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January 22, 2023

Nasdaq jumps 2.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as tech leads Friday stock rally

U.S. shares rallied on Friday, closing out the week on an upbeat notice, led by powerful gains in the tech sector.

The S&P 500 (^GSPC) finished Friday up 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, though it nonetheless closed the week down .7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Dow Jones Industrial Average (^DJI) elevated 1.{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Friday. The engineering-weighty Nasdaq Composite (^IXIC) closed up 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, its most significant a person-day gain because the stop of November.

The produce on the benchmark 10-year U.S. Treasury note rose to 3.482{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 3.397{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Thursday. The dollar index was minimal improved.

The moves up Friday shut out what had been a rough 7 days for Wall Street. Shares experienced prolonged a string of losses Thursday as investors dissected financial facts and company earnings reports, clouding their sights of the health of the U.S. overall economy.

Inspite of problems about the economic climate, markets have been fairly resilient and moved generally larger this 12 months, in accordance to the U.S. Industry Intelligence group at JP Morgan. Nevertheless, the team does not consider a recession is at present priced in in fairness marketplaces.

“We do not agree with the argument that because a economic downturn is consensus,” the workforce wrote, “The market and economic result have to be superior.”

The S&P 500 is expected to report a 12 months-in excess of-year drop in earnings of 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the fourth quarter, in accordance to info from FactSet Exploration. This would mark the 1st yr-in excess of-calendar year decrease in earnings noted by the index due to the fact 2020 if recognized.

Wall Road navigated another spherical of knowledge and Fedspeak toward the conclude of the week that provided blended indicators on the central bank’s following transfer. Federal Reserve Financial institution of New York President John Williams reported Thursday the central financial institution has more fee hikes forward “to deliver inflation down to our 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} purpose on a sustained foundation.”

Federal Reserve Vice Chair Lael Brainard and Federal Reserve Financial institution of Boston President Susan Collins expressed similar remarks Thursday ahead of the Fed’s following financial plan assembly, which begins Jan. 31.

Nevertheless, Philadelphia Fed President Patrick Harker repeated his view on Friday early morning to shift to 25-basis-issue level hikes, though Federal Reserve Governor Christopher Waller claimed Friday that he way too favors a quarter-proportion-place interest amount maximize at the subsequent meeting.

On the financial entrance, gross sales of beforehand owned US households fell for the 11th consecutive month in December, extending the record decline even further as substantial home finance loan premiums and limited inventory stifled affordability.

Contract closings lessened 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from November’s examining, to an annualized rate of 4.02 million final thirty day period, according to information from the Nationwide Association of Realtors on Friday. The amount of households offered for sale fell to 970,000 in the month, with the median advertising price tag 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from a calendar year before.

In corporate news, Netflix (NFLX) CEO Reed Hastings introduced Thursday that he is stepping down. Immediately after a two-ten years operate, he’s leaving the streaming platform in the arms of co-CEO Ted Sarandos and COO Greg Peters just after reporting a sturdy conclusion of 2022.

POLAND – 2023/01/19: In this picture illustration a Netflix emblem is displayed on a smartphone with stock market place percentages on the qualifications. (Photo Illustration by Omar Marques/SOPA Photographs/LightRocket by means of Getty Illustrations or photos)

And the period of password sharing will shortly close. The streaming huge will be enforcing password-sharing policies “more broadly” towards the stop of the very first quarter of 2023, Netflix declared in its earnings report on Thursday. Shares jumped almost 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Friday.

Google mum or dad Alphabet Inc. (GOOG, GOOGL), in the meantime, stated it’s laying off 12,000 employees, or extra than 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its global workforce, becoming the newest tech organization to trim personnel just after speedy expansions through the pandemic. Google dad or mum Alphabet Inc. shares included nearly 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Friday.

Fanatics is in talks to get the BetParx sportsbook, CNBC described. The firm is wanting to extend its footprint in the sports betting marketplace.

In the commodities sector, oil selling prices ticked up. Brent crude, the worldwide benchmark, rose just about 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $83.99 a barrel, and WTI, the US benchmark, additional 1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to settle at about $81.78. Both equally ended the week with a further attain, pushed by optimism about need rebound in China.

