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February 2, 2022

Stocks oscillate ahead of big-name earnings, labor and manufacturing data

Wall Street’s main indexes crawled higher to close in the green for a third straight day following a historically volatile January as investors continue to price in tighter monetary policy and weigh a lineup of big-name earnings reports.

[Click here to read what’s moving markets heading into Wednesday, February 2]

The Dow Jones Industrial Average capped the day up 273 points, or 0.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the Nasdaq Composite also edged 106 points, or 0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher. The S&P 500 made its way into positive territory, closing the day just above breakeven, up 0.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The blue-chip index posted a negative return of 5.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the first month of the year — its biggest monthly drop since March 2020 and weakest January since 2009 — while the Nasdaq narrowly avoided its worst-performing January on record after a loss of 8.98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the month.

“This is not the time when you want to make rash decisions or change your long-term investment philosophy,” Fitz-Gerald Group CIO Keith Fitz-Gerald told Yahoo Finance Live. “This is when you focus on finding companies that are winning, are profitable, or have have great products we can’t live without.”

Anxiety around how quickly and significantly the Federal Reserve will lift interest rates has caused the turbulence in equities last month as investors dump high-valued, growth assets poised for vulnerability in an environment of higher borrowing costs.

“We are encouraged by the big reversal in stocks last week and we think stocks are in the process of forming a meaningful bottom,” LPL Financial chief market strategist Ryan Detrick said in a note. “But the truth is, this year is going to be much more volatile than last year and investors had better buckle up their seat belts if the first month is any indication.”

Markets are bracing for a bump of at least 25 basis points next month after Fed Chair Jerome Powell implied last week that a liftoff on interest rates to above their current near-zero levels was likely to come in March as policymakers look to tighten financial conditions amid a backdrop of surging inflation.

“Investors are watching the Fed,” Thornburg Investment Management co-head of investments Jeff Klingelhofer told Yahoo Finance Live. “We are absolutely in a period of heightened volatility, and we think it’s here to stay for some time.”

Despite a turbulent month, history suggests buying stocks after major plunges has paid off. According to new research from Goldman Sachs (GS) strategist David Kostin, a look at data since 1950 showed an investor buying the S&P 500 (^GSPC) 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} below its high, regardless of whether it was the trough, would have netted a median return of 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the next 12 months.

“There are two parts to the ‘buy-the-dip’ phrase: Buy the dips and sell the rips,” said Interactive Brokers chief strategist Steve Sosnick on Yahoo Finance Live. “I think this is an environment you are going to get the opportunity to do both.”

Monday commenced a prolific week for this earnings season, with more than 100 companies in the S&P 500 set to report fourth quarter results through Friday. Alphabet (GOOG, GOOGL) unveiled figures after the bell on Tuesday, with results from Amazon (AMZN) and Facebook, now Meta Platforms (FB), due out later this week.

4:00 p.m. ET: Stocks close positive for third straight day following turbulent January

Here were the main moves in markets as of 4:00 p.m. ET:

S&P 500 (^GSPC): Previous Close to
Dow (^DJI): +272.00 (+0.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,403.86
Nasdaq (^IXIC): +106.12 (+0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,346.00
Crude (CL=F): +$0.20 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $88.35 a barrel
Gold (GC=F): +$4.10 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,800.50 per ounce
10-year Treasury (^TNX): +1.8 bps to yield 1.8000{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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10:12 a.m. ET: US manufacturing activity loses steam at start of new year

U.S. manufacturing activity fell to a 14-month low in January amid a surge of COVID-19 infections in the latest Omicron-driven virus wave, according to one closely-watched measure. The slowdown supported views that economic growth lost traction at the start of the year.

The Institute for Supply Management’s (ISM) latest read on its index of national factory activity dropped to a print of 57.6 last month, the lowest since November 2020. December saw a print of 58.8.

Consensus economist estimates compiled by Bloomberg predicted a read of 57.5. Readings above 50 indicate expansion in manufacturing, which accounts for 11.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the U.S. economy.

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10:05 a.m. ET: Job openings rose to 10.925 million in December

The number of job openings and quits each held at historically elevated levels in December, with worker leverage remaining high as labor demand persisted.

