NYSE Dow Jones finished today at:

[bigdog]

ASX 200 expected to fall​

The Australian share market looks set for a poor start to the week despite another decent session on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 36 points or 0.4% lower.

U.S. stocks cruised to more records as they closed their best week in a year on Friday.

The S&P 500 rose 0.4% to cap its biggest weekly gain since early November 2023 and briefly crossed above the 6,000 level for the first time. The Dow Jones Industrial Average climbed 259 points, or 0.6%, while the Nasdaq composite added 0.1%.

All told, the S&P 500 rose 22.44 points to 5,995.54. The Dow gained 259.65 to 43,988.99, and the Nasdaq composite edged up 17.32 to 19,286.78.

 

[bigdog]

Stock market today: Wall Street rolls higher as bitcoin bursts above $87,000

Most U.S. stocks rose on Wall Street, but drops for Nvidia and some other heavyweight Big Tech companies kept indexes in check.

apnews.com

Wall Street rolls higher as bitcoin bursts above $87,000​

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

NEW YORK (AP) — U.S. stocks rose Monday, led by those seen as benefiting the most from Donald Trump’s reelection as president, but drops for some high-profile Big Tech stocks kept indexes in check.

The S&P 500 edged up by 0.1%, coming off its best week of the year following Trump’s victory and a cut to interest rates by the Federal Reserve to bolster the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite gained 0.1%.

Tesla was the strongest force pushing upward on the S&P 500 after rising 9.1%. Its leader, Elon Musk, has become a close ally of Trump’s, and its stock jumped nearly 15% the day after the election and has kept rising.

Several pieces of what’s known as the “Trump trade” also helped drive the market, as investors try to identify which companies will be winners under a second Trump term. JPMorgan Chase rose 1%, and financial stocks again helped lead the market on expectations for stronger economic growth, less regulation from Washington and an increase in mergers and acquisitions.

A White House more friendly to big tie-ups has helped Wall Street speculate about a merger between insurers Cigna Group and Humana, for example. It’s been so feverish that Cigna said Monday it isn’t pursuing a deal with Humana. Cigna’s stock rose 7.3%, and Humana’s sank 2%.

Stocks of companies more focused on the U.S. economy were also rising more than the rest of the market, including a 1.5% rally for the smaller stocks in the Russell 2000 index, because they’re seen as benefiting more from Trump’s America First policies than big multinational companies.

They helped offset a drop of 1.6% for Nvidia, which was the heaviest weight on the market.

Such Big Tech stocks have rocketed higher on excitement about artificial-intelligence technology, and they had been gaining almost regardless of what the economy was doing. Now, though, critics say their prices look too expensive, and investors are finding more interesting buys among companies that could benefit more from Trump’s second term.

A drop for Nvidia packs a particularly heavy punch because its massive value of nearly $3.6 trillion makes it one of the most influential stocks on the S&P 500 and other indexes.

AbbVie, meanwhile, tumbled 12.6% after saying trials investigating its treatment for some adults with schizophrenia failed to show statistically significant improvement compared with a placebo group at week six.

Some of the sharpest swings were in the crypto market, where bitcoin rose above $87,000 for the first time. Trump has embraced cryptocurrencies generally and pledged to make his country the crypto capital of the world. Bitcoin hit a record of $87,491, according to CoinDesk.

Another Trump trade has been a rise in Treasury yields, as traders anticipate potentially higher economic growth, U.S. government debt and inflation because of Trump’s policies. But trading in the bond market was closed Monday in observance of Veterans Day.

Treasury yields been generally climbing since September, in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.

But Trump’s win has scrambled expectations for coming cuts to rates. Traders have already begun paring forecasts for how many the Fed will deliver next year. While lower rates can boost the economy, they can also give inflation more fuel.

Still, many professional investors warn not to get carried away by all the big swings following Trump’s victory. It takes time to see what campaign promises turn into actual policy, and that can lead to snaps back for the market’s initial knee-jerk reactions.

The U.S. stock market is also broadly looking more expensive, as prices continue to run up faster than corporate profits.

“Valuations are increasingly elevated, and the pace of growth isn’t sustainable,” according to Mark Hackett, chief of investment research at Nationwide. “While near-term seasonality will be a strong tailwind for markets, valuations may prove to be a tipping point as we move into 2025.”

All told, the S&P 500 rose 5.81 points Monday to 6,001.35. The Dow gained 304.14 to 44,293.13, and the Nasdaq composite added 11.99 to 19,298.76.

Stock markets abroad have swung following Trump’s election amid worries about increased tariffs and disruptions to global trade. They were mixed Monday, with European indexes rising while South Korea’s and Hong Kong’s sank.

ASX 200 expected to rebound​

The Australian share market is expected to rebound slightly on Tuesday following a relatively positive start to the week in the United States.

According to the latest SPI futures, the ASX 200 is poised to open the day 4 points or 0.1% higher.

U.S. stocks rose Monday, led by those seen as benefiting the most from Donald Trump’s reelection as president, but drops for some high-profile Big Tech stocks kept indexes in check.

The S&P 500 edged up by 0.1%, coming off its best week of the year following Trump’s victory and a cut to interest rates by the Federal Reserve to bolster the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite gained 0.1%.

All told, the S&P 500 rose 5.81 points Monday to 6,001.35. The Dow gained 304.14 to 44,293.13, and the Nasdaq composite added 11.99 to 19,298.76.

 

[bigdog]

Stock market today: Wall Street drifts lower as the Trump trade cools

U.S. stocks slipped as juice ran out for the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory.

apnews.com

Wall Street drifts lower as the Trump trade cools​

By STAN CHOE
Updated 8:19 AM GMT+11, November 13, 2024

NEW YORK (AP) — U.S. stocks drifted lower Tuesday as momentum cooled for the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory.

The S&P 500 slipped 0.3% a day after setting its latest all-time high. The Dow Jones Industrial Average dropped 382 points, or 0.9%, and the Nasdaq composite fell 0.1%.

Stocks had been broadly rising since last week on expectations that Trump’s preference for lower tax rates and other policies may mean faster economic growth, as well as bigger U.S. government debt and higher inflation. Some areas of the market rocketed on particularly high-grade fuel, such as smaller U.S. stocks seen as benefiting the most from Trump’s America First ideas.

They gave back some of their big gains Tuesday, and the Russell 2000 index of smaller companies fell a market-leading 1.8%. Even Tesla, which is run by Trump’s ally Elon Musk, sank. It dropped 6.1% for its first loss since before Election Day.
0:00 / 36
AP AUDIO: Stock market today: Wall Street drifts as the Trump trade cools

Stocks are cooling off after recent gains. We hear more from AP’s Seth Sutel.

The stock that’s become most entwined with Trump’s popularity, Trump Media & Technology Group, fell 8.8%.

UnitedHealth Group was one of the heaviest weights on the S&P 500 and fell 1.7% after the U.S. Justice Department sued to block its $3.3 billion purchase of Amedisys, saying the deal would hinder access to home health and hospice services. Amedisys sank 1.8%.

