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S&P, Nasdaq pop to new records while Dow sinks after Fed

S&P, Nasdaq pop to new records while Dow sinks after Fed

Stocks traded mixed on Thursday, with tech stocks and the broader market setting new highs as investors digested the Federal Reserve’s decision to begin paring back some of its monetary policy support as the economic recovery progressed. 

Although the Dow dropped, tech stocks were boosted by Tesla, which set a new record high above $1200 per share, and helped the Nasdaq set a fresh record. The S&P 500 also eked out a new high. 

A day earlier, all of the major benchmarks set records, with the Fed’s latest monetary policy decision compounding with optimism over a slew of stronger-than-expected quarterly corporate earnings results. 

The Fed’s decision on Wednesday unfolded the way many investors had been expecting, wherein the central bank formally announced it would begin tapering its pandemic-era asset purchase program starting this month. That came as Federal Open Market Committee members deemed that the economy had made “substantial further progress” in recovering to warrant the gradual removal of this policy support. 

But importantly, the newly announced contours of the Fed’s tapering plan appeared to appease equity traders. 

“The Fed has baked in some flexibility in their tapering,” Ryan Nauman, Zephyr market strategist, told Yahoo Finance Live on Wednesday. “They were very clear that in November and December how much they were going to taper. After that, they did not put in a dollar amount on it.”

Specifically, the Fed said it would begin reducing its asset purchases this month by a total of $15 billion, and then by another $15 billion in December, but said the outlook for the pace of tapering in the future would depend on “changes in the economic outlook.” Fed Chair Jerome Powell also reiterated his prior stance that the ultimate end of the tapering process next year would not automatically signal the start to interest rate hikes. 

“So they added some flexibility, and a lot of it has to do with the uncertainty around inflation,” Nauman added. “And even though they said inflation is transitory, they added that word ‘expected,’ which kind of hedges their bets a little bit and buys them some more flexibility. And finally I think that [last] piece … is the timeline. They added more transparency, more clarity to the timeline and the markets really liked that … that transparency showing that they’re expecting inflation to start slowing during mid-2022, Q2, Q3.”

Separately Wednesday afternoon, third-quarter earnings season rolled on with a parade of names across industries reporting results. Booking Holdings (BKNG) share rose after third-quarter results pointed to a pick-up in travel trends especially in Europe, with revenue jumping 77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to top Wall Street’s estimates. Semiconductor company Qualcomm (QCOM) also posted better-than-expected quarterly earnings, revenue and guidance, suggesting strong demand was buoying the company despite a global chip shortage and supply chain snarls. Etsy (ETSY), on the other hand, offered a lower-than-expected forecast for the holiday shopping season, with the e-commerce site losing some momentum after a surge in online sales over the course of the pandemic. 

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4:05 p.m. ET: S&P 500 closes at a record high for sixth straight session, powered by jump in tech stocks

Here were the main moves in markets as of 4:05 p.m. ET:

  • S&P 500 (^GSPC): +19.49 (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,680.06

  • Dow (^DJI): -33.35 (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,124.23

  • Nasdaq (^IXIC): +128.72 (+0.81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,940.31

  • Crude (CL=F): -$1.79 (-2.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $79.07 a barrel

  • Gold (GC=F): +$30.90 (+1.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,794.80 per ounce

  • 10-year Treasury (^TNX): -5.5 bps to yield 1.5240{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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11:33 a.m. ET: Small cap and technology stocks could be some of the winners going forward: CIO 

Select areas of the market are poised to benefit as the Federal Reserve remains accommodative in its monetary policy posturing and the economic recovery moves along, and those could include small-cap and technology stocks, according to one strategist.

“We are seeing momentum right now both in small cap stocks … and technology stocks,” Kevin Mahn, Hennion & Walsh Asset Management president and chief investment officer, told Yahoo Finance Live on Thursday. “And we believe that as we move further and further away from the COVID-19 pandemic and more of the economy starts to open, technology will become an even more critical component of that reopening in areas such as … artificial intelligence, robotics, the internet of things, fintech, and even 5G. as we try and expand our country’s broadband access.”

“So we see more upside potential for small-cap stocks as the economy continues to expand, and as credit conditions remain accommodative, but particularly in those areas of revolutionary technologies.” 

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10:00 a.m. ET: U.S. trade deficit hits new high

The Commerce Department said U.S. the trade gap surged 11.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to a record $80.9 billion in September. Exports tumbled 3.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $207.6 billion in September. Goods exports plunged 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $142.7 billion. The decline was led by industrial supplies, with crude oil exports decreasing $1.0 billion. Imports rose 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to a record $288.5 billion. Goods imports rose 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $240.9 billion, also a record high.