The Labor Department’s latest Job Openings and Labor Turnover Summary (JOLTS) showed that vacancies across the U.S. totaled 10.925 million at the end of 2021, compared to 10.775 million openings in November. Consensus economists had anticipated December vacancies would come in at 10.3 million, according to Bloomberg data.

The latest report represented a seventh straight month that job openings held above the 10 million level, underscoring the ongoing tightness in the labor market as employers struggle to find enough workers to fill positions. Vacancies had set an all-time high of nearly 11.1 million in July, and trended only slightly lower since then. Before the pandemic, job openings had averaged around 7 million per month throughout 2019.

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9:50 a.m. ET: Meme stock favorites pop after earnings beats

AMC Entertainment (AMC) jumped more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in early trading after preliminary revenue and Ebitda for the fourth quarter beat consensus estimates. The gains extended to other retail-trader favorites, including fellow meme-stock darling, GameStop (GME).

The gaming retailer also beat forecasts on fourth quarter results. Preliminary revenue came in at $1.17 billion, more than the $1.09 billion estimated by the Street, according to Bloomberg data. Preliminary adjusted Ebitda was $146.8 million to $151.8 million, compared to $82.4 million foreseen in Bloomberg consensus estimates.

“We finished the year with the strongest quarter in two years. The fourth quarter of 2021 marks a meaningful milestone with positive Ebitda of more than $145 million, positive operating cash generated of more than $215 million, and a record year-ending liquidity position of $1.8 billion,” Gamestop CEO Adam Aron said.

Shares of AMC were up 6.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17.14 a piece as of 9:46 a.m. ET, while Gamestop traded 3.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher to $112.82 per share as of the same time.

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9:30 a.m. ET: Stocks struggle for direction ahead of big-name earnings, economic data

Here were the main moves on Wall Street as morning trading kicked off:

S&P 500 (^GSPC): +5.07 (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,520.62
Dow (^DJI): +7.57 (+0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,139.43
Nasdaq (^IXIC): +25.00 (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,264.88
Crude (CL=F): -$0.90 (-1.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $87.25 a barrel
Gold (GC=F): +$8.40 (+0.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,804.80 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 1.7770{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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7:25 a.m. ET: AT&T to spin off WarnerMedia in $43 billion Discovery deal

Telecomm giant AT&T Inc (T) announced it will spin off subsidiary WarnerMedia in a transaction to merge its media properties with Discovery Inc. (DISCA) valued at $43 billion. The company is also expected to cut its dividend by nearly half as part of the deal.

Shares of AT&T were down 4.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in pre-market trading to $24.39 a piece as of 7:25 a.m., while Discovery stock was mostly flat at around $27.87 per share.

AT&T shareholders will own 71{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the new, resulting company and receive 0.24 shares of Warner Bros. Discovery for each AT&T share they own. The telecommunications group will have 7.2 billion diluted shares outstanding after the transaction closes. The company will distribute shares of the new Warner Bros. Discovery as a dividend of $1.11 per share, down from $2.08 per share, the lower end of a $8 billion to $9 billion range AT&T had projected earlier.

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7:00 a.m. ET: Contracts on Wall Street’s main indexes edge lower after volatile January

Here’s how the main benchmarks fared ahead of Tuesday’s open:

S&P 500 (^GSPC): -11.75 (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,492.50
Dow (^DJI): -54.00 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,943.00
Nasdaq (^IXIC): -28.25 (-0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,876.75
Crude (CL=F): -$0.27 (-0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 87.88 a barrel
Gold (GC=F): +$10.30 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,806.70 per ounce
10-year Treasury (^TNX): 0 bps to yield 1.7820{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:01 p.m. ET Monday: Futures dip after S&P 500 posts worst month since March 2020

Here were the main moves in markets heading into overnight trading:

S&P 500 (^GSPC): -9.00 (-0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,495.25
Dow (^DJI): -50.00 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,947.00
Nasdaq (^IXIC): -29.50 (-0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,875.50
Crude (CL=F): +$0.03 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 88.18 a barrel
Gold (GC=F): +$2.40 (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,798.80 per ounce
10-year Treasury (^TNX): 0 bps to yield 1.7820{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Traders work on the floor of the New York Stock Exchange at the opening bell January 25, 2022. - Wall Street stocks fell early January 25 following a deluge of mostly solid corporate earnings but a lower global growth forecast from the IMF. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images) — Traders work on the floor of the New York Stock Exchange at the opening bell January 25, 2022. – Wall Street stocks fell early January 25 following a deluge of mostly solid corporate earnings but a lower global growth forecast from the IMF. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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December 31, 2021