A jump in Treasury yields also added pressure on the stock market, as trading of U.S. government bonds resumed following Monday’s Veterans Day holiday. The yield on the 10-year Treasury jumped to 4.42% from 4.31% late Friday, which is a notable move for the bond market.

Treasury yields have been climbing sharply since September, in large part because the U.S. economy has remained much more resilient than feared. The hope is that it can continue to stay solid as the Federal Reserve continues to cut interest rates in order to keep the job market humming, now that it’s helped get inflation nearly down to its 2% target.

Some of the rise in yields has also been because of Trump. He talks up tariffs and other policies that economists say could drive inflation and the U.S. government’s debt higher. That puts upward pressure on Treasury yields and could hinder the Fed’s plans to cut interest rates. While lower rates can boost the economy, they can also give inflation more fuel.

The next update on inflation will arrive Wednesday, when the U.S. government will give the latest reading on prices that U.S. consumers are paying across the country. Economists expect it to show inflation accelerated to 2.6% in October from 2.4% the month before. But they’re also looking for underlying inflation trends, which ignore prices for groceries and fuel that can zigzag sharply from one month to another, to stay steady at 3.3%.

Helping to limit Wall Street’s losses was Live Nation Entertainment, which joined the lengthening list of U.S. companies delivering stronger profit for the summer than analysts expected. The company behind Ticketmaster said concert fans around the world are spending more to hear artists, and it said trends are already encouraging for 2025 stadium tours for Coldplay and others. Its stock rose 4.7%.

Tyson Foods jumped 6.5% after likewise topping analysts’ forecasts for profit. The producer of beef, chicken and pork also raised its dividend for investors.

Home Depot pulled back 1.3% despite beating analysts’ profit expectations, as it continues to contend with a pullback in spending by customers.

All told, the S&P 500 slipped 17.36 points to 5,983.99. The Dow dropped 382.15 to 43,910.98, and the Nasdaq composite fell 17.36 to 19,281.40

Stocks usually rally following close elections, but this spurt is “clearly faster than prior ones,” according to Parag Thatte and other strategists at Deutsche Bank. It has the S&P 500 on track to deliver a return of more than 20% for a second straight year. That’s happened only three times in the past 100 years, according to Deutsche Bank.

In the crypto market, bitcoin soared to another record before pulling back. Trump has embraced cryptocurrencies generally and pledged to make his country the crypto capital of the world. Bitcoin got as high as $89,995, according to CoinDesk, before dipping back toward $89,500. It started the year below $43,000.

In stock markets abroad, indexes fell across much of Europe and Asia. Hong Kong’s Hang Seng dropped 2.8% for one of the worst declines. It closed below the 20,000 level for the first time since China announced a stimulus package in September.

ASX 200 expected to sink​

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

According to the latest SPI futures, the ASX 200 is expected to open the day 81 points or 1% lower.
U.S. stocks drifted lower Tuesday as momentum cooled for the torrid “Trump trade” that swept Wall Street following Donald Trump’s presidential victory.

The S&P 500 slipped 0.3% a day after setting its latest all-time high. The Dow Jones Industrial Average dropped 382 points, or 0.9%, and the Nasdaq composite fell 0.1%.

All told, the S&P 500 slipped 17.36 points to 5,983.99. The Dow dropped 382.15 to 43,910.98, and the Nasdaq composite fell 17.36 to 19,281.40

BITCOIN $A135,612 per below

 

[bigdog]

Stock market today: Wall Street drifts to a mixed finish after an inflation update

U.S. stocks drifted to a mixed finish after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates.

apnews.com

Wall Street drifts to a mixed finish after an inflation update​

By STAN CHOE
Updated 8:16 AM GMT+11, November 14, 2024

NEW YORK (AP) — U.S. stocks drifted to a mixed finish Wednesday after the latest inflation update boosted hopes that more help for the economy will arrive next month through a cut to interest rates.

The S&P 500 was nearly unchanged and edged up by less than 0.1%, coming off its first loss since a big rally erupted after Election Day last week. The Dow Jones Industrial Average added 47 points, or 0.1%, and the Nasdaq composite slipped 0.3%.

The bond market was also mixed after a report said the inflation that U.S. consumers felt last month was exactly as economists expected. It accelerated to 2.6% from 2.4%, but an underlying measure called “core inflation” did not accelerate. Such core inflation can be a better predictor of future trends, economists say, and the as-expected number boosted expectations for help coming from the Federal Reserve.

“Bang in-line core inflation leaves the Fed on track to cut rates in December,” according to Lindsay Rosner, head of multi sector fixed income investing at Goldman Sachs Asset Management.

The Fed began cutting interest rates from their two-decade high in September to offer support for the job market, hoping to keep it humming after bringing inflation nearly all the way down to its target of 2%. It cut again earlier this month, and traders now see an improved probability of roughly 80% for a third cut at its meeting next month, according to data from CME Group.

Those expectations sent the yield for the two-year Treasury down to 4.27% from 4.34% late Tuesday. The yield on the 10-year Treasury, which also takes future economic growth more into account, fell initially after the inflation report. But it pared its loss and eventually rose to 4.45%, up from 4.43% late Tuesday.

The question is what will happen with rates in 2025. Prior forecasts published by the Fed implied it could keep cutting rates through next year. But Donald Trump’s victory in the presidential election may have scrambled such plans. Economists say his preferences for lower tax rates, higher tariffs and less regulation could ultimately lead to higher U.S. government debt and inflation, along with faster economic growth.

While lower interest rates can give a boost to the economy and to prices for investments, they can also give inflation more fuel.

Still, Wednesday’s data was reassuring for the market following a run of stronger-than-expected data on the economy, which could have signaled upward pressures on inflation.

“The market may be concerned that we are at an inflection point, with inflation potentially returning to an upward trajectory,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “We see inflation modestly higher next year. We don’t think today’s CPI data will do much to the market.”

On Wall Street, Rivian Automotive jumped 13.7% after the electric-vehicle company gave more details about a joint venture it’s entering with Volkswagen Group that they had previously announced. The deal’s total size could be worth up to $5.8 billion, which is more than the $5 billion the companies had previously said.

Spirit Airlines’ stock lost 59.3%. The airline said in a regulatory filing that it’s still trying to work out a deal to renegotiate the repayment of its debt. If it can reach an agreement, the airline said it could wipe out the company’s stockholders, but it could also protect employees and customers.

All told, the S&P 500 rose 1.39 to 5,985.38. The Dow added 47.21 points to 43,958.19, and the Nasdaq composite slipped 50.66 to 19,230.74.

In stock markets abroad, Japan’s Nikkei 225 fell 1.7% after its wholesale inflation rate reached its highest level since July of last year. South Korea’s Kospi sank 2.6% after Samsung Electronics shares fell to their lowest level in over four years.

