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Stocks slide in violent U-turn from prior session; Nasdaq drops 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Stocks slide in violent U-turn from prior session; Nasdaq drops 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

U.S. stocks sank Thursday, giving back gains after a rally on Wall Street on Wednesday, as traders continued to contemplate the Federal Reserve’s latest monetary policy decision.

The S&P 500, Dow and Nasdaq dropped sharply. Tech stocks underperformed, and the Nasdaq sank by 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in its worst day since June 2020. The Dow shed more than 1,000 points, or 3.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, to end at 32,997.97. A day earlier, the blue-chip index posted it best single-session gain since May 2020, rising 2.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Nasdaq Composite surged by 3.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and the Dow added more than 900 points, or 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The moves came in the wake of the Federal Reserve’s first half-point rate hike since 2000, as the central bank took a notable step to address inflation currently running at its hottest rates in 40 years. The central bank also laid out its plans to begin rolling assets off its $9 trillion balance sheet starting June 1. The pace of this announced balance sheet reduction largely matched Wall Street’s expectations heading into Wednesday’s Fed statement.

“Thursday’s stock selloff suggests that Wednesday’s post-FOMC market action was a relief rally. We are still not out of the woods yet, as there is still too much uncertainty over how the Federal Reserve’s actions will tame inflation without causing a recession,” Zach Stein, chief investment officer of Carbon Collective, wrote in an email Thursday. “The concerns that triggered the stock market correction over the past few months, such as inflation, the Russia and Ukraine war and surging oil prices, are still with us and haven’t been resolved yet.”

But importantly, during his press conference Wednesday, Fed Chair Jerome Powell suggested the central bank was not currently discussing plans to raise interest rates by 75 basis points in the near-term. Stocks had risen immediately following those remarks, with many investors breathing a sigh of relief that the Fed was unlikely to raise interest rates even more aggressively in the coming months. Some had feared such a move would issue too strong a jolt to the economy already showing some signs of slowing. Still, however, Powell suggested that there was a “broad sense among the committee that additional 50 basis point increases should be on the table at the next couple of meetings.”

“I think really what happened yesterday is that sentiment became so one-sided, really concerned about an overly hawkish Fed,” Keith Lerner, Truist chief market strategist, told Yahoo Finance Live Thursday morning. “And a little bit of good news went a long way in Powell basically saying that 75 basis points isn’t under current consideration. I still think the debate about inflation peaking and how quickly it will come down will inject volatility.”

And even in absence of supersized 75 basis-point rate hikes, the Fed’s path toward raising interest rates from ultra-low levels and embarking on quantitative tightening still presents a risk to economic growth, with markets having grown accustomed to the central bank’s accommodative monetary policies during the pandemic. Powell himself acknowledged that some trade-off would take place between bringing inflation down and maintaining economic activity.

“There may be some pain associated with getting back to that, but the big pain is in not dealing with inflation and allowing it to become entrenched,” Powell said during his press conference.

Others also underscored these risks.

“In all policy moves, there are negative consequences, which hopefully are muted, and are less impactful than the issue that is being addressed and today that issue is inflation,” Rick Rieder, BlackRock chief investment officer of global fixed income, wrote in an email Wednesday. “The consequences we risk in policy tightening are potential recession, potential lost jobs and wages, and clearly tighter financial conditions that will weigh on virtually all financial markets.”

“There are many factors out of the Fed’s control (supply chain disruptions and geopolitics, for instance), but we’ll be watching closely to see how the Fed’s tightening of financial conditions impacts the broad economy and employment levels, which are very firm today but can clearly soften alongside of aggressive inflation-fighting monetary policy,” Rieder added.

—

4:04 p.m. ET: Stocks slide in violent U-turn from prior session: Nasdaq drops 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, Dow sheds 1,060 points, or 3.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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

  • S&P 500 (^GSPC): -153.27 (-3.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,146.90

  • Dow (^DJI): -1,063.09 (-3.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,997.97

  • Nasdaq (^IXIC): -647.16 (-4.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,317.69

  • Crude (CL=F): +$0.47 (+0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $108.28 a barrel

  • Gold (GC=F): +$10.20 (+0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,879.00 per ounce

  • 10-year Treasury (^TNX): +14.9 bps to yield 3.0660{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

10:44 a.m. ET: Stocks tumble, Nasdaq drops more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 10:43 a.m. ET:

  • S&P 500 (^GSPC): -119.32 (-2.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,180.85

  • Dow (^DJI): -728.01 (-2.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,333.05

  • Nasdaq (^IXIC): -527.44 (-4.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,437.42

  • Crude (CL=F): +$1.51 (+1.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $109.32 a barrel

  • Gold (GC=F): +$17.00 (+0.91{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,885.80 per ounce

  • 10-year Treasury (^TNX): +12.9 bps to yield 3.0460{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

10:02 a.m. ET: Weekly jobless claims rise to 200,000 for the first time since February

U.S. initial unemployment claims rose to 200,000 for the first time since February last week, but still held at a historically low level as the labor market remained tight.