Insurtech CEO says data, technology to evolve small business insurance in 2022

➤ Business interruption coverage is probable to stay a “fairly nascent” item right up until additional data can far better determine pricing for severity and frequency, Coterie’s CEO reported.

➤ Coterie’s leading government expects more improvements close to business enterprise interruption, a products that can be complicated for a lot of organization house owners to afford.

A couple of a long time in advance of the COVID-19 pandemic commenced, CEO David McFarland co-founded Coterie, an insurtech that focuses on compact enterprise coverage. The firm a short while ago accomplished a $50 million collection B funding spherical.

S&P Global Sector Intelligence spoke with McFarland to examine how smaller business enterprise insurance policies might evolve in 2022, Coterie’s future ideas and the impact COVID-19 had on the company’s merchandise and operation.

S&P Worldwide Sector Intelligence: How did the pandemic direct to an evolution in the products you provide?

SNL Image

Coterie CEO and co-founder David McFarland
Source: Coterie

David McFarland: Right before the pandemic strike, we were very considerably at the starting of the item, marketing common liability insurance policies and business enterprise entrepreneurs procedures, and our merchandise was substantially a lot more simplified.

COVID really kind of compelled us to get started increasing into other spots simply because we weren’t seriously certain what was going to take place from a distribution standpoint. We were being capable to truly buckle down and say, “Hey, we want to develop the appetite promptly to make confident that we can get the ideal sum of income, as properly as continue on to develop out far more for these diverse channel associates.”

What is the capacity like in the present-day market for your merchandise?

So the capability suitable now just isn’t far too poor. You know, $1 million or $2 million restrictions are not as well challenging to appear by. What we are seeing while is more of the organization relocating a lot more toward non-admitted as opposed to admitted. This is not always a bad point, but we do not want to throw tons of enterprise in the non-admitted space.

We want to offer the insureds an admitted product or service that offers a little little bit extra safety than non-admitted, just with the insurance plan regulators powering it. With regard to our items, we are able to provide some factors that other individuals are unable to.

I would say we do have a broader course urge for food than most. Exactly where some folks are putting much more into non-admitted, we truly place these into the admitted. We believe that we have a really potent merchandise for that.

Will it be feasible for compact firms to get coverage for the challenges they are most anxious about in the potential, like small business interruption?

Business enterprise interruption coverage is, at least because of to pandemic, undoubtedly not in the very affordable classification ideal now. I imagine we are almost certainly going to see much more breakthroughs on that. Ideal now, we are dealing with a minimal quantity of details details. The severity is ultra-superior. So it is going to be a fairly nascent product or service for a when as we get much more knowledge and check out to figure out what we need to have to do from a pricing standpoint. Frequency is another part, and figuring out the frequency behind these matters will be important as nicely. It can be hard to say how extended it is likely to choose the market to respond to these varieties of issues.

How do you deal with the elaborate requires that modest enterprises can have?

With the info that exists out there, it is not just a make any difference of an agent typing in a predetermined code into a research bar. What we can do now is we can pull knowledge on these firms and specific addresses, and say, “That is a venue that serves meals, gives liquor and has dwell new music from 11 o’clock at night till two in the morning.” Businesses have all distinct styles of exposures to pitfalls that we have to have to be cognizant of. When we fully grasp them far more, we can deliver a product that is commensurate with the challenges we are taking on, and that that will help out the insured a lot extra than just hoping to cram in various codes. We are seriously energized about the info that’s available suitable now, and we are going to be releasing some solutions towards the beginning of next year that is likely to intensely benefit from that information and facts.

What are the most important strategies you feel small organization insurance plan will evolve in 2022?