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9:30 a.m ET: Stocks mixed at the open

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): 4,669.18, +8.61 (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Dow (^DJI): 36,125.63, -31.95 (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Nasdaq (^IXIC): 15,871.98, +60.39 (+0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Crude (CL=F): $83.09 a barrel, +$2.23 (+2.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Gold (GC=F): $1,793.70, +29.80 (+1.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • 10-year Treasury (^TNX): -1 bps to yield 1.5610{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:36 a.m. ET: New jobless claims set fresh pandemic-era low, coming in below 300,000 for fourth straight week

New weekly jobless claims came at a fresh pandemic-era low, with further improvements in the labor market coming as companies continue to compete to attract and retain workers amid elevated demand.

Initial unemployment claims came in at 269,000 for the week ended Oct. 30, or the lowest since March 2020. This came following the prior week’s total of 283,000 new claims, with that sum upwardly revised from the 281,000 reported previously. Consensus economists were looking for 275,000 new claims for last week, according to Bloomberg consensus data. 

Continuing claims for regular state programs also fell more than expected to reach their best level since the start of the pandemic. These were at 2.105 million for the week ended Oct. 23, compared to the 2.150 million expected and 2.239 million from the prior week. 

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7:47 a.m. ET Thursday: Stock futures mixed after Fed decision, tech stocks outperform

Here’s where markets were trading Thursday morning:

  • S&P 500 futures (ES=F): +7 points (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,659.25

  • Dow futures (YM=F): -5 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,030.00

  • Nasdaq futures (NQ=F): +62 points (+0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,191.75

  • Crude (CL=F): $82.39 per barrel, +$1.53 (+1.89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Gold (GC=F): $1,779.50 per ounce, +$15.60 (+0.88{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • 10-year Treasury (^TNX): -0.2 bps to yield 1.577{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:07 p.m. ET Wednesday: Stock futures drift sideways

Here’s where markets were trading as the overnight session kicked off: 

  • S&P 500 futures (ES=F): +1.25 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,653.50

  • Dow futures (YM=F): -1 points (-0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,034.00

  • Nasdaq futures (NQ=F): +8 points (+0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,137.75

NEW YORK, NEW YORK - SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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Stock futures slightly lower as Wall Street awaits jobs report

Stock futures slightly lower as Wall Street awaits jobs report

Inventory futures opened a little decreased Thursday night as traders awaited the Labor Department’s Oct jobs report, which will offer you a different update on the condition of the financial restoration.

Contracts on the S&P 500 edged down. Earlier, the blue-chip index rallied to a history substantial, logging a sixth straight report near as engineering shares highly developed. The Nasdaq also jumped amid the wide move greater in tech shares, whilst the Dow closed lower for the initial time in 6 sessions.

Wall Avenue will flip its concentration on Friday to the Labor Department’s Oct work report, which is expected to show a choose-up in position progress soon after a disappointing September for rehiring. 

Consensus economists are wanting to see non-farm payrolls rise by 450,000 for last thirty day period, as opposed to the just 194,000 introduced back in September. The unemployment amount probably dipped to 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or the cheapest considering that March 2020. And common hourly earnings most likely rose at a 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} yr-on-yr pace, with wages pushed larger as corporations competed for staff amid common labor scarcities.

The Oct report will enable display the extent of any lingering impacts from the Delta variant wave in late summertime, and whether employers have begun to convey back far more workers to assistance meet up with elevated need and fill vacancies. 

Even so, some economists proposed marketplace contributors may perhaps require to brace for a different thirty day period of tepid career advancement ahead of the details starts to mirror a choose-up in rehiring. 

“The continued sluggishness in payroll expansion, relative to expectations all through the summer season, is a reflection of the injury completed by the Delta COVID wave, which will verify temporary,” Ian Shepherdson, main economist for Pantheon Macroeconomics, wrote in a latest be aware. “The craze in Delta situations peaked on September 1, but actual-time indicators of financial action continued to soften for a additional two months right before setting up to nudge back again up … That remaining no time for a revival in payroll growth in time for the October survey.”

And importantly for buyers, the labor market place facts will present even further recommendations at whether or not the economic has sufficiently recovered to warrant a a lot more hawkish tilt by the Federal Reserve. 

The central lender opted earlier this week to announce the commence of its asset-order tapering system, but declined to present particulars for the dollar volume of even further tapering next year or the timing of curiosity amount hikes. The Fed famous that people would count on how the economic restoration unfolded. And in his put up-FOMC assembly press meeting on Wednesday, Powell also famous that there was “still floor to address to get to utmost work each in phrases of work and in phrases of participation.” 