Initial jobless claims increased to the 200,000 threshold for the week ended April 29, the Labor Department said in its weekly report Thursday. During the prior week, claims had totaled 181,000.

Continuing jobless claims, which track the total number of individuals filing claims across regular state programs, declined to 1.384 million from the prior week’s 1.403 million. This marked the lowest level for continuing claims since January 1970.

—

9:34 a.m. ET: Stocks open lower

Here were the main moves in markets as of 9:34 a.m. ET:

  • S&P 500 (^GSPC): -50.41 (-1.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,249.76

  • Dow (^DJI): -302.44 (-0.89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,758.62

  • Nasdaq (^IXIC): -217.35 (-1.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,747.51

  • Crude (CL=F): +$2.89 (+2.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $110.70 a barrel

  • Gold (GC=F): +$33.20 (+1.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,902.00 per ounce

  • 10-year Treasury (^TNX): +8.6 bps to yield 3.0030{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

7:50 a.m. ET: Stock futures head lower

  • S&P 500 futures (ES=F): -28.25 points (-0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,267.00

  • Dow futures (YM=F): -162 points (-0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,806.00

  • Nasdaq futures (NQ=F): -116.00 points (-0.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,415.25

  • Crude (CL=F): +$0.79 (+0.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $108.60 a barrel

  • Gold (GC=F): +$28.80 (+1.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,897.60 per ounce

  • 10-year Treasury (^TNX): +3.5 bps to yield 2.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:01 p.m. ET Wednesday: Stock futures open lower

Here’s where markets were trading Wednesday evening:

  • S&P 500 futures (ES=F): -6 points (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,289.25

  • Dow futures (YM=F): -40 points (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 33,929.00

  • Nasdaq futures (NQ=F): -20.5 points (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,510.75

A trader works on the floor of the New York Stock Exchange NYSE in New York, the United States, April 26, 2022. U.S. stocks plunged on Tuesday with the tech-heavy Nasdaq closing down nearly 4 percent, as heavy selling intensified on Wall Street. The Dow Jones Industrial Average tumbled 809.28 points, or 2.38 percent, to 33,240.18. The S&P 500 fell 120.92 points, or 2.81 percent, to 4,175.20. The Nasdaq Composite Index shed 514.11 points, or 3.95 percent, to 12,490.74. (Photo by Michael Nagle/Xinhua via Getty Images)

A trader works on the floor of the New York Stock Exchange NYSE in New York, the United States, April 26, 2022. U.S. stocks plunged on Tuesday with the tech-heavy Nasdaq closing down nearly 4 percent, as heavy selling intensified on Wall Street. The Dow Jones Industrial Average tumbled 809.28 points, or 2.38 percent, to 33,240.18. The S&P 500 fell 120.92 points, or 2.81 percent, to 4,175.20. The Nasdaq Composite Index shed 514.11 points, or 3.95 percent, to 12,490.74. (Photo by Michael Nagle/Xinhua via Getty Images)

—

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

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Stocks close higher after March jobs report stokes choppy trading session

Stocks close higher after March jobs report stokes choppy trading session

U.S. stocks closed higher Friday to cap a choppy first trading day of April as investors saw a closely-watched recession indicator in the bond market briefly flash red and mulled strong labor market data out of Washington that reaffirmed expectations for more hawkish monetary tightening plans by the Federal Reserve.

The S&P 500 rebounded into the close to rise 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and the Dow Jones Industrial Average jumped 150 points after both benchmarks struggled for direction during intraday trading. The Nasdaq Composite edged 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher, to mark a third week of gains for the tech-heavy index and the S&P 500. Friday’s moves come after Wall Street capped its worst quarter since the start of 2020.

A key part of the part of the U.S. Treasury yield curve briefly inverted Friday morning. The spread, or difference, between the 2-year and 10-year Treasury note yields narrowed and inflected for the third time this week. The phenomenon has a history of predicting a recession, with each of the last eight recessions dating back to 1969 preceded by a yield curve inversion. On Friday, the yield on the 10-year U.S. Treasury bond ended the day at 2.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, 6 basis points below the 2-year U.S. Treasury yield of 2.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Investors also digested the Labor Department’s monthly jobs report, the most up-to-date snapshot of the strength in hiring across the U.S. economy. Employers added 431,000 jobs in March, below Bloomberg consensus economist estimates of a 490,000 rise in non-farm payrolls. The latest figure reflected a slowdown from February’s 678,000 gain but still marked an increase well above pre-pandemic trends and underscored the likelihood Fed policymakers will raise interest rates more aggressively in coming months than initially expected.