Indexes were modestly lower across much of the rest of Asia and Europe.

In the crypto market, bitcoin crossed above $93,000 as cryptocurrencies generally soared, before pulling back below $90,000 in afternoon trading. Trump has embraced cryptocurrencies and pledged to make his country the crypto capital of the world.

Dogecoin, a cryptocurrency that’s been a favorite of Tesla’s Elon Musk, also gave up some of its gain from earlier in the day. Trump named Musk as one of the heads of a “Department of Government Efficiency,” or DOGE for short.

ASX 200 expected to rebound​

The Australian share market looks set for a better session on Thursday following a mixed night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 29 points or 0.2% higher this morning.

U.S. stocks drifted to a mixed finish Wednesday after the latest inflation update boosted hopes that more help for the economy will arrive next month through a cut to interest rates.

The S&P 500 was nearly unchanged and edged up by less than 0.1%, coming off its first loss since a big rally erupted after Election Day last week. The Dow Jones Industrial Average added 47 points, or 0.1%, and the Nasdaq composite slipped 0.3%.

All told, the S&P 500 rose 1.39 to 5,985.38. The Dow added 47.21 points to 43,958.19, and the Nasdaq composite slipped 50.66 to 19,230.74.

 

[bigdog]

Stock market today: Wall Street weakens as its post-election boom slows some more

U.S. stocks slipped as the market’s big burst following Donald Trump’s election continued to cool. The S&P 500 dipped 0.6% Thursday.

apnews.com

Wall Street weakens as its post-election boom slows some more​

By STAN CHOE
Updated 8:17 AM GMT+11, November 15, 2024

NEW YORK (AP) — U.S. stocks slipped Thursday as the market’s big burst following Donald Trump’s election continued to cool.

The S&P 500 fell 0.6%, though it’s still near its all-time high set on Monday. The Dow Jones Industrial Average dropped 207 points, or 0.5%, and the Nasdaq composite sank 0.6%.

Cisco Systems’ 2.1% drop weighed on the market, even though the tech giant reported stronger profit for the latest quarter than analysts expected. Investors may have been looking for it to raise its financial forecasts more, analysts suggested.

The stock market broadly has been rising faster than corporate profits, which raises the volume on criticism from skeptics that it’s gotten too expensive. The S&P 500 is still up nearly 25% for the year so far, on top of last year’s leap of 24.2%.

Some of the stocks that got the biggest bump from Trump’s election also lost momentum. Tesla fell 5.8% for just its second loss since Election Day. It’s run by Elon Musk, who has become a close Trump ally.

Smaller stocks also fell harder than the rest of the market, and the Russell 2000 index of small stocks lost 1.4%. It’s a turnaround from the election’s immediate aftermath, when the thought was that an “America First” president would benefit domestically focused companies more than big multinationals that could be hurt by tariffs and trade wars.

Even though Republicans have swept control of the White House, Senate and House of Representatives, which could give them more leeway to push through their policies, “promises made on the campaign trail may not be implemented immediately, with final legislation likely to be a pared-down version of the original proposals,” according to Solita Marcelli, chief investment officer, Americas, at UBS Global Wealth Management.

Stocks also felt the effects of swinging yields in the bond market following the latest hotter-than-expected economic reports and comments from Federal Reserve Chair Jerome Powell. The Fed just cut its main interest rate earlier this month for the second time this year to ease the pressure on the economy, and investors are eager for more.

But short-term yields climbed after Powell said, “The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.”

The two-year Treasury yield, which closely tracks expectations for Fed action, rose to 4.35% from 4.28% late Wednesday.

Earlier in the day, it had wavered after a report showed prices paid at the U.S. wholesale level were 2.4% higher in October from a year earlier. That was an acceleration from September’s 1.9% wholesale inflation rate and a worse jump than economists expected.

A separate report, meanwhile, suggested the U.S. job market remains solid. Fewer U.S. workers applied for unemployment benefits last week in the latest signal that layoffs aren’t taking off.

The yield on the 10-year Treasury also swiveled up and down before sitting at 4.45%, where it was late Wednesday.

On Wall Street , Super Micro Computer tumbled 11.4 % for one of the worst losses in the S&P 500 after telling U.S. regulators it needs more time to file its financial statements for the latest quarter, which ended in September.

The server maker’s stock has been one of the biggest winners of the artificial-intelligence boom, but it’s struggled recently, particularly after Ernst & Young resigned as its public accounting firm. A special committee of the company’s board has since said that a three-month investigation found “no evidence of fraud or misconduct on the part of management or the Board of Directors.”

Helping to keep Wall Street’s losses in check was The Walt Disney Co., which rose 6.2% after the entertainment giant reported stronger profit for the latest quarter than analysts expected. CEO Robert Iger credited improved profits at its streaming businesses and strong box-office results for its movies, including “Inside Out 2” and “Deadpool & Wolverine,” among other things.

Tapestry shares climbed 12.8% after the luxury fashion company said it’s terminating its merger with Capri, another luxury brand owner. The companies agreed to an $8.5 billion deal last year to unite the makers of Coach and Michael Kors handbags, but the tie-up faced numerous challenges, including a lawsuit from the Federal Trade Commission to block the deal on antitrust grounds.

Capri shares rose 4.4%.

ASML, a major supplier to the global chip industry, also gave some encouraging signals for technology stocks. The Dutch company said it expects global semiconductor sales to top $1 trillion by 2030, with the help of demand related to artificial-intelligence technology, and it stood by its long-term financial forecasts. ASML shares that trade in the United States rose 2.9%.

All told, the S&P 500 fell 36.21 points to 5,949.17. The Dow dropped 207.33 to 43,750.86, and the Nasdaq composite sank 123.07 to 19,107.65.

In stock markets abroad, European indexes rose, including a 1.4% jump for Germany’s DAX. Asian markets were mixed, meanwhile. Hong Kong’s Hang Seng dropped 2%, but South Korea’s Kospi added 0.1%.

ASX 200 expected to rise again​

The Australian share market looks set to rise again on Friday despite a poor session in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 52 points or 0.7% higher this morning.

U.S. stocks slipped Thursday as the market’s big burst following Donald Trump’s election continued to cool.

The S&P 500 fell 0.6%, though it’s still near its all-time high set on Monday. The Dow Jones Industrial Average dropped 207 points, or 0.5%, and the Nasdaq composite sank 0.6%.

All told, the S&P 500 fell 36.21 points to 5,949.17. The Dow dropped 207.33 to 43,750.86, and the Nasdaq composite sank 123.07 to 19,107.65.

 

[bigdog]

Stock market today: Wall Street tumbles as the “Trump bump” fades and vaccine makers sink

U.S. stocks fell to their worst loss since Election Day as the boost that Wall Street got from last week’s victory for Donald Trump and a cut to interest rates by the Federal Reserve kept fading.

apnews.com

Wall Street tumbles as the “Trump bump” fades and vaccine makers sink​

By STAN CHOE
Updated 8:17 AM GMT+11, November 16, 2024

NEW YORK (AP) — U.S. stocks tumbled Friday as the “Trump bump” that Wall Street got from last week’s presidential election, along with a cut to interest rates by the Federal Reserve, kept fading.