Knowledge and technological know-how are likely to proceed to be major pushers in the evolution of insurance policy. The different kinds of aggregators that are out there that brokers and brokers can use, like ValuePenguin and other folks, are likely to be adopted far more broadly. Men and women are going to be looking at the pros and disadvantages and figuring out the very best insurance company to go with. That will be an interesting chapter in the evolution of small commercial.

Cyber is going to be an appealing ingredient of what happens in 2022, as properly as developments on organization interruption coverage. I cannot say at all for specific wherever items are going to go possibly with cyber or small business interruption, but I think we are going to absolutely see some evolution in people markets.

December 24, 2021

Stock futures climb after strong economic data helps ease Omicron concerns

The S&P 500 closed at a record on Thursday in a pre-holiday rally along with the Dow and Nasdaq, buoyed by positive data that suggested the Omicron variant was less likely to lead to hospitalizations. The indexes recouped losses from earlier this week after investors shrugged off worries the variant would stunt economic recovery.

The S&P closed at an all time high of 4,725.72, while the Dow ended the week just shy of 36,000. The Nasdaq Composite also closed 130 points up, or 0.85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

“One of the ways pandemics end is significant mutation of the virus. It looks like Omicron may be our friend in that regard, significant mutations different enough from the parent that it doesn’t make people as sick,” True Health Initiative President Dr. David Katz told Yahoo Finance Live.

In other positive news on the COVID-19 front, Merck (MRK) received authorization from the U.S. Food and Drug Administration for its at-home COVID-19 drug, just one day after Pfizer (PFE) was also approved for use of its own treatment.

The pill developed by Merck in conjunction with Ridgeback Biotherapeutics, called molnupiravir, was shown to reduce hospitalizations and deaths by around 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in clinical trial data. Pfizer’s pill was reported to be 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} effective at preventing hospitalizations and deaths in high-risk patients.

Shares of Merck closed down 0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in early trading at $75.75 a piece, while Pfizer’s stock closed at $58.66 per share, down 1.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Investors weighed a trove of economic releases ahead of the holiday weekend.

The Labor Department reported that initial jobless claims totaled 205,000, sustaining a downward trend from the highs of their pandemic peak and reflecting labor market tightness brought on by a demand for workers heading into the new year. The latest print brings the four-week moving average for new claims to its lowest in 52 years, ticking up by 2,750 week-over-week to reach 206,250.

Meanwhile, U.S. consumer prices accelerated at the fastest pace in nearly four decades as shoppers confront rising inflation levels ahead of the holidays.

“Workers have a lot of power, and that’s likely to result in continued wage gains,” Girard chief investment officer Timothy Chubb told Yahoo Finance. “What worries us from an inflation standpoint is, at what point do we potentially see some of those inflation risks sort of hand the baton to the labor market?”

Meanwhile, November sales of new U.S. homes jumped 12.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to a seven-month high of 744,000, buoyed by low mortgage rates and higher demand in the housing industry.

U.S. durable goods orders rose by 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, up from the prior month, boosted by a sharp rise in aircraft orders.

In Wednesday’s trading session, investors weighed an upbeat print on consumer confidence levels and the release of an upwardly revised estimate for domestic GDP, placing all three major averages in the green after a mixed open.

The Conference Board reported consumer confidence increased by a greater-than-expected margin in December, with the headline index at 115.8 during the month and higher than Bloomberg’s consensus estimates of 111.0. In November, the index had a reading of 111.9, revised from an initial report of 109.5. Meanwhile, the nation’s gross domestic product grew at an annual rate of 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the third quarter in the final estimate from the Bureau of Economic Analysis after the initial report of 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

“We’ve been saying that this is definitely a buy the dip sort of market because we expect more earnings upgrades to come,” Anik Sen, PineBridge Investments global head of equities told Yahoo Finance Live. “We think that the real debate should be about the length and strength of the economic cycle ahead.”

Thursday’s market gains may be the start of the year-end Santa Claus Rally — one in which stocks climb higher in the final seven trading sessions of a year, plus the first two trading days of the new year. Starting today, traders are looking to see whether nearly a century of data will uphold.

