NYSE Dow Jones finished today at:

[bigdog]

Stock market today: Wall Street sets more records and closes a 6th straight winning week

U.S. stocks rose to records to close out their latest winning week. The S&P 500 climbed 0.4% Friday to squeak past the all-time high it had set early this week.

apnews.com

Wall Street sets more records and closes a 6th straight winning week​

By STAN CHOE
Updated 8:12 AM GMT+11, October 19, 2024

NEW YORK (AP) — U.S. stocks closed their latest winning week with more records on Friday.

The S&P 500 rose 0.4% to squeak past the all-time high it had set early this week. The Dow Jones Industrial Average added 36 points, or 0.1%, to its own record set the day before, and the Nasdaq composite gained 0.6%.

Netflix helped drive the market with a leap of 11.1% after the streaming giant reported stronger profit for the latest quarter than analysts expected. That was despite a slowdown in subscriber growth.

It helped offset a 5.2% drop for CVS Health, which said it’s likely to report a profit for the latest quarter that’s well below what analysts had been expecting. The company also said David Joyner, an executive vice president, is taking over as president and CEO for Karen Lynch.

Trading overall on Wall Street remained relatively calm, as the S&P 500 closed its sixth straight winning week. That’s its longest such winning streak of 2024.

Solid economic data has boosted hopes the U.S. economy can make a perfect escape from the worst inflation in generations, one that ends without a painful recession that many investors had seen as nearly inevitable. And with the Federal Reserve now cutting interest rates to keep the economy humming, the expectation among optimists is that stocks can rise even further.

But critics are warning that stock prices look too expensive given how much faster they’ve climbed than corporate profits.

David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, sees both sides. But while stock prices are indeed high relative to profits, he says they’re “reasonable” when considering the Fed is cutting interest rates and other factors.

He’s also expecting growth in corporate profits to continue, and he raised his forecast for where the S&P 500 could be in June to 6,300 from 6,200.

On Wall Street, American Express fell 3.1% despite reporting better profit for the latest quarter than analysts expected. Its revenue fell short of forecasts, and it said its revenue for the full year of 2024 will likely come in at the lower end of the forecasted range it gave at the start of the year.

The credit-card company’s drop was the biggest reason the Dow lagged behind other stock indexes.

SLB, the giant that helps companies extract oil and natural gas, fell 4.7% after delivering a mixed earnings report. Its profit edged past analysts’ expectations, but its revenue fell short as lower crude prices pushed some international producers to be cautious with their spending. CEO Olivier Le Peuch said revenue grew in the Middle East and Asia, along with offshore North America, but declined in Latin America.

Oil prices tumbled this week as worries receded that Israel will attack Iranian oil facilities as part of its retaliation for Iran’s missile attack early this month. Iran is a major producer of crude, and a strike could upend its exports to China and elsewhere. Concerns about the strength of demand from China have also hit oil prices.

A barrel of Brent crude, the international standard, fell another 1.9% Friday for a 7.5% decline for the week. It’s back to $73.06 after topping $80 early last week.

On the winning side of Wall Street was Intuitive Surgical, which climbed 10% after reporting stronger profit for the latest quarter than expected. The company, whose robotic-assisted systems allow for less invasive surgery, also delivered better revenue than expected.

All told, the S&P 500 rose 23.20 points to 5,864.67. The Dow added 36.86 to 43,275.91, and the Nasdaq composite climbed 115.94 to 18,489.55.

In the bond market, Treasury yields eased. The yield on the 10-year Treasury fell to 4.07% from 4.10% late Thursday.

Traders are coalescing around the idea that the Federal Reserve will cut its main interest rate by a quarter of a percentage point at its next meeting in November. Expectations had been high earlier for the Fed to deliver another larger-than-usual cut of half a percentage point, but strong updates on the economy have eliminated those. The federal funds rate is currently sitting in a range of 4.75% to 5%.

In stock markets abroad, Chinese indexes jumped in their latest sharp swing. Stocks rose 2.9% in Shanghai and 3.6% in Hong Kong after a report showed growth slowed during the summer for the world’s second-largest economy.

The slowdown, exacerbated by a weak real-estate market, has raised expectations for big stimulus from the Chinese government and central bank, though doubts are still prevalent about how much effect they will have.

Stock indexes were mixed elsewhere in Asia and Europe.

 

[bigdog]

ASX 200 expected to rebound​

The Australian share market looks set to rebound on Monday following a solid finish on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 44 points or 0.5% higher.

U.S. stocks closed their latest winning week with more records on Friday.

The S&P 500 rose 0.4% to squeak past the all-time high it had set early this week. The Dow Jones Industrial Average added 36 points, or 0.1%, to its own record set the day before, and the Nasdaq composite gained 0.6%.

All told, the S&P 500 rose 23.20 points to 5,864.67. The Dow added 36.86 to 43,275.91, and the Nasdaq composite climbed 115.94 to 18,489.55.

 

[bigdog]

Stock market today: Wall Street pulls back from its records

U.S. stocks edged back from their all-time highs as some of the steam came out of Wall Street’s long, record-breaking rally.

apnews.com

Wall Street pulls back from its records​

By STAN CHOE
Updated 8:22 AM GMT+11, October 22, 2024

NEW YORK (AP) — U.S. stocks edged back from their all-time highs Monday as some of the steam came out of Wall Street’s long, record-breaking rally.

The S&P 500 slipped 0.2%, coming off a sixth straight winning week, its longest such streak of the year. The Dow Jones Industrial Average dropped 344 points, or 0.8%, from its own record that was likewise set on Friday, while the Nasdaq composite rose 0.3%.

Trading was mixed in markets around the world. Crude oil prices rose to regain some of last week’s sharp losses, while U.S. Treasury yields climbed and stock indexes mostly fell in Europe after finishing mixed in Asia.

The rise in yields helped knock down stocks that tend to get hurt by higher interest rates, such as big dividend payers and businesses in the housing industry. Real-estate stocks fell to the sharpest loss among the 11 sectors that make up the S&P 500 index, while homebuilders Lennar and D.R. Horton both fell at least 4.3%. Home Depot’s 2.1% drop was one of the heaviest weights on the S&P 500.

The declines mean at least a pause in Wall Street’s rally to records, which was built in large part on optimism that the U.S. economy can make a perfect escape from the worst inflation in generations, one that ends without a painful recession that many investors had worried could be inevitable. With the Federal Reserve now cutting interest rates to keep the economy humming, the expectation among optimists is that stocks can rise even further.

But critics are warning that stock prices look too expensive given how much faster they’ve climbed than corporate profits.

Stocks are staying close to record levels. More from AP’s Seth Sutel.

That puts pressure on companies to deliver growth in profits to justify their stock prices, and more than 100 companies in the S&P 500 are scheduled to give details this week about their performances during the summer. That includes such heavyweights as AT&T, Coca-Cola, IBM, General Motors and Tesla.

Tesla slipped 0.8% ahead of its report. Its stock has been shaky recently, including a tumble after an update on its highly anticipated robotaxi included fewer details than investors were hoping for.

Boeing is reporting its latest results on Wednesday. It rose 3.1% after reaching an agreement with the union representing its striking machinists on a contract proposal. The union’s members could vote Wednesday on the deal, which could end a costly walkout that has crippled production of airplanes for more than a month.

Spirit Airlines soared 53.1% after the carrier was able to extend a credit-card processing agreement. Coming into the day, the airline’s stock had lost 91% in the year so far following the cancellation of its planned merger with JetBlue.

Trump Media & Technology Group rose 5.8% to top $31, continuing its strong run since it briefly dipped below $12 last month. The company behind former President Donald Trump’s Truth Social platform is still losing money, but its stock often moves more with his perceived chances of reelection than anything else.

Markets appear to be rotating towards a possible Trump win, according to Michael Wilson and other strategists at Morgan Stanley. They point to how stocks of financial companies have helped to lead the market this month, and consumer companies that could be hurt by tariffs are lagging. Bond yields are also rising, along with some precious metals prices and cryptocurrencies.

All told, the S&P 500 fell 10.69 points Monday to 5,853.98. The Dow dropped 344.31 to 42,931.60, and the Nasdaq composite rose 50.45 to 18,540.00.

In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.08% late Friday.

This upcoming week doesn’t include many top-tier economic reports to move Treasury yields. A preliminary update will arrive on Thursday about U.S. business activity.

The Bank of Canada will also announce its latest decision on interest rates Wednesday, where it could cut by half a percentage point.

In stock markets abroad, indexes were mixed in China after its central bank cut a couple lending rates. Lower rates can help reduce pressure on borrowers, particularly the property developers that have suffered following a crackdown on excessive borrowing several years ago. But any impact on market sentiment appeared to be short-lived.

Stocks rose 0.2% in Shanghai but fell 1.6% in Hong Kong. Chinese stocks have been zooming higher and lower in recent weeks. A slowdown for the world’s second-largest economy has raised expectations for big stimulus from the Chinese government and central bank, though doubts are still prevalent about how much effect they will have.

