.S. government is due to report November consumer inflation on Friday.

In energy markets, benchmark U.S. crude rose $1.58 to $71.07 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $3.23 on Monday to $69.49. Brent crude, the price basis for international oils, added $1.41 to $74.49 per barrel in London. It surged $3.20 the previous session to $73.08 per barrel.

The dollar rose to 113.70 yen from Monday’s 113.49 yen. The euro declined to $1.1266 from $1.1278.

ASX 200 expected to rise again​

The Australian share market looks set to continue its positive run on Wednesday following another strong night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 53 points or 0.7% higher this morning.

On closing in the United States, the Dow Jones was up 1.40%, the S&P 500 is up 2.07%, and the Nasdaq is trading a massive 3.03
% higher.

 

[bigdog]

https://apnews.com/article/coronavirus-pandemic-business-health-tokyo-asia-4a2a94c292b93fabc023e2e15fce8f3ehttps://apnews.com/article/coronavirus-pandemic-business-health-tokyo-asia-4a2a94c292b93fabc023e2e15fce8f3e

Stocks end modestly higher after a choppy day of trading

By DAMIAN J. TROISE and ALEX VEIGA

Major stock indexes weathered a bout of choppy trading on Wall Street Wednesday and closed higher for the third day in a row.

The S&P 500 rose 0.3%, with 62% of the stocks within the benchmark index closing higher. The muted trading followed a strong start to the week that included the index’s biggest gain since March. With the latest gain, the S&P 500 has now recovered all of its losses from its two-week skid heading into this week.

The Dow Jones Industrial Average bounced back from an early drop to eke out a 0.1% gain, while the Nasdaq composite rose 0.6%.

Markets had slipped the previous two weeks over several concerns, including rising inflation, the newest coronavirus variant and how both issues could impact economic growth. Stocks steadied this week following comments from Dr. Anthony Fauci, the White House’s chief medical adviser, who on Monday said early indications suggested that the omicron variant may be less dangerous than delta.

“The generally more confident tone is a function of omicron news,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “Regardless of what’s happening, it’s still amazing to see all the flip-flopping happening at the sector level.”

The choppiness in the market will likely persist through December, she said.

The S&P 500 rose 14.46 points to 4,701.21, and is now up 25.2% for the year. The Dow gained 35.32 points to 35,754.75. The blue chip index swung between a loss of 116 and a gain of 121.

The tech-heavy Nasdaq had also been down in the early going before bouncing back to gain 100.07 points and end at 15,786.99.

Smaller company stocks outpaced the rest of the market. The Russell 2000 rose 17.92 points, or 0.8%, to 2,271.71.

A wide range of travel-related companies gained ground in a sign that investors are confident that the industry will continue its recovery despite the threat from the omicron variant of COVID-19.

Norwegian Cruise Line jumped 8.2% for the biggest gain in the S&P 500, while rivals Carnival rose 5.5% and Royal Caribbean gained 5.2%. United Airlines rose 4.2% and Las Vegas Sands added 4.4%.

Technology companies accounted for a big slice of the S&P 500′s gains, though Apple’s 2.3% rise did a lot of the heavy lifting as its weighting gives it a large influence on the sector. Other big tech companies fell, including chipmaker Nvidia, which dropped 1.9% and Intel, which closed 1.6% lower.

Communications and health care stocks made solid gains. Facebook parent Meta Platforms rose 2.4% and Twitter rose 2.8%. UnitedHealth Group rose 0.9%.

Financial stocks were the biggest laggards. JPMorgan Chase fell 1.1% and Bank of America slid 1.2%.

Energy futures rose. The price of U.S. crude oil gained 0.4%, though energy stocks were mixed.

Bond yields rose. The yield on the 10-year Treasury rose to 1.52% from 1.48% late Tuesday.

Markets in Asia were mostly higher. Tokyo’s Nikkei gained 1.4% as economists are forecasting a rebound for the world’s third largest economy in the current quarter after coronavirus caseloads plummeted.

Markets in Europe fell. Germany’s Dax shed 0.8% as Germany’s parliament elected Olaf Scholz as the country’s ninth post-World War II chancellor, opening a new era for the European Union’s largest economy after Angela Merkel’s 16-year tenure.