For reasons unclear, over the past 92 years, the S&P 500 gained 77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the time during the year-end rally period, according to data from Sundial Capital Research. The average gain in this nine-day trading period tallied 2.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

4:00 p.m. ET: S&P 500 closes at a record

Here were the main moves as markets closed ahead of the Christmas weekend:

S&P 500 (^GSPC): +29.16 (+0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,725.72
Dow (^DJI): +196.57 (+0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,950.46
Nasdaq (^IXIC): +131.48 (+0.85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,653.37
Crude (CL=F): +$1.13 (+1.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $73.89 a barrel
Gold (GC=F): +$7.90 (+0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,810.10 per ounce
10-year Treasury (^TNX): +3.6 bps to yield 1.4930{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:32 p.m. ET: S&P 500 climbs to new high

Here were the main moves during intraday trading:

S&P 500 (^GSPC): +32.83 (+0.70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,729.39
Dow (^DJI): +230.23 (+0.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,984.12
Nasdaq (^IXIC): +128.35 (+0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,650.25
Crude (CL=F): +$0.92 (+1.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $73.68 a barrel
Gold (GC=F): +$6.80 (+0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,809.00 per ounce
10-year Treasury (^TNX): +3.6 bps to yield 1.4930{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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10:21 a.m. ET: New homes sales rise to highest since April

November sales of new U.S. homes jumped 12.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to a seven-month high. The Census Bureau reported that new home sales rose 82,000 last month from October to 744,000, buoyed by low mortgage rates and higher demand in the housing industry.

Forecast ranged between 737,000-850,000 across 51 estimates, with a median of 770,000, according to Bloomberg data.

The median sales price of a new home sold in November was $416,900, 14.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher than a year ago.

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9:30 a.m. ET: Markets open higher following economic releases

Here were the main moves in markets at open Thursday morning:

S&P 500 (^GSPC): +10.69 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,707.25
Dow (^DJI): +102.67 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,856.56
Nasdaq (^IXIC): +180.81 (+1.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,521.89
Crude (CL=F): +$0.12 (+0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $72.88 a barrel
Gold (GC=F): +$5.30 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,807.50 per ounce
10-year Treasury (^TNX): +0.5 bps to yield 1.4620{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

9:07 a.m. ET: Consumer prices accelerate, while spending slows

U.S. consumer prices accelerated at the fastest pace in nearly four decades. The Commerce Department reported an increase of 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the past 12 months, reflecting the fastest gain in 39 years as shoppers confront rising inflation levels ahead of the holidays.

Meanwhile, personal spending rose 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, a slowdown from last month’s print of 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The figure, which accounts for 70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of economic activity, comes amid the latest wave of COVID-19 cases, hinting at the possibility of a broader economic slowdown.

Personal incomes rose 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, down slightly from the 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in October.

—

8:42 a.m. ET: Durable goods orders beat expectations

U.S. durable goods orders rose by 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, up from the prior month, boosted by a sharp rise in aircraft orders.

Core capital goods orders, a measure of business investment in equipment that excludes aircraft and military hardware, fell 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after an upwardly revised 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in October, according to Bloomberg.

The median Bloomberg estimates projected a 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in core capital goods orders and a 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in total durables bookings.

—

8:30 a.m. ET: First-time unemployment filings remain at pre-pandemic levels

Initial jobless claims remained at pre-pandemic lows, sustaining a downward trend from the highs of their coronavirus peak and reflecting labor market tightness brought on by a demand for workers heading into the new year.

The Labor Department reported on Thursday that new initial jobless claims totaled 205,000 for the week ending December 18, on par with consensus estimates. The latest print brings the four-week moving average for new claims to its lowest in 52 years, ticking up by 2,750 week-over-week to reach 206,250.

“The direction in the labor market recovery remains positive, with demand still strong,” Rubeela Farooqi, chief economist for High Frequency Economics, wrote in a note. “Labor shortages are persisting, preventing a stronger recovery, although these appeared to ease somewhat in November.”