ASX 200 expected to fall​

The Australian share market is expected to fall on Tuesday following a poor start to the week in the United States.

According to the latest SPI futures, the ASX 200 is poised to open the day 71 points or 0.8% lower.

U.S. stocks edged back from their all-time highs Monday as some of the steam came out of Wall Street’s long, record-breaking rally.

The S&P 500 slipped 0.2%, coming off a sixth straight winning week, its longest such streak of the year. The Dow Jones Industrial Average dropped 344 points, or 0.8%, from its own record that was likewise set on Friday, while the Nasdaq composite rose 0.3%.

All told, the S&P 500 fell 10.69 points Monday to 5,853.98. The Dow dropped 344.31 to 42,931.60, and the Nasdaq composite rose 50.45 to 18,540.00.

 

[bigdog]

Stock market today: Wall Street barely budges as GM’s best day in years offsets GE Aerospace tumble

U.S. stock indexes barely budged after a quiet day of mixed trading. The S&P 500 edged down by less than 0.1% Tuesday.

apnews.com

Wall Street barely budges as GM’s best day in years offsets GE Aerospace tumble​

By STAN CHOE
Updated 8:25 AM GMT+11, October 23, 2024

NEW YORK (AP) — U.S. stock indexes barely budged after a quiet day of mixed trading on Tuesday.

The S&P 500 edged down by less than 0.1%. It was a tiny loss, but it still marked the first back-to-back drop for the index in a month and a half. The index fell modestly on Monday after coming off a sixth straight winning week, its longest such streak of the year.

The Dow Jones Industrial Average slipped 6 points, or less than 0.1%. Like the S&P 500, it’s been on a long, record-breaking rally and set its all-time high on Friday. The Nasdaq composite rose 0.2%.

General Motors jumped 10.4% for its best day since 2020 after delivering stronger profit and revenue for the latest quarter than analysts expected. It benefited from stronger sales to individual U.S. customers, even as sales slowed to large fleet buyers.

Philip Morris International was another one of the strongest forces pushing upward on the S&P 500 and rallied 10.5% after topping forecasts for both profit and revenue. CEO Jacek Olczak said the company is seeing momentum across regions and business lines, including growth for both its smoke-free business and for its combustible cigarettes.

Norfolk Southern climbed 4.9% after the railroad topped analysts’ forecasts for profit.

Trump Media & Technology Group jumped another 9.9% to bring its gain to 183% since hitting a bottom late last month. The company behind former President Donald Trump’s Truth Social platform is still losing money, but it tends to move more with the perceived chances of Trump’s reelection than anything else. It’s back above $34, but it’s still well below its peak above $66 reached in March.

Keeping indexes in check was GE Aerospace, which tumbled 9% and was the heaviest weight on the S&P 500. The company, which began trading independently this spring after splitting off from the former conglomerate General Electric, reported stronger profit for the latest quarter than analysts expected, but its revenue fell short of forecasts.

Verizon Communications sank 5% after likewise reporting weaker revenue for the latest quarter than expected, even though its profit edged past forecasts.

Genuine Parts, which sells automotive and industrial replacement parts, dropped 21% for the largest loss in the S&P 500 after its profit for the latest quarter fell well short of expectations. CEO Will Stengel said much of the shortfall was due to continued weakness in Europe and its industrial business.

Sherwin-Williams sank 5.3% after both its profit and revenue came in weaker than analysts expected. CEO Heidi Petz cited a “tough macroeconomic environment” and “continued choppiness in the demand environment” for its paints and coatings. Demand from do-it-yourself customers in North America remains weak given the higher debt levels that they’re carrying and still-lingering inflation.

All told, the S&P 500 slipped 2.78 points to 5,851.20. The Dow dipped 6.71 to 42,924.89, and the Nasdaq composite rose 33.12 to 18,573.13.

Stocks have slowed their record-breaking momentum this week under increasing pressure from rising Treasury yields in the bond market.

The yield on the 10-year Treasury held steady at 4.20%, where it was late Monday. That’s well above the 4.08% level it was at just on Friday. Higher yields for Treasurys can make investors less willing to pay high prices for stocks, which critics say already look too expensive.

Treasury yields have been climbing following a raft of reports showing the U.S. economy remains stronger than expected. That’s good news for Wall Street, because it bolsters hopes that the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.

“What appears to be unfolding before our eyes is a soft-landing scenario only the most optimistic dream of,” according to Gregory Daco, EY chief economist.

But it also is forcing traders on Wall Street to ratchet back expectations for how much the Federal Reserve will cut interest rates. The central bank has made the drastic shift to lowering interest rates in hopes of keeping the economy strong, but a more resilient-than-expected economy wouldn’t need as much help.

Traders are now largely expecting the Fed to cut its main interest rate by half a percentage point more through the end of the year, according to data from CME Group. A month ago, some of those same traders were betting on the federal funds rate ending the year as much as half a percentage point lower than that.

In stock markets abroad, European indexes were modestly lower despite German software giant SAP nudging past profit expectations. In Asia, Japan’s Nikkei 225 dropped 1.4%, and South Korea’s Kospi fell 1.3%, but indexes were more resilient in China.

ASX 200 expected to rebound​

The Australian share market looks set to rebound slightly on Wednesday following a reasonably positive session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 15 points or 0.2% higher.

U.S. stock indexes barely budged after a quiet day of mixed trading on Tuesday.

The S&P 500 edged down by less than 0.1%. It was a tiny loss, but it still marked the first back-to-back drop for the index in a month and a half. The index fell modestly on Monday after coming off a sixth straight winning week, its longest such streak of the year.

The Dow Jones Industrial Average slipped 6 points, or less than 0.1%. Like the S&P 500, it’s been on a long, record-breaking rally and set its all-time high on Friday. The Nasdaq composite rose 0.2%.

 

[bigdog]

Stock market today: Wall Street slumps to a rare 3-day losing streak

U.S. stocks fell as more steam came out of Wall Street’s huge, record-breaking rally. The S&P 500 sank 0.9% Wednesday.

apnews.com

Wall Street slumps to a rare 3-day losing streak​

By STAN CHOE
Updated 7:20 AM GMT+11, October 24, 2024

NEW YORK (AP) — U.S. stocks fell Wednesday as more steam came out of Wall Street’s huge, record-breaking rally.

The S&P 500 sank 0.9% for its first three-day losing streak since early September. It was coming off two small losses since setting an all-time high on Friday, and the pullback follows a superb run where the index had rallied to six straight winning weeks, its longest such streak of the year.

The Dow Jones Industrial Average dropped 409 points, or 1%, while the Nasdaq composite tumbled 1.6% after Nvidia and other Big Tech stocks were among the market’s heaviest weights.

Momentum has reversed for stocks this week as pressure has increased from rising Treasury yields. Higher yields can make investors less willing to pay high prices for stocks, which critics say already look too expensive after they rose faster than corporate profits.

“Slowly, then suddenly,” stock investors have been noticing the moves in the bond market, along with the rally for the U.S. dollar’s value against other currencies, according to Jonathan Krinsky at BTIG.

McDonald’s helped pull the market lower and dropped 5.1% after federal health officials linked its Quarter Pounder burgers with an E. coli outbreak that’s affected at least 49 people in 10 states. Investigators are still trying to find what specific ingredient is contaminated, and the Centers for Disease Control and Prevention said McDonald’s stopped using fresh slivered onions and quarter pound beef patties in several states while the investigation is ongoing.

E. coli food poisoning linked to McDonald’s Quarter Pounder hamburgers has sickened at least 49 people in 10 states, including one person who died and 10 who were hospitalized, federal health officials said.

Coca-Cola fell 2.1% even though it reported stronger profit and revenue for the latest quarter than analysts expected. The company benefited from higher prices for its products, but a lot of focus was on how much product the company shipped during the quarter, and that fell short of some estimates.

Boeing slipped 1.8% in what could be one of the most consequential days in years for the troubled aerospace manufacturer.

The company reported a loss of more than $6 billion for the latest quarter, as it waited to see the results of a vote by machinists later in the day that could end a production-crippling strike. Boeing stock has lost nearly 40% this year.

The market’s most impactful losses came from Big Tech stocks. They have been battling criticism for a while that their prices soared too high amid Wall Street’s frenzy around artificial-intelligence technology. Nvidia’s 2.8% drop and Apple’s 2.2% fall were the two heaviest weights on the S&P 500.

Helping to limit the losses for indexes was AT&T, which rose 4.6% after reporting stronger profit for the latest quarter than analysts expected

Texas Instruments climbed 4% after the semiconductor company reported stronger profit and revenue than analysts expected. While revenue from industrial users declined from the prior quarter, CEO Haviv Ilan said all other end markets grew.

Northern Trust rallied 7% after likewise topping analysts’ estimates for profit and revenue in the latest quarter.

All told, the S&P 500 fell 53.78 points to 5,797.42. The Dow dropped 409.94 to 42,514.95, and the Nasdaq composite fell 296.47 to 18,276.65.

