Mixed Archives - Page 4 of 4

Stocks turned positive Wednesday, with all three major stock indexes pushing higher during the afternoon session following a report that Congress might reach a short-term agreement to raise the government borrowing limit and prevent a default.

The Nasdaq pared earlier losses to trade in slightly positive territory Wednesday afternoon, with investors swooping in to buy a dip in tech and growth stocks. The index had been down by as much as 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} earlier in Wednesday’s trading day. Both the S&P 500 and Dow also gained, cutting losses after Bloomberg reported that Senate Minority Leader Mitch McConnell was set to offer Democratic lawmakers a deal to temporarily raise the government debt ceiling through November.

Earlier, the three major indexes had been lower as concerns over inflation and spiking energy and commodity prices outweighed optimism over the pace of the economic recovery.

So far in October, equities have see-sawed between steep gains and losses, with investors struggling to ascertain whether the economic and policy backdrop will be supportive enough for risk assets to prevent a repeat of September’s volatility. The CBOE Volatility Index, or VIX, has jumped to hold above 20, after spending much of the summer in the mid-teens.

“It’s unclear what October holds. I have a big question market in my mind: Could it be the ugly sequel to September?” Kristina Hooper, Invesco U.S. chief global market strategist, told Yahoo Finance Live on Tuesday.

“Certainly what we’ve seen thus far is that any time there is a selloff, investors are quick to move in and find opportunities,” she added. “I would assume that we’re likely to see more volatility going forward as we anticipate the Fed’s tapering announcement. And so that creates an announcement where investors can dollar-cost average on down days in areas where they would like to, and where they’re interested in adding exposure. This is probably not the only selloff we’ll see for October.”

One of the primary concerns for markets has been around inflation, with prices of goods and services rising for both businesses and end users as demand remains elevated and supply chain constraints continue to weigh. Traders have been waiting to see whether these persistent issues ultimately drag on economic activity and corporate profits, with details on the latter set to come into focus with the unofficial start of third-quarter earnings season next week with the big banks.

At least for now, the latest batch of economic data has been largely upbeat on the state of the U.S. economy. Durable goods orders, retail sales and purchasing managers’ indices tracking activity across both the U.S. manufacturing and services sector have all recently topped expectations. However, this data has also brought copious signs of inflation: A subindex tracking prices paid by suppliers rose in the Institute for Supply Management’s latest services index, and personal consumption expenditures rose at the highest annual rate since 1991 based on government data released last week.

“It’s not a surprise that the world ‘stagflation’ is coming back into everybody’s vernacular. Energy prices are going up, these cargo ships are stacked up on both sides of the coast, shortages of everything … and those prices are going up. But the core news is good,” Simeon Hyman, ProShares Advisors head of investment strategy, told Yahoo Finance Live on Tuesday.

“Is there going to be a little bit of inflation? Probably. Are rates going to go up? Just with tapering, almost absolutely,” Hyman added. “But will there be a contraction of economic activity? Very unlikely — the economy is likely to remain pretty strong.”

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4:06 p.m. ET: Stocks swing into positive territory after debt ceiling extension reports; S&P 500 ends 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher

Here were the main moves in markets as of 4:06 p.m. ET:

S&P 500 (^GSPC): +17.83 (+0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,363.55
Dow (^DJI): +102.32 (+0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,416.99
Nasdaq (^IXIC): +68.08 (+0.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,501.91
Crude (CL=F): -$1.87 (-2.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $77.06 a barrel
Gold (GC=F): +$4.10 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,765.00 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 1.5240{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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2:00 p.m. ET: McConnell reportedly set to offer agreement to temporarily raise debt limit

Senate Minority Leader Mitch McConnell is reportedly poised to offer Democratic lawmakers a deal to temporarily raise the government debt ceiling through November, Bloomberg reported Wednesday afternoon, citing unnamed sources familiar with the matter.

The move would help avert a government default in the near-term, or an outcome policymakers including Treasury Secretary Janet Yellen have warned would be catastrophic to the U.S. economy.

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1:45 p.m. ET: Nasdaq turns slightly positive

The Nasdaq pared earlier losses to trade in positive territory Wednesday afternoon. The S&P 500 and Dow held lower but game off session lows.

The energy, materials and healthcare sectors lagged in the S&P 500, while consumer discretionary, utilities and consumer staples outperformed. The Dow dropped nearly 100 points, or 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, led by a drop in materials company Dow Inc.

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10:39 a.m. ET: Bitcoin reaches highest level since May

Bitcoin prices (BTC) briefly touched their highest level in nearly five months during Wednesday’s session, with traders flocking to digital currencies despite the drawdown across other risk assets like stocks.

Prices for the largest cryptocurrency by market cap reached as much as $55,173 Wednesday morning in New York, based on Yahoo Finance data. This was the first time since May that the token crossed the $55,000 threshold, and represented a spike of more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Other cryptocurrencies also traded broadly higher. Ethereum (ETH) gained more than 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at session highs to top $3,600, while Litecoin (LTC) and XRP (XRP) also rose.

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

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

S&P 500 (^GSPC): -37.96 (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,307.76
Dow (^DJI): -255.89 (-0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,058.78
Nasdaq (^IXIC): -137.49 (-0.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,298.00
Crude (CL=F): -$0.69 (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.24 a barrel
Gold (GC=F): -$3.90 (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,757.00 per ounce
10-year Treasury (^TNX): -1.4 bps to yield 1.517{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:50 a.m. ET Private payrolls rose more than expected in September as Delta variant constraints recede

U.S. private employers added back more jobs than expected in September as COVID-19 cases moderated from a summer peak and alleviated some stress on the labor market.