In the meantime, traders also eyed the newest established of earnings success from some intently watched corporations. Shares of Peloton (PTON) slumped in late investing just after the at-dwelling fitness devices business supplied a disappointing forecast for the recent quarter and slashed its full-calendar year direction, suggesting a lot more decelerating development immediately after a 2020 surge in demand for house exercise session equipment. Uber (UBER), furthermore, provided adjusted money steerage that skipped Wall Street’s estimates, even though the experience-hailing enterprise managed to turn very first-at any time adjusted financial gain for its most recent quarter. And shares of Pinterest (PINS) jumped immediately after traders appeared previous the company’s declining user foundation to target on estimates-topping 3rd-quarter earnings and revenue, which came in far better than feared right after peer advert-pushed media platforms like Snap (SNAP) disappointed the Road with outcomes and guidance. 

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6:07 p.m. ET Thursday: Stock futures drift lower 

Here is in which markets have been investing as the overnight session kicked off: 

  • S&P 500 futures (ES=F): -2.25 points (+.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,671.00

  • Dow futures (YM=F): -29 factors (-.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,980.00

  • Nasdaq futures (NQ=F): -4.5 details (-.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,326.25

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2021. REUTERS/Brendan McDermid

Traders do the job on the ground of the New York Inventory Exchange (NYSE) in New York City, U.S., Oct 20, 2021. REUTERS/Brendan McDermid

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Emily McCormick is a reporter for Yahoo Finance. Stick to her on Twitter

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S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

Stocks reached fresh all-time highs on Tuesday in another record-setting session, with investors cheering another set of better-than-expected corporate earnings results. 

The Dow and S&P 500 gained while the Nasdaq rose more modestly, weighed by a drop in Tesla (TSLA) after CEO Elon Musk downplayed the expected impact of a deal with car rental giant Hertz. Investors watched with optimism as more corporate earnings results exceeded expectations and defied concerns over ongoing supply chain constraints, shortages and cost pressures. 

Clorox (CLX) became one of the latest major names to top estimates in results posted Monday after the closing bell, with the cleaning supplies and home goods company topping third-quarter sales and profits estimates and reaffirming its full-year guidance even as the company said it expects “cost pressures to persist.” Shares of Avis (CAR) and Simon Property Group (SPG) also jumped, with both of these companies posting quarterly earnings that exceeded expectations after market close. 

Heading into this week, the expected earnings growth rate for the S&P 500 was at 36.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the third quarter, which while a step down from the second quarter’s rate, would still mark the third-highest pace in data spanning back to 2010, according to FactSet. 

“I don’t think what’s going on is terribly surprising,” when it comes to the sizable year-over-year earnings growth many companies have reported for the third quarter, Pacer ETF’s President Sean O’Hara told Yahoo Finance Live. “I think what we need to see going forward is, is it sustainable, or are some of these outside factors going to be a bigger challenge than we expect?”

“Is inflation and the input costs that the producers are dealing with, is that going to derail things? Is the lack of workers?” he added. “There’re a lot of things out there that could potentially derail the market, especially as you’re making this transition from where we are, which is easy comparables versus last year, to more difficult ones going forward.” 

In addition to the solid backdrop of corporate earnings, an ongoing economic recovery and still-accommodative positioning by monetary policymakers have also helped underpin equities in their march to new highs. For investors, the Federal Reserve’s latest monetary policy decision on Wednesday will help suggest how long the central bank will maintain its current levels of support. Many pundits expect to see the bank begin to pull back the asset purchases that comprised its quantitative easing program that had helped support the recovery, with fresh economic data reflecting a U.S. economy closing in on pre-pandemic conditions. 

“We think that better days are ahead. Earnings are still growing at a pretty healthy clip. There’s a lot of people focusing on peak growth rates. That’s probably not the way to look at it,” Sameer Samana, Wells Fargo senior global market strategist, told Yahoo Finance Live. “From our standpoint, those low interest rates, still stimulative policy and really strong growth are what set the stage for strong equities in the next year.” 

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4:05 p.m. ET: S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

Here were the main moves in markets as of 4:05 p.m. ET:

  • S&P 500 (^GSPC): +16.98 (+0.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,630.65

  • Dow (^DJI): +138.79 (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,052.63

  • Nasdaq (^IXIC): +53.69 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,649.60

  • Crude (CL=F): -$0.55 (-0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.50 a barrel

  • Gold (GC=F): -$6.90 (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,788.90 per ounce

  • 10-year Treasury (^TNX): -2.6 bps to yield 1.5490{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:36 p.m. ET: Residential rental vacancy rate dips in 3Q to near pre-pandemic levels

The U.S. vacancy rate for rental housing fell in the third quarter to close in on pre-pandemic levels. 