In the bond market, the yield on the 10-year Treasury rose again to 4.23% from 4.21% late Tuesday and from just 4.08% Friday.

Treasury yields have been climbing after a raft of reports have shown the U.S. economy remains stronger than expected. That’s good news for Wall Street, because it bolsters hopes that the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.

Traders are now largely expecting the Fed to cut its main interest rate by half a percentage point more through the end of the year, according to data from CME Group. A month ago, some of those same traders were betting on the federal funds rate ending the year as much as half a percentage point lower than that.

In stock markets abroad, Japan’s Nikkei 225 slipped 0.8% despite a surge for Tokyo Metro Co.’s stock in Japan’s largest market debut since SoftBank Corp. went public in 2018.

Chinese markets rose for a second day after the central bank cut its one-year and five-year Loan Prime Rates on Monday. Indexes rose 1.3% in Hong Kong and 0.5% in Shanghai, while European markets were modestly lower.

ASX 200 expected to fall​

The Australian share market looks set to tumble on Thursday following a disappointing night on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 0.3% lower this morning.

U.S. stocks fell Wednesday as more steam came out of Wall Street’s huge, record-breaking rally.

The S&P 500 sank 0.9% for its first three-day losing streak since early September. It was coming off two small losses since setting an all-time high on Friday, and the pullback follows a superb run where the index had rallied to six straight winning weeks, its longest such streak of the year.

The Dow Jones Industrial Average dropped 409 points, or 1%, while the Nasdaq composite tumbled 1.6% after Nvidia and other Big Tech stocks were among the market’s heaviest weights.

 

[bigdog]

Stock market today: Wall Street finishes mixed after Tesla soars and IBM slumps

Wall Street drifted to a mixed finish after Tesla surged and IBM slumped following their latest profit reports.

apnews.com

Wall Street finishes mixed after Tesla soars and IBM slumps​

By STAN CHOE
Updated 8:15 AM GMT+11, October 25, 2024

NEW YORK (AP) — Wall Street drifted to a mixed finish Thursday after Tesla surged to one of the best days in its history, while IBM slumped to its worst in six months.

The S&P 500 rose 0.2% to break its first three-day losing streak since early September. It bounced between losses and gains through the day, and it was roughly evenly split between stocks rising and falling.

The Dow Jones Industrial Average fell 140 points, or 0.3%, while the Nasdaq composite rose 0.8%.

Tesla led the market with a jump of 21.9% after the electric-vehicle maker reported better profit for the latest quarter than analysts expected. An optimistic CEO Elon Musk also predicted 20% to 30% sales growth next year, though its revenue for the latest quarter fell short of analysts’ forecasts. It was the best day for Tesla’s stock since 2013.

UPS climbed 5.3% after likewise topping analysts’ forecasts for profit. The package-delivery company’s finances can offer a window into the strength of the economy because of how many different types of customers it serves, and its revenue edged past expectations.

ServiceNow, whose platform helps companies automate and connect processes, was another one of the strongest forces pushing upward the S&P 500. It rose 5.4% after delivering stronger profit and revenue than expected, driven by interest by customers to incorporate artificial-intelligence technology.

Such gains helped to offset a drop of 6.2% for IBM, which reported revenue for the latest quarter that fell just short of analysts’ expectations. It was the single biggest reason the Dow dragged behind other indexes.

Boeing was another weight and sank 1.2% after its machinists voted to continue their strike, which has crippled aircraft production. More than 60% of union members who voted on the proposed contract rejected it, keeping them on the picket lines six weeks into their strike.

Union Pacific dropped 4.4% after the railroad reported slightly weaker profit and revenue than expected.

All told, the S&P 500 rose 12.44 points to 5,809.86. The Dow dropped 140.59 to 42,374.36, and the Nasdaq composite rose 138.83 to 18,415.49.

Stocks have broadly regressed this week after the S&P 500 and Dow both set records at the end of last week. They’ve been hurt by rising Treasury yields in the bond market, which can make investors less willing to pay high prices for stocks. Critics had already been saying beforehand that stocks looked too expensive given how much faster their prices have risen than corporate profits.

Yields have climbed as report after report has shown the U.S. economy remains stronger than expected. That’s good news for Wall Street, because it bolsters hopes the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.

But it’s also forcing traders to ratchet back forecasts for how deeply the Federal Reserve will cut interest rates, now that it’s just as focused on keeping the economy humming as getting inflation lower. With bets diminishing on how much the Fed will ultimately cut its overnight interest rate, Treasury yields have also been given back some of their earlier declines.

A report on unemployment claims Thursday offered a mixed picture on the job market. It said fewer workers applied for unemployment benefits last week, which can be a signal of relatively low layoffs. But it also said the total number of those collecting benefits rose to its highest level in almost three years.

Altogether, the numbers show a slowing economy, “but there is no sign of a crash in employment or a surge of layoffs in these data,” according to Carl Weinberg and Rubeela Farooqi at High Frequency Economics.

Treasury yields, which had eased overnight, pared their losses after the release of the unemployment claims report before yo-yoing. The yield on the 10-year Treasury fell to 4.20% from 4.25% late Wednesday. It’s still well above its 4.08% level from late last week.

A separate preliminary report said growth in U.S. business activity may have accelerated slightly last month, as strength for companies in services industries continue to make up for weakness in manufacturing. The report from S&P Global also showed a recovery in confidence as companies anticipate greater stability and certainty after the upcoming presidential election.

A third report, meanwhile, said sales of new homes were stronger last month than economists expected.

In stock markets abroad, indexes were modestly higher in Europe after finishing mixed in Asia.

ASX 200 expected to rise​

The Australian share market looks set to rise on Friday following a relatively mixed session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 8 points higher this morning.

Wall Street drifted to a mixed finish Thursday after Tesla surged to one of the best days in its history, while IBM slumped to its worst in six months.

The S&P 500 rose 0.2% to break its first three-day losing streak since early September. It bounced between losses and gains through the day, and it was roughly evenly split between stocks rising and falling.

The Dow Jones Industrial Average fell 140 points, or 0.3%, while the Nasdaq composite rose 0.8%.

All told, the S&P 500 rose 12.44 points to 5,809.86. The Dow dropped 140.59 to 42,374.36, and the Nasdaq composite rose 138.83 to 18,415.49.

 

[bigdog]

Stock market today: Wall Street closes mostly lower and ends a 6-week winning streak

Stocks gave up an early gain and closed mostly lower on Wall Street, ending a six-week winning streak. The S&P 500 ended little changed Friday.

apnews.com

By DAMIAN J. TROISE and ALEX VEIGA
Updated 8:22 AM GMT+11, October 26, 2024

U.S. stock indexes gave up an early gain and drifted to a mixed finish Friday, helping give the market its first losing week since early September.

The S&P 500 closed little changed after having been up 0.9% earlier in the day. The benchmark index ended the week 1% lower, ending a six-week winning streak.

The Dow Jones Industrial Average fell 0.6% and also posted its first weekly loss after six straight gains. The Nasdaq composite eked out a 0.6% gain thanks to gains for several Big Tech stocks. It extended its winning streak to seven weeks.

Both the S&P 500 and the Dow have been generally falling back from record highs set late last week. The market has been more cautious amid worries that stocks have become too expensive. Higher Treasury yields, which make stocks less appealing to investors, also added more pressure.

“There’s a degree of exhaustion following a very steady move higher,” said Mark Hackett, chief of investment research at Nationwide. “It’s just natural after that kind of move to have a period of sideways movement.”

Company earnings reports, which have been mostly solid, continued to be a key focus for investors. The latest round of corporate profit reports could give Wall Street a better sense of whether the high stock prices are justified.

Capital One Financial rose 5.2% after beating Wall Street’s third-quarter financial forecasts. Ugg footwear maker Deckers Outdoor climbed 10.6% after raising its financial forecast for the year.

Strong earnings drove gains for several other companies. Technology companies L3Harris Technologies rose 3.5% and Western Digital rose 4.7%.

More than a third of the companies in the S&P 500 index have reported their latest quarterly financial results. Most of the results have beat analysts’ forecasts.

Outside of earnings, Spirit Airlines jumped 15.3% after the struggling budget airline said it will cut jobs and sell airplanes.

Capri Holdings, owner of the Versace, Jimmy Choo and Michael Kors luxury brands, lost almost half its value, 48.9%, after a judge halted a purchase of the company by Tapestry, which makes Coach handbags. Tapestry rose 13.5%.

The ruling came six months after the FTC sued to block Tapestry’s $8.5 billion acquisition of Capri.

McDonald’s lost another 3% as the deadly outbreak of E. coli poisoning tied to its Quarter Pounders expanded. The stock lost 7.6% this week as it posted its worst weekly loss in more than four years.

Treasury yields were broadly higher. The yield on the 10-year Treasury rose to 4.24% from 4.21% late Thursday. It’s well above its 4.08% level from late last week. The two-year Treasury yield rose to 4.10% from 4.09% late Thursday.

