NYSE Dow Jones finished today at:

[bigdog]

Stock market today: Wall Street slumps as good news for the economy is once again bad for stocks

Good news on the U.S. economy is back to being bad for Wall Street. The S&P 500 swung to a loss of 1.1% after a pair of reports on the economy came in better than expected.

apnews.com

Wall Street slumps as good news for the economy is once again bad for stocks​

By STAN CHOE
Updated 8:15 AM GMT+11, January 8, 2025

NEW YORK (AP) — Good news on the U.S. economy is back to being bad for Wall Street, and the stock market slumped Tuesday following better-than-expected reports on the job market and business activity.

The S&P 500 fell 1.1% after giving up an early gain. The Dow Jones Industrial Average dropped 178 points, or 0.4%, while the Nasdaq composite tumbled 1.9%.

Stocks dropped under the weight of rising yields in the bond market, which jumped immediately after the release of the encouraging reports on the economy. One said U.S. employers were advertising more job openings at the end of November than economists expected. The other said activity for finance, retail and other services businesses grew much faster in December than expected.

The strong reports are of course good news for workers looking for jobs and for anyone worried about a possible recession that earlier seemed inevitable to pessimists. But such a solid economy could also keep up pressure on inflation, and it could make the Federal Reserve less likely to deliver the cuts to interest rates that Wall Street loves.

The Fed began cutting its main interest rate in September to give the economy a boost, but it’s hinted a slowdown in easing is coming. The threat of tariffs from President-elect Donald Trump has raised worries about possible upward pressure on inflation, which has stubbornly remained just above the Fed’s 2% target.

Tuesday’s report on U.S. services industries from the Institute for Supply Management also contained discouraging trends on inflation, saying price increases accelerated in December.

Expectations for fewer cuts to interest rates in 2025 had already been building for weeks, which sent longer-term Treasury yields upward. So have worries about other possible Trump policies, such as tax cuts, which could swell the U.S. government’s debt and likewise push yields higher.

Those higher yields make Treasury bonds more attractive to investors who might otherwise buy stocks, which in turn puts downward pressure on stock prices, and the super-safe bonds are paying notably more. The yield on a 10-year Treasury climbed to 4.69% from 4.63% shortly before the release of Tuesday’s reports and from just 4.15% in early December.

High yields can put heavy pressure on stocks seen as the most expensive, which pulls the lens toward Nvidia and other Big Tech stocks that have soared in the frenzy around artificial-intelligence technology.

Nvidia had been on track to set another all-time high in morning trading, after CEO Jensen Huang unveiled a suite of new products and partnerships the night before. He talked up the potential for AI technology in robotics, among other opportunities for big growth.

But after Tuesday morning’s economic reports, which hit the market after its first half hour of trading, Nvidia swung to a loss of 6.2% and became the heaviest weight on the S&P 500. Losses for Amazon, Tesla, Apple and Microsoft were the next-strongest forces dragging the index lower.

Now that worries from the summer about a potentially slowing U.S. economy have abated and the 10-year Treasury yield is firmly above 4.50%, “we believe the market is shifting into a ‘good news is bad news’ environment again,” according to Bank of America strategists led by Ohsung Kwon.

That raises the stakes for Friday’s coming update on the U.S. job market, which economists expect will show a slowdown in overall hiring. They’re looking for growth of 156,500 jobs in December, according to FactSet.

A “Goldilocks” reading for the U.S. stock market that would be solid but not too strong for the Fed would likely be in the 125,000 to 175,000 range, along with an unemployment rate of 4.2%, according to Bank of America.

Helping to keep Tuesday’s losses for U.S. stock indexes in check was Cintas, which rose 2% after making public its offer to buy its smaller rival, UniFirst, for $275 per share in cash.

Cintas said it first made that offer in November but has been unable to get UniFirst’s board to meet. UniFirst had rejected an earlier offer of $255 per share, said Cintas, which provides uniforms, restroom supplies, fire extinguishers and other products to businesses.

UniFirst jumped 20.9% to $204.69, below Cintas’ offer price.

Elsewhere on Wall Street, Shutterstock and Getty climbed after they announced they were joining to become a $3.7 billion visual content company to provide customers with a broader array of still imagery, video, music, 3D and other media.

Getty Images shareholders will own a slight majority of the combined company. Getty shares jumped 24.1%, while Shutterstock climbed 14.8%.

All told, the S&P 500 fell 66.35 points to 5,909.03. The Dow Jones Industrial Average slipped 178.20 to 42,528.36, and the Nasdaq composite sank 375.30 to 19,489.68.

In stock markets abroad, some notable Chinese companies fell after the U.S. Defense Department added dozens of them to a list of companies it says have ties to China’s military. The announcement caused some of the companies to protest and say they will seek to have the decision reversed.

Added to the list were gaming and technology company Tencent, artificial intelligence firm SenseTime and the world’s biggest battery maker CATL. Tencent’s stock that trades in Hong Kong fell 7.3%.

That helped pull the Hang Seng index down 1.2%, but indexes were stronger elsewhere in China and across much of Asia and Europe.