The S&P 500 dropped 1.3% for its worst day since before Election Day to close out a losing week. The Dow Jones Industrial Average fell 305 points, or 0.7%, and the Nasdaq composite sank 2.2%.

Makers of vaccines helped drag the market down after President-elect Donald Trump said he wants Robert F. Kennedy Jr., a prominent anti-vaccine activist, to lead the Department of Health and Human Services. Moderna tumbled 7.3%, and Pfizer fell 4.7% amid concerns about a possible hit to profits.

Kennedy still needs confirmation from the Senate to get the job, and some analysts are skeptical about his chances. “However, if Kennedy is confirmed, it is hard to bookend risks for investors as his views are so outside the traditional Republican health policy orthodoxy,” Raymond James analyst Chris Meekins wrote in a research note. Meekins is a former deputy assistant secretary at the department known as HHS.

“Investors may need to forget everything they thought they knew about Republicans and healthcare,” Meekins said. “Kennedy’s appointment may make it less likely traditional qualified experienced (Republican) staff will agree to join HHS, creating more uncertainty.”

Biotech stocks broadly sank to some of the market’s worst losses, but the sharpest drop in the S&P 500 came from Applied Materials. It fell 9.2% even though it reported a stronger profit for the latest quarter than analysts expected.

The provider of manufacturing equipment and services to the semiconductor industry gave a forecasted range for upcoming revenue whose midpoint was short of analysts’ expectations.

The pressure is on companies to deliver big growth, in part because their stock prices have been rising so much faster than their earnings. That’s made the broad stock market look more expensive by a range of measures, which has critics calling for at least a fade. The S&P 500 is still up 23% for the year and not far from its all-time high set on Monday, despite this past week’s weakness.

Stocks had been broadly roaring since Election Day, when Trump’s victory sent a jolt through financial markets worldwide. Investors immediately began sending up stocks of banks, smaller U.S. companies and cryptocurrencies as they laid bets on the winners coming out of Trump’s preference for higher tariffs, lower tax rates and lighter regulation.

But investors are also taking into account some of the potential downsides from Trump’s return to the White House.

Besides Friday’s hit to vaccine makers, Treasury yields have been climbing on both the economy’s surprising resilience and worries that Trump’s policies could spur bigger U.S. government deficits and faster inflation.

That’s forced traders to recalibrate how much relief the Federal Reserve could provide for the economy next year through cuts to interest rates. The Fed earlier this month lowered its main interest rate for the second time this year, and past forecasts indicated Fed officials saw more cuts as likely through 2025.

Lower interest rates can act as fuel for the economy and stock market, but they can also put upward pressure on inflation.

On Thursday, Fed Chair Jerome Powell suggested the U.S. central bank may be cautious about future decisions on interest rates. “The economy is not sending any signals that we need to be in a hurry to lower rates,” Powell said, though he declined to discuss how Trump’s potential policies could alter things.

Traders have since ratcheted back forecasts for whether the Fed will cut rates again at its meeting next month, though they still see better than a coin flip’s chance of it, according to data from CME Group.

On Friday, Treasury yields edged down in the bond market after swinging following several reports on the economy.

One showed shoppers spent more at U.S. retailers last month than expected, another signal that the most influential force on the economy remains solid.

“Many consumers were reporting that they were putting off trips and big ticket item purchases until after the election,” according to Brian Jacobsen, chief economist at Annex Wealth Management. “Many businesses reported they were putting off capital investment due to the election. Now that the uncertainty of the outcome is behind us, we could see some decent ‘relief spending.’”

Friday’s data on retail sales, though, may not be quite as strong as it appeared. After taking away purchases of automobiles, sales at retailers were weaker last month than economists expected.

The 10-year Treasury’s yield held at 4.44%, where it was late Thursday, after swinging up and down. The two-year yield, which more closely tracks expectations for Fed action, fell to 4.31% from 4.36% late Thursday.

All told, the S&P 500 fell 78.55 points to 5,870.62. The Dow dropped 305.87 to 43,444.99, and the Nasdaq sank 427.53 to 18,680.12.

In stock markets abroad, London’s FTSE 100 fell 0.1% after data from the Office for National Statistics showed economic growth slowed to 0.1% in the July-September quarter from the 0.5% in the previous quarter. It was weaker than expected.

Tokyo’s Nikkei 225 gained 0.3% after data showed growth for Japan’s economy accelerated in the latest quarter, even as the Bank of Japan raised interest rates in July.

 

[bigdog]

ASX 200 expected to fall​

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

According to the latest SPI futures, the ASX 200 is expected to open the day 26 points or 0.3% lower.

U.S. stocks tumbled Friday as the “Trump bump” that Wall Street got from last week’s presidential election, along with a cut to interest rates by the Federal Reserve, kept fading.

The S&P 500 dropped 1.3% for its worst day since before Election Day to close out a losing week. The Dow Jones Industrial Average fell 305 points, or 0.7%, and the Nasdaq composite sank 2.2%

All told, the S&P 500 fell 78.55 points to 5,870.62. The Dow dropped 305.87 to 43,444.99, and the Nasdaq sank 427.53 to 18,680.12.

 

[bigdog]

Stock market today: Wall Street rises following last week's slide

Most U.S. stocks ticked higher to recover some of their sharp slide from last week. The S&P 500 rose 0.4% Monday for its first gain in three days.

apnews.com

Wall Street rises following last week’s slide​

By STAN CHOE
Updated 8:16 AM GMT+11, November 19, 2024

NEW YORK (AP) — Most U.S. stocks ticked higher Monday to recover some of their sharp slide from last week.

The S&P 500 rose 0.4% for its first gain in three days. The Dow Jones Industrial Average slipped 55 points, or 0.1%, and the Nasdaq composite gained 0.6%.

CVS Health rallied 5.4% after adding four new directors to its board. The health giant did so following discussions with a major investor, hedge-fund owner Glenview Capital Management. Its CEO, Larry Robbins, is one of the new directors.

Liberty Energy also helped pull the market upward after rising 4.9%. President-elect Donald Trump named its CEO, Chris Wright, as his Secretary of Energy.

Trading of Spirit Airlines’ stock, meanwhile, was halted after the budget carrier reached an agreement with its debtholders on a plan to take it through Chapter 11 bankruptcy protection. The airline will continue to fly while it restructures, but it will also likely wipe out the holdings of all its current stock investors.

All told, the S&P 500 rose 23.00 points to 5,893.62. The Dow fell 55.39 to 43,389.60, and the Nasdaq composite rose 111.69 to 18,791.81.