Yields have generally climbed following reports showing the U.S. economy remains stronger than expected. Wall Street will have more updates next week on consumer confidence, jobs and inflation.

The Fed raised its benchmark interest rate to its highest level in two decades in an effort to tame inflation back to 2%, without sinking the economy into a recession. The economy has so far managed to escape severe damage from hot inflation and high interest rates.

Economists expect a key report on consumer spending late next week, called the PCE, to show that the rate of inflation has eased to 2%. The central bank started cutting interest rates in September and economists expect another cut at its meeting in November.

Russia’s central bank on Friday raised its key interest rate by two percentage points to a record-high 21%. Moscow is trying to combat growing inflation sparked by military spending after its invasion of Ukraine.

In Europe Germany’s DAX rose 0.1% and France’s CAC 40 lost 0.1%. Britain’s FTSE 100 edged 0.2% lower. Stocks were mixed in Asia.

 

[bigdog]

ASX 200 expected to edge lower​

The Australian share market looks set for a subdued start to the week following a mixed session on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 2 points lower.

U.S. stock indexes gave up an early gain and drifted to a mixed finish Friday, helping give the market its first losing week since early September.

The S&P 500 closed little changed after having been up 0.9% earlier in the day. The benchmark index ended the week 1% lower, ending a six-week winning streak.

The Dow Jones Industrial Average fell 0.6% and also posted its first weekly loss after six straight gains. The Nasdaq composite eked out a 0.6% gain thanks to gains for several Big Tech stocks. It extended its winning streak to seven weeks.

 

[bigdog]

Stock market today: Wall Street climbs ahead of a big week for Big Tech as oil drops 6%

U.S. stocks closed broadly higher as gains by some Big Tech companies helped offset a skid in oil-and-gas stocks. The S&P 500 rose 0.3% Monday.

apnews.com

Wall Street climbs ahead of a big week for Big Tech as oil drops 6%

By STAN CHOE
Updated 8:32 AM GMT+11, October 29, 2024

NEW YORK (AP) — U.S. stocks closed broadly higher Monday as gains by some Big Tech companies helped offset a skid in oil-and-gas stocks after the price of crude had its biggest drop in more than a year.

The S&P 500 rose 0.3%. The main measure of the U.S. stock market was coming off its first losing week in the last seven, but it’s still near its all-time high set earlier this month.

The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite finished 0.3% higher. It’s now within 0.4% of its all-time high set in July.

Several Big Tech stocks, including Apple and Meta Platforms, helped lead the way. Five of the behemoths known as the “Magnificent Seven” are on this week’s schedule to report their latest profits. These high-flying stocks have been at the forefront of Wall Street for years and have grown so big that their movements can singlehandedly shift the S&P 500.

Markets are off to a strong start. More from AP’s Seth Sutel.

After suffering a summertime swoon on worries that their stock prices had risen too quickly when compared with their profits, Alphabet, Meta Platforms, Microsoft, Apple and Amazon are under pressure to deliver more big growth.

Another member of the Magnificent Seven, Tesla, soared to one of the best days in its history last week after reporting a better profit than analysts expected.

Monday’s gains for Big Tech helped offset drops for stocks in the oil-and-gas industry, which were hurt by the sinking price of oil. Exxon Mobil fell 0.5% and ConocoPhillips fell 1.2%.

A barrel of benchmark U.S. crude fell 6.1%, and Brent crude, the international standard, slid 6.1%. It was the first trading for them since Israel attacked Iranian military targets on Saturday, in retaliation for an earlier barrage of ballistic missiles. Israel’s attack was more restrained than some investors had feared it could be, and it raised hopes that a worst-case scenario may be avoided.

Beyond the violence that is taking a human toll, the worry in financial markets is that an escalating war in the Middle East could cut off the flow of crude from Iran, which is a major oil producer. Such worries had sent the price of Brent crude up to nearly $81 per barrel in early October, despite signals that plenty of oil is available for the global economy. It’s since fallen back below $72.

Financial markets are also dealing with the volatility that typically surrounds a U.S. presidential election, with Election Day fast approaching in two Tuesdays. Markets have historically been shaky heading into an election, only to calm afterward regardless of which party wins.

The trend affects both the stock and the bond markets. In the bond market, Treasury yields were ticking higher to tack more gains onto their sharp rise for the month so far.

The yield on the 10-year Treasury rose to 4.28% from 4.24% late Friday. That’s well above the roughly 3.70% level where it was near the start of October.

Yields have climbed as report after report has shown the U.S. economy remains stronger than expected. That’s good news for Wall Street, because it bolsters hopes the economy can escape from the worst inflation in generations without the painful recession that many had worried was inevitable.

But it’s also forcing traders to ratchet back forecasts for how deeply the Federal Reserve will cut interest rates, now that it’s just as focused on keeping the economy humming as getting inflation lower. With bets diminishing on how much the Fed will ultimately cut rates, Treasury yields have also been given back some of their earlier declines.

That means the U.S. jobs report on the schedule for Friday could end up being the market’s main event, even bigger than the Big Tech profit reports. Investors want to see more evidence of solid hiring to keep alive the perfect-landing hopes for the economy.

Such data has supplanted inflation reports, which used to be the most important for Wall Street every month but have waned as inflation seems to be heading toward the Fed’s target of 2%.

Yields have also climbed as investors have seen former President Donald Trump’s chances of re-election improving. Economists say a Trump win could help push inflation higher in the long term, and worsening inflation could push the Fed to hike interest rates.

Trump Media & Technology Group, the company that tends to move more with Trump’s re-election odds than on its own profit prospects, jumped 21.6% Monday to $47.36. The parent company of Trump’s Truth Social platform has been rallying since hitting a bottom of roughly $12 in late September, though it’s still well below its perch above $60 reached in March.

Robinhood Markets rose 3% after it said it would begin allowing some of its customers to trade contracts based on whether they think either Trump or Vice President Kamala Harris will win the 2024 election.

Delta Air Lines was another winner and rose 2.3% after suing CrowdStrike, claiming the cybersecurity company had cut corners and caused a worldwide technology outage that led to thousands of canceled flight in July.

All told, the S&P 500 rose 15.40 points to 5,823.52. The Dow added 273.17 points to close at 42,387.57. The Nasdaq rose 48.58 points to 18,567.19.

In stock markets abroad, Japan’s Nikkei 225 rose 1.8% as the value of the Japanese yen sank after Japanese Prime Minister Shigeru Ishiba’ s ruling coalition lost a majority in the 465-seat lower house in a key parliamentary election Sunday.

Stock indexes closed mostly higher across much of the rest of Asia and in Europe.

ASX 200 expected to rise again​

The Australian share market is expected to rise again on Tuesday following a good start to the week in the United States.

According to the latest SPI futures, the ASX 200 is poised to open the day 0.4% higher.

U.S. stocks closed broadly higher Monday as gains by some Big Tech companies helped offset a skid in oil-and-gas stocks after the price of crude had its biggest drop in more than a year.

The S&P 500 rose 0.3%. The main measure of the U.S. stock market was coming off its first losing week in the last seven, but it’s still near its all-time high set earlier this month.

The Dow Jones Industrial Average rose 0.6%, while the Nasdaq composite finished 0.3% higher. It’s now within 0.4% of its all-time high set in July.

 

[bigdog]

Stock market today: Rising tech stocks send Nasdaq to a record as most of Wall Street stumbles

Rising technology stocks sent the Nasdaq composite to a record, but trading was mixed along the rest of Wall Street.

apnews.com

Rising tech stocks send Nasdaq to a record as most of Wall Street stumbles​

By STAN CHOE
Updated 8:10 AM GMT+11, October 30, 2024

NEW YORK (AP) — Rallying technology stocks sent the Nasdaq composite to a record on Tuesday, but trading was mixed along the rest of Wall Street as homebuilders and Ford Motor sank following the latest profit reports.

The S&P 500 rose 0.2% to inch closer to its all-time high set earlier this month, even though most of the stocks in the index fell for the day.

Gains for influential Big Tech stocks helped mask weakness elsewhere, and they pushed the Nasdaq composite up 0.8% to top its last all-time high set in July. The Dow Jones Industrial Average, meanwhile, fell 154 points, or 0.4%.

Alphabet rose 1.8% ahead of its profit report that arrived after trading ended for the day. The parent company of Google is the latest member of the group of stocks known as the “Magnificent Seven” to report its quarterly results, and each will have to deliver big growth to justify their high prices.

Other market heavyweight like Microsoft and Meta Platforms were among the strongest forces pushing the S&P 500 upward.

They helped offset an 8.4% drop for Ford Motor, which said an underlying measure of profit for the full year will likely come in at the bottom end of its forecasted range. The automaker said stubbornly high warranty expenses and other costs are holding back its profits, though its results for the third quarter were better than analysts expected.