Investors could get more insight into how the economy is faring later this week and next week. On Friday, the Labor Department will give an update on how rising prices are impacting consumers with the release of its Consumer Price Index for November.

The Federal Reserve is scheduled to hold a two-day meeting of policymakers next week that could offer an update on the central bank’s plans to tackle inflation. The Fed has said it plans to speed up the pace at which it trims its bond purchases, which have helped keep interest rates low. That has raised concerns that the Fed will raise its benchmark interest rates next year sooner than expected.

ASX 200 expected to fall
The Australian share market looks set to give back some of its recent gains on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.55% lower this morning.

Major stock indexes weathered a bout of choppy trading on Wall Street Wednesday and closed higher for the third day in a row. On closing the Dow Jones was up 0.1%, the S&P 500 up 0.31%, and the Nasdaq up 0.64%.

 

[bigdog]

https://apnews.com/article/business-stock-markets-asia-sydney-china-e494d70205a5fba6c4b618351bda3058

Stocks close lower on Wall Street as rally momentum cools

By DAMIAN J. TROISE and ALEX VEIGA

A sell-off on Wall Street left stocks broadly lower Thursday, giving back some of the market’s gains from a three-day winning streak.

The S&P 500 fell 0.7%, with more than three-fourths of the companies in the benchmark index closing lower. The tech-heavy Nasdaq composite fell 1.7%, while the Dow Jones Industrial Average slipped less than 1 point.

Small-company stocks fell more than the rest of the market, sending the Russell 2000 index 2.3% lower. Roughly three stocks fell for every one that rose on the New York Stock Exchange.

The pullback follows a 3.6% gain for the S&P 500 index over the first three days of the week, largely in response to easing worries about the omicron variant of the COVID-19 virus. That marked an about-face for stocks following two weeks of losses over concerns about rising inflation and the coronavirus potentially crimping economic growth.

Investors welcomed reports this week of early indications suggesting the omicron variant may be less dangerous than delta, including word from Pfizer that its lab tests suggest the drugmaker’s COVID-19 boosters provide protection against the new strain.

“Today, because of that, folks are taking a little bit of a breather to gauge other information that could suggest a more sustained direction for the market, particularly on the economic data front,” said Greg Bassuk, CEO of AXS Investments.

The S&P 500 fell 33.76 points to 4,667.45. The Dow slipped less than 1 point to 35,754.69. The Nasdaq fell 269.62 points to 15,517.37. The Russell 2000 gave up 51.50 points to 2,220.71. Every major index is still on track for a weekly gain.

Technology stocks and a mix of retailers and other companies that rely on direct consumer spending weighed on the S&P 500 the most. Chipmaker Nvidia fell 3.4%, while Tesla slid 6.1% for the biggest drop in the index.

Travel-related companies slipped after spending the last few days gaining ground. Carnival fell 1.7% and United Airlines fell 1.8%.

Bond yields fell slightly. The yield on the 10-year Treasury fell to 1.49% from 1.51% late Wednesday.

Energy futures closed mostly lower. The price of U.S. crude oil fell 2% and helped pull energy stocks lower. Devon Energy fell 4%.

Health care companies rose. CVS Health climbed 4.5% after raising its dividend and issuing a solid forecast. Pfizer, which has been touting the potential benefits of a vaccine booster against the latest COVID-19 variant, rose 1.3%.

Investors received an encouraging update on job market’s recovery. The Labor Department reported that the number of Americans applying for unemployment benefits plunged last week to the lowest level in 52 years.

The employment market’s recovery has been a key focus for Wall Street while it gauges the strength of the economy as it moves past the virus pandemic. Rising inflation has been another focus, and investors will get an update Friday when the Labor Department releases its Consumer Price Index for November.

The latest inflation data comes ahead of the Federal Reserve’s two-day meeting of policymakers next week. Rising inflation has prompted the central bank to speed up the pace at which it trims its bond purchases, which have helped keep interest rates low. That has raised concerns that the Fed will raise its benchmark interest rates next year sooner than expected.