Rental vacancies reached 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the three months ending in September, marking the lowest level since the second-quarter of 2020. This fell by 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the second quarter and from 6.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the same period last year. 

Rent prices have also been increasingly notably over the course of the past year, with the median asking rent for vacant units rising to $1,203 in the third quarter from $1,160 a year earlier. And in the Bureau of Labor Statistics’ consumer price index, rent of primary residence prices last increased by 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September compared to August, accelerating from a rise of 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the prior month. 

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11:35 a.m. ET: Avis shares surge, triggering volatility halt after 3Q estimates point to strong car-rental demand

Shares of Avis (CAR) more than doubled on Tuesday alone after the car-rental company posted third-quarter estimates that far exceeded consensus estimates, pointing to solid demand for rentals. 

At session highs on Tuesday, the stock more than tripled to reach a record $545.11 per share. This outsized move to the upside triggered at least one volatility halt in the stock. Third-quarter net revenue nearly doubled over last year to reach $3 billion, and adjusted earnings per share of $10.74 were much better than the $7.24 expected. The company also said it would add more electric vehicles to its fleet over time during its quarterly earnings call with analysts.

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11:27 a.m. ET: Chegg shares plunge after lowering guidance, with company saying ‘education industry is experiencing a slowdown’ 

Shares of education company Chegg (CHGG) sank 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Tuesday morning after the company lowered its full-year guidance and highlighted a slowdown in the broader higher education industry. 

For the third quarter. Chegg reported revenue of $171.94 million, which missed expectations for $174 million, according to Bloomberg consensus data. The firm also lowered its forecast for both revenue and adjusted EBITDA for the full year, and now sees revenue coming in at as much as $764 million, versus the as much as $815 million seen previously. 

“In late September it became clear to us that the education industry is experiencing a slowdown that we believe is temporary and is a direct result of the Covid-19 pandemic,” CEO Dan Rosensweig said in prepared remarks for the company’s earnings call. 

“A combination of variants, increased employment opportunities and compensation, along with fatigue, have all led to significantly fewer enrollments than expected this semester,” he added. And those students who have enrolled are taking fewer and less rigorous classes and are receiving less graded assignments”

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9:42 a.m. ET: Tesla gives back some gains as Musk plays down Hertz deal

The carmaker’s high-flying stock is under pressure in early trading, after Elon Musk tweeted that Tesla has not yet signed on the dotted line with Hertz, which announced a deal last week to add Model 3s to its fleet of rentals. Musk also stated that regardless, the deal would have “zero impact” on Tesla’s bottom line.

But Hertz said it’s already receiving cars under its plan to add 100,000 Tesla EVs through 2022, but didn’t respond directly to Musk’s remark:

As we announced last week, Hertz has made an initial order of 100,000 Tesla electric vehicles by the end of 2022 and is investing in new EV charging infrastructure across the company’s global operations. Deliveries of the Teslas already have started, and consumer reaction to our commitment to lead in electrification has been beyond our expectations.

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9:30 a.m. ET: Stocks open flat ahead of the Fed

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): 4,619.64, +5.97 (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Dow (^DJI): 35,924.83, +10.99 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Nasdaq (^IXIC): 15,611.21, +15.30 (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Crude (CL=F): $83.42 per barrel, -$0.63 (-0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Gold (GC=F): $1,792.90 per ounce, -$2.90 (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • 10-year Treasury (^TNX): 1.5590{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, -0.016 bps

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7:25 a.m. ET Tuesday: Stock futures point to a mixed open

Here’s where markets were trading Tuesday morning:

  • S&P 500 futures (ES=F): -0.25 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,605.50

  • Dow futures (YM=F): +9 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,809.00

  • Nasdaq futures (NQ=F): -28.25 points (-0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,866.00

  • Crude (CL=F): -$0.39 (-0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.66 a barrel

  • Gold (GC=F): -$2.70 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.10 per ounce

  • 10-year Treasury (^TNX): -1.7 bps to yield 1.556{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:07 p.m. ET Monday: Stock futures edge lower 

Here’s where markets were trading as the overnight session kicked off: 

  • S&P 500 futures (ES=F): -2 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,603.75

  • Dow futures (YM=F): -18 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,8782.00

  • Nasdaq futures (NQ=F): -16.25 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,878.00

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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Stocks hover near records as traders look to extend gains into November

Stocks hover near records as traders look to extend gains into November

Stocks touched records on Monday, with equities looking to build on gains after the S&P 500’s best month since November 2020.

