Showing posts with label U.S. Stock Market at Close Report. Show all posts
Showing posts with label U.S. Stock Market at Close Report. Show all posts

Jun 29, 2018

U.S. Stock Market at Close Report I CNBC

Dow opens more than 100 points higher as banks and Nike shares rise

Fred Imbert, Sam Meredith

Stocks jumped on Friday, the last trading day of the first half of the year, as Nike and bank shares. Equities were still headed for weekly losses, however, as the underlying market sentiment was soured by anxiety over global trade frictions.
The Dow Jones Industrial Average rose 257 points, with Nike outperforming. The S&P 500 gained 0.8 percent as financials jumped 1 percent. The Nasdaq composite advanced 0.7 percent.
Nike shares jumped more than 11 percent and reached an all-time high after the company reported quarterly earnings and revenue that beat expectations.
Bank shares moved higher after announcing buybacks and dividend hikes following the Federal Reserve's annual stress test. Citigroup and J.P. Morgan Chase rose 1.3 percent and 0.7 percent, respectively. Wells Fargo surged more than 5.5 percent. The SPDR S&P Bank exchange-traded fund (KBE) rose 0.7 percent.
Traders work on the floor of the New York Stock Exchange on January 5, 2017, in New York City. Getty Images
Traders work on the floor of the New York Stock Exchange on January 5, 2017, in New York City.
The first half of the year was fraught with volatility on Wall Street. The major indexes reached all-time highs in late January before concerns over rising interest rates knocked stocks off those levels. Equities recovered their footing following a strong earnings season and continuously strong economic data. But volatility returned to the market as President Donald Trump ratcheted up trade tensions between the U.S. and some its key partners.
“We’re clearly in a sideways market,” said Arian Vojdani, investment strategist at MV Financial. “The narrative — aside from strong economic data and good earnings — is not good.”
“Investors are sort of holding their cards to the chest because they want to see how this (trade spat) turns out,” Vojdani said.
The S&P 500 is up 2.3 percent this year, while the Dow is down 1.1 percent. Meanwhile, the Nasdaq composite and the small-caps Russell 2000 have outperformed with gains of 9.3 percent and 7.5 percent. All four indexes rose on Friday, setting them up to end the first half on a high note.

But despite the gains, stocks indexes were on track to close lower for the week as initial U.S. and Chinese tariffs are due to take effect next week.The Nasdaq is down more than 1.5 percent for the week, while the Dow and S&P 500 have fallen at least 0.3 percent. The Russell 2000, meanwhile has dropped 2 percent.
The Trump administration is set to activate tariffs on Chinese goods worth around $34 billion on July 6, which is then widely expected to trigger a tit-for-tat response from Beijing. Trump has also alienated Canada, by levying tariffs on its steel and aluminum imports. Canada announced retaliatory tariffs on Friday that target $12.6 billion in U.S. goods.
Axios reported on Friday, citing sources, that Trump has repeatedly told top White House officials that he wants the U.S. to withdraw from the World Trade Organization.
The ongoing trade spat between the U.S. and China has sent market volatility higher this week, with the Cboe volatility index (VIX), surging 14 percent.
"For the stock market, the rest of the year could be quite exciting, in both a positive and a negative sense," said Brad McMillan, chief investment officer at Commonwealth Financial Network. "I expect the U.S. equity markets to end the year with moderate appreciation from levels at the end of December—around 3,000 for the S&P 500 as a base case."
"In the nearer term, the Trump administration’s trade policies have the potential both to disrupt supply chains and increase costs, which would certainly affect financial markets," said McMillan.
— CNBC’s Thomas Franck contributed to this report.