Meanwhile, West Texas Intermediate (WTI) crude oil fell $14 to dip below $100 per barrel in its biggest weekly dollar loss since 2011. U.S.-allied countries in the International Energy Agency (IEA) on Friday agreed to their second coordinated deployment of oil stockpiles in a month to calm Russia-Ukraine war-roiled energy markets, one day after President Biden unveiled plans for the largest ever release from the U.S. Strategic Petroleum Reserve. The U.S. is expected to deploy 1 million barrels of oil a day from its emergency supply for the next six months starting.

Stocks kicked off April higher after the S&P 500 and Dow each dropped more than 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the first three months of 2022, closing out their worst quarters — and first quarterly declines — since Q1 2020. The Nasdaq Composite saw the biggest loss, shedding 9.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the past three-month period as investors rotated away from the technology and growth stocks that had led the market higher last year.

Despite day-to-day choppiness, stocks staged a solid comeback in the second half of March as the S&P rallied to climb more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} off its year-to-date low. Market-watchers have attributed the resurgence to optimism around the possibility of a peace negotiation between Russia and Ukraine, and to investors adjusting to the Fed’s liftoff on interest rates. However, LPL Financial points out that corporate profits may be another component driving the latest rebound.

Even in the face of war in Eastern Europe and decades-high inflation, earnings have been holding up, and estimates for S&P 500 Index earnings per share over the next four quarters are higher in March. Although not by much at 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, the positive forecast is significant under the circumstances – particularly compared to how other countries have fared. Inflation is driving the more sizable corporate profits as companies enjoy more pricing power as they pass along higher costs to customers.

“On the back of energy independence, the trajectory of U.S. corporate profits has been unaffected by rising energy costs and high inflation so far,” LPL Financial equity strategist Jeffrey Buchbinder noted, adding that conversely, earnings expectations in international markets have fallen in March. “The U.S. profit outlook is the envy of the world right now.”

Also on the companies front, meme-stock favorite GameStop revealed in a form 8-K filed with the SEC after the bell Thursday that the video-game retailer will seek approval for a stock split at its upcoming shareholder meeting. GME is following a growing list of major companies — Alphabet, Amazon, Tesla — it what could be the “summer of stock splits.” Stock splits are a corporate action taken to improve trading liquidity and make shares more affordable without impacting market capitalization. GME was up 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to about $176.43 as if 11:55 a.m. ET during intraday trading Friday.

April has historically been a strong month for stocks, and has in fact produced a positive return for the S&P 500 in 15 of the last 16 years, according to LPL Financial’s Ryan Detrick. This time, however, stocks are facing a variety of headwinds that may upend this historically positive seasonality.

Namely, a confluence of concerns around the geopolitical and macroeconomic backdrop contributed to stocks’ worst quarterly performance in two years, and have yet to be fully resolved. Geopolitical risks have been elevated since Russia’s invasion of Ukraine in late February, raising the specter of further snarls to global supply chains that have already been struggling to recover from pandemic-era disruptions. A broad-based spike in prices, and in oil and energy prices especially, has further stoked concerns over the resilience of the consumer — the key driver of the domestic economy — going forward. And the Federal Reserve has begun a protracted process of raising interest rates and tightening financial conditions in a market that had grown accustomed to easy monetary policy since 2020.

“I think investors are very happy that the quarter is over. It was a tough one. Obviously inflation was bad all the way until … the end of the quarter,” Robert Cantwell, Upholdings portfolio manager, told Yahoo Finance Live on Thursday. “And in all likelihood, the next four to six weeks, it’s likely going to continue to be bad news because inflation is persistent, and we’re still comping record growth rates from the first four months of last year.”

“That said, as you get to the second half of next quarter, you could see a scenario where growth rates start accelerating again while inflation tempers, and that has the potential to bring a lot of the bulls back into the market,” he added.

—

4:00 p.m. ET: Stocks bounce back after chopping intraday trading

Here’s how stocks ended the first trading day of April:

  • S&P 500 (^GSPC): +15.40 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,545.81

  • Dow (^DJI): +139.85 (+0.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,818.20

  • Nasdaq (^IXIC): +40.98 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,261.50

  • Crude (CL=F): -$0.71 (-0.71{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.57 a barrel

  • Gold (GC=F): -$26.90 (-1.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,922.30 per ounce

  • 10-year Treasury (^TNX): +5 bps to yield 2.3770{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

12:42 a.m. ET: S&P 500 on pace for weekly loss after erasing earlier gains

Here were the main moves in markets as of 12:42 p.m. ET:

  • S&P 500 (^GSPC): -15.47 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,514.94

  • Dow (^DJI): -80.99 (-0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,597.36

  • Nasdaq (^IXIC): -62.95 (-0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,157.57

  • Crude (CL=F): -$1.19 (-1.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.09 a barrel

  • Gold (GC=F): -$26.50 (-1.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,927.50 per ounce

  • 10-year Treasury (^TNX): +5.7 bps to yield 2.3840{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

12:28 a.m. ET: Amazon workers in New York win first US union in company’s history

Employees at Amazon’s (AMZN) warehouse on Staten Island narrowly won a historic union election on Friday to establish the first U.S. union in the company’s nearly 30-year history.