The S&P 500, Dow and Nasdaq each set record intraday and closing levels. Investors headed into November trading with momentum from a record-setting October, when the S&P 500 logged its best monthly gain in nearly a year, powered higher by a combination of estimates-topping corporate profit results. And according to data from LPL Financial, November has marked the best month of the year for stocks over the past 10 years and since 1950. 

Fresh catalysts for the markets are due out later this week. Investors in the coming days will be eyeing a slew of new quarterly earnings results for companies from Clorox (CLX) to CVS Health Corp. (CVS), Lyft (LYFT) and Square (SQ), on the back of what has been an already historically strong earnings season. 

As of Friday, just over half of all S&P 500 companies had reported actual third-quarter earnings results, and 82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of these topped consensus estimates on profit results, according to data from FactSet. The expected earnings growth rate for the index is more than 36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, which, if maintained, would mark the third-highest profit growth rate for the index since 2010. 

Though some of the heavily weighted index components from last week had disappointed against consensus estimates — with both Amazon and Apple shares dropping after posting weaker-than-expected results and guidance — other stronger results helped offset these misses, with names including Alphabet and Microsoft rallying to record levels on the heels of their respective reports. 

This week will also include key economic data reports including the October jobs report on Friday, which is expected to show a pick-up in job creation compared to the disappointing pace of hiring shown in each of August and September. 

Meanwhile, the Federal Open Market Committee will convene for its next monetary policy-setting meeting. on Tuesday and Wednesday, then release its policy statement and hold a press conference with Federal Reserve Chair Jerome Powell. This meeting is expected to set the stage for an announcement of tapering of the Fed’s crisis-era asset purchase program, which is currently taking place at rate of $120 billion per month in purchases of agency mortgage-backed securities and Treasuries. Amid the improving data tracking the economic recovery, the Fed previously signaled that a tapering announcement would come before year-end, and that the tapering process would continue until the middle of next year. 

Given the market has been anticipating the start to tapering for months now, speculation around when the Fed will make a move on interest rates has become a point of particular interest to investors. This week’s FOMC statement and press conference are likely to provide some more color to market participants around how committee members are thinking about the timing for interest-rate hikes, especially given the persistent jump in inflation seen in data including last week’s core personal consumptions expenditures report. That print showed a fourth straight month with core PCE jumping at 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year rate, or its fastest since 1991. 

These still-heightened inflation data, combined with companies’ earnings call anecdotes of higher input prices and labor costs, have led some investors to speculate the Fed might need to move to raise rates more quickly than previously telegraphed to stave off an unchecked and lasting surge in inflation. 

Others, however, suggested the Fed might hold off on a move on interest rates until labor market conditions have come closer to pre-pandemic levels. 

“Fed funds futures currently price in the first rate hike by September 2022. If realized, that would be much faster than the one-year gap that occurred between the end of the Fed’s asset purchases in December 2014 and its first rate hike in December 2015,” Sam Bullard, Wells Fargo senior economist, wrote in a note. “We think the Fed is unlikely to hike rates by September 2022, given that numerous FOMC policymakers have made clear that the bar for a rate hike is much higher than the bar for tapering asset purchases.”

“At August’s rate of job growth, it would take a little more than two years to recoup 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the jobs lost during the pandemic, and even then, the economy would be still several million jobs short of its pre-pandemic trend,” he added. “We still expect the labor market to face a meaningful employment gap for the entirety of 2022. As such, we currently have the first rate hike not occurring until 2023. Obviously the economic situation is fluid and risks to the outlook suggest the rate hike could come sooner than we expect. A very close eye needs to be kept on all incoming data.”

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4:04 p.m. ET: Stocks kick off Nov. trading at records: S&P 500, Dow and Nasdaq set all-time closing highs

Here were the main moves in markets as of 4:04 p.m. ET:

  • S&P 500 (^GSPC): +8.29 (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,613.67

  • Dow (^DJI): +94.28 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,913.84

  • Nasdaq (^IXIC): +97.53 (+0.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,595.92

  • Crude (CL=F): +$0.37 (+0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.94 a barrel

  • Gold (GC=F): +$9.60 (+0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.50 per ounce

  • 10-year Treasury (^TNX): +1.8 bps to yield 1.5750{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:26 p.m. ET: Tesla shares jump to fresh record high in fourth straight session of gains

Shares of Tesla (TSLA) surged anew to set a fresh intraday high on Monday, with the stock advancing for a fourth straight session amid a slew of upbeat news for the electric-vehicle maker. Shares rose nearly 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top $1,160 as of afternoon trading. 

Tesla’s stock built on gains from October, when shares gained 44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in a fifth consecutive monthly advance. On Monday, Chinese company Ganfeng Lithium said in won a deal to provide Tesla lithium products for three years, helping lock in an agreement to provide components for the automaker amid a global jump in input prices. 