May 8, 2014

U.S. Stock Market at Close Report - May 08, 2014: U.S. stocks decline; Nasdaq leads losses Tesla Motors drops on earnings miss

By Anora Mahmudova, MarketWatch 
NEW YORK (MarketWatch) — The U.S. stock market ended a volatile session on Thursday with modest losses, driven by renewed selloffs in previously high-flying names.
Optimism following better-than-expected jobless claims and dovish comments from European Central Bank President Mario Draghi, who said the ECB stood ready to act in June, faded by midafternoon.
At session highs, the Dow Jones Industrial Average jumped 100 points and topped its previous record close level. The S&P 500 turned south after getting within a hair’s breadth to its closing record.
Still, the declines were not uniform, as the Dow Jones Industrial Average DJIA +0.20% managed to stay in positive territory by the end of the session, closing 32.43 points, or 0.2%, higher at 16,550.97.
The S&P 500 SPX -0.14%  ended the day down 2.58 points, or 0.1%, at 1,875.63.
The Nasdaq Composite COMP -0.40% shed 16.18 points, or 0.4%, to 4,051.50, losing 2.1% over the past three sessions. Biotech stocks sold off, with the Nasdaq Biotechnology index NBI -1.88%  down 1.9%.
The Russell 2000 RUT -1.00% index of small stocks closed 11 points, or 1%, lower at 1,097.43.
Peter Cardillo, chief market economist at Rockwell Global Capital, said the downward movement was due to a combination of two things: technical resistance on the S&P 500 and the Dow, and Nasdaq’s failure to put in a solid recovery from recent declines.
“There is little evidence that weakness in Nasdaq has come to an end. We are seeing more selective markets, investors are no longer chasing high-growth stocks and want solid large-cap dividend-paying companies,” Cardillo said.
Federal Reserve Chairwoman Janet Yellen appeared before the Senate Budget Committee in her second day of testimony before Congress to discuss the central bank’s economic and fiscal outlooks.
Answering questions from the senators, Yellen said that the shrinking of the middle class is a disturbing trend and student debt is preventing people from buying homes and that is affecting the housing market.
Discuss key earnings announcements before and after results come in. Learn more
In economic news, the number of people who applied for new unemployment benefits last week fell to the lowest level in a month, but the decline likely stemmed from seasonal quirks instead of any major change in hiring trends or layoffs.

Initial jobless claims dropped by 26,000 to a seasonally adjusted 319,000, the Labor Department said Thursday. Economists surveyed by MarketWatch had expected claims to fall to 325,000 in the week ended May 3.

Telsa skids, SolarCity soars

Tesla TSLA -0.76%  skidded 11% after its earnings report late Wednesday. The company said it had a net loss of 40 cents a share. Adjusted per-share income came in at 12 cents, versus analyst forecasts of 8 cents. A rise in costs, constraints on production, and muted delivery forecasts punished the stock, however.
An earnings report also pulled down Gulfport Energy Corp. GPOR +0.69%  by 19%. The company earned 20 cents a share on revenue of $118 million, compared with analyst forecasts of 20 cents a share on $123 million in sales.
Wynn Resorts Ltd. WYNN -4.14%  retreated 4.1% amid concerns about a decline in demand in Macau, according to news reports. The concerns for the casino company follow a crackdown on unlawful money transfers in the region, a hot spot for gamblers in Asia.
SolarCity Corp. SCTY +0.47%  jumped 12% after the solar company reported its first-quarter earnings. The energy company said it had adjusted per-share losses of 82 cents a share on revenue of $63.6 million. The firm was expected to lose 70 cents per share on revenue of $53 million.
Keurig Green Mountain GMCR -0.18%  climbed 13% after its second-quarter earnings report. The single-serving coffee maker took in adjusted profits of $1.08 per share on sales of $1.10 billion. Forecasts had called for 95 cents a share in earnings on revenue of $1.05 billion.
Shares of Priceline Group Inc. PCLN +0.08%  fell 2.1% after the travel-services company’s current-quarter forecasts fell short of Wall Street’s targets. Priceline also said first-quarter earnings rose 36%, aided by growth in international bookings.

European stocks gain after Draghi’s ‘ready to act in June’ comment

Asian stocks rose following better-than-expected trade data from China, while European stocks advanced after Draghi said the central bank is ready to act in June.
The euro EURUSD -0.03% fell sharply against the U.S. dollar after Draghi’s comments.
Gold futures GCM4 +0.16%  priced were unchanged, after a 1.5% downturn Wednesday. June oil futures CLM4 +0.15%  fell slightly, stepping back from gains on Wednesday.

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Anora Mahmudova is a MarketWatch markets reporter based in New York.

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