JetBlue Airways lost 17.1% even though its results for the latest quarter were better than analysts expected. The carrier said its revenue could fall between 3% and 7% in the last three months of 2024 from a year earlier, hurt by this month’s Hurricane Milton and the upcoming U.S. presidential election.

D.R. Horton tumbled 7.2% after the homebuilder reported weaker profit and revenue for the latest quarter than analysts expected. Executive Chairman David Auld said some potential home buyers are waiting for mortgage rates to become more affordable and are sitting on the sidelines.

All told, the S&P 500 rose 9.40 points to 5,832.92. The Dow fell 154.52 to 42,233.05, and the Nasdaq composite rose 145.56 to 18,712.75.

Mortgage rates have been climbing recently because the 10-year Treasury yield has been charging higher.

Yields have rallied as report after report has shown the U.S. economy remains stronger than expected. On Tuesday, reports said confidence among U.S. consumers jumped more economists expected, while the number of job openings edged lower in September, but the number of hires remained relatively steady.

Such numbers have forced traders to ratchet back expectations for how much the Federal Reserve will cut interest rates, now that it’s just as focused on keeping the economy humming as getting inflation down. Traders are even betting on a slim chance the Fed will keep its main interest rate steady at its meeting next week, according to data from CME Group.

That’s after the Fed kicked off its rate-cutting campaign in September with a larger-than-usual reduction. Just a month ago, many traders were thinking just the Fed would follow up in November with another bigger-than-usual cut.

Yields have also climbed as investors have seen former President Donald Trump’s chances of re-election improving. Economists say a Trump win could help push inflation higher in the long term, and worsening inflation could lead to higher interest rates.

Trump Media & Technology Group, the company that tends to move more with Trump’s re-election odds than on its own profit prospects, climbed another 8.8% to $51.51 Tuesday. It moved so sharply during the day that trading of its stock was briefly halted several times. The parent company of Trump’s Truth Social platform has been rallying since hitting a bottom of roughly $12 in late September.

Treasury yields eased a bit after paring gains from earlier in the day. The 10-year yield slipped to 4.25% from 4.28% late Monday, but it’s still well above the 3.60% level it was sitting at in the middle of last month. Treasury yields, like stocks, have historically tended to be shaky heading into an Election Day, only to calm afterward regardless of which party wins.

In stock markets abroad, indexes dipped in Europe after rising in much of Asia outside of a 1.1% drop for stocks in Shanghai.

Crude oil prices slipped after erasing earlier gains to compound their sharp 6.1% drop from the prior day. Brent crude, the international standard, fell 0.4%.

ASX 200 expected to edge lower​

The Australian share market looks set to edge lower on Wednesday following a decent session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 1% lower.

Rallying technology stocks sent the Nasdaq composite to a record on Tuesday, but trading was mixed along the rest of Wall Street as homebuilders and Ford Motor sank following the latest profit reports.

The S&P 500 rose 0.2% to inch closer to its all-time high set earlier this month, even though most of the stocks in the index fell for the day.

All told, the S&P 500 rose 9.40 points to 5,832.92. The Dow fell 154.52 to 42,233.05, and the Nasdaq composite rose 145.56 to 18,712.75.

 

[bigdog]

Stock market today: Nasdaq edges back from its record as chip companies and Eli Lilly slump

U.S. stock indexes edged lower after drops for Eli Lilly and chip companies overshadowed a jump for Google’s parent company. The S&P 500 slipped 0.3% Wednesday.

apnews.com

Nasdaq edges back from its record as chip companies and Eli Lilly slump​

By STAN CHOE
Updated 8:18 AM GMT+11, October 31, 2024

NEW YORK (AP) — U.S. stock indexes edged lower Wednesday after drops for Eli Lilly and chip companies overshadowed a jump for Google’s parent company.

The S&P 500 slipped 0.3% after drifting between small gains and losses several times, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average edged down by 91 points, or 0.2%, while the Nasdaq composite slipped 0.6% from its own record set the day before.

Alphabet climbed 2.8% after beating analysts’ forecasts for profit in the latest quarter, thanks largely to the performance of its Google business. It’s the latest of the highly influential group of stocks known as the “Magnificent Seven” to top high expectations for growth. They’ll need to, because critics say their prices have climbed too quickly, even if artificial-intelligence technology is creating a new boom.

Computer chip companies have been some of the biggest winners of the AI rush, but Advanced Micro Devices helped drag down stocks across the industry after reporting profit for the latest quarter that only matched analysts’ expectations. It also gave a forecasted range for revenue for the end of 2024 whose midpoint was a bit below what analysts were estimating. AMD’s stock sank 10.6%.

Nvidia, a chip giant that’s rocketed to become one of Wall Street’s largest most influential stocks, fell 1.4% and was one of the heaviest weights on the S&P 500.

One of the few stocks to hurt the index nearly as much was Eli Lilly, which sank 6.3% amid concerns about two of the drug maker’s blockbuster products: diabetes treatment Mounjaro and weight loss counterpart Zepbound.

Eli Lilly reported weaker results for the latest quarter than analysts expected, as pharmaceutical wholesalers burned through inventories they had built up in previous quarters. Lilly cut its forecast for profit over the full year of 2024.

Also falling was Trump Media & Technology Group, the company behind former Donald Trump’s Truth Social platform. It dropped 22.3% for the worst loss since taking its place on the Nasdaq stock market following a merger with another company in March. The stock is notoriously volatile, and it had been rallying strongly over the last month, up to $40 from roughly $12.

Among the biggest movers on Wall Street, Reddit soared 42% after the company surprised investors and analysts and reported a profit.

Super Micro Computer lost nearly a third of its value, 32.7%, after Ernst & Young resigned as its registered public accounting firm. A prominent investor, Hindenburg Research, published a report in August that accused the company of accounting red flags and other issues, which CEO Charles Liang later said contained false or inaccurate statements.

All told, the S&P 500 fell 19.25 points to 5,813.67. The Dow dipped 91.51 to 42,141.54, and the Nasdaq composite slipped 104.82 to 18,607.93.

In the bond market, yields edged higher following the latest readings on the U.S. economy. Growth for the overall economy slowed during the summer from the spring, according to a preliminary estimate by the U.S. government. But the performance was slightly better than economists expected.

Recent hurricanes that struck the United States could lead to rebuilding that causes stronger growth in the fourth quarter but “the signal through the noise will likely be one of an economy that is still slowing, not reaccelerating,” according to Brian Jacobsen, chief economist at Annex Wealth Management.

A separate report on Wednesday suggested employers outside the government accelerated their hiring this month, when economists were forecasting a slowdown. It could raise optimism for Friday’s more comprehensive jobs report coming from the U.S. government. Economists expect that to show the pace of hiring nearly halved in October.

A slowing economy is no surprise after the Federal Reserve hiked interest rates sharply in hopes of braking enough on the economy to get inflation under control. The question is whether the Fed can help keep the economy out of a recession, now that it’s begun cutting interest rates to keep the job market humming.

A string of stronger-than-expected reports on the economy has raised such hopes, but it’s also forced investors to ratchet back expectations for how deeply the Fed will ultimately cut rates.

The yield on the 10-year Treasury rose to 4.28% from 4.26% late Tuesday and just 3.60% in the middle of last month.

Traders are largely expecting the Fed to cut its federal funds rate by a quarter of a percentage point at its next meeting next week, according to data from CME Group. That would be a step down from its cut of half a percentage point last month, which kicked off the Fed’s rate-easing campaign.

In stock markets abroad, indexes were mostly lower in Europe and Asia despite a 1% rise for Japan’s Nikkei 225 as the Bank of Japan began a two-day policy meeting.

ASX 200 expected to edge lower​

The Australian share market looks set for a subdued session on Thursday following a relatively poor night on Wall Street.

The Australian share market is on track to begin its day marginally lower, with ASX futures down 0.2%.

It would be the second day in a row that the market has fallen, after yesterday's inflation figures showed underlying inflation (at 3.5%) is still too high for the Reserve Bank to start cutting interest rates soon.

U.S. stock indexes edged lower Wednesday after drops for Eli Lilly and chip companies overshadowed a jump for Google’s parent company.

The S&P 500 slipped 0.3% after drifting between small gains and losses several times, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average edged down by 91 points, or 0.2%, while the Nasdaq composite slipped 0.6% from its own record set the day before.

All told, the S&P 500 fell 19.25 points to 5,813.67. The Dow dipped 91.51 to 42,141.54, and the Nasdaq composite slipped 104.82 to 18,607.93.

 

[bigdog]

Stock market today: Microsoft, Meta and the burden of expectations knock Wall Street sharply lower

Drops for Big Tech companies including Microsoft and Facebook's parent company Meta Platforms led Wall Street lower.

apnews.com

Microsoft, Meta and the burden of expectations knock Wall Street sharply lower​

By STAN CHOE
Updated 7:47 AM GMT+11, November 1, 2024

NEW YORK (AP) — The downside of high expectations thumped Wall Street on Thursday, and Microsoft and Meta Platforms dragged U.S. stock indexes lower despite delivering strong profits for the summer.