ASX 200 expected to fall​

The Australian share market looks set to end the week in a subdued fashion. According to the latest SPI futures, the ASX 200 is expected to open the day 8 points or 0.1% lower this morning.

A sell-off on Wall Street left stocks broadly lower Thursday, giving back some of the market’s gains from a three-day winning streak. On closing the Dow Jones was breakeven, but the S&P 500 down 0.72% and the Nasdaq down 1.71%.

 

[bigdog]

https://apnews.com/article/business-asia-sydney-tokyo-stock-markets-78462a5b9271ebf28f7c94bd5e335155

Stocks end higher, closing out best week since February

By ALEX VEIGA

Technology companies led a rally on Wall Street that powered the S&P 500 to an all-time high and gave the index its best weekly gain since February.

The S&P 500 rose 1%, enough to recoup its losses from a day earlier. The benchmark index closed higher four of the last five days, finishing 3.8% higher for the week.

The Dow Jones Industrial Average rose 0.6% and the Nasdaq composite gained 0.7%, both recovering from declines in the early going. Smaller-company stocks lagged the broader market, leaving the Russell 2000 index 0.4% lower.

A late wave of buying solidified the gains for the market, which had wavered between small gains and losses in morning trading after the government reported another big rise in inflation last month.

The Bureau of Labor Statistics said prices for U.S. consumers jumped 6.8% in November compared with a year earlier. Surging costs for food, energy, housing and other items have left Americans enduring their highest annual inflation rate since 1982. Core prices, which exclude food and energy, rose 4.9% year over year.

Still, markets were relieved to see that the report was in line with expectations.

“Many have felt the effects of inflation in their day-to-day, so this likely isn’t a huge shocker to the market,” said Mike Loewengart, managing director, investment strategy at E-Trade.

The S&P 500 rose 44.57 points to 4,712.02, a new high. It set its previous record high on Nov. 18.

The Dow gained 216.30 points to 35,970.99. The tech-heavy Nasdaq rose 113.23 points to 15,630.60. The Russell 2000 fell 8.40 points to 2,211.81. The indexes all posted weekly gains.

The latest inflation data comes ahead of the Federal Reserve’s two-day meeting of policymakers next week. Rising inflation has prompted the central bank to speed up the pace at which it trims its bond purchases, which have helped keep interest rates low.

Federal Reserve Chair Jay Powell has suggested the central bank could move more quickly to pare back, or taper, the amount of bonds it’s been purchasing each month to keep long-term interest rates low.

Analysts say the elevated inflation figures ramp up the pressure on the Fed to follow through on Powell’s comments. Many investors also expect the Fed to start raising interest rates from current ultra-low levels starting in the middle of next year.

“The inflation print from this morning will reinforce the Fed’s resolve to accelerate tapering. With the strength in the economic recovery, it is time to take the crutches away,” said Anu Gaggar, global investment strategist for Commonwealth Financial Network.

Apart from a decline Thursday, stocks have bounced back this week following two weeks of volatile trading that left the S&P 500 with back-to-back weekly losses. The index has now recovered most of the losses after the discovery of the omicron variant of COVID-19 was announced last month. It’s now up 25.5% for the year.

Investors’ worries over omicron eased this week amid encouraging signs that the variant may be less dangerous than delta. Pfizer said this week that its lab tests suggest the drugmaker’s COVID-19 boosters provide protection against the new strain.

More than 70% of the stocks in the S&P 500 rose, with technology companies doing most of the heavy lifting. Business software maker Oracle surged 15.6% for the biggest gain in the S&P 500 after reporting strong quarterly results. Microsoft and Apple each rose 2.8%.

Makers and sellers of household goods also helped lift the S&P 500. Costco climbed 6.6%, while Coca-Cola rose 2.6%.

Energy futures closed higher. The price of U.S. crude oil rose 1%. That helped give a modest boost to energy sector stocks in the S&P 500. Devon Energy rose 2.6%.

The yield on the 10-year Treasury note fell to 1.48% from 1.51% just before the inflation report came out. The yield on the two-year note dropped to 0.66%.

 

[bigdog]

ASX 200 expected to rise​

The Australian share market looks set to start the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% higher this morning.