Stocks regained some momentum after giving back more than half their postelection gains at the end of last week. Investors had sent the S&P 500 nearly 4% higher in the days immediately following Trump’s presidential win. Bank stocks, smaller companies and other areas of the market seen as the biggest winners from Trump’s preference for lower tax rates, higher tariffs and lighter regulation did particularly well.

More recently, though, investors have braced for some of the potential downsides for the market of Trump’s reshaping of the economy. Moderna rose 7.2% on Monday but is still down since word came out that Trump wants Robert F. Kennedy Jr., a prominent anti-vaccine activist, to lead the Department of Health and Human Services.

Worries about potentially higher inflation under Trump have also sent Treasury yields upward in the bond market. That could tie the Federal Reserve’s hands, when the central bank is trying to lower interest rates to ease the brakes off the economy and keep the job market humming.

While lower rates can give a boost to growth, they can also add fuel for inflation.

“Traders appear to be gauging the potential impact of a new Trump administration’s policies on the economy, and the possibility that the Fed may slow down its rate-cutting campaign,” according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

Higher rates and yields in turn mean more pressure on companies to deliver bigger profits in order to make their stock prices look less expensive. Their stock prices have already run up much faster than their earnings.

Several big-name companies will be reporting their latest quarterly results this week, including market heavyweight Nvidia on Wednesday.

The chip company has grown into one of Wall Street’s most influential, with a total market value of nearly $3.5 trillion, after becoming the poster child of the rush into artificial-intelligence technology. It will need to hit analysts’ high expectations for growth during the latest quarter to justify its big stock price, which has surged 183% this year.

Other big companies set to report this week include Lowe’s and Walmart on Tuesday, Target on Wednesday and Deere on Thursday.

The big-box retailers will be reporting after an update on Friday said shoppers spent more at U.S. retailers generally last month than expected. It’s the latest signal that the most influential force on the economy remains solid, but the data may not be quite as strong as it appeared. After taking away purchases of automobiles, sales at retailers were weaker last month than economists expected.

In the bond market, Treasury yields edged lower, which helped keep things calmer in the stock market. The yield on the 10-year Treasury fell to 4.41% from 4.45% late Friday.

In stock markets abroad, indexes ended mixed in Europe following sharper swings in Asia.

South Korea’s Kospi jumped 2.2% after Samsung Electronics, the country’s biggest company, announced a stock buyback plan.

ASX 200 expected to rise again​

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

According to the latest SPI futures, the ASX 200 is poised to open the day 9 points or 0.1% higher.

Most U.S. stocks ticked higher Monday to recover some of their sharp slide from last week.

The S&P 500 rose 0.4% for its first gain in three days. The Dow Jones Industrial Average slipped 55 points, or 0.1%, and the Nasdaq composite gained 0.6%.

All told, the S&P 500 rose 23.00 points to 5,893.62. The Dow fell 55.39 to 43,389.60, and the Nasdaq composite rose 111.69 to 18,791.81.

 

[bigdog]

Stock market today: Nvidia helps pull US indexes higher

Nvidia helped pull U.S. stock indexes higher after they stumbled in the morning on worries about escalations in the Russia-Ukraine war. The S&P 500 rose 0.4% Tuesday.

apnews.com

Nvidia helps pull US indexes higher​

By STAN CHOE
Updated 8:15 AM GMT+11, November 20, 2024

NEW YORK (AP) — Nvidia helped pulled U.S. stock indexes higher on Tuesday after they stumbled in the morning on worries about escalations in the Russia-Ukraine war.

The S&P 500 rose 0.4% after erasing an early drop of 0.7%. The Nasdaq composite also shook off an early loss to turn 1% higher, while the Dow Jones Industrial Average slipped 120 points, or 0.3%.

Nvidia’s 4.9% climb accounted for the vast majority of the index’s gain. The chip company’s stock rallied ahead of its profit report for the latest quarter, which is coming on Wednesday, and vaulted its gain for the year to nearly 197% thanks to the craze around artificial-intelligence technology.

Activity in the options market suggests Nvidia’s profit report may be the most anticipated event on Wall Street for the rest of the year, beating out the upcoming jobs report and even the next meeting of the Federal Reserve on interest rates, according to strategists at Barclays Capital.

It’s “a testament to the outsized impact of AI, and the apparent resurgence of upside chasing by” smaller-pocketed, everyday investors known as retail traders, according to Barclays’ Stefano Pascale and Anshul Gupta.

Nvidia’s rise helped calm the stock market, even as indexes sank across Europe after Russia said Ukraine fired six U.S.-made ATACMS missiles at it. Earlier in the day, Russian President Vladimir Putin formally lowered the threshold for Russia’s use of its nuclear weapons. Both France’s CAC 40 and Germany’s DAX fell 0.7%.

The worries also sent investors into U.S. Treasury bonds, which are seen as some of the world’s safest investments. The rise in their prices in turn lowered their yields, and the 10-year Treasury yield fell to 4.39% from 4.41% late Monday.

Gold also rose 0.6% and recovered some of the losses it sustained following Donald Trump’s victory in the U.S. presidential election, as investors herded into places traditionally considered safer during times of trouble.

Early in the day, such cautiousness overshadowed optimism coming from reports by big U.S. retailers showing fatter profits for the summer than analysts expected.

Walmart climbed 3% after topping forecasts for both profit and revenue. The nation’s biggest retailer said it saw broad-based strength across its categories, including sales made both online and in stores. It also said it served more upper-income households, while raising its forecasts for sales and profit for the full year.

Lowe’s likewise delivered bigger profit and revenue for the latest quarter than analysts expected, but its stock nevertheless dropped 4.6%. A report in the morning said construction crews broke ground on fewer new homes last month than economists expected, and rival Home Depot slipped 0.9%.

Other big companies set to report their latest quarterly results this week include Target on Wednesday and Deere on Thursday.

Elsewhere on Wall Street, Super Micro Computer jumped 31.2% after it filed a plan to keep its stock listed on Nasdaq’s exchange. It hired an independent auditor, BDO USA, which can help it file financial statements needed in order to comply with Nasdaq’s listing requirements.

The company’s stock has been on a wild ride. It more than quadrupled in the first two and a half months of this year because the company makes servers used in AI. But it gave up all that and more, with losses accelerating after Ernst & Young resigned as its public accounting firm. A special committee of the company’s board later said that a three-month investigation found “no evidence of fraud or misconduct on the part of management or the Board of Directors.”

Berry Global Group fell 1.3% after Amcor said it would buy the maker of prescription vials, bags and other products in an all-stock deal. Amcor dropped 2.6%.

Incyte sank 8.3% after the biopharmaceutical company said it’s pausing enrollment in its ongoing study of a potential treatment for hives in chronic spontaneous urticaria. It also said data from another study evaluating a potential treatment for cholestatic pruritus does not support further development.

All told, the S&P 500 rose 23.36 points to 5,916.98. The Dow dropped 120.66 to 43,268.94, and the Nasdaq composite rose 195.66 to 18,987.47.