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11:18 a.m. ET: ‘We do still see opportunities within equities for investors’: BofA

With the S&P 500 setting yet another record intraday high, some strategists are striking a more cautious tone on the blue-chip index. 

“We’re a bit more cautious on the S&P 500 at these levels, we expect more downside than upside through year-end, and we’re looking for sort of a flattish market between now and 2022, just given some of the risks that we’re seeing right now,” Jill Carey Hall, Bank of America U.S. equity strategist and head of U.S. small and mid-cap strategy, told Yahoo Finance Live on Monday.

“We do still see opportunities within equities for investors,” she added. “One of those areas is small caps…we’re projecting based on where valuations are today small caps could actually see mid-to-high single-digit annualized returns over the next decade.”

“The pick-up in capex [capital expenditures] spending by corporations that we’re seeing evidence of this earnings season, that’s typically bullish for smaller, more domestic companies,” she added. “And small caps aren’t as stretched on valuations.” 

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10:25 a.m. ET: Construction spending slips

U.S. construction spending fell 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September, reversing an increase of 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in August. The results missed expectations of an increase of 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, compiled by Bloomberg analysts consensus. The drop is activity was attributed to supply shortages and soaring building material prices. Private construction spending fell 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while single-family spending fell 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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10:00 a.m. ET: Manufacturing expansion slows

The institute for Supply Management (ISM) said its index of factory activity in the U.S. slipped to a reading of 60.8 in October from 61.1 a month earlier — a 16-month low. The slowdown came amid ongoing supply chain issues across the globe. 

“Production was little changed, and the other headline components – supplier delivery times, employment, and inventories – rose modestly. But orders tend to lead, so the headline index likely will dip next month,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, said in an email following the results. “That said, the downturn in China’s PMIs points to downside risk for the ISM over the next few months, though U.S. manufacturing will not slow as much as China’s, which is being hurt by the authorities’ pursuit of zero COVID. At the same time, U.S. manufacturers have seen a bigger demand boost as a result of the outsized fiscal stimulus.”

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9:38 a.m. ET: Dow, S&P 500 and Nasdaq rise

Here were the main moves in markets as of 9:38 a.m. ET:

  • S&P 500 (^GSPC): +7.15 (+0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,612.53

  • Dow (^DJI): +160.83 (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,980.39

  • Nasdaq (^IXIC): +6.27 (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,504.66

  • Crude (CL=F): +$1.05 (+1.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $84.62 a barrel

  • Gold (GC=F): +$8.40 (+0.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,792.30 per ounce

  • 10-year Treasury (^TNX): +4.3 bps to yield 1.6000{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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7:22 a.m. ET Monday: Stock futures point to a higher open

Here’s where markets were trading ahead of the opening bell:

  • S&P 500 futures (ES=F): +21 points (+0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,618.00

  • Dow futures (YM=F): +176.00 points (+0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,880.00

  • Nasdaq futures (NQ=F): +63.5 points (+0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,902.00

  • Crude (CL=F): +$0.46 (+0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $84.03 a barrel

  • Gold (GC=F): +$0.80 (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,784.70 per ounce

  • 10-year Treasury (^TNX): +2.6 bps to yield 1.582{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2021. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2021. REUTERS/Brendan McDermid

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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SETSER: Finding the ministry of finance | Local News

SETSER: Finding the ministry of finance | Local News

On Sunday, Oct. 31, I’m remaining ordained as a bi-vocational minister, but that doesn’t imply the small business column is ending.

Fairly the opposite.

If I’ve realized just about anything in the earlier couple of many years, it has been just how interconnected lifestyle is. You may perhaps think spirituality has no put on Wall Avenue but I can inform you it does.

Not all of us will agree on faith — that is no shock mainly because a ton of us never concur on politics either. Thoughts are like tummy buttons we all acquired a person.

But when I sit down with customers and discuss dollars, we ordinarily end up conversing about the even bigger photo — usually a longer timeline for goals or a bigger context for priorities.

But sometimes we communicate about the definitely significant picture and contemplate the working day they will leave this world.

That is, just after all, a core support of a economic counselor: estate arranging. That is a actually pleasant way of speaking about scheduling for one’s death.

It is not an effortless conversation, but I have located that the a lot more relaxed you are with it, the additional steady you are as a person, the extra conviction you have in choices, the a lot more bold you are about priorities.

Non secular overall health precedes emotional overall health, with out which lifetime can be sabotaged.

So when we discover ourselves in that bigger context, life means a whole lot a lot more than we feel.