This follows a positive end to the week on Wall Street, which saw the Dow Jones rise 0.6%, the S&P 500 climb 0.95%, and the Nasdaq push 0.7% higher.

 

[bigdog]

https://apnews.com/article/business-china-stock-markets-asia-sydney-23367ab5aa7359ba8cff6a7feb561c0b

Stocks pull back from records, weighed down by tech, energy​

By DAMIAN J. TROISE and ALEX VEIGA

Technology and energy companies helped pull stocks lower on Wall Street Monday, a downbeat start to the week following the market’s best weekly gain since February.

The S&P 500 fell 0.9%, giving back some of its gains after the benchmark index climbed to an all-time high Friday. The Dow Jones Industrial Average fell 0.9%, while the tech-heavy Nasdaq composite slid 1.4%.

Small-company stocks fared worse than the broader market in a signal that investors are concerned about economic growth. The Russell 2000 shed 1.4%.

The market’s pullback, with the S&P 500 fresh off its 67th all-time high this year, comes as investors look ahead to the Federal Reserve’s latest economic and interest rate policy update on Wednesday. Markets expect the central bank will announce plans to accelerate its timetable for reducing bond purchases aimed at keeping long-term interest rates low.

“What the Street is not sure about is when the Fed will actually start to raise interest rates,” said Sam Stovall, chief investment strategist at CFRA.

The S&P 500 fell 43.05 points to 4,668.97. The Dow slid 320.04 points to 35,650.95. The Nasdaq dropped 217.32 points to 15,413.28. The Russell 2000 gave up 31.31 points to 2,180.50.

Stocks have been mostly pushing higher, despite a volatile stretch in late November as worries about the rise of the omicron variant of the coronavirus initially roiled markets. Some of those concerns eased last week amid encouraging signs that the variant may be less dangerous than delta.

But remarks by U.K. Prime Minister Boris Johnson over the weekend may have dampened some traders’ optimism. Johnson warned Sunday that Britain faces a “tidal wave” of infections from the omicron variant, and announced a huge increase in booster vaccinations to strengthen defenses against it.

Several big pharmaceutical companies, including COVID-19 vaccine makers Moderna and Pfizer were among the biggest gainers in the S&P 500 Monday. Moderna jumped 5.8% for the biggest gain in the index. Pfizer rose 4.6% following news it is buying Arena Pharmaceuticals.

More than 60% of the stocks in the S&P 500 fell, with technology stocks, banks and a mix of companies that rely on consumer spending weighing the index down most. Nvidia fell 6.8% for the biggest drop in the S&P 500. Bank of America dropped 2.1% and General Motors slid 6.5%.

Energy stocks took some of the heaviest losses as the price of U.S. crude oil fell 0.5%. Devon Energy slid 5.4%.

Automakers and travel-related companies also fell. Ford lost 4.8% and Carnival dropped 4.9%.

Bond yields fell. The yield on the 10-year Treasury fell to 1.41% from 1.49% late Friday. That weighed on banks, which rely on higher bond yields to charge more lucrative interest on loans. Capital One fell 2.9%.

Harley-Davidson rose 4.7% after saying it will take its electric motorcycle division public through a blank-check company, valuing the enterprise that has been part of the motorcycle maker for 10 years at $1.77 billion.

In addition to the Federal Reserve’s policy statement, investors will be monitoring several economic reports this week to gain more insight into economic growth as 2021 comes to a close and the world continues to try and shake off the impact from COVID-19.

Wall Street will get an inflation update on Tuesday when the Labor Department releases its Producer Price Index for November, which shows how inflation is impacting costs for businesses. That report will be especially important with the Fed meeting on Tuesday and Wednesday.

Persistently rising inflation has prompted the central bank to hasten its plan to trim bond purchases that have helped keep interest rates low. Investors will be listening for any statements that add detail to the timing of that plan and hints at how that might impact how soon benchmark interest rates are increased in 2022.

ASX 200 expected to fall

The Australian share market looks set to give back its gains on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% lower this morning.