In stock markets abroad, indexes in Asia were more stable than in Europe. They rose 0.7% in Shanghai and 0.4% in Hong Kong, rebounding from early losses.

ASX 200 expected to edge lower​

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

According to the latest SPI futures, the ASX 200 is expected to open the day 6 points lower.

Nvidia helped pulled U.S. stock indexes higher on Tuesday after they stumbled in the morning on worries about escalations in the Russia-Ukraine war.

The S&P 500 rose 0.4% after erasing an early drop of 0.7%. The Nasdaq composite also shook off an early loss to turn 1% higher, while the Dow Jones Industrial Average slipped 120 points, or 0.3%.

All told, the S&P 500 rose 23.36 points to 5,916.98. The Dow dropped 120.66 to 43,268.94, and the Nasdaq composite rose 195.66 to 18,987.47.

 

[bigdog]

Stock market today: Wall Street drifts as Target tumbles

U.S. stocks drifted to a mixed finish, though the modest moves for indexes masked some thrashing underneath the surface.

apnews.com

Wall Street drifts as Target tumbles​

By STAN CHOE
Updated 8:42 AM GMT+11, November 21, 2024

NEW YORK (AP) — U.S. stocks drifted to a mixed finish on Wednesday, though the modest moves for indexes masked some thrashing underneath the surface. Target lost more than a fifth of its value after the retailer gave a dour forecast for the holiday shopping season.

The S&P 500 finished the day virtually unchanged after coming back from a loss of 1% during the morning. The Dow Jones Industrial Average eked out a gain of 139 points, or 0.3%, and the Nasdaq composite slipped 0.1%.

Target’s 21.4% tumble followed its report showing weaker profit and revenue for the latest quarter than analysts expected. The retailer also gave a forecast for profit in the upcoming holiday season that was below analysts’ estimates.

Target’s performance stood in stark contrast to rival Walmart, which reported another quarter of stellar sales Tuesday and released optimistic projections for the holiday season.

Hints about how U.S. consumers are doing are under particular scrutiny, given that they’ll need to keep spending if the U.S. economy is to continue growing and avoid a recession. Shoppers are contending with high prices across the economy and still-high interest rates.

“I find the Target and Walmart earnings very interesting because we typically see a waterfall type effect when the economy begins to struggle, with shoppers trading down from stores such as Target to Walmart,” said JJ Kinahan, CEO of IG North America. “I’m not entirely sure if the move to Walmart is simply a matter of shoppers finding more items they like at Walmart or if this is a potentially concerning economic sign.”

Besides Target, several lower-priced retailers were among the biggest losers in the S&P 500. Dollar General fell 4.2%, and Dollar Tree sank 2.6%.

On the winning end of Wall Street was Williams-Sonoma, which jumped 27.5% after the home retailer delivered better profit and revenue for the latest quarter than analysts expected. The parent of Pottery Barn also said it expects overall sales to fall by less this fiscal year than it had earlier forecast.

Comcast rose 1.6% after announcing the spinoff of USA, CNBC, MSNBC and other cable television networks into a standalone company that will have its own stock trading on the market.

All told, the S&P 500 inched up by 0.13, or less than 0.1%, to 5,917.11. The Dow Jones Industrial Average added 139.53 points to 43,408.47, and the Nasdaq composite slipped 21.32 to 18,966.14.

The headliner of the day, week and perhaps the rest of the year for Wall Street arrived after trading ended for the day. That’s when superstar stock Nvidia unveiled its results for the latest quarter.

The company has grown into a nearly $3.6 trillion behemoth because of nearly insatiable demand for its chips used in artificial-intelligence technology. It’s grown so fast, with its stock nearly tripling for the year so far, that pressure has grown for it to show it can keep leapfrogging past analysts’ already high expectations.

On Wednesday, Nvidia’s profit again topped analysts’ estimates.

Trading in the options market suggests Nvidia’s profit report was the most anticipated event left in 2024, more than even the Federal Reserve’s upcoming meeting on interest rates, according to Barclays Capital.

Outside of Nvidia, financial markets are still absorbing the impacts of Donald Trump’s victory in the presidential election earlier this month.

Wells Fargo Investment Institute on Wednesday raised its forecasts for where Treasury yields will end next year, in part because of expectations that Trump’s policies will drive faster U.S. economic growth and inflation. Strategists at the institute also raised their forecast for where the S&P 500 will end next year because of that faster growth, which should translate into bigger corporate profits, along with easier regulations.

Treasury yields held relatively steady in the bond market. The 10-year yield edged up to 4.41% from 4.40% late Tuesday. It has been generally rising from less than 3.70% in September.

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

The FTSE 100 in London slipped 0.2% after the Office for National Statistics reported the inflation rate picked up to a six-month high in October.

Japan’s Nikkei 225 slipped 0.2% after the Finance Ministry reported the country recorded a trade deficit in October for a fourth straight month.

ASX 200 expected to fall again​

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

According to the latest SPI futures, the ASX 200 is expected to open the day 0.2% lower this morning.

U.S. stocks drifted to a mixed finish on Wednesday, though the modest moves for indexes masked some thrashing underneath the surface. Target lost more than a fifth of its value after the retailer gave a dour forecast for the holiday shopping season.

The S&P 500 finished the day virtually unchanged after coming back from a loss of 1% during the morning. The Dow Jones Industrial Average eked out a gain of 139 points, or 0.3%, and the Nasdaq composite slipped 0.1%.

All told, the S&P 500 inched up by 0.13, or less than 0.1%, to 5,917.11. The Dow Jones Industrial Average added 139.53 points to 43,408.47, and the Nasdaq composite slipped 21.32 to 18,966.14.

 

[bigdog]

Stock market today: Wall Street rises with Nvidia as bitcoin bursts above $99,000

U.S. stocks climbed after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected.

apnews.com

Wall Street rises with Nvidia as bitcoin bursts above $99,000​

By STAN CHOE
Updated 8:20 AM GMT+11, November 22, 2024

NEW YORK (AP) — U.S. stocks climbed Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected.

The S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise.

The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%.

Nvidia rose just 0.5% after beating analysts’ estimates for profit and revenue yet again, but it was still the strongest force pulling the S&P 500 upward. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations due to voracious demand for its chips used in artificial-intelligence technology.

Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia’s revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.”

The stock meandered through Thursday as well, dragging the S&P 500 and other indexes back and forth. How Nvidia’s stock performs has more impact than any other because it’s grown into Wall Street’s most valuable company at roughly $3.6 trillion.

The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected.

BJ’S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates.

A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart, which gave a much more encouraging outlook.

Nearly 90% of the stocks in the S&P 500 ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%.

Google’s parent company, Alphabet, helped keep indexes in check. It fell 4.7% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser.

In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct.

All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42.

In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.

Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January. Gensler has pushed for more protections for crypto investors.

Bitcoin and related investment have a notorious history of big price swings in both directions. MicroStrategy, a company that’s been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14.6% for its stock quickly disappear. It finished the day with a loss of 16.2%.