Meanwhile, in the crypto current market, Genesis International Money filed for individual bankruptcy defense late Thursday in U.S. Individual bankruptcy Court docket for the Southern District of New York. The go will come soon after the business could not raise funds for its troubled lending unit and reduce 30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of workers in a contemporary round of layoffs in early January.

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Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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November 27, 2021

S&P 500, Nasdaq rise after weekly jobless claims reach 52-year low, PCE inflation jumps

The S&P 500 and Nasdaq gained on Wednesday as technology stocks recovered some recent losses, with investors digesting a deluge of economic data before a holiday market closure.

Investors considered new Labor Department data showing weekly initial jobless claims fell far more than expected to their lowest level since November 1969, underscoring current tight labor market conditions. However, a separate print showed personal consumption expenditures (PCE) accelerated to rise by 5.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October, or the fastest rate since 1990, to add to recent signs of elevated price pressures.

The 10-year Treasury yield rose to near 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} amid these further signs of a firming economic recovery and persistently hot inflation data.

Rising interest rates have coincided with a selloff in tech and growth stocks this week, with the Nasdaq dropping 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Tuesday after Monday’s more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline.

“Initially, the markets were happy with the FOMC decision [for Fed Chair Jerome Powell’s renomination] in the sense that it was sort of a continuity play to some degree. But then rates started to rise, and a lot of folks read rising rates as negative for big-cap tech,” Stuart Kaiser, UBS head of equity derivatives research, told Yahoo Finance Live. “So I think the tradeoff we’re going to have here is that, tech has been market leadership — it’s obviously a strong earnings growth and free cash flow engine for U.S. equities — but if you believe it’s going to come under pressure from higher yields, then you end up with kind of a difficult Catch-22.”

According to other analysts, the market action this week — with a renewed rotation away from technology and growth stocks in the face of rising rates — could presage the investing environment for next year.

“[Tuesday] might be an example of what we see more of next year as the Fed moves into a mode of withdrawing liquidity from the markets and ending these pandemic-era policies, perhaps with rate hikes at the end of the year,” Jeffrey Kleintop, Charles Schwab chief global investment strategist, told Yahoo Finance Live. “And that means higher-valuation stocks, well, they tend to not do as well in environments of rising interest rates and tighter financial conditions.”

“So you may want to look to be in those sectors that are maybe trading closer to their average valuations, looking to leadership like financials, energy,” he added. “The only caveat to that is when we see these upticks in COVID cases globally, it tends to favor those lockdown defensives like technology.”

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4:09 p.m. ET: Tech stocks recover, S&P 500 and Nasdaq end higher after jobless claims reach 52-year low, PCE inflation jumps

Here were the main moves in markets as of 4:09 p.m. ET:

S&P 500 (^GSPC): +10.76 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,701.46
Dow (^DJI): -9.42 (-0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,804.38
Nasdaq (^IXIC): +70.09 (+0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,845.23
Crude (CL=F): -$0.25 (-0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.25 a barrel
Gold (GC=F): +$4.20 (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,788.00 per ounce
10-year Treasury (^TNX): -2.2 bps to yield 1.6450{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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3:50 p.m. ET: FOMC minutes suggest central bank focused on ‘flexibility’ for policy path forward

The Federal Open Market Committee’s November meeting minutes released Wednesday afternoon suggested monetary policymakers were committed to remaining flexible in their policy path forward and would adjust their asset-purchase tapering as needed as new economic data rolled in. The central bank had announced in early November that it was going to begin reducing its asset purchases at a rate of $15 billion per month in each of November and December, and then reassess the size of the reductions going forward.

“The Committee was prepared to adjust the pace of purchases if warranted by changes in the economic outlook and agreed that the post-meeting statement should say so,” the minutes said. “Members agreed that the addition of this language would acknowledge the importance of maintaining flexibility to adjust the stance of policy as appropriate in response to changes in the Committee’s outlook for the labor market and inflation.”

The November FOMC meeting did not come with an updated “dot plot” of individual members’ projections on interest rates and other economic data. However, the minutes Wednesday noted that the members’ “near-term outlook for inflation was revised up, as consumer food and energy prices had risen faster than expected and production bottlenecks and recent wage gains were seen as putting somewhat greater upward pressure on prices than had been anticipated.”

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12:02 p.m. ET: New home sales unexpectedly rose for a back-to-back month in October

New home sales rose by 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October to extend gain after a 7.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in September, Commerce Department data showed on Wednesday. Consensus economists were looking for an unchanged reading last month, according to Bloomberg consensus data.