The S&P 500 sank 1.9% for its worst day in eight weeks and fell further from its record set earlier this month. The Dow Jones Industrial Average dropped 378 points, or 0.9%, while the Nasdaq composite tumbled 2.8% for a second straight loss after setting its latest all-time high.

Microsoft reported bigger profit growth for the latest quarter than analysts expected. Its revenue also topped forecasts, but its stock nevertheless sank 6% as investors and analysts scoured for possible disappointments. Many centered on Microsoft’s estimate for upcoming growth in its Azure cloud-computing business, which fell short of some analysts’ expectations.

Tech stocks are dragging Wall Street down. We hear more from AP’s Seth Sutel.

The parent company of Facebook, meanwhile, likewise served up a better-than-expected profit report. As with Microsoft, that wasn’t enough to boost its stock. Investors focused instead on Meta Platforms’ warning that it expects a “significant acceleration” in spending next year as it continues to pour money into developing artificial intelligence. It fell 4.1%.

Both Microsoft and Meta Platforms have soared in recent years amid a frenzy around AI, and they’re entrenched among Wall Street’s most influential stocks. But such stellar performances have critics saying their stock prices have simply climbed too fast, leaving them too expensive. It’s difficult to meet everyone’s expectations when they’re so high, and Microsoft and Meta were both among Thursday’s heaviest weights on the S&P 500.

Amazon and Apple also helped drag the market lower, with Amazon falling 3.4% and Apple dropping 2% before they released their profit reports after trading ended for the day. They’re the latest companies in the highly influential group of stocks known as the “Magnificent Seven” to do so.

Earlier this month, Tesla and Alphabet kicked off the Magnificent Seven’s reports with results that investors found impressive enough to reward with higher stock prices.

The lone remaining member, Nvidia, will report its results later this earnings season, and its 4.8% drop was Thursday’s heaviest weight on the market after Microsoft. Expectations are just as high for the chip company after its stock soared over 880% in the last two years.

The tumble for Big Tech on the last day of October wiped out the S&P 500’s gain for the month. The index fell 1% for its first down month in the last six, even though it set an all-time high during the middle of it.

Such a big move might have been overdue following an unusually long and placid run, according to Jonathan Krinsky at BTIG. He pointed to how the S&P 500 had failed to move by 1% in a day in either direction, without accounting for rounding, for the longest stretch in nearly three years.

Still, Thursday wasn’t a complete washout thanks in part to cruise ships and cigarettes.

Norwegian Cruise Line Holding steamed 6.3% higher after delivering stronger profit for the latest quarter than analysts expected. The cruise ship operator said it was seeing strong demand from customers across its brands and itineraries, and it raised its profit forecast for the full year of 2024.

Altria Group rose 7.8% for another one of the S&P 500’s bigger gains after beating analysts’ profit expectations. Chief Executive Billy Gifford credited resilience for its Marlboro brand, among other things, and announced a cost-cutting initiative.

Oil-and-gas companies also rose after the price of a barrel of U.S. crude gained 0.9% to recoup some of its losses for the week and for the year so far. ConocoPhillips jumped 6.4%.

All told, the S&P 500 fell 108.22 points to 5,705.45. The Dow dropped 378.08 to 41,736.46, and the Nasdaq composite tumbled 512.78 to 18,095.15.

In the bond market, Treasury yields edged lower following a mixed set of reports on the U.S. economy.

One report said a measure of inflation that the Federal Reserve likes to use slowed to 2.1% in September from 2.3%. That’s almost all the way back to the Fed’s 2% target, though underlying trends after ignoring food and energy costs were a touch hotter than economists expected.

A separate report said growth in workers’ wages and benefits slowed during the summer. That could put less pressure on upcoming inflation. A third report, meanwhile, said fewer U.S. workers applied for unemployment benefits last week. That’s an indication that the number of layoffs remains relatively low across the country.

Treasury yields swiveled up and down several times following the reports before moving lower. The yield on the 10-year Treasury fell to 4.27% from 4.30% late Wednesday. That’s still up sharply from the roughly 3.60% level it was at in the middle of last month.

Yields have been rising following a string of stronger-than-expected reports on the U.S. economy. Such data bolster hopes that the economy can avoid a recession, particularly now that the Fed is cutting interest rates to support the job market instead of keeping them high to quash high inflation. But the surprising resilience is also forcing traders to downgrade their expectations for how deeply the Fed will ultimately cut rates.

In stock markets abroad, indexes sank across much of Europe and Asia.

South Korea’s Kospi dropped 1.5% for one of the larger losses after North Korea test launched a new intercontinental ballistic missile designed to be able to hit the U.S. mainland in a move that was likely meant to grab America’s attention ahead of Election Day.

ASX 200 expected to sink​

The Australian share market looks set to fall on Friday following a disappointing session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 0.7% lower this morning.

The downside of high expectations thumped Wall Street on Thursday, and Microsoft and Meta Platforms dragged U.S. stock indexes lower despite delivering strong profits for the summer.

The S&P 500 sank 1.9% for its worst day in eight weeks and fell further from its record set earlier this month. The Dow Jones Industrial Average dropped 378 points, or 0.9%, while the Nasdaq composite tumbled 2.8% for a second straight loss after setting its latest all-time high.

All told, the S&P 500 fell 108.22 points to 5,705.45. The Dow dropped 378.08 to 41,736.46, and the Nasdaq composite tumbled 512.78 to 18,095.15.

 

[bigdog]

Stock market today: Amazon leads Wall Street higher

Amazon led U.S. stock indexes higher, while a surprisingly weak jobs report marred by some unusual occurrences cemented bets on Wall Street for another cut to interest rates next week.

apnews.com

Amazon leads Wall Street higher​

By STAN CHOE
Updated 8:50 AM GMT+11, November 2, 2024

NEW YORK (AP) — Amazon led U.S. stock indexes higher on Friday, while a surprisingly weak jobs report marred by some unusual occurrences cemented bets on Wall Street for another cut to interest rates next week.

The S&P 500 rose 0.4% to recover some of its loss from the day before, which was its worst in eight weeks. The Dow Jones Industrial Average added 288 points, or 0.7%, while the Nasdaq composite gained 0.8%.

Amazon climbed 6.2% after delivering a bigger profit for the latest quarter than analysts expected and was the strongest force pushing the S&P 500 higher.

Intel, meanwhile, rallied 7.8% despite reporting a worse loss than expected. Its revenue topped analysts’ estimates, and it gave a forecast for results in the current quarter that likewise topped expectations. Cardinal Health was another one of the market’s bigger gainers and jumped 7% after topping analysts’ forecasts for profit and revenue in the latest quarter. It also raised its profit forecast for its fiscal year, which is only in its second quarter.

They helped offset a 1.2% slide for Apple, which said it expects revenue growth in the important holiday quarter to be in the low to mid-single digit percentages. That was below several analysts’ forecasts.

All told, the S&P 500 rose 23.35 points to 5,728.80. The Dow gained 288.73 to 42,052.19, and the Nasdaq composite added 144.77 to 18,239.92.

In the bond market, Treasury yields pushed higher following some swings after a highly anticipated report said U.S. employers added only a net 12,000 workers to their payrolls last month. That was far short of the 115,000 in hiring that economists were expecting or the 223,00 jobs that employers created in September.

The nearly unanimous expectation on Wall Street remains for the Federal Reserve to cut its main interest rate by a quarter of a percentage point next week. But the weaker-than-expected jobs report wiped out the slim chance traders had been seeing of the Fed holding rates steady, according to data from CME Group.

The Fed kicked off its rate-cutting campaign in September with a larger-than-usual cut of half a percentage point, as it turns more attention to keeping the job market solid instead of focusing on just driving inflation lower.

The two-year Treasury yield, which closely tracks expectations for the Fed’s actions, initially fell following the jobs report but then climbed to 4.20% from 4.18% late Thursday.

The yield on the 10-year Treasury, which also takes future economic growth and other factors into account, likewise rose after a knee-jerk drop. It climbed to 4.37%, up from 4.29% late Thursday.

Economists said Friday’s jobs report contained a lot of noise and perhaps not much signal. Besides two hurricanes that left destructive paths across the United States during the month, a strike by workers at Boeing also helped depress the numbers.

All those distortions make the numbers difficult to parse, “but it doesn’t change our view that the labor market should further decelerate in coming months,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.

The hope on Wall Street is that the economy will still avoid a recession, even with that expected slowdown in the job market, thanks in part to coming cuts to interest rates by the Fed. The overall economy has so far remained more resilient than feared.

A separate report on Friday said U.S. manufacturing contracted by more last month than economists expected. It’s been one of the areas of the economy hurt most by the Fed’s keeping interest rates at a two-decade high until September.

In stock markets abroad, indexes rose across much of Europe after finishing lower across much of Asia outside of Hong Kong.

The price of oil, meanwhile, rose again to further trim its loss for the week. A barrel of benchmark U.S. crude rose 0.4%. Brent crude, the international standard, also climbed 0.4%.