In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war.

In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme.

Stock indexes elsewhere in Asia and Europe were mixed.

In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy.

One said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected.

ASX 200 expected to storm higher​

The Australian share market looks set for a strong session on Friday following a good night of trade in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 77 points or 0.9% higher this morning.

U.S. stocks climbed Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected.

The S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise.

The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%.

All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42.

 

[bigdog]

Stock market today: Wall Street gains ground as it notches a winning week and another Dow record

Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average.

apnews.com

Wall Street gains ground as it notches a winning week and another Dow record​

By DAMIAN J. TROISE and ALEX VEIGA
Updated 8:38 AM GMT+11, November 23, 2024

Stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high.

The S&P 500 rose 0.3%. The benchmark index’s 1.7% gain for the week erased most of its loss from last week.

The Dow rose 1% as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2%.

Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump’s victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. It’s now within about 0.5% of its all-time high set last week.

“Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement.

Several retailers jumped after giving Wall Street encouraging financial updates.

Gap soared 12.8% after handily beating analysts’ third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year.

EchoStar fell 2.8% after DirecTV called off its purchase of that company’s Dish Network unit.

Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%.

A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies.

Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology.

Intuit, which makes TurboTax and other accounting software, fell 5.7%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations.

Facebook owner Meta Platforms fell 0.7% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm.

All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67.

European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose.

Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday.

In the crypto market, bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday.

Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation’s largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts’ expected and its forecast disappointed Wall Street.

Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending.

Consumer sentiment remains strong, according to the University of Michigan’s consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It’s still up from 70.5 in October.

The survey also showed that consumers’ inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020.

Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday.

A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed’s preferred measure of inflation and this will be the last PCE reading prior to the central bank’s meeting in December.

 

[bigdog]

ASX 200 expected to rise again​

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 52 points or 0.6% higher.

Stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high.

The S&P 500 rose 0.3%. The benchmark index’s 1.7% gain for the week erased most of its loss from last week.

The Dow rose 1% as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2%.

All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67.

 

[bigdog]

Stock market today: Dow hits another record as stocks rise

U.S. stocks rose, with those benefiting the most from lower interest rates and a stronger economy leading the way.

apnews.com

Dow hits another record as stocks rise​

By STAN CHOE
Updated 8:17 AM GMT+11, November 26, 2024

NEW YORK (AP) — U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way.

The S&P 500 climbed 0.3% to pull closer to its all-time high set two weeks ago. The Dow Jones Industrial Average added 440 points, or 1%, to its own record set on Friday, while the Nasdaq composite rose 0.3%.

Treasury yields also eased in the bond market amid what some analysts called a “Bessent bounce” after President-elect Donald Trump said he wants Scott Bessent, a hedge fund manager, to be his Treasury Secretary.

Bessent has argued for reducing the U.S. government’s deficit, which is how much more it spends than it takes in through taxes and other revenue. Such an approach could soothe worries on Wall Street that Trump’s policies may lead to a much bigger deficit, which in turn would put upward pressure on Treasury yields.

After climbing above 4.44% immediately after Trump’s election, the yield on the 10-year Treasury fell back to 4.26% Monday, down from 4.41% late Friday. That’s a notable move, and lower yields make it cheaper for all kinds of companies and households to borrow money. They also give a boost to prices for stocks and other investments.

That helped stocks of smaller companies lead the way, and the Russell 2000 index of smaller stocks jumped 1.5%. It finished just shy of its all-time high, which was set three years ago. Smaller companies can feel bigger boosts from lower borrowing costs because of the need for many to borrow to grow.

The two-year Treasury yield, which more closely tracks the market’s expectations for what the Federal Reserve will do with overnight interest rates, also eased sharply.

The Fed began cutting its main interest rate just a couple months ago from a two-decade high, hoping to keep the job market humming after bringing inflation nearly all the way down to its 2% target. But immediately after Trump’s victory, traders had reduced bets for how many cuts the Fed may deliver next year. They were worried Trump’s preference for lower tax rates and higher spending on the border would balloon the national debt.

A report coming on Wednesday could influence how much the Fed may cut rates. Economists expect it to show that an underlying inflation trend the Fed prefers to use accelerated to 2.8% last month from 2.7% in September. Higher inflation would make the Fed more reluctant to cut rates as deeply or as quickly as it would otherwise.

Goldman Sachs economist David Mericle expects that to slow by the end of next year to 2.4%, but he said inflation would be even lower if not for expected tariff increases on imports from China and autos favored by Trump.

In the stock market, Bath & Body Works jumped 16.5% after delivering stronger profit for the latest quarter than analysts expected. The seller of personal care products and home fragrances also raised its financial forecasts for the full year, even though it still sees a “volatile retail environment” and a shorter holiday shopping season this year.

Much focus has been on how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. Last week, two major retailers sent mixed messages. Target tumbled after giving a dour forecast for the holiday shopping season. It followed Walmart, which gave a much more encouraging outlook.

Another big retailer, Macy’s, said Monday its sales for the latest quarter were in line with its expectations, but it will delay the release of its full financial results. It found a single employee had intentionally hid up to $154 million in delivery expenses, and it needs more time to complete its investigation.

Macy’s stock fell 2.2%.

Among the market’s leaders were several companies related to the housing industry. Monday’s drop in Treasury yields could translate into easier mortgage rates, which could spur activity for housing. Builders FirstSource, a supplier or building materials, rose 5.9%. Homebuilders, D.R. Horton, PulteGroup and Lennar all rose at least 5.6%.

All told, the S&P 500 rose 18.03 points to 5,987.37. The Dow Jones Industrial Average jumped 440.06 to 44,736.57, and the Nasdaq composite gained 51.18 to 19,054.84.

In stock markets abroad, indexes moved modestly across much of Europe after finishing mixed in Asia.

In the crypto market, bitcoin was trading below $95,000 after threatening to hit $100,000 late last week for the first time.

ASX 200 expected to rise again​

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

According to the latest SPI futures, the ASX 200 is poised to open the day 18 points or 0.2% higher.

U.S. stocks rose Monday, with those benefiting the most from lower interest rates and a stronger economy leading the way.

The S&P 500 climbed 0.3% to pull closer to its all-time high set two weeks ago. The Dow Jones Industrial Average added 440 points, or 1%, to its own record set on Friday, while the Nasdaq composite rose 0.3%.

All told, the S&P 500 rose 18.03 points to 5,987.37. The Dow Jones Industrial Average jumped 440.06 to 44,736.57, and the Nasdaq composite gained 51.18 to 19,054.84.

 

[bigdog]

Stock market today: Wall Street hits records despite tariff talk

U.S. stocks rose to records after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street.

apnews.com

Wall Street hits records despite tariff talk​

By STAN CHOE
Updated 8:23 AM GMT+11, November 27, 2024

NEW YORK (AP) — U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect.

The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way.