—

7:00 a.m. ET: Contracts on Dow, S&P, and Nasdaq edge higher ahead of open

Here’s how markets were moving in early trading on Thursday:

S&P 500 futures (ES=F): +13.75 points (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,699.75
Dow futures (YM=F): +107.00 points (+0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,739.00
Nasdaq futures (NQ=F): +34.75 points (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,204.50
Crude (CL=F): +$0.20 (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $72.96 a barrel
Gold (GC=F): +$5.20 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,807.40 per ounce
10-year Treasury (^TNX): +0.08 bps to yield {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} 130.66

—

6:01 p.m. Wednesday ET: Stock futures flat ahead of overnight trading

Here’s how markets were moving in late trading on Wednesday:

S&P 500 futures (ES=F): +4.00 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,690.00
Dow futures (YM=F): +19.00 points (+0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,651.00
Nasdaq futures (NQ=F): +11.05 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,181.25
Crude (CL=F): +$0.30 (+0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $73.06 a barrel
Gold (GC=F): +$3.00 (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,805.20 per ounce
10-year Treasury (^TNX): +0.06 bps to yield {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} 161.4375

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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November 14, 2021

Stocks fall after hotter-than-expected inflation data

Stocks extended losses on Wednesday, retreating from this week’s record highs with investors fixing their attention on a key inflation report that showed a greater-than-expected jump in consumer prices last month.

The S&P 500 Index is coming off its first session of losses following eight straight days of gains, with the Dow and Nasdaq each also pulling back from record-setting runs.

One of the most closely watched reports Wednesday morning was the Labor Department’s Consumer Price Index (CPI) for October, which counterbalanced strong jobless claims that sank to their lowest of the COVID-19 era.

Consumer prices soared 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to last year, accelerating from September’s 5.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year rate. This was a bigger jump than the 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise anticipated, based on Bloomberg consensus data. And it represented the fastest annual rise in consumer inflation since 1990.

The staying power and magnitude of inflationary pressures has become a critical question for market participants, with companies across industries reporting rising input costs and price hikes in order to pass on these expenses and preserve margins. While third-quarter earnings results have showed that S&P 500 companies have largely been able to navigate these cost pressures, the possibility remains that lasting inflation could exert a greater impact, especially if consumers ultimately prove unwilling to pay higher prices.

“That’s going to be one of the big things going forward, to see whether or not that consumer sentiment can bounce back, whether consumers will be resilient in the face of these price pressures, or whether they’ll start to pull back a bit and decide they’re going to hold off on spending and wait to see when prices come down or at least stabilize before they spend more in the new year,” Yung-Yu Ma, BMO Wealth Management’s chief investment strategist, told Yahoo Finance.

“So that remains to be seen, and that is a big question mark as we go into 2022,” Ma added.

Inflation data so far has reflected still-elevated pressures in the recovering economy, even as Federal Reserve officials maintained that the supply-related factors creating these heightened costs would eventually wane. Tuesday’s Producer Price Index from the Bureau of Labor Statistics showed that prices paid to producers jumped by a marked 8.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to last year, representing the fastest rise in data extending back to 2010. And last week’s October jobs report showed average hourly earnings jumped 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month compared to the same period last year, accelerating from September’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual rise.

Meanwhile, a bevy of companies will report quarterly earnings results, including Disney (DIS), Bumble (BMBL), Wish (WISH) and Beyond Meat (BYND) after market close.

—

4:03 p.m. ET: Tech shares lead stock drop after hotter-than-expected inflation print; Nasdaq posts worst day since early Oct.

Here were the main moves in markets as of 4:03 p.m. ET:

S&P 500 (^GSPC): -38.55 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,646.70
Dow (^DJI): -240.04 (-0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,079.94
Nasdaq (^IXIC): -263.84 (-1.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,622.71
Crude (CL=F): -$2.87 (-3.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $81.28 a barrel
Gold (GC=F): +$22.30 (+1.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,853.10 per ounce
10-year Treasury (^TNX): +12.8 bps to yield 1.5600{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

12:17 p.m. ET: Amazon-backed Rivian shares to begin trading after $11.9 billion IPO

Electric-vehicle maker Rivian, backed by companies including Amazon and Ford, is set to see shares begin trading publicly on Wednesday after an upsized initial public offering. The company priced its IPO at $78 per share late Tuesday to raise $11.9 billion, in the sixth largest IPO ever on a U.S. exchange, according to Bloomberg data.

Investors are already bidding up the stock price further. As of Wednesday afternoon, the stock was indicated to open at $111 apiece, marking a jump from its IPO pricing. The price discovery process was still under way as of 12:17 p.m. ET.