As of early Friday afternoon, the union was poised for victory with a margin of nearly 500 votes. The National Labor Relations board said that the union and Amazon had challenged 66 ballots, suggesting that the margin of victory would exceed the number of contested ballots and conclude the election without further dispute.

“A win is potentially world-changing,” Erik Loomis, a labor historian and professor at the University of Rhode Island, told Yahoo Finance prior to the vote. “It would set a precedent that there is a big demand out there to organize this new economy.”

The move also stands to intensify a nationwide surge of organizing across major companies like Starbucks (SBUX) and Disney (DIS).

Amazon JFK8 distribution center union organizer Jason Anthony speaks to the press about preliminary results regarding the vote to unionize, outside the NLRB offices in Brooklyn, New York City, U.S., April 1, 2022. REUTERS/Brendan McDermid

Amazon JFK8 distribution center union organizer Jason Anthony speaks to the press about preliminary results regarding the vote to unionize, outside the NLRB offices in Brooklyn, New York City, U.S., April 1, 2022. REUTERS/Brendan McDermid

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12:19 a.m. ET: US allies to follow suit on Biden’s oil-stock release

U.S.-allied countries in the International Energy Agency (IEA) agreed to their second coordinated deployment of oil stockpiles in a month to calm Russia-Ukraine war-roiled energy markets, one day after President Biden unveiled plans for the largest ever release from the U.S. Strategic Petroleum Reserve.

The timing and volumes of the releases from each country will be decided at a later date, Japan’s industry ministry said.

A month ago, IEA members agreed on a 61.7-million barrel release, with 30 million coming from the U.S. and 2.2 million from the U.K, though the move had minimal impact on prices as turmoil in Eastern Europe threatened to trigger one of the biggest oil-supply disruptions in history.

“This is a moment of consequence and peril for the world, and pain at the pump for American families,” Biden said at an event at the White House Thursday.

“Our prices are rising because of Russian President Vladimir Putin’s actions,” he said. There isn’t enough supply, and the bottom line is if we want lower gas prices we need to have more oil supply right now.”

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11:18 a.m. ET: General Motors stock falls after carmaker reports decline in Q1 deliveries

Shares of General Motors (GM) dipped after the automaker reported its U.S. deliveries fell 20.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the first quarter to 512,846, dragged down by Buick deliveries which more than halved.

GM was down 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $43.10 per share as of 11:16 a.m. ET.

“Supply chain disruptions are not fully behind us, but we expect to continue outperforming 2021 production levels, especially in the second half of the year,” the carmaker said Friday.

General Motors also indicated the company expects inventory to remain “relatively low throughout the year due to high demand.”

—

11:02 a.m. ET: JPMorgan ditches Apple, Qualcomm from top picks list

JPMorgan dropped iPhone giant Apple (AAPL) and chipmaker Qualcomm (QCOM) from the brokerage’s “Analyst Focus List,” indicating slowing demand for smartphones is expected to put a dent in the companies’ growth.

The move comes as analysts warned that another wave of COVID lockdowns in China and higher prices on goods are likely to weigh on demand this year.

“There has been understandably a lot of noise around demand weakness across global tech, but we believe the macro weakness seeping through the sector will impact the consumer end-markets more materially,” JPMorgan analyst Samik Chatterjee said.

Apple already reportedly has plans to limit production on some iPhones and its AirPods due to a decrease in demand.

Shares of the tech giant were down 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as of 11:01 a.m. ET to $173.75 a piece. Qualcomm fell 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $147.12 per share.

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9:30 a.m. ET: Stocks open higher following March jobs report

Here were the main moves in markets at Friday’s open:

  • S&P 500 (^GSPC): +12.54 (+0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,542.95

  • Dow (^DJI): +74.62 (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,752.97

  • Nasdaq (^IXIC): +70.78 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,291.30

  • Crude (CL=F): -$1.01 (-1.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.27 a barrel

  • Gold (GC=F): -$23.10 (-1.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,930.90 per ounce

  • 10-year Treasury (^TNX): +9.9 bps to yield 2.4260{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

8:30 a.m. ET: Payrolls rise by 431,000 as unemployment rate falls to 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The U.S. economy notched another sizable payroll gain in March as the labor market extending its strong and speedy recovery to bring employment back to pre-pandemic levels. U.S. employers added 431,000 jobs, lower than the expected 490,000 jobs.