ASX 200 expected to fall ​

The Australian share market looks set to fall on Wednesday after a poor night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% lower this morning.

Good news on the U.S. economy is back to being bad for Wall Street, and the stock market slumped Tuesday following better-than-expected reports on the job market and business activity.

The S&P 500 fell 1.1% after giving up an early gain. The Dow Jones Industrial Average dropped 178 points, or 0.4%, while the Nasdaq composite tumbled 1.9%.

All told, the S&P 500 fell 66.35 points to 5,909.03. The Dow Jones Industrial Average slipped 178.20 to 42,528.36, and the Nasdaq composite sank 375.30 to 19,489.68

 

[bigdog]

US stock markets will close on 9 January 2025 in honour of former President Jimmy Carter.

Stock market today: Wall Street holds firmer following Tuesday's slide

U.S. stock indexes held firmer and finished mixed a day after strong reports on the economy stirred up worries that inflation and interest rates may remain higher than expected.

apnews.com

Wall Street holds firmer following Tuesday’s slide​

By STAN CHOE
Updated 8:19 AM GMT+11, January 9, 2025

NEW YORK (AP) — Wall Street held firmer on Wednesday, a day after strong reports on the economy hurt U.S. stocks by stirring up worries that inflation and interest rates may remain higher than expected.

The S&P 500 rose 0.2% to recover a bit of its 1.1% slump from the day before. The Dow Jones Industrial Average added 106 points, or 0.3%, and the Nasdaq composite edged down by 0.1%.

In the bond market, which has been the bigger focus for Wall Street recently, the moves were also more modest following the last month’s charge higher for yields. Higher yields hurt stocks by making it more expensive for companies and households to borrow and by pulling some investors toward bonds and away from stocks.

The increased calm returned to the market after reports on the economy Wednesday weren’t as strong as Tuesday’s. That can counterintuitively help Wall Street because it raises hopes that the Federal Reserve may keep cutting short-term interest rates. Wall Street loves lower rates, which can goose the economy and boost prices for investments.

Inflation fears have stocks lower. More from AP’s Seth Sutel.

Fed Governor Christopher Waller said in a speech Wednesday he still expects the central bank to deliver more easing of rates in 2025, pushing back against nascent speculation it may already be done after cutting three times since September.

Waller said he doesn’t expect tariffs that are possibly coming under President-elect Donald Trump to have a “significant or persistent effect” on inflation. And even though inflation has shown stubbornness recently, he still sees it trending downward over the long term.

“If the outlook evolves as I have described here, I will support continuing to cut our policy rate in 2025,” he said. “The pace of those cuts will depend on how much progress we make on inflation, while keeping the labor market from weakening.”

The yield on the two-year Treasury, which tends to closely track expectations for Fed action, fell immediately after Waller’s speech and the release of a couple economic reports. It eased to 4.27% from 4.29% late Tuesday.

One of the reports suggested U.S. employers outside of the government slowed their hiring in December by more than economists expected. That could offer a hint of what Friday’s more comprehensive jobs report from the Labor Department will show.

That update will likely be the main event for Wall Street this week, particularly after the stock market’s closure on Thursday in observance of a National Day of Mourning for former President Jimmy Carter. The hope is that the jobs report will show enough strength to keep worries of a recession stifled but not so much that it keeps the Fed from cutting rates.

A separate report on Wednesday, meanwhile, said fewer U.S. workers applied for unemployment benefits last week than economists expected. It’s the latest signal that the job market remains remarkably solid.

The yield on the 10-year Treasury, which is the centerpiece of the bond market, eased to 4.67% from 4.69% late Tuesday. But it topped 4.70% earlier in the morning and is well above the 4.15% level it was at roughly a month ago. It was below 3.65% in September.

Such increases in yields make it more expensive for companies to borrow, and smaller companies can feel particular pain because of the need for many to borrow to grow. The Russell 2000 index of smaller stocks fell 0.5%.

Also on the losing end of Wall Street was Edison International, which tumbled 10.2% as massive wildfires burn in the Los Angeles area. The company’s Southern California Edison utility said Wednesday it shut off power to nearly 120,000 customers in six counties over safety concerns due to high winds and the risk of wildfires.

On the winning end of Wall Street, eBay jumped 9.9% for the biggest gain in the S&P 500. It’s beginning a collaboration with Meta Platforms where a pilot of select eBay listings will appear on Facebook Marketplace in the United States, Germany, and France.

Cal-Maine Foods climbed 1% after the egg producer reported stronger profit for the latest quarter than analysts expected. CEO Sherman Miller said it sold more dozens of eggs thanks in part to strong demand from the seasonal boost it gets leading into Thanksgiving.

Egg prices climbed late last year as a lingering outbreak of bird flu coincided with the high demand of the holiday baking season.

Delta Air Lines will report its first-quarter results on Friday, with big banks beginning next week to kick off the latest earnings reporting season in earnest.

All told, the S&P 500 rose 9.22 points to 5,918.25. The Dow Jones Industrial Average gained 106.84 to 42,635.20, and the Nasdaq composite slipped 10.80 to 19,478.88.