Rivian has yet to begin delivering its vehicles at scale, and it is expected to produce just 1,200 units by. the end of this year at its flagship plant in Illinois. It expects annual production to hit 150,000 vehicles at this facility by the end of 2023. Amazon has a contract with Rivian to be provided with 100,000 of its vehicles by 2024.

The company remains unprofitable, however, and its net loss came in at $994 million in the first six months of 2021, compared with a loss of $377 million in the same period in 2020.

—

12:08 p.m. ET: Biden says reversing elevated inflation is a ‘top priority’

President Joe Biden said on Wednesday that he was committed to combatting rising prices, after new data showed consumer prices rose at their fastest pace in more than three decades.

“Inflation hurts Americans’ pocketbooks, and reversing this trend is a top priority for me,” Biden said in a statement following the Bureau of Labor Statistics’ October Consumer Price Index.

“The largest share of the increase in prices in this report is due to rising energy costs—and in the few days since the data for this report were collected, the price of natural gas has fallen,” Biden added. “I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector.”

He noted that other price increase reflected the “ongoing struggle to restore smooth operations in the economy” as supply chain snarls continue to weigh on corporate America. He noted he believed his more than $1 trillion infrastructure plan, which passed the House late last week, would help address these concerns.

—

9:30 a.m. ET: Wall Street opens on a down note

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

S&P 500 (^GSPC): 4,669.29, -15.96 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Dow (^DJI): 36,305.21, -14.77(-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Nasdaq (^IXIC): 15,720.30, -166.25 (-1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Crude (CL=F): $83.91 per barel, -$0.24 (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Gold (GC=F): $1,857.30 per ounce, +$26.50 (+1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
10-year Treasury (^TNX): +0.43 bps to yield 1.4760{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

8:41 a.m. ET: Consumer Price Index posts biggest annual rise since 1990

The Consumer Price Index (CPI) jumped by a much bigger-than-expected margin in October compared to. last month and last year, with inflationary pressures continuing to weigh on the recovering economy.

The CPI rose 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October over September, the Bureau of Labor Statistics said Wednesday, accelerating from September’s 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly rise. Consensus economists were looking for a just 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month increase in October, according to Bloomberg data.

Over last year, the broadest measure of CPI jumped 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or by the most since 1990.

Energy was a major contributor to the headline jump in CPI, with energy prices up 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month, and fuel oil prices alone up 12.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Groceries also became more expensive, with food at home prices rising by 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Used car and truck prices rose 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reverse course after back-to-back months of price drops. The Bureau of Labor Statistics noted that airline fares and alcoholic beverages were two of the only categories to post price declines during the month.

Even excluding more volatile food and energy prices, consumer prices accelerated markedly last month. This so-called core measure of CPI was up 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a month-over-month in October, or three times September’s 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise. And over last year, the core CPI rose 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or by the most since 1991.

—

7:50 a.m. ET: Stock futures point to a lower open ahead of CPI data

Here’s where markets were trading Wednesday morning:

S&P 500 futures (ES=F): -12.5 points (-0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,665.75
Dow futures (YM=F): -57 points (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,152.00
Nasdaq futures (NQ=F): -82.75 points (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,130.00
Crude (CL=F): -$0.46 (-0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.69 a barrel
Gold (GC=F): -$3.30 (-0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,827.50 per ounce
10-year Treasury (^TNX): +2.5 bps to yield 1.474{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:02 p.m. ET Tuesday: Stock futures drift lower ahead of inflation data

Here’s where markets were trading Tuesday evening:

S&P 500 futures (ES=F): -3.75 points (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,674.50
Dow futures (YM=F): -33 points (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,176.00
Nasdaq futures (NQ=F): -16.5 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,196.25

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)

—

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

October 30, 2021

Good jobs data, weaker growth, and what connects them both: Morning Brief

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Friday, October 29, 2021

Great and terrible information, connected by even worse information

In purchase, this 7 days in the news cycle advised us: 1) a pair of things we currently realized 2) confirmed a thing that we suspected but weren’t confident about and 3) gave us more clarity on a far more acute issue that we likely won’t fix prior to 2022.