 

[bigdog]

ASX 200 expected to rebound​

The Australian share market looks set for a good start to the week following a strong session on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 36 points or 0.45% higher.
Amazon led U.S. stock indexes higher on Friday, while a surprisingly weak jobs report marred by some unusual occurrences cemented bets on Wall Street for another cut to interest rates next week.

The S&P 500 rose 0.4% to recover some of its loss from the day before, which was its worst in eight weeks. The Dow Jones Industrial Average added 288 points, or 0.7%, while the Nasdaq composite gained 0.8%.

 

[bigdog]

Stock market today: Wall Street drifts ahead of Election Day and a manic week for markets

U.S. stock indexes drifted lower ahead of a momentous week full of potential flashpoints in Washington, D.C., and around the world.

apnews.com

Wall Street drifts ahead of Election Day and a manic week for markets​

By STAN CHOE
Updated 8:20 AM GMT+11, November 5, 2024

NEW YORK (AP) — U.S. stocks drifted lower Monday ahead of a momentous week full of potential flashpoints in Washington, D.C., and around the world.

The S&P 500 slipped 0.3%, though it remains near its record set last month. The Dow Jones Industrial Average fell 257 points, or 0.6%, while the Nasdaq composite slipped 0.3%.

Intel fell 2.9%, and chemical producer Dow sank 2.1% in their first trading since getting notified they’ll no longer be included in the Dow Jones Industrial Average. Warren Buffett’s Berkshire Hathaway dropped 2.2% and was one of the heaviest weights on the market after reporting a drop in operating profit for the latest quarter.

But the majority of stocks within the S&P 500 rose, including a 2.8% gain for Fox after it reported a stronger profit than expected. That was despite increases in some costs, including for newsgathering at Fox News to cover this election cycle.

Election Day will arrive Tuesday, though its result may not be known for some time as officials count all the votes. That’s raised fears about the possibility of sharp swings around the world because markets infamously hate uncertainty.

AP correspondent Seth Sutel reports the markets are lacking direction in early stocks trading.

History may be less foreboding. The broad U.S. stock market has historically gone on to rise regardless of which party wins the White House. And in 2020, U.S. stocks climbed immediately after Election Day and kept going even after former President Donald Trump refused to concede and challenged the results, creating plenty of uncertainty. A large part of that rally was due to excitement about the potential for a vaccine for COVID-19, which had just shut down the global economy.

“Bottom line – the US election is incredibly important, but the process is likely to be incredibly noisy,” according to Michael Zezas, a strategist at Morgan Stanley.

For markets, Zezas also points to how prices may have already moved ahead of expected outcomes from the election. A win for Trump this election could mean U.S. tariffs on Mexican imports, for example, which could hurt the value of the Mexican peso. But the peso has already fallen against the U.S. dollar in recent months, which could limit further moves if a Trump win were actually to happen.

A Trump victory would be less of a surprise to markets this time around than in 2016, when Treasury yields soared on expectations for tax cuts that could further inflate the nation’s debt or fuel a stronger U.S economy. Treasury yields have already climbed in recent weeks, in part due to rising expectations in some market corners for a Trump win, along with a spate of data showing the U.S. economy has remained stronger than feared.

On Monday, Treasury yields gave back a chunk of those gains. The yield on the 10-year Treasury fell to 4.29% from 4.38% late Friday.

Another investment that’s become a barometer in the market for Trump’s perceived chances of victory swung sharply through the day. After veering between losses and gains through the morning, Trump Media & Technology Group ended up rising 12.4%.

The stock of the company behind Trump’s Truth Social platform had been ripping higher from a bottom in September, until it hit a wall last week and dropped at least 11% in three straight days.

In the oil market, the price for a barrel of U.S. crude rose 2.8% to $71.03 after Saudi Arabia and other oil producers said they would delay plans to increase the amount of crude they produced. Brent crude, the international standard, rose 2.7% to $75.08 for a barrel.

The price of Brent is still down for the year so far, in part because of worries about how much demand will come from China given its economic challenges.

The Standing Committee of China’s National People’s Congress is meeting this week, and analysts say the government may endorse major spending initiatives to boost economic growth amid troubles for the country’s real-estate industry.

Beyond that meeting and Election Day in the United States, this week will also feature the latest meeting of the Federal Reserve, where the widespread expectation is for it to cut its main interest rate for a second straight time.

The hope that’s propelled U.S. stock indexes to records recently is that the U.S. economy can remain resilient and avoid a long-feared recession, in part because of the coming cuts to rates expected from the Fed.

On Wall Street, Nvidia rose 0.5%, and Sherwin-Williams jumped 4.6% after learning they’ll be replacing Intel and the parent of the Dow chemical company in the Dow Jones Industrial Average.

Stocks fell in the nuclear power industry after U.S. regulators denied a request that would have sent more electricity to an Amazon data center from a Pennsylvania nuclear plant run by Talen Energy. Companies across the power industry have been making deals with data center operators to feed their growing need for more electricity, and Talen fell 2.2%.

All told, the S&P 500 fell 16.11 points to 5,712.69. The Dow dropped 257.59 to 41,794.60, and the Nasdaq composite lost 59.93 to 18,179.98.

In stock markets abroad, indexes were mostly lower in Europe after rising in much of Asia.

ASX 200 expected to fall​

The Australian share market is expected to give back yesterday's gains on Tuesday following a poor start to the week in the United States.

According to the latest SPI futures, the ASX 200 is poised to open the day 34 points or 0.4% lower.

U.S. stocks drifted lower Monday ahead of a momentous week full of potential flashpoints in Washington, D.C., and around the world.

The S&P 500 slipped 0.3%, though it remains near its record set last month. The Dow Jones Industrial Average fell 257 points, or 0.6%, while the Nasdaq composite slipped 0.3%.

All told, the S&P 500 fell 16.11 points to 5,712.69. The Dow dropped 257.59 to 41,794.60, and the Nasdaq composite lost 59.93 to 18,179.98.

 

[bigdog]

Stock market today: Wall Street rallies on Election Day as economy remains solid

U.S. stocks rallied as voters headed to the polls on the last day of the presidential election and as more data piled up to show the economy remains solid.

apnews.com

Wall Street rallies on Election Day as economy remains solid​

By STAN CHOE
Updated 8:20 AM GMT+11, November 6, 2024

NEW YORK (AP) — U.S. stocks rallied as voters headed to the polls on the last day of the presidential election and as more data piled up showing the economy remains solid.

The S&P 500 rose 1.2% to pull closer to its record set last month. The Dow Jones Industrial Average climbed 427 points, or 1%, while the Nasdaq composite gained 1.4%.

The market got a lift from a report showing growth accelerated last month for retailers, transportation companies and other businesses in the U.S. services industries. That was despite economists’ expectations for a slowdown, and the Institute for Supply Management said it was the strongest growth in more than two years.

The report offered more hope that the U.S. economy will remain solid and avoid a long-feared recession following the worst inflation in generations.

Excitement about the artificial-intelligence boom also helped lift the stock market, as it has for much of the last year. Software company Palantir Technologies jumped 23.5% after delivering bigger profit and revenue than analysts expected for the latest quarter. It’s an industry known for thinking and talking big, and CEO Alexander Karp said, “We absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down.”

It helped offset a 5.2% drop for NXP Semiconductors. The Dutch company fell to one of the largest losses in the S&P 500 after warning that weakness it saw in the industrial and other markets during the latest quarter is spreading to Europe and the Americas.

All told, the S&P 500 rose 70.07 points to 5,782.76. The Dow gained 427.28 to 42,221.88, and the Nasdaq composite rallied 259.19 to 18,439.17.

The market’s main event Tuesday was the election, even if the result may not be known for days or weeks as officials count all the votes. Such uncertainty could upset markets, along with an upcoming meeting by the Federal Reserve on interest rates later this week. The widespread expectation is for it to cut its main interest rate for a second straight time.

Despite all the uncertainty heading into the final day of voting, many professional investors suggest keeping the focus on the long term. The broad U.S. stock market has historically tended to rise regardless of which party wins the White House, even if each party’s policies can help and hurt different industries’ profits.

Since 1945, the S&P 500 has risen in 73% of the years where a Democrat was president and 70% of the years when a Republican was the nation’s chief executive, according to Sam Stovall, chief investment strategist at CFRA.

The U.S. stock market has risen more in magnitude when Democrats have been president, in part because a loss under George W. Bush’s term hurt the Republicans’ average. Bush took over as the dot-com bubble was deflating and exited office when the 2008 global financial crisis and Great Recession were devastating markets.

Besides who will be president, other questions hanging over the market include whether the White House will be working with a unified Congress or one split by political parties, as well as whether the results will be contested.

The general hope among investors is often for split control of the U.S. government because that’s more likely to keep the status quo and avoid big changes that could drive the nation’s debt much, much higher.