“The trend is picking up after a steep drop in the first half of the year, and the recent rising trend in mortgage applications points to clear increases over the next few months, with sales hitting 850K or so by January,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note Wednesday. “At the same time, inventory continues to rise rapidly, in contrast to the existing homes market. Supply in the three months October stood at 6.3 months, a bit higher than before COVID. As a result the surge in prices now looks very overcooked, and we expect a clear slowing in the first half of next year.”

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10:15 a.m. ET: Personal spending and income each top estimates in October despite

Personal spending increased in October even amid elevated prices, pointing to continued strength in the consumer despite lingering inflation.

Personal spending, which comprises about two-thirds of U.S. economic activity, rose by 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to September, the Bureau of Economic Analysis said Wednesday. This was faster than the 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate posted for September and the 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly increase expected, according to Bloomberg data. Real personal spending also accelerated during the month and topped estimates, rising by 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from September’s 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase.

Personal income, meanwhile, rebounded after dropping last month, rising by 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} versus the 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase anticipated. Income had fallen by 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month in September, in part coming after federal enhanced unemployment benefits were phased out at the national level after Labor Day.

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10:10 a.m. ET: Personal consumption expenditures rose at fastest pace since 1990

A new print on inflation rose at its fastest rate in more than three decades in October, adding to a bevy of data pointing to persistent inflationary pressures.

Personal consumption expenditures rose by 5.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October over last year, accelerating from September’s 4.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise. The latest monthly print marked the fastest annual growth rate since 1990.

Excluding volatile food and energy prices, the core PCE deflator was up 4.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October, also accelerating from September’s revised 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase. This was the fastest annual rise in the core PCE — the Fed’s preferred inflation gauge — since 1991.

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9:30 a.m. ET: Stocks open lower

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

S&P 500 (^GSPC): -21.59 (-0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,669.11
Dow (^DJI): -209.61 (-0.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,604.19
Nasdaq (^IXIC): -114.56 (-0.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,658.21
Crude (CL=F): -$0.23 (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.27 a barrel
Gold (GC=F): -$1.40 (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,782.40 per ounce
10-year Treasury (^TNX): +1.6 bps to yield 1.681{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:45 a.m. ET: New jobless claims reach lowest in 52 years, Q3 GDP revised up

Economic data Wednesday morning came in mostly stronger-than-expected, with a new print on the labor market handily topping estimates while the second estimate of U.S. economic activity in the third quarter was revised higher.

The Labor Department reported Wednesday that new weekly jobless claims came in at 199,000 for the week ended Nov. 20. This was the lowest level since November 1969, and was much better than the 260,000 new claims expected.

Meanwhile, the Bureau of Economic Analysis released its second estimate on third-quarter U.S. gross domestic product. Quarterly GDP was revised up to a 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate for the three months ended in September, or above the 2.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate previously reported. This still represented a marked slowdown from the prior quarter’s 6.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate of growth, however.

The improvement from the prior estimate came as personal consumption, the biggest component of U.S. economic activity, was revised up to a 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pace, from the 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate previously reported.

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7:16 a.m. ET Wednesday: Stock futures drop ahead of economic data

Here were the main moves in markets ahead of the opening bell

S&P 500 futures (ES=F): -13.75 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,674.75
Dow futures (YM=F): -119 points (-0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,647.00
Nasdaq futures (NQ=F): -59 points (-0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,253.00
Crude (CL=F): +$0.17 (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.67 a barrel
Gold (GC=F): +$3.40 (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,787.20 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 1.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:16 p.m. ET Tuesday: Stock futures open lower

Here’s where markets were trading Tuesday evening:

S&P 500 futures (ES=F): -4.75 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,683.75
Dow futures (YM=F): -27 points (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,739.00
Nasdaq futures (NQ=F): -17.25 points (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,294.75

NEW YORK, NEW YORK - NOVEMBER 15: A trader works on the floor of the New York Stock Exchange (NYSE) on November 15, 2021 in New York City. Following positive economic news out of China, stocks were up in morning trading on Monday with investors looking at retail sales and earnings results out from major U.S. companies later this week. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – NOVEMBER 15: A trader works on the floor of the New York Stock Exchange (NYSE) on November 15, 2021 in New York City. Following positive economic news out of China, stocks were up in morning trading on Monday with investors looking at retail sales and earnings results out from major U.S. companies later this week. (Photo by Spencer Platt/Getty Images)

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

November 19, 2021

Nasdaq jumps as Amazon, Apple gain while Dow posts back-to-back session of losses

Stocks were mixed on Thursday as investors weighed a batch of solid corporate earnings results against lingering inflation concerns.