Meanwhile, the unemployment rate dropped a more-than-expected two-tenths of one percent, edging closer to the historic low of 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} seen in February 2020, Bankrate senior economic analyst Mark Hamrick noted, though pointing out that the labor force participation rate remains 1 percentage point below its pre-pandemic level.

The labor force participation ticked up slightly to 62.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after an unexpected jump to 62.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in last month’s data signaled more individuals were returning to look for work or be placed in jobs after being sidelined by COVID-19.

“Beyond the positive March snapshot, the outlook for the next year is for further moderation in jobs creation,” Hamrick said in a note. “Emboldened by exorbitantly high inflation, a hawkish Federal Reserve feels compelled to slam on the brakes. It is hard to imagine how tightening doesn’t ultimately affect the job market.”

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7:14 a.m. ET: Futures charge higher to kick off April trading

Here were the main moves in futures trading ahead of the open Friday:

  • S&P 500 futures (ES=F): +22.00 points (+0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,552.75

  • Dow futures (YM=F): +172.00 points (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,790.00

  • Nasdaq futures (NQ=F): +80.00points (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,948.75

  • Crude (CL=F): +$0.14 (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $100.14 a barrel

  • Gold (GC=F): -$21.90 (-1.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,932.10 per ounce

  • 10-year Treasury (^TNX): 0.00 bps to yield 2.3270{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:24 p.m. ET Thursday: GameStop surges to 4-month high after filing stock split plans

GameStop (GME) shares rallied in extended trading following an announcement after the bell indicating the video-game retailer plans to seek approval for a stock split.

The meme-stock favorite rallied as much as 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in extended trading to a 4-month high of more than $200 per share following the news.

The company said in an 8-K SEC filing it plans to request stockholder approval at its upcoming annual shareholder meeting to increase the number of authorized Class A shares from 300 million to 1 billion in order to implement the split through a dividend.

With GME following suit on a growing list of companies recently reporting similar plans – Alphabet, Amazon, Tesla – it could be the “summer of stock splits.” Stock splits are a corporate action taken to improve trading liquidity and make shares more affordable, without impacting market capitalization.

—

6:10 p.m. ET Thursday: Futures tick up slightly ahead of first April trading day

Here’s where the major stock index futures opened heading into the overnight session Thursday:

  • S&P 500 futures (ES=F): +12.25 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,543.00

  • Dow futures (YM=F): +96.00 points (+0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,714.00

  • Nasdaq futures (NQ=F): +49.75 points (+0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,918.50

  • Crude (CL=F): +$1.04 (+1.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.32 a barrel

  • Gold (GC=F): -$12.20 (-0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,941.80 per ounce

  • 10-year Treasury (^TNX): -3.1 bps to yield 2.3270{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - MARCH 28: Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MARCH 28: Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. (Photo by Spencer Platt/Getty Images)

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

—

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

Read the latest financial and business news from Yahoo Finance

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Stocks come off session lows, but S&P 500 posts 5th straight day of losses

Stocks come off session lows, but S&P 500 posts 5th straight day of losses

Stocks pared losses heading into market close on Monday, with technology stocks steadying after a rout as investors anticipated higher interest rates this year and looked ahead to several key economic data and earnings reports later this week.

The S&P 500 dropped more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at session lows but ended only marginally lower by the end of the day. The Nasdaq Composite turned slightly positive, erasing earlier losses to end a four-day losing streak. Other risk assets also came under pressure, and Bitcoin prices briefly fell below $40,000 for the first time in about four months.

Treasury yields climbed, and the benchmark 10-year yield topped 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach its highest level since January 2020. 

“The surge in rates since early December has crushed the valuation of stocks with high growth and low margins, but a well-ordered progression of Russell 3000 stocks implies further repricing,” Goldman Sachs chief equity strategist David Kostin wrote in a note.

“We have previously shown the speed of rate moves matters for equity returns,” Kostin added. “Equities typically struggle when the 5-day. or 1-month change in nominal or real rates is greater than 2 standard deviations. The magnitude of the recent yield qualifies as a 2+ standard deviation event in both cases.”

The move higher in yields and volatility across U.S. equities came after the release of the Federal Reserve’s December meeting minutes mid-last week. These suggested some central bank officials were eyeing a quicker start to interest rate hikes and balance sheet runoff process than many market participants had expected. Goldman Sachs economists now predict the Fed will raise interest rates four times this year — or one time more than the firm previously expected — and that the central bank’s balance sheet reduction will begin in July or earlier. 

Last week’s “price action in 10-years was all about what the Fed will do with its balance sheet,” Nicholas Colas, co-founder of DataTrek Research, wrote in a note. “We’ll know more on Tuesday, with [Federal Reserve Chair Jerome Powell’s] renomination hearing set for 10 a.m. One thing we’re confident about: equity market volatility is not over yet.”  

“His confirmation hearing will be a chance for him to further reassure lawmakers and the public that the Fed is focused on reducing inflation in 2022,” Colas added. “We expect that to feed further market volatility this week.” 

In addition to Powell’s confirmation hearing before the Senate Banking Committee on Tuesday, investors will also be looking ahead to a new inflation report on Wednesday. The Bureau of Labor Statistics will release the December Consumer Price Index (CPI) that day, which is expected to show an about 7.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year jump in prices — or the biggest rise since 1982. And at the end of the week, big banks including JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) are each slated to report Friday morning before the opening bell.

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4:09 p.m. ET: Stocks come off session lows, but S&P 500 posts 5th straight day of losses

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

  • S&P 500 (^GSPC): -6.74 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,670.29

  • Dow (^DJI): -162.79 (-0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,068.87

  • Nasdaq (^IXIC): +6.93 (+0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,942.83

  • Crude (CL=F): -$0.48 (-0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.42 a barrel

  • Gold (GC=F): +$3.30 (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,800.70 per ounce

  • 10-year Treasury (^TNX): +0.9 bps to yield 1.7800{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

12:17 p.m. ET: Tesla shares head for longest losing streak in 10 months amid tech rout 

Tesla’s (TSLA) stock were on track to post a fifth consecutive session of losses, as shares of the world’s most valuable auto-maker by market cap came under pressure amid a broader sell-of in highly valued growth stocks. 

A fifth day of losses would mark Tesla’s longest losing streak since March of last year. Shares have fallen more than 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from market close on Jan. 3 through intraday trading on Monday. 

The drop also came despite a bullish call from Goldman Sachs, which raised its 12-month price target on the stock to $1,200 from $1,125 previously and maintained a Buy recommendation on shares. 

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10:41 a.m. ET: U.S. wholesale inventories revised up in November as restocks pick up

Wholesale inventories in the U.S. were revised up more-than-expected for November, suggesting restocking activity increased and helped alleviate some ongoing supply chain pressures across the economy.

Wholesale inventories rose by 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the Commerce Department’s final monthly print for November, coming in above the 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise previously reported. This came following a 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in inventories in October. 

—

10:15 a.m. ET: Bitcoin slides, falling below $40,000 for the first time in four months 

Bitcoin prices sank on Monday as cryptocurrencies extended declines after a volatile start to the year.

The largest cryptocurrency by market capitalization saw prices fall more than 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to below $40,000 at session lows Monday morning in New York, based on Yahoo Finance data. That marked the first time prices broke below that threshold since September. Prices steadied just below $41,000 as of 10:15 a.m. ET. 

Other cryptocurrencies also saw prices sink. Ethereum, the second-largest cryptocurrency by market cap, dropped more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to dip below $3,000. 

—

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

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

  • S&P 500 (^GSPC): -32.62 (-0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,644.41

  • Dow (^DJI): -114.81 (-0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,116.85

  • Nasdaq (^IXIC): -189.4 (-1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,765.79

  • Crude (CL=F): -$0.36 (-0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $79.10 a barrel

  • Gold (GC=F): +$4.90 (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,794.10 per ounce

  • 10-year Treasury (^TNX): +2.7 bps to yield 1.803{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:30 a.m. ET: Lululemon shares slide after company says it sees sales, earnings hit from Omicron 

Shares of athletic apparel-maker Lululemon (LULU) sank Monday morning after the company said it expected to see a hit to fourth-quarter revenue and profits due to impacts from soaring Omicron variant cases.

“We started the holiday season in a strong position but have since experienced several consequences of the Omicron variant, including increased capacity constraints, more limited staff availability, and reduced operating hours in certain locations,” Lululemon CEO Calvin McDonald said in a press statement Monday. 

The company expects fourth-quarter net revenue “to be toward the low end of its range of $2.125 billion to $2.165 billion, and that it expects diluted earnings per share and adjusted diluted earnings per share to be toward the low end of its ranges of $3.24 to $3.31 and $3.25 to $3.32, respectively.”  

Shares fell about 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in early trading. The stocks has declined by more than 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for 2022-to-date through Friday’s close. 

—

7:40 a.m. ET Monday: Stock futures head for mixed open

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

  • S&P 500 futures (ES=F): -13.5 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,654.25

  • Dow futures (YM=F): -41 points (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,066.00

  • Nasdaq futures (NQ=F): -97.5 points (-0.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,483.50

  • Crude (CL=F): -$0.53 (-0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.37 a barrel

  • Gold (GC=F): +$1.30 (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,798.70 per ounce

  • 10-year Treasury (^TNX): unchanged, yielding 1.769{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - JANUARY 07: Traders work on the floor of the New York Stock Exchange (NYSE) on January 07, 2022 in New York City. Markets fell slightly in morning trading as investors reacted to a government jobs report showing that the U.S. economy added far fewer jobs than expected in December. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – JANUARY 07: Traders work on the floor of the New York Stock Exchange (NYSE) on January 07, 2022 in New York City. Markets fell slightly in morning trading as investors reacted to a government jobs report showing that the U.S. economy added far fewer jobs than expected in December. (Photo by Spencer Platt/Getty Images)

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

Read the latest financial and business news from Yahoo Finance

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

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}

—

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.” 

—

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. 

—

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

Posted on

Stocks fall for a third straight session, with inflation concerns lingering

Stocks fall for a third straight session, with inflation concerns lingering

Stocks fell on Tuesday in another choppy session, with investors eyeing elevated commodity prices and other signs of inflation heading into corporate earnings season.

The S&P 500, Dow and Nasdaq each posted a third consecutive day of declines. U.S. West Texas intermediate crude oil futures hovered near a seven-year high, with supply constraints and elevated fuel demand pushing prices higher over the past seven consecutive weeks. Outside of oil, aluminum prices also edged lower after reaching their highest level since 2008 on Monday, and copper prices turned lower after a near 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump. 

For investors, the recent, broad rise in commodity prices has threatened to exert further pressure on corporate margins. Companies have already been grappling with a host of supply-side challenges, including port congestion and labor scarcities, that are expected to drag on profit growth heading into third-quarter earnings season later this week and over the next month. The Labor Department’s August Job Openings and Labor Turnover survey — due for release Tuesday morning — showed workplace vacancies held near a record high at the end of the summer. 

And rising interest rates have also raised the specter of higher borrowing costs for companies, with the 10-year yield holding near its highest level since June. 

“We’re definitely freaked out about crude oil prices … [and] about slightly higher interest rates,” David Bailin, Citi Private Bank chief investment officer, told Yahoo Finance. “But we have to put all of this in context. First of all, interest rates have been abnormally low. Energy prices are high due to excessive demand right now and delivery shortages across Europe and now in China … These things will abate. We think it’ll take somewhere between three and nine months for energy supplies and for the shipping issues to abate.”

Other strategists also suggested that investors look through the near-term supply-related challenges facing the markets.

“We’re going to have supply issues for a little bit longer here, but I think that’ll just work its way through,” Jeremy Bryan, portfolio manager for Gradient Investments, told Yahoo Finance Live on Monday. “The nice part about the U.S. economy and markets in general is they usually follow what the U.S. consumer does, and the U.S. consumer wants to spend. And that’s why we’re still positive on the markets.” 

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4:10 p.m. ET: Stocks fall for third straight session: Dow drops 118 points, or 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 4:10 p.m. ET:

  • S&P 500 (^GSPC): -10.54 (-0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,350.65

  • Dow (^DJI): -117.72 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,378.34

  • Nasdaq (^IXIC): -20.28 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,465.93

  • Crude (CL=F): +$0.01 (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.53 a barrel

  • Gold (GC=F): +$5.90 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,761.60 per ounce

  • 10-year Treasury (^TNX): -3.4 bps to yield 1.5800{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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1:04 p.m. ET: Micron shares sink after research firm predicts chip price decline this year

Shares of Micron Technology (MU) dropped by more than 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Tuesday afternoon, tracking toward its worst day in two months after the market research firm TrendForce said it expected DRAM memory chip prices to decline in the fourth quarter this year, in a move that would undercut sales to Micron and other major chipmakers. 

Peer chipmakers also sank Tuesday afternoon following the report. Western Digital Corp. (WDC) shares fell by more than 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while Texas Instruments (TXN) sank by 2.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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11:49 a.m. ET: Elevated job openings another sign that ‘demand in America for goods and services is off the charts’: Economist

The jump in job openings in August reaffirmed the pronounced supply and demand mismatches in the labor market as the economic recovery rolls on. And coupled with two consecutive months of disappointing payroll gains, the jobs data is signaling a tighter labor market than many policymakers have acknowledged, according to at least one economist.

“We have never seen an economy in recovery from recession move this quickly from job firings to job hirings,” Chris Rupkey, FWDBonds chief economist, wrote in an email Thursday morning. “There are help-wanted posters in every shop window on Main Street, and the lack of workers is exacerbating the supply disruptions throughout the nation that is lighting a match to the fire of inflation.”

“Job openings of over ten million when the official jobless count behind the 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} unemployment rate of 7.674 million can only mean that demand in America for goods and services is off the charts,” he added. “Don’t ask when the economy will create more jobs because the jobs are out there and waiting for the unemployed right now.”

Still, other economists said the dip in August job openings suggested the Delta variant’s spread did at least temporarily dent demand among employers for workers.

“The slowdown in August is noteworthy, but it’s not a total reversal of fortune,” Nick Bunker, Indeed Hiring Lab director of research, wrote in an email. “The job openings rate is at a level that would have been an all-time high if not for July’s numbers. And the quits rate is over 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher than its pre-pandemic level. Demand for workers remains strong and workers have plenty of options.”

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10:02 a.m. ET: Job openings pulled back slightly from record in August, while quits rate jumps to all-time high 

U.S. job openings fell by a greater-than-expected margin in August but were revised up to a fresh record high for July, underscoring the widespread demand for labor across the recovering economy. 

Job openings fell to 10.439 million as of the last day of August, according to the Labor Department’s latest report. In July, job openings were at 11.098 million, with this sum upwardly revised from the 10.934 million previously reported. Consensus economists were looking for job openings to total 10.954 million in August, according to Bloomberg data. 

Some of the biggest decreases in job openings were in healthcare and social assistance industries, which posted a combined drop of 224,000 vacancies. Accommodation and food services job openings also fell by 178,000. 

The quits rate increased to a record high of 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the month, suggesting workers had growing confidence about their abilities to find new positions. Layoffs and discharges, meanwhile, took place at a 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate, which was little changed on a month-over-month basis and below a pre-pandemic average of 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} throughout 2019. 

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9:31 a.m. ET: Stocks open higher 

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

  • S&P 500 (^GSPC): +10.81 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,372.00

  • Dow (^DJI): +78.98 points (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,575.05

  • Nasdaq (^IXIC): +29.5 points (+0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,508.83

  • Crude (CL=F): -$0.17 (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.35 a barrel

  • Gold (GC=F): +$6.40 (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,762.10 per ounce

  • 10-year Treasury (^TNX): +2.5 bps to yield 1.612{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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9:23 a.m. ET: IMF downgrades global economic growth outlook for 2021 as virus weighs on activity

The International Monetary Fund trimmed its outlook for global economic growth in new projections released Tuesday, with the institution citing an ongoing drag from the coronavirus.

The IMF’s new forecast is for global economic activity to expand at a 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate this year, down from the 6.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pace seen in July. However, the IMF maintained its outlook for 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth next year. 

Emerging markets and developing economics, excluding China, are largely still grappling with fallout from the virus, and as a result, growth will likely remain 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} below pre-pandemic forecasts in 2024, “resulting in a larger setback to improvements in their living standards,” the IMF wrote in its report. Advanced economics, however, are expected to return to pre-pandemic trends in growth beginning next year.  

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7:32 a.m. ET: Stock futures point to a slightly higher open 

Here’s where markets were trading Tuesday morning: 

  • S&P 500 futures (ES=F): +4.5 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,355.5

  • Dow futures (YM=F): +13 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,389.00

  • Nasdaq futures (NQ=F): +43 points (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,743.50

  • Crude (CL=F): +$0.45 (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.94 a barrel

  • Gold (GC=F): +$7.70 (+0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,763.40 per ounce

  • 10-year Treasury (^TNX): +0.9 bps to yield 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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7:30 a.m. ET Tuesday: A record share of small business owners reported job vacancies in September: NFIB 

Small business optimism fell more than expected in September compared to August, with supply chain disruptions and shortages weighing on owners’ outlooks. 

The National Federation of Independent Business’s Small Business Optimism Index edged down to 99.1 for September from 100.1 during the prior month. Consensus economists were looking for the index to come in at 99.5, according to Bloomberg data. 

A record share of 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of small business owners said they had job openings that could not be filled, according to the survey. This marked a third straight month with a fresh record high of this metric. Meanwhile, 42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of owners said they raised compensation during the month, which was also a record high.

“Small business owners are doing their best to meet the needs of customers, but are unable to hire workers or receive the needed supplies and inventories,” NFIB Chief Economist Bill Dunkelberg said in a press statement. “The outlook for economic policy is not encouraging to owners, as lawmakers shift to talks about tax increases and additional regulations.”

In terms of inventories, more than 35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of small business owners said supply chain disruptions were having a “significant impact” on their firms, while 32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reported a “moderate impact” and 21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} said they experienced a “mild impact.” 

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6:10 p.m. ET Monday: Stock futures edge lower 

Here’s where markets were trading Monday evening:

  • S&P 500 futures (ES=F): -2.25 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,348.75

  • Dow futures (YM=F): -12 points (-0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,364.00

  • Nasdaq futures (NQ=F): -6.5 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,694.00

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 29, 2021. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 29, 2021. REUTERS/Brendan McDermid

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