As for a contested election, Wall Street has some precedent to look back to. In 2000, the S&P 500 dropped 5% in about five weeks after Election Day before Al Gore conceded to George W. Bush. That, though, also happened during the near-halving of the S&P 500 from March 2000 to October 2002 as the dot-com bubble deflated.

Four years ago, the S&P 500 rose the day after polls closed, even though a winner wasn’t yet clear. And it kept going higher after former President Donald Trump refused to concede and challenged the results, which created plenty of uncertainty. A large part of that rally was due to excitement about the potential for a vaccine for COVID-19, which had just shut down the global economy.

The S&P 500 ended up rising 69.6% from Election Day 2020 through Monday, following President Joe Biden’s win. It rallied to records as the U.S. economy bounced back from the COVID-19 pandemic and managed to avoid a recession despite a jump in inflation.

In the four years before that, the S&P 500 rose 57.5% from Election Day 2016 through Election Day 2020, in part because of cuts to tax rates signed by Trump.

Investors have already made moves in anticipation of a win by either Trump or Vice President Kamala Harris. But Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, suggests not getting caught up in such pre-election moves, or even those immediately after the polls close, “which we believe will face inevitable tempering, if not outright reversals, either before or after Inauguration Day.”

In the bond market, the yield on the 10-year Treasury initially rallied following Tuesday morning’s strong report on U.S services businesses but pared the gain later in the day. It slipped to 4.28% from 4.29% late Monday.

In stock markets abroad, indexes were mixed in Europe and Asia. The moves were mostly modest outside of jumps of 2.3% in Shanghai and 2.1% in Hong Kong.

ASX 200 expected to rebound​

The Australian share market looks set to rebound on Wednesday following a great session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 61 points or 0.7% higher.

U.S. stocks rallied as voters headed to the polls on the last day of the presidential election and as more data piled up showing the economy remains solid.

The S&P 500 rose 1.2% to pull closer to its record set last month. The Dow Jones Industrial Average climbed 427 points, or 1%, while the Nasdaq composite gained 1.4%.

All told, the S&P 500 rose 70.07 points to 5,782.76. The Dow gained 427.28 to 42,221.88, and the Nasdaq composite rallied 259.19 to 18,439.17.

 

[qldfrog]

What a jump last night in Wall street, gold down in usd, usd jumping, BTC jumping and shares up the roof

 

[bigdog]

Stocks and bitcoin jump after Trump's victory. So do worries about inflation as Dow surges 1,500

U.S. stocks stormed to records as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world.

apnews.com

Stocks and bitcoin jump after Trump’s victory. So do worries about inflation as Dow surges 1,500​

By STAN CHOE
Updated 8:44 AM GMT+11, November 7, 2024

NEW YORK (AP) — The U.S. stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher Wednesday as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world. Among the losers the market sees: the renewable-energy industry and potentially anyone worried about higher inflation.

The S&P 500 rallied 2.5% for its best day in nearly two years. The Dow Jones Industrial Average surged 1,508 points, or 3.6%, while the Nasdaq composite jumped 3%. All three indexes topped records they had set in recent weeks.

The U.S. stock market has historically tended to rise regardless of which party wins the White House, with Democrats scoring bigger average gains since 1945. But Republican control could mean big shifts in the winning and losing industries underneath the surface, and investors are adding to bets built earlier on what the higher tariffs, lower tax rates and lighter regulation that Trump favors will mean.

“The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook,” Peter Esho of Esho Capital said.

Of course, how much change Trump effects in his second term will likely depend on whether his fellow Republicans win control of Congress, and that’s still to be determined. That could leave room for snaps back in some of Wednesday’s big knee-jerk movements.

Stocks got an Election Day boost. More from AP’s Seth Sutel.

Nevertheless, the market is cleaving between rather clear winners and losers following Trump’s dramatic win. Among them:

Bank stocks, UP

Bank stocks led the market higher, in part on hopes that a stronger economy would mean more customers getting loans and paying them back with interest. They also rallied on hopes for lighter regulation from a Republican White House. JPMorgan Chase soared 11.5%, and financial stocks had the biggest gain by far among the 11 sectors that make up the S&P 500. Capital One Financial climbed 15%, and Discover Financial jumped 20.2% for some of the market’s biggest gains on speculation their pending merger will more easily get federal clearance under Trump.

Crypto, UP

Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. The price of bitcoin hit an all-time high above $76,480, according to CoinDesk, and was recently just under $76,100. Companies in the crypto industry also jumped, including trading platform Coinbase’s 31.1% leap.

Tesla, UP

Musk has become a close ally of Trump, exhorting the former president’s run. While Trump may end up hurting the electric-vehicle industry broadly by limiting government subsidies, analysts say Tesla could gain somewhat of an advantage by already being such a big player in the industry. Tesla revved 14.8% higher, while rival Rivian Automotive fell 8.3%.

Trump Media & Technology Group, UP

The company behind Trump’s Truth Social platform rose 5.9% after jumping nearly 35% earlier in the day. It regularly trades more on Trump’s popularity than on prospects for its profits. Its rise came even after it filed unaudited financial documents with regulators on Tuesday saying it lost $19.2 million during the latest quarter and that its sales weakened from a year earlier.
Private-prison operators, UP

A Trump-led Washington could push for tougher enforcement of the nation’s borders, which could mean more business for companies that work with U.S. Immigration and Customs Enforcement, or ICE. GEO Group, which runs ICE processing centers, surged 42.1%.

Stocks of smaller companies, UP

Trump’s America-First policies could help companies that focus on customers within the United States, rather than big multinationals that could be hurt by increased tariffs and protectionism. The Russell 2000 index of smaller stocks, which are seen as more domestically focused than the big stocks in the S&P 500, jumped 5.8%. That was more than double the S&P 500’s gain.

Treasury bond prices, DOWN

Investors see Trump’s policies potentially leading to stronger economic growth, which helps push prices down for Treasurys and their yields up. Tax cuts under Trump could also further swell the U.S. government’s deficit, which would increase its borrowing needs and force yields even higher. The yield on the 10-year Treasury jumped to 4.43% from 4.29% late Tuesday, which is a major move for the bond market. It’s up substantially from August, when it was below 4%.

Inflation worries, UP

Investors also see Trump’s policies likely adding to future inflation, particularly tariffs, which can add costs to U.S. households’ bills.

“Trump keeps openly telling people that he will increase tariffs not just on China but with every trade partner,” said Andrzej Skiba, head of BlueBay U.S. Fixed Income at RBC Global Asset Management. “We’re talking 10% tariffs across all global partners. This is a big deal because this could add 1% to inflation. If you add 1% to next year’s inflation numbers, we should say bye to rate cuts.”

A drop-off in immigration could also mean a crunch of available workers for employers, which could force companies to raise wages for workers faster and put more upward pressure on inflation.

Expectations for interest rate cuts, MUDDLED

Much of Wall Street’s run to records this year was built on expectations for coming cuts to interest rates by the Federal Reserve, now that inflation seems to be heading back down to its 2% target. Easier interest rates help boost the economy, but they can also give inflation more fuel.

The Fed will announce its latest decision on interest rates Thursday, where the expectation is still for a cut, according to data from CME Group. But traders are already paring back forecasts for how many cuts the Fed will provide through the middle of next year.

Foreign currencies, DOWN against the dollar

Trump has vowed to sharply hike tariffs on imports from China, Mexico and other countries, raising worries about trade wars and disruptions to the global economy. A measure of the U.S. dollar’s value against several major currencies climbed 1.6%, which means that those other currencies fell.

The euro sank 1.5%, and the South Korean won fell 1.2% The Mexican peso, which has been falling against the dollar since the summer, in part on worries about a possible Trump re-election, fell early in the day but then pared its loss.

Rewnewable energy stocks, DOWN

Trump is a fan of fossil fuels, encouraging production of oil and natural gas. His win sent solar stocks sharply lower, including a 10.1% fall for First Solar and 16.8% slide for Enphase Energy.

The only stock with a bigger loss in the S&P 500 was Super Micro Computer, which said its sales for the latest quarter could come in below its prior forecast. Its stock sank 18.1%.

All told, the S&P 500 rose 146.28 points to 5,929.04. The Dow surged 1,508.05 to 43,729.93, and the Nasdaq composite jumped 544.29 to 18,983.47.

ASX 200 expected to rise​

The Australian share market looks set for another positive session on Thursday following a fantastic night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 31 points higher this morning.

he U.S. stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher Wednesday as investors made bets on what Donald Trump’s return to the White House will mean for the economy and the world. Among the losers the market sees: the renewable-energy industry and potentially anyone worried about higher inflation.

The S&P 500 rallied 2.5% for its best day in nearly two years. The Dow Jones Industrial Average surged 1,508 points, or 3.6%, while the Nasdaq composite jumped 3%. All three indexes topped records they had set in recent weeks.

All told, the S&P 500 rose 146.28 points to 5,929.04. The Dow surged 1,508.05 to 43,729.93, and the Nasdaq composite jumped 544.29 to 18,983.47.