Producing seem financial conclusions is a willpower like ingesting healthful or working out and it does breed results that are deeply enjoyable, and considering the fact that there is a spiritual element to us, we just cannot handle every problem as if it just required a lot more self-discipline or a lot more reminders.

From time to time difficulties present themselves that are unsolvable, outdoors an act of God, a breakthrough of divine ability, a sign of His like for us, and we are confronted with the truth that we have to deal with Him, somehow, and some way.

But how usually do we truly confront Him?

Or sometimes challenges present them selves to persons who declare to know and like God, but who show anxiety and shame, life described by reservations and scarcity.

Which is when it turns into my problem to keep up a mirror, as kindly as probable, and help them see what they simply cannot see, to give them freedom (not just fiscally).

The Scripture says God owns the cattle on a thousand hills, He clothes the lilies of the subject, and He feeds the birds of the air — how considerably more will He treatment for us?

He is a God of abundance, but if you still hold onto your fear and scarcity, what you need is not a economical counselor but an interaction with Him who retains the stars in location, who measured out the oceans with his palms.

The identical goes for you and your occupation. Individuals never just shell out you to do your work. That is the transaction, of course, but that isn’t why you are on the earth.

The transaction is just a suggests of relationship: a lead to to deliver individuals jointly.

You are in this article to go above and beyond for your neighbors, to take the capabilities you have and discover approaches to bless just about every other. Immediately after all, you you have been blessed with these expertise — you couldn’t really receive them on your individual. You simply cannot even make your coronary heart conquer.

What I am indicating is we consider a second to take into consideration from whence we arrived, for whom we are manufactured and to in which we must go.

The this means of lifetime will come from this and the quietness of these concerns on your own is a ministry.

“Science is about rationalization. Faith is about interpretation. Science takes issues aside to see how they function. Religion puts matters jointly to see what they necessarily mean.” – Rabbi Jonathan Sacks

Adam Setser is a financial advisor with Kerrigan Capital and Threat Management, 3543 North Crossing Circle, Valdosta. He can be attained at (229) 588-8448.

Securities and insurance goods are supplied by way of Cetera Expenditure Services LLC, member FINRA/SIPC. Advisory providers are available as a result of Cetera Expenditure Advisers LLC. Cetera corporations are underneath individual possession from any other named entity.

The thoughts contained in this content are people of the writer, and not a recommendation or solicitation to buy or market financial commitment solutions. This details is from sources thought to be reliable, but Cetera Financial investment Providers LLC simply cannot assure or characterize that it is precise or complete.

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Stocks trade choppily after S&P 500 and Nasdaq set record intraday highs

Stocks trade choppily after S&P 500 and Nasdaq set record intraday highs

Stocks ended at records on Friday as investors digested disappointing earnings results from Apple (AAPL) and Amazon (AMZN) that came during an otherwise solid quarterly reporting season from many major companies. 

The S&P 500 set record intraday and closing highs. The index posted monthly gain of more than 6.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October, or its best single-month advance since November 2020. The consumer discretionary, energy and information technology sectors outperformed during the month. 

The Nasdaq also eked out a fresh record level, even as a couple of heavily weighted technology giants saw shares dip. 

Amazon shares dropped after the e-commerce juggernaut missed third-quarter expectations and forecasted a jump in expenses in the fourth quarter due to supply chain disruptions and rising costs for labor, materials and freight. These factors are expected to generate “several billion dollars of additional costs” to Amazon in the current quarter, the company said in its earnings statement. 

Peer tech giant Apple also disappointed Wall Street in its fiscal first-quarter results, with key iPhone sales missing expectations even following the launch of its latest iPhone 13 handset series. Shares of Apple’s suppliers including Taiwan Semiconductor Manufacturing Co. (TSM), Qualcomm (QCOM) and Broadcom (AVGO) also fell immediately following the results. 

For Wall Street, the results appeared to vindicate concerns that mounting supply chain disruptions, labor costs and materials shortages were impacting companies of all sizes heading into the holiday season, and were creating challenges for corporations to keep pace with rising demand. 

And for Apple, Amazon and some other technology companies, investors have been additionally fearful that these key members of last year’s lucrative “stay-at-home” trade would be unable to maintain lofty growth rates following a pandemic-induced surge in their businesses. Amazon’s sales grew 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the third quarter, slowing down markedly from 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate in the second quarter. 

“I will agree, they are overvalued,” Rebecca Felton, Riverfront Investment Group senior market strategist, told Yahoo Finance Live about technology companies on Thursday. “But remember valuation is a condition, not a catalyst. And the catalyst I think for technology is going to be the consistency both on the top and bottom line.”