The 1st classification will involve the labor market place and third quarter earnings, equally of which — until finally Thursday at least — were on an inconceivable hot streak. On Thursday, Starbucks (SBUX), Apple (AAPL) and Amazon (AMZN) broke the encouraging development by reporting benefits that broadly missed Wall Road estimates, suggesting corporate America’s gravity-defying act could be nearing its close.

However overall, Q3 benefits have been persistently far more upbeat than numerous of the gloomiest predictions. Meanwhile, jobless promises hit but one more pandemic era trough, with the info collection creeping closer to pre-COVID concentrations, exhibiting how the labor restoration remains robust.

The next group is economic expansion, which is sensation a definitive chill many thanks to a couple of salient components (extra on that in a 2nd), and fiscal stimulus that slowly but surely but surely is wearing off. Progress Q3 gross domestic merchandise checked in at a worse-than-envisioned speed of 2.{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Even though marketplaces extended the week’s rally in anticipations of superior development and stronger earnings, the disappointing benefits soon after-the-bell propose the chickens are starting off to appear residence to roost.

“Over the previous 10 times the S&P 500 has damaged out from its historical pattern and rallied a couple of weeks” forward of what’s ordinarily referred to as the markets’ “Santa Claus rally” ahead of the vacations, wrote Jim Reid at Deutsche Lender, this 7 days. Late October is commonly the market’s strongest performance of the calendar year, with reduce volatility, he additional.

“Earnings have served and a reminder that U.S. reporting so significantly has been improved than the very long-expression typical in conditions of beats but notably down from the strike charge of the amazing final four quarters, primarily if you regulate for the launch of financial loan reduction provisions at banking institutions,” he wrote (much more on that in Wednesday’s Temporary).

As you could have guessed, the 3rd concern will involve the worsening provide chain disaster — and which is the integument that binds the former two.

Lower development invariably sales opportunities to fewer work opportunities, and the economic system simply cannot expand except it’s ready to satisfy present need in an suitable style. Some of that was mirrored in Thursday’s earnings letdown, with equally Starbucks and Apple partly faulting provide woes for the quarter’s underperformance.

Before this 7 days, Yahoo Finance’s Dani Romero gave us a barn-burner dispatch from the front traces of Los Angeles’ clogged port, with perception into what truckers and dock personnel are pondering about the difficulty. In the meantime, Wall Avenue sees no relief on the horizon, and in truth thinks the difficulty will get even worse ahead of it receives superior.

“The evidence retains mounting that world trade is unable to increase any further more from its elevated amount,” Ariane Curtis, world economist at Funds Economics, wrote this week.

“And industrial supply and worldwide logistics are likely to continue failing to hold up with demand from customers in the coming months, even as the world wide restoration slows. Appropriately, port congestion and finally transport expenses ought to remain high effectively into 2022, posing upside dangers to inflation, particularly in sophisticated economies,” Curtis included.

Though economists believe that the stress will simplicity following the vacations, the congestion is far more than probable to persist until finally the center of 2022.

Wait — it receives worse. Curtis pointed out that the supply chain-international demand from customers imbalance that is clogging seafaring arteries “is not heading to resolve alone overnight” — and could soon manifest by itself a lot more radically in air delivery.

“In truth, just in modern weeks, worldwide spot air freight prices have edged earlier mentioned their previous peak at the top of lockdowns in May perhaps of past yr and are up by about 120{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to their pre-pandemic normal,” the economist included.

Which suggests that the now meme-deserving sight of ships idling in the Pacific could shortly metastasize into cargo planes clogging tarmacs all around the nation. Do not shoot the messenger.

By Javier E. David, editor at Yahoo Finance. Follow him at @Teflongeek

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How do personnel get religious exemptions from vaccine mandates? It is challenging

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October 6, 2021

Cardinality.io Helps Business Insurance Solutions Ltd. (BISL) Use Data Analytics to Drive Digital Transformation in the U.K. Insurance Market

Posted: Oct. 5, 2021 at 4:00 AM EDT|Up to date: 21 hours ago

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Cardinality.io puts all the information relevant to our business at our fingertips, allowing us... — Cardinality.io places all the details relevant to our business at our fingertips, letting us to use facts analytics and equipment understanding to generate our organization ahead.

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