The S&P 500 and Nasdaq ended a choppy session higher. The Dow lagged, led by a drop in shares of Cisco (CSCO). The company posted quarterly results that were dented by components shortages, and the computer networking equipment company posted a disappointing current-quarter forecast. And meanwhile, Alibaba’s (BABA) sharply disappointing quarterly report and slashed guidance for the full year raised alarm bells about the pace of growth in China — the world’s second-largest economy — as company executives highlighted slowing consumption trends

Nvidia (NVDA) shares jumped, however, after the semiconductor company posted record quarterly revenues and strong full-year guidance. The report suggested it was effectively navigating a lingering global shortage and meeting elevated demand.

The past couple days of equity market volatility have coincided with a mixed set of economic data, with a new print Thursday showing jobless claims ticked down only modestly last week, and a report Wednesday showing a surprise drop in new-home construction last month. Commentary about inflation also mounted and added to investors’ concerns over elevated price pressures. Target (TGT) executives flagged rising labor and other input costs during their earnings call on Wednesday and added to a chorus of other company mentions of inflation.

The possibility that elevated inflation will stick around longer than previously anticipated remained a central focus for investors, both for its potential dampening effect on consumer spending, and as a potential catalyst for the Federal Reserve to raise interest rates sooner than previously telegraphed. The U.S. central bank has so far maintained its accommodative tilt and telegraphed that an initial interest rate hike could take place sometime next year, depending on the evolution of the economic recovery. Investors also continue to await a formal announcement from President Joe Biden about his nominee for Fed chair, with the most likely candidates being current Fed Chair Jerome Powell, and current Fed Governor Lael Brainard.

The Fed’s present still-accommodative leaning has helped support equity markets and capped Treasury yields, which has in turn further kept investors focused on riskier assets like stocks over bonds.

“The yield question is kind of global in nature,” Uma Pattarkine, CenterSquare senior analyst, told Yahoo Finance Live on Wednesday. “We still see [central] banks being very, very accommodative. So it seems like we might be kind of in this ‘lower rate for a longer time’ environment.

“At this point investors really need to be looking at yields, where they can get it elsewhere in the market if they’re not planning on getting it through fixed income in the near future, until we see that movement in the global rate market,” Pattarkine added.

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4:13 p.m. ET: Nasdaq and S&P 500 end higher as Amazon, Apple gain; Dow closes slightly lower

Here were the main moves in markets as of 4:13 p.m. ET:

S&P 500 (^GSPC): +15.87 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,704.54
Dow (^DJI): -60.10 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,870.95
Nasdaq (^IXIC): +72.14 (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,993.71
Crude (CL=F): +$0.35 (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.71 a barrel
Gold (GC=F): -$7.80 (-0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,862.40 per ounce
10-year Treasury (^TNX): -1.5 bps to yield 1.5890{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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1:32 p.m. ET: ‘It’s not just an inflation story, it’s a growth story’: UBS

Investors should take into consideration both rising inflation and improving economic growth in the current macro environment when contemplating investments, Jason Draho, UBS head of asset allocation Americas, noted to Yahoo Finance Live on Thursday.

“The environment right now that’s leading to inflation is also tied to a very strong economic recovery in the U.S., but even increasingly globally. Part of that story means, it’s not just an inflation story, it’s a growth story,” Draho said. “So things that you can do in your portfolio and ways to take advantage of it and sort of get the benefit of both aspects, which means buying things tied to what’s in demand … things like commodities, financials, things of that sort. So part of this is a hedge for inflation but part of it is also a play for a longer-term recovery.”

Draho also added that some of the factors contributing to present levels of inflation — namely, supply-side disruptions — may soon dissipate.

“I’d say we’re at the peak or even probably past the peak,” of supply chain bottlenecks, he added. “It’s still going to probably take at least a few quarters for things to really sort of be running fully efficiently.”