In stock markets abroad, indexes weakened were mixed across Europe and Asia. South Korea’s Kospi climbed 1.2%, but Hong Kong’s Hang Seng fell 0.9%.

ASX 200 expected to fall​

The Australian share market is set to open lower, a day after inflation data boosted hopes of a February interest rate cut. US markets have been a mixed bag, with not too much movement before the public holiday tomorrow to commemorate Jimmy Carter.

According to the latest SPI futures, the ASX 200 is expected to open the day 31 points or 0.37% lower this morning.

Wall Street held firmer on Wednesday, a day after strong reports on the economy hurt U.S. stocks by stirring up worries that inflation and interest rates may remain higher than expected.

The S&P 500 rose 0.2% to recover a bit of its 1.1% slump from the day before. The Dow Jones Industrial Average added 106 points, or 0.3%, and the Nasdaq composite edged down by 0.1%.

All told, the S&P 500 rose 9.22 points to 5,918.25. The Dow Jones Industrial Average gained 106.84 to 42,635.20, and the Nasdaq composite slipped 10.80 to 19,478.88.

Unfortunately could not get later update

 

[frugal.rock]

"NYSE Dow Jones finished today at:"​

the same as yesterday.
See post above.
RIP Jimmy Carter.

Thanks @bigdog you're on the ball. Woof !

 

[bigdog]

US stock markets was closed Thursday 9 January 2025 in honour of former President Jimmy Carter.

Stock market today: Global indexes are mixed as the US stock market remains closed

World shares were mixed as the U.S. stock market remained closed to observe a National Day of Mourning for former President Jimmy Carter.

apnews.com

Global indexes are mixed as the US stock market remains closed​

By ELAINE KURTENBACH
Updated 8:03 AM GMT+11, January 10, 2025

BANGKOK (AP) — World shares were mixed on Thursday as the U.S. stock market remained closed to observe a National Day of Mourning for former President Jimmy Carter.

London’s FTSE 100 climbed 0.8% to 8,319.69 as the value of the British pound slid against the U.S. dollar amid worries about the United Kingdom’s economy and its government’s finances. A weaker pound can boost profits for U.K. exporters, which can goose their stock prices.

Germany’s DAX lost 0.1% to 20,317.10, and France’s CAC 40 added 0.5% to 7,490.28.

In Asia, markets mostly declined as caution revived over a likely deepening of trade friction once President-elect Donald Trump takes office.

Shares fell in Tokyo after Japan reported strong wage growth for November, data that might help persuade its central bank to raise interest rates. The Nikkei 225 index dropped 0.9% to 39,605.09.

Hong Kong’s Hang Seng index edged 0.2% lower, to 19,240.89, while the Shanghai Composite index lost 0.6% to 3,211.39. The government reported that the consumer price index rose 0.1% in December from a year earlier, while wholesale or producer prices dropped 2.3%, signaling that demand remains slack in the world’s second-largest economy.

In Australia, the S&P/ASX 200 gave up 0.2% to 8,329.20.

South Korea’s Kospi edged less than 0.1% higher, to 2,521.90 despite strong gains for technology companies and automakers.

Taiwan’s Taiex sank 1.4% and the Sensex in India was down 0.7%. In Bangkok, the SET slipped 1.8%.

“Investors continue to navigate the unpredictable ‘what if’ trading landscape molded by Trump’s presidency — where the initial enthusiasm for tax cuts is now overshadowed by mounting concerns over proposed tariffs and bizarre geopolitical aspirations, like purchasing Greenland or exerting more control over the Panama Canal,” Stephen Innes of SPI Asset Management said in a commentary.

In the United States, the bond market remained open until its recommended closure at 2 p.m. Eastern time. Yields held relatively steady following a strong recent run that has rattled the stock market.

The yield on the 10-year Treasury was sitting at 4.69% after topping 4.70% the day before, when it neared its highest level since April. It was below 3.65% in September.

Higher yields hurt stocks by making it more expensive for companies and households to borrow and by pulling some investors toward bonds and away from stocks. Yields have been climbing as reports on the U.S. economy have come in better than economists expected. Worries about possible upward pressure on inflation from tariff, tax and other policies that Trump prefers have also pushed yields higher.

The next big event for Wall Street will arrive Friday, when the U.S. Labor Department releases the latest monthly update on the nation’s job market. The hope is that it will show enough strength to keep worries of a recession stifled but not so much that it keeps the Federal Reserve from continuing to cut interest rates.

U.S. benchmark crude oil rose 0.8% to settle at $73.92 per barrel. Brent crude, the international standard, rose 1% to $76.92 per barrel.

ASX 200 expected to rise​

The Australian share market looks set to rise on Friday as World shares were mixed on Thursday and after US Treasury yields retreat, Bitcoin plunges and global investors watch for US jobs data that could influence the outlook for interest rates.

According to the latest SPI futures, the ASX 200 is expected to open 26 points or 0.3% higher this morning.

US stock markets were closed Thursday 9 January 2025

Rest of World