Stock markets abroad mostly fell after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China once he takes office. But the movements were mostly modest. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada’s main index edged down by less than 0.1%.

Trump has often praised the use of tariffs, but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter.

The AP’s Seth Sutel reports Wall Street hangs near its records despite tariff talk.

The consequences otherwise for markets and the global economy could be painful.

Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics.

They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. And unlike tariffs in Trump’s first term, his latest proposal would affect products across the board.

General Motors sank 9%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.3%. The value of the Mexican peso fell 1.8% against the U.S. dollar.

Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support for the job market. While lower interest rates can boost the economy, they can also offer more fuel for inflation.

“Many” officials at the Fed’s last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon.

The talk about tariffs overshadowed another mixed set of profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates imposed by the Fed to get inflation under control.

A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected.

Kohl’s tumbled 17% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him.

Best Buy fell 4.9% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%.

Still, more stocks rose in the S&P 500 than fell. J.M. Smucker had one of the biggest gains and climbed 5.7% after topping analysts’ expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands.

Big Tech stocks also helped prop up U.S. indexes. Gains of 3.2% for Amazon and 2.2% for Microsoft were the two strongest forces lifting the S&P 500.

All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30.

In the bond market, Treasury yields held relatively steady following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary.

The yield on the 10-year Treasury inched up to 4.29% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week.

In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It’s since dipped back toward $91,000, according to CoinDesk.

It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors.

ASX 200 expected to rebound​

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

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

U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect.

The S&P 500 climbed 0.6% to top the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 123 points, or 0.3%, to its own record set the day before, while the Nasdaq composite gained 0.6% as Microsoft and Big Tech led the way.

All told, the S&P 500 rose 34.26 points to 6,021.63. The Dow gained 123.74 to 44,860.31, and the Nasdaq composite climbed 119.46 to 19,174.30

 

[bigdog]

U.S. markets will be closed Thursday for Thanksgiving, and will reopen for a half day on Friday.

Stock market today: Losses for Big Tech pull US indexes lower

Losses for big technology stocks pulled major indexes lower on Wall Street. The S&P 500 fell 0.4% Wednesday.

apnews.com

Losses for Big Tech pull US indexes lower​

By DAMIAN J. TROISE and ALEX VEIGA
Updated 8:28 AM GMT+11, November 28, 2024

Technology stocks helped pull stocks lower on Wall Street Wednesday, handing the market its first loss in more than a week.

The S&P 500 fell 0.4%, even though more stocks in the index notched gains than ended lower. The loss snapped a seven-day winning streak for the benchmark index.

The Dow Jones Industrial Average fell 0.3%, its first loss after five gains. The Dow and S&P 500 remain near the all-time highs they set on Tuesday.

The Nasdaq composite, which is heavily weighted with technology stocks, fell 0.6%.

Losses for tech heavyweights like Nvidia, Microsoft and Broadcom were the drag on the market. Semiconductor giant Nvidia fell 1.2%. Its huge value gives it outsized influence on market indexes. Microsoft fell 1.2% and Broadcom finished 3.1% lower.

Several personal computer makers also helped pull the market lower following their latest earnings reports.

AP correspondent Seth Sutel reports on the latest market movements.

HP sank 11.4% after giving investors a weaker-than-expected earnings forecast for its current quarter. Dell slid 12.2% after its latest quarterly revenue fell short of Wall Street forecasts.

Gains for financial and health care companies helped temper the market’s losses. Berkshire Hathaway rose 0.9% and Merck & Co. added 1.5%.

All told, the S&P 500 fell 22.89 points to 5,998.74, while the Dow dropped 138.25 points to 44,722.06. The Nasdaq fell 115.10 points to 19,060.48.

Traders also had their eye on new reports on the economy and inflation Wednesday.

The U.S. economy expanded at a healthy 2.8% annual pace from July through September, according to the Commerce Department, leaving its original estimate of third-quarter growth unchanged. The growth was driven by strong consumer spending and a surge in exports.

The update followed a report on Tuesday from the Conference Board that said confidence among U.S. consumers improved in November, but not by as much as economists expected.

Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture.

Department store operator Nordstrom fell 8.1% after warning investors about a trend toward weakening sales that started in late October. Clothing retailer Urban Outfitters jumped 18.3% after beating analysts’ third-quarter financial forecasts. Weeks earlier, retail giant Target gave investors a discouraging forecast for the holiday season, while Walmart provided a more encouraging forecast.

Consumers, though resilient, are still facing pressure from inflation. The latest update from the U.S. government shows that inflation accelerated last month. The personal consumption expenditures index, or PCE, rose to 2.3% in October from 2.1% in September.

Overall, the rate of inflation has been falling broadly since it peaked more than two years ago. The PCE, which is the Federal Reserve’s preferred measure of inflation, was just below 7.3% in June of 2022. Another measure of inflation, the consumer price index, peaked at 9.1% at the same time.

The latest inflation data, though, is a sign that the rate of inflation seems to be stalling as it falls to within range of the Fed’s target of 2%. The central bank started raising its benchmark interest rate from near-zero in early 2022 to a two-decade high by the middle of 2023 and held it there in order to tame inflation.

The Fed started cutting its benchmark interest rate in September, followed by a second cut in November. Wall Street expects a similar quarter-point cut at the central bank’s upcoming meeting in December.

“Today’s data shouldn’t change views of the likely path for disinflation, however bumpy,” said David Alcaly, lead macroeconomic strategist at Lazard Asset Management. “But a lot of observers, probably including some at the Fed, are looking for reasons to get more hawkish on the outlook given the potential for inflationary policy change like new tariffs.”

President-elect Donald Trump has said he plans to impose sweeping new tariffs on Mexico, Canada and China when he takes office in January. That could shock the economy by raising prices on a wide range of goods and accelerating the rate of inflation. Such a shift could prompt the Fed to rethink future cuts to interest rates.

Treasury yields slipped in the bond market. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Tuesday. The yield on the two-year Treasury, which more closely follows expected actions by the Fed, fell to 4.22% from 4.25% late Tuesday.

U.S. markets will be closed Thursday for Thanksgiving, and will reopen for a half day on Friday.

ASX 200 expected to rise again​

The Australian share market looks set to rise again on Thursday despite a poor night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 21 points or 0.2% higher this morning.

Technology stocks helped pull stocks lower on Wall Street Wednesday, handing the market its first loss in more than a week.

The S&P 500 fell 0.4%, even though more stocks in the index notched gains than ended lower. The loss snapped a seven-day winning streak for the benchmark index.

The Dow Jones Industrial Average fell 0.3%, its first loss after five gains. The Dow and S&P 500 remain near the all-time highs they set on Tuesday.

The Nasdaq composite, which is heavily weighted with technology stocks, fell 0.6%.

All told, the S&P 500 fell 22.89 points to 5,998.74, while the Dow dropped 138.25 points to 44,722.06. The Nasdaq fell 115.10 points to 19,060.48