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12:30 p.m. ET: Microsoft shares set record intraday high, Amazon’s stock jumps to reach highest since July

Big Tech stocks outperformed on Thursday to help pull the S&P 500 and Nasdaq higher, and both shares of Microsoft and Amazon set new milestones.

Microsoft (MSFT) shares rose to a record intraday high, sending the stock’s market capitalization further above $2.5 trillion. Amazon (AMZN) shares, meanwhile, jumped to their highest level since July, helping unwind a multi-month drift that still left the stock underperforming against the S&P 500 for the year-to-date.

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10:11 a.m. ET: Macy’s shares jump more than 18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after topping 3Q results, raising guidance

Macy’s (M) became the latest retailer to exceed quarterly estimates this week, suggesting U.S. consumer spending was staying solid and foot traffic to department stores was rebounding more quickly than expected.

Macy’s owned plus licensed comparable same-store sales jumped by 35.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, exceeding the 33.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth rate expected, based on Bloomberg consensus data. The company also swung back to a profit, with adjusted earnings coming in at $1.23 per share, following a loss of 19 cents a share in the same quarter last year. Gross margins expanded by about 100 basis points, “driven by stronger regular price selling, fewer markdowns” that offset rising delivery costs, CEO Jeff Gennette said during the company’s earnings call.

“On the health of the customer, we definitely see that continuing,” Gennette added.

For the full year, Macy’s sees adjusted earnings coming in between $4.57 to $4.76 per share, marking a significant increase from its prior outlook for $3.41 to $3.75 a share.

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9:50 a.m. ET: Alibaba shares slide after missing earnings estimates, slashing guidance

Alibaba posted September quarter results and guidance that sharply missed estimates, with a slowing economic environment in China and efforts to contain the coronavirus in the region weighing on consumer spending on the e-commerce platform.

“Over the last 6 months, we have observed softer market conditions with slowing consumption growth in China,” Alibaba Chief Financial Officer Wei Wu said during the company’s earnings call Thursday. “Given slower-than-expected domestic consumption growth, since we provided our revenue guidance in May, we now expect our fiscal ’22 revenue growth to be 20-23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year.”

Consensus analysts were expecting full-year sales growth of 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, based on Bloomberg data.

For Alibaba’s latest reported quarter, sales grew by a smaller-than-expected 29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach 200.7 billion yuan ($31.4 billion), whereas analysts were looking for 206.2 billion yuan. Adjusted earnings per American depository share were 11.20 yuan, also short of the 12.37 expected. The weakness was mostly contained to Alibaba’s core retail business, with its newer cloud computing business posting a 33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in revenue during the quarter.

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9:30 a.m. ET: Stocks mixed, tech leads Nasdaq higher

Here’s where markets were trading shortly after market open on Thursday:

S&P 500 (^GSPC): +8.82 (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,697.49
Dow (^DJI): -20.03 (-0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,913.81
Nasdaq (^IXIC): +24.55 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,941.73
Crude (CL=F): +$0.45 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.81 a barrel
Gold (GC=F): -$5.60 (-0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,864.60 per ounce
10-year Treasury (^TNX): unchanged to yield 1.6040{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:35 a.m. ET: Initial unemployment claims come in slightly higher-than-expected, but still reach fresh pandemic-era low

First-time unemployment claims narrowly set a new pandemic-era low last week, representing further steady progress in the labor market’s recovery as the number of those newly unemployed marched closer to pre-pandemic levels.

New unemployment claims came in at 268,000 during the week ended Nov. 13. This was down by a tick compared to the upwardly revised 269,000 reported for the previous week. Consensus economists were looking for new claims to come in at 260,000 for the latest period, according to Bloomberg data.

Continuing claims across regular state programs also came in at their lowest level since March 2020 at 2.080 million for the week ended Nov. 6. This was a bigger improvement than expected, since economists were looking for continuing claims to total 2.120 million.

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7:32 a.m. ET Thursday: Stock futures advance

Here’s where markets were trading Thursday morning:

S&P 500 futures (ES=F): +11.75 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,696.00
Dow futures (YM=F): +34 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,901.00
Nasdaq futures (NQ=F): +84.25 points (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,395.75
Crude (CL=F): -$0.67 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $77.69 a barrel
Gold (GC=F): -$4.20 (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,866.00 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 1.599{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:17 p.m. ET Wednesday: Stock futures open mixed

Here’s where markets were trading Wednesday evening:

S&P 500 futures (ES=F): +0.5 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,686.75
Dow futures (YM=F): -34 points (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,833.00
Nasdaq futures (NQ=F): +18 points (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,329.5

A man walks past the New York Stock Exchange on Wall Street on May 10, 202 in New York City. - Wall Street stocks were mixed early May 10, 2021 ahead of key consumer price and retail sales data expected to influence the outlook for US monetary policy. Major stock indices closed at records Friday following a disappointing April jobs report that bolstered expectations the Federal Reserve will keep interest rates low for a long period of time to support the economic recovery. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images) — A man walks past the New York Stock Exchange on Wall Street on May 10, 202 in New York City. – Wall Street stocks were mixed early May 10, 2021 ahead of key consumer price and retail sales data expected to influence the outlook for US monetary policy. Major stock indices closed at records Friday following a disappointing April jobs report that bolstered expectations the Federal Reserve will keep interest rates low for a long period of time to support the economic recovery. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

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

October 6, 2021

Nasdaq Composite jumps 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in best day since August as tech stocks recover losses

Stocks advanced on Tuesday as technology stocks recouped some losses from Monday, when a rotation away from growth names picked up steam as concerns over inflation lingered.

The Nasdaq Composite gained 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its best day since August, after the index dropped over 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a day earlier. The S&P 500 and Dow also closed higher.

Shares of technology heavyweight Facebook (FB) recovered and rose by 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its best day in five weeks. The stock had shed nearly 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at the start of the week, as an hours-long platform outage added to a string of negative coverage raising further scrutiny of the social media giant.

Equity markets have faced a slew of concerns about the economy and policy landscapes heading into the final quarter of the year. Wall Street’s anxiety over the debt-limit debates in Washington increased further, with Democratic and Republican lawmakers still struggling to reach an agreement to raise the federal government borrowing limit and avert what some policymakers have warned would be economy-wide disaster as soon as mid-month.

Investors are also awaiting signals from individual companies over how they have navigated supply chain challenges, rising labor costs and other pandemic-related pressures over the past several months, with third-quarter earnings season due to begin in earnest next week.

“The growth scare probably happened, and we’ve seen a better alignment of expectations for higher inflation and lower growth. But where earnings come into play … is that we’re still going to have pockets of really high price pressure that are going to make business hard for select areas,” Francis Donald, Manulife Global chief economist, told Yahoo Finance.

“We need to be watching the earnings season not necessarily because of its broad impact – of course that matters to the market — but because we really need to be in a stock-picker’s market where those who really understand these companies are seeing who’s going to get whacked by the supply chain issues, and who’s going to benefit from the underlying fundamentals that are improving going into 2022,” she added.

Despite the plethora of headline risks to the market, a number of strategists have warned against becoming too pessimistic just yet.

“I don’t see this as the big one, the big pullback, where we’re going to go down 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and get into bearish territory,” D.R. Barton, Jr., principal at Woodshaw Financial Group, told Yahoo Finance Live about Monday’s equity decline. “We’re still awash in so much money – that overcomes so much other bad news, and I think that’s the one umbrella that’s still going to keep this market propped up for a while.”

Others offered a similar take.

“We think most of the dips here are buyable. I concur with the idea that the legs that the bull case stands on, which are accommodative policy, fiscal and monetary, plus just really strong corporate operators and a really strong consumer, are enough to outweigh the headline risks of a debt ceiling standoff or policy machinations,” Ross Mayfield, Baird Investment strategy analyst, told Yahoo Finance Live.

—

4:03 p.m. ET: Nasdaq Composite jumps 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in best day since August as tech stocks recover losses

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

S&P 500 (^GSPC): +45.27 (+1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,345.73
Dow (^DJI): +311.75 (+0.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,314.67
Nasdaq (^IXIC): +178.35 (+1.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,433.83
Crude (CL=F): +$1.56 (+2.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $79.18 a barrel
Gold (GC=F): -$7.20 (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,760.40 per ounce
10-year Treasury (^TNX): +4.8 bps to yield 1.5290{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:23 p.m. ET: Stocks extend gains, Dow adds 350+ points, or 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

A rebound rally was under way Tuesday afternoon, with each of the three major stock indexes up more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} shortly after noon in New York. The Nasdaq gained 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The information technology and communication services sector outperformed in the S&P 500, marking a stark reversal from Monday’s session when these areas were the biggest laggards. Energy and real estate were the only sectors in negative territory during intraday trading.

Goldman Sachs and Microsoft outperformed in the 30-stock Dow. Merck lagged to give back some gains after a four-session winning streak, which came on the heels of upbeat data from the drugmaker on its antiviral COVID-19 pill.

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10:06 a.m. ET: U.S. service sector expands more than expected in September: ISM

Activity in the U.S. services sector expanded at a faster rate than expected in September, aided by a boost in new orders during the month and still-solid labor market conditions.

The Institute for Supply Management’s September Services Index came in at 61.9, rising from 61.7 in August. This came in above consensus estimates for a reading of 59.9, according to Bloomberg consensus data. Readings above the neutral level of 50.0 indicate expansion in a sector.

One of the biggest contributors to the estimates-topping print in September came from new orders and order backlogs, which both accelerated during the month. Price paid by firms for materials and services also increased, tracking a rise in inflation seen across the economy over the past several months. And while an index tracking employment trends held in expansionary territory, it moderated slightly compared to August.

“The slight uptick in the rate of expansion in the month of September continued the current period of strong growth for the services sector,” Anthony Nieves, chair of the institute for Supply Management Services Business Survey Committee, said in a statement. “However, ongoing challenges with labor resources, logistics, and materials are affecting the continuity of supply.”

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9:32 a.m. ET: Stocks open higher

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

S&P 500 (^GSPC): +19.51 points (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,319.97
Dow (^DJI): +135.38 points (+0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,138.30
Nasdaq (^IXIC): +81.11 points (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,341.92
Crude (CL=F): +$1.05 (+1.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.67 a barrel
Gold (GC=F): -$14.70 (-0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,752.90 per ounce
10-year Treasury (^TNX): +2 bps to yield 1.501{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

7:35 a.m. ET: PepsiCo posts 3Q results that top estimates, raises full-year sales forecast

PepsiCo (PEP) delivered third-quarter results that exceeded Wall Street’s estimates, boosted by a rebound in the company’s key North American beverage businesses. Shares rose more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the pre-market session.

Net revenue grew 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to $20.2 billion, topping expectations for $19.4 billion, based on Bloomberg consensus data. PepsiCo’s Beverages North America business unit saw organic revenue, or sales excluding the impact of acquisitions and currency impacts, grow 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, accelerating from the previous year’s 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth rate.

“We are pleased with our results for the third quarter as we delivered very strong net revenue growth while carefully navigating a dynamic and volatile supply chain and cost environment,” PepsiCo CEO Ramon Laguarta said in a press statement. “Given our year-to-date performance, we now expect our full-year organic revenue to increase approximately 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and core constant currency earnings per share to increase at least 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.”

Previously, PepsiCo saw organic revenue growth of 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the full year.

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7:20 a.m. ET Tuesday: Stock futures hold onto overnight gains, tech stocks aim to recoup some losses

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

S&P 500 futures (ES=F): +14.75 points (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,306.00
Dow futures (YM=F): +123 points (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,993.00
Nasdaq futures (NQ=F): +46.75 points (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,509.00
Crude (CL=F): +$0.77 (+0.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.39 a barrel
Gold (GC=F): -$11.90 (-0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,755.70 per ounce
10-year Treasury (^TNX): +2 bps to yield 1.501{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:10 p.m. ET Monday: Stock futures steady after technology stock rout

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

S&P 500 futures (ES=F): +2.5 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,293.75
Dow futures (YM=F): +10 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 33,880.00
Nasdaq futures (NQ=F): +20.75 points (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,483.00

NEW YORK, NEW YORK - OCTOBER 04: Traders work on the floor of the New York Stock Exchange (NYSE) on October 04, 2021 in New York City. In afternoon trading the Dow was down over 300 points as investors continue to worry about inflation, supply chain issues, and a political stalemate over the debt ceiling between Republicans and Democrats in Washington, DC. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – OCTOBER 04: Traders work on the floor of the New York Stock Exchange (NYSE) on October 04, 2021 in New York City. In afternoon trading the Dow was down over 300 points as investors continue to worry about inflation, supply chain issues, and a political stalemate over the debt ceiling between Republicans and Democrats in Washington, DC. (Photo by Spencer Platt/Getty Images)

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