Private payrolls grew by 568,000 last month, according to ADP’s closely watched monthly report on Wednesday. Economists were looking for private payrolls to grow by 430,000, according to Bloomberg consensus data. During the prior month, private-sector jobs had risen by 340,000. This figure was downwardly revised from the 374,000 previously reported for August.

ADP’s report comes, as usual, two days ahead of the “official” government jobs report from the Labor Department. Consensus economists are looking for non-farm payrolls to have risen by 488,000 in that report.

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7:45 a.m. ET Wednesday: Stock futures reverse course, Nasdaq heads for a drop of 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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

S&P 500 futures (ES=F): -49.85 points (-1.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,284.25
Dow futures (YM=F): -329.00 points (-0.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,854.00
Nasdaq futures (NQ=F): -195.75 points (-1.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,459.50
Crude (CL=F): -$0.38 (-0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.55 a barrel
Gold (GC=F): -$5.90 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,755.00 per ounce
10-year Treasury (^TNX): +1.4 bps to yield 1.545{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:10 p.m. ET Tuesday: Stock futures hold onto gains

Here’s where markets were trading Tuesday evening:

S&P 500 futures (ES=F): +3.75 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,337.75
Dow futures (YM=F): +50 points (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,233.00
Nasdaq futures (NQ=F): +13.75 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,669.00

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

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

By ELAINE KURTENBACH, AP Small business Writer

Asian marketplaces were being mixed on Monday, with Shanghai shut for the Nationwide Day holiday break.

Hong Kong’s benchmark lose far more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just after troubled house developer China Evergrande’s shares were suspended from buying and selling.

The corporation did not say why, but a Chinese economic news support, Cailian, mentioned yet another significant developer was scheduling to obtain Evergrande’s assets management device.

Evergrande is struggling to make payments on tens of billions of dollars worthy of of financial debt as it endures a cash crunch brought on by a tightening of Chinese governing administration restrictions on personal debt-leveraged funding.

Political Cartoons

The Cling Seng sank 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 24,011.72 even though Tokyo’s Nikkei 225 dropped 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 28,457.15. Shares also fell in Taiwan. Australia’s S&P/ASX 200 climbed .8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 7,246.10.

Markets had been closed for holidays in Shanghai and South Korea.

Crude prices fell slightly ahead of a assembly of main oil producers. There was no indication that a spill from a pipeline off the California coastline was acquiring an impression on rates.

An approximated 126,000 gallons (572,807 liters) of major crude ended up thought to have leaked from an underwater pipeline offshore from Orange County. By late Sunday the leak was reported stanched.

The environmental impact was possible to be a great deal worse than any outcome on general oil provides. The amount of money leaked was about 3,000 barrels, although the U.S. provides a lot more than 18 million barrels of crude oil a working day.

U.S. benchmark crude oil lose 21 cents to $75.67 for each barrel in electronic trading on the New York Mercantile trade. It acquired 85 cents to $75.88 for every barrel on Friday.

Brent crude, the international typical for pricing, shed 16 cents to $79.12 per barrel.

Oil selling prices have been hovering at 3-calendar year highs soon after Hurricane Ida slammed into a important port that serves as the main guidance hub for the Gulf of Mexico’s deepwater offshore oil and gas field in the U.S., worsening the supply scenario, at least briefly.

OPEC and other big oil producers ended up stung by deep manufacturing cuts in 2020 in the course of the depths of the pandemic and have been raising output gradually.

OPEC moreover users owing to fulfill on Monday could take into consideration raising output degrees to meet increasing desire, Mizuho Financial institution said in a commentary.

Wall Road rebounded on Friday, led by providers that would advantage most from a healthier economic system. The S&P 500 gained 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 4,357.04. But U.S. markets however had their worst 7 days because the winter.

The Dow Jones Industrial Typical climbed 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 34,326.46. The Nasdaq composite received .8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 14,566.70.

Merck & Co. leaped 8.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just after it explained its experimental tablet to address COVID-19 reduce hospitalizations and fatalities by 50 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Prospects for an further software to tame the pandemic helped carry shares of airways, inns and providers harm by limits on vacation and other things to do.

The S&P 500 even now dropped to a weekly reduction of 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, its worst considering that February. A swift rise in fascination premiums earlier this week rattled the sector and forced a reassessment of regardless of whether stocks had grown far too highly-priced.

The generate on the 10-12 months Treasury was constant Monday at 1.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

September was also the worst thirty day period for the S&P 500 considering the fact that March 2020, when marketplaces plunged as COVID-19 shutdowns took maintain.

Among the the concerns that have weighed on the current market: The Federal Reserve is near to letting off the accelerator on its help for markets, economic facts has just lately been combined subsequent an upturn in COVID-19 bacterial infections, corporate tax charges might be established to rise and political turmoil continues in Washington.

In currency investing, the greenback rose to 111.06 Japanese yen from 110.96 yen late Friday. The euro slipped to $1.1591 from $1.1600.

Tag: Mixed

Stocks mixed as volatile month rolls on; Nasdaq pares earlier losses