Technology and energy companies helped pull stocks lower on Wall Street Monday, a downbeat start to the week following the market’s best weekly gain since February. On closing the Dow Jones was down 0.89%, the S&P 500 down 0.91%, and the Nasdaq trading 1.39% lower.

 

[bigdog]

https://apnews.com/article/coronavi...usiness-asia-782ad3d6dec65daccfa946090ab6b247

Wall Street closes lower following latest inflation report

By DAMIAN J. TROISE and ALEX VEIGA

Stocks fell broadly on Wall Street Tuesday as new data showing that inflation is still running high put a spotlight on what action the Federal Reserve will take as it holds its last meeting of the year.

The S&P 500 index fell 0.7%, adding to its losses from a day earlier. Nearly 70% of the companies in the benchmark index fell, led by technology stocks. Only financial sector stocks eked out a gain.

The Dow Jones Industrial Average dropped 0.3%, while the tech-heavy Nasdaq composite slid 1.1%. Smaller company stocks fell more than the broader market, closing 1% lower.

The selling came as investors received another update on persistently rising inflation. The Labor Department reported that prices at the wholesale level surged by a record 9.6% in November from a year earlier. The department’s producer price index measures inflation before it reaches consumers.

Businesses have been dealing with supply chain problems and higher costs for months. It has been a key concern for investors as big companies pass those costs off to consumers, who have so far been absorbing higher prices on everything from groceries to clothing and other consumer products. On Friday, the Labor Department reported that consumer prices surged 6.8% for the 12 months ending in November, the biggest increase in 39 years.

The discouraging reports on inflation precede the last two-day meeting of the Federal Reserve this year, which started Tuesday.

“What does the Fed do with this data?” said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management. “That’s what investors are positioning around today.”

The S&P 500 fell 34.88 points to 4,634.09. The index set an all-time high on Friday, when it closed out its biggest weekly gain since February. The index is up 23.4% so far this year.

The Dow dropped 106.77 points to 35,544.18. The Nasdaq fell 175.64 points to 15,237.64. The Russell 2000 gave up 20.85 points to 2,159.65.

The Federal Reserve is expected to speed up the withdrawal of economic stimulus measures in the face of rising inflation. Specifically, it plans to speed up the process for trimming bond purchases, which have helped keep interest rates low and support the stock market and broader economy. Beyond that, investors are watching the central bank for any statements on how soon it might raise interest rates in 2022.

Rising inflation and the Fed’s plan to ease off its economic support are key reasons for much of the choppiness in the broader markets, said Jay Hatfield, CEO of Infrastructure Capital Advisors.

“The reality of less liquidity next year is sinking in and that’s causing massive selling in mostly overvalued momentum stocks,” he said.

Technology stocks led the market’s pullback Tuesday. Microsoft fell 3.3% and Adobe slid 6.6% for the biggest decline in the S&P 500.

“Anytime there’s the thought that the Fed may raise interest rates more than what’s priced into the market those sectors become weak in the near term,” Hainlin said.

A mix of retailers and several big communications companies also fell. Lowe’s Cos. fell 1.9% and Google parent Alphabet fell 1.3%.

Bond yields edged higher. The yield on the 10-year Treasury rose to 1.44% from 1.42%. That helped banks make gains, as they rely on higher yields to charge more lucrative interest on loans. JPMorgan Chase rose 0.8% and Bank of America rose 1.3%.

Energy sector stocks fell following a 0.8% drop in the price of U.S. crude oil. Hess fell 0.8%.

Wall Street is also closely monitoring any news on the newest coronavirus variant that is spreading rapidly in Britain and some other regions. It appears to cause less severe disease than previous versions of the coronavirus, according to an analysis of data from South Africa. Pfizer’s vaccine seems to offer less defense against infection from it but still offers good protection from hospitalization.

ASX 200 expected to fall​

The Australian share market looks set to fall on Wednesday following a poor night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 44 points or 0.6% lower this morning.

Stocks fell broadly on Wall Street Tuesday as new data showing that inflation is still running high put a spotlight on what action the Federal Reserve will take as it holds its last meeting of the year. On closing in the United States, the Dow Jones was down 0.3%, the S&P 500 is down 0.75%, and the Nasdaq is trading 1.14% lower.