Meanwhile, investors continued to digest a mixed batch of economic data results, which included a weaker-than-expected print on third-quarter gross domestic product. The report, while comprehensive in scope, still offered an only backwards-looking view of state of the economy. Some pundits suggested economic activity had already begun to pick up, helping to underpin companies’ performance into the final months of the year and equity prices.

“I still think the best is yet to come,” Heritage Capital President Paul Schatz told Yahoo Finance on Thursday. “GDP for Q3 is going to be a trough. We’re going to have much stronger growth in Q4 and Q1 of next year, inflation is going to peak in the next six months, supply chain issues strongly moderate by early Q2 of next year. And this rising tide is going to lift most ships.”

“The economically sensitive trade, whatever you want to call it — reopening, reflation, inflation — that trade is very alive, very well and it’s not over,” he added.

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4:03 p.m. ET: Stocks end at records, S&P 500 posts best monthly advance since Nov. 2020

Here’s where markets closed out Friday’s session:

  • S&P 500 (^GSPC): +8.96 (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,605.38

  • Dow (^DJI): +89.01 (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,819.49

  • Nasdaq (^IXIC): +50.27 (+0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,498.39

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2:39 p.m. ET: Microsoft overtakes Apple as most highly valued stock in the U.S. by market cap 

Microsoft (MSFT) shares jumped on Friday, sending the stock’s market capitalization above that of Apple and making it the most valuable stock in the U.S. 

The Redmond, Washington-based company was the best performer in the Dow on Friday, extending gains after reporting better-than-expected quarterly results earlier this week as its Microsoft Azure cloud unit surged in growth yet again. As of Friday afternoon, Microsoft’s market capitalization was hovering at $2.478 trillion, versus Apple’s $2.466 trillion, based on Yahoo Finance data.

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12:30 p.m. ET: S&P 500, Nasdaq turn higher to jump to record intraday highs

Stocks reversed course to push into positive territory in afternoon trading, led by gains in the communication services and health-care sectors in the S&P 500. The Dow reversed earlier losses of as many as 97 points to rise by more than 110 points, or 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The Nasdaq Composite and Nasdaq 100 also each eked out intraday records despite drops in heavily weighted technology stocks Amazon and Apple. 

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9:31 a.m. ET: Stocks drop as tech shares lag 

Here’s where markets were trading just after the opening bell: 

  • S&P 500 (^GSPC): -23.57 (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,572.85

  • Dow (^DJI): -15.81 (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,714.67

  • Nasdaq (^IXIC): -111.67 (-0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,339.63

  • Crude (CL=F): -$0.72 (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $82.09 a barrel

  • Gold (GC=F): -$21.60 (-1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,781.00 per ounce

  • 10-year Treasury (^TNX): +2.9 bps to yield 1.598{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:41 a.m. ET: Core PCE inflation rose 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September over last year, matching August’s rate

The Federal Reserve’s preferred measure of inflation rose at the expected annual rate in September, holding at an elevated level on a historical basis but averting an expected acceleration. 

Core personal consumption expenditures, which capture underlying price changes and exclude volatile food and energy prices, rose 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September over last year, the Bureau of Economic Analysis said Friday. This was in-line with the expected rate of change, according to Bloomberg data, and matched the prior month’s gain. 

On a month-over-month basis, the core PCE rose 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, slowing slightly from August’s 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise. 

The broadest measure of personal consumption expenditures rose 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September compared to August and 4.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September over last year. Both of these metrics matched expectations. 

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8:33 a.m. ET: Personal income drops more than expected in September while spending meets estimates

Personal income posted a larger than expected monthly decline in September as stimulus from more government crisis-relief programs waned. Spending, however, rose in-line with estimates.

U.S. consumer income fell 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September compared to August, the Bureau of Economic Analysis said on Friday. This was bigger than the 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline expected, according to Bloomberg consensus data. The Bureau of Economic Analysis noted that the end of enhanced federal unemployment benefits in early September was one major factor contributing to the drop.

Spending, meanwhile, rose at a 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} clip, matching expectations. This followed a 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly rise in consumer spending in August.

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7:22 a.m. ET Friday: Stock futures fall, with Apple, Amazon weighing on Nasdaq 

Here’s where markets were trading ahead of the opening bell:

  • S&P 500 futures (ES=F): -22.25 points (-0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,565.25

  • Dow futures (YM=F): -42 points (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,571.00

  • Nasdaq futures (NQ=F): -137.00 points (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,627.75

  • Crude (CL=F): +$0.20 (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.01 a barrel

  • Gold (GC=F): -$5.80 (-0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,796.80 per ounce

  • 10-year Treasury (^TNX): +3.4 bps to yield 1.603{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter