We planned our excursion to Turks & Caicos quite very last minute, just a few of times in advance of departure. I needed to share my working experience with the entry necessities, given that they’re kind of straightforward, but also variety of challenging. I didn’t see a complete ton about this on the internet in advance of our pay a visit to, so with any luck , my knowledge can support many others, How News Today.
Turks & Caicos entry prerequisites
At the time we planned our vacation, there have been four main entry demands for Turks & Caicos (allow me emphasize that travel limitations are frequently shifting, so examine the Turks & Caicos’ formal website page for recent restrictions):
All readers 16 yrs of age and more mature need to be absolutely vaccinated (nevertheless there’s no requirement to be boosted)
A adverse COVID-19 test end result is expected within just 3 times of vacation possibly a PCR or swift antigen take a look at is sufficient, and kids below two yrs previous are exempt from this necessity
Unique COVID-19 healthcare insurance policies that addresses any expenditures you could incur as a consequence of acquiring coronavirus
A done vacation authorization type, submitted at the very least 24 hrs in advance of your trip
The need to be totally vaccinated is really simple, and needing a take a look at pre-journey was also uncomplicated, presented that a immediate antigen does the trick (and those people are uncomplicated to get with speedy benefits). So let me communicate a bit about the pre-vacation Turks & Caicos journey authorization, the insurance need, and my experience on arrival, How News Today.
Turks & Caicos travel coverage
Turks & Caicos demands journey insurance policy that covers coronavirus clinical fees and complete hospitalization, health professionals visits, prescriptions, and air ambulance. The adhering to are the proposed insurance policy providers:
Travelex
Seven Corners
TripMate
Aura
HTH Planet Extensive
Allianz Worldwide Aid
Generali Insurance policies
World-wide Rescue
HDI World-wide
Travel Guard
Journey Insured International
Trawick
Arch RoamRight
Apex Journey Limited
Just after doing some Googling, I made the decision to go with Aura insurance policies, and the course of action of finding insurance coverage was very simple. The business expenses $9.80 for each human being for every day, but the minimum price is $69 for every individual for each excursion.
On the moreover aspect, finding insurance policies was easy — it took only a couple minutes, and I was issued a plan promptly.
Sad to say credit score card insurance coverage won’t qualify for this necessity, so this does incorporate to the price of a journey to Turks & Caicos. Then all over again, other nations around the world charge bigger entry charges.
Turks & Caicos vacation authorization
Turks & Caicos necessitates all website visitors to complete a journey authorization prior to journey. It’s recommended that you submit this at the very least 24 hours prior to journey, however it is observed that “shorter periods can be accommodated, How News Today.”
The genuine facts requested with the vacation authorization was approximately what you’d expect. I initial had to sign up and then get a a person time password.
I then had to deliver personalized info, which includes my title, day of birth, deal with, profession, and more.
Oddly you are questioned if you have any family members traveling with you, but then you have to have to fill out a independent variety for them anyway, so I just experienced to supply the very same info twice.
Then I had to fill out a well being questionnaire, and was asked to add pictures of my vaccine card, unfavorable coronavirus test, and travel insurance policies.
Finally, I was questioned about how lengthy and where by I was preparing on remaining in Turks & Caicos.
I submitted the kinds all over 26 several hours prior to our flight from Fort Lauderdale to Providenciales.
Just about an hour after submitting these documents, I acquired an e mail confirming that all the things experienced been accredited. Despite this authorization, I nevertheless experienced to give all of these paperwork though checking in for my flight.
Turks & Caicos arrivals experience
Fortuitously when we arrive in Turks & Caicos there were no other planes that landed all around the exact same time, so there was pretty much no wait there.
Right before getting to the precise immigration officer, we experienced to after again clearly show our vaccine playing cards, evidence of negative exams, and our travel authorizations. This was all quick adequate.
1 swift factor to be aware — we genuinely lucked out that there was no hold out at immigration, while I have also read of a lot of people today obtaining to hold out an hour or much more right after immigration, relying on how a lot of other flights arrive around the exact same time.
That’s why I believe it is at the very least value currently being knowledgeable that Turks & Caicos has a VIP arrivals services. For $75 for every particular person you can get a rapid keep track of by immigration. That would have been a full waste of money in our situation, but if you arrive at a well known time and would normally have to hold out an hour, I’m confident that’s a price quite a few folks would be keen to shell out.
An additional factor to note, while we’re at it. When you land at Providenciales Airport there are no private taxis available for use. The only options are shared vans that will likely prevent at several resorts. This is not necessarily that inefficient (it possibly additional 15 minutes to our driving time), but if you want a personal transfer you will have to arrange it in progress.
Base line
Turks & Caicos is open to vaccinated site visitors, even though there are some hoops to bounce via. You want to get tested inside of three days of travel (immediate antigen exams are ok), you need to invest in vacation insurance plan (which will charge all-around $10 for each particular person for every working day), and you have to have to fill out a pre-vacation authorization sort (preferably 24 hrs just before departure).
None of this was a big inconvenience, and we also lucked out that we arrived at a time when the airport was empty, so there was no wait at immigration.
If you’ve traveled to Turks & Caicos, what was your expertise with the entry prerequisites?
U.S. stocks were deep in the red on Thursday as Wall Street weighed another decades-high inflation print and remarks by St. Louis Federal Reserve President James Bullard that signaled the central bank could intervene more aggressively than anticipated to tighten monetary conditions amid surging prices levels.
The Dow Jones Industrial Average snapped a three-day winning streak closing down 500 points, or 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, after comments from Bullard, who said in an interview that he favors an interest rate increase of 100 basis points by July 1. The S&P 500 was down 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and the Nasdaq Composite, weighed down by losses in tech, shed 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Meanwhile, the closely-watched 10-year Treasury note jumped to 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the first time since August 2019.
“I typically take the opinions of St. Louis Fed president Jim Bullard with a grain of salt because he has a history of being all over the map with his forecasts and thoughts,” Bleakley Advisory Group CIO Peter Boockvar said in a note. “He does though vote this year and thus is very relevant to pay attention to.”
U.S. inflation accelerated last month in the fastest rise since 1982, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions. Consensus economists were looking for a 7.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise, according to Bloomberg data.
“While inflation continued to overshoot the Fed’s target in January, fundamental drivers of inflation are starting to improve,” Comercia Bank chief economist Bill Adams said in a note. “Remember, a big part of the surge in prices was from shortages, and the economy is making big strides to reduce shortages.”
Quadratic Capital Management founder Nancy Davis echoed a similar point in post-CPI commentary.
“While inflation is weighing heavily on Federal Reserve policy decisions, our current inflationary environment is unconventional and is caused largely by supply chain disruptions, something the Federal Reserve cannot fix with tighter monetary policy,” Davis said.
The 10-year Treasury yield’s jump to 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pressured technology stocks in Thursday’s trading session. Losses in heavyweights such as Apple (AAPL) (closed down 2.34 to $172.16 per share) and Alphabet (GOOG) (closed down 2.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $22,772.05 per share) dragged down markets.
“Even though we see the yield curve start flattening, we are watching the 10-year very closely and the CPI number,” ERShares chief operating officer and chief investment strategist Eva Ados told Yahoo Finance Live on Wednesday, adding the three most significant facors in the data are costs associated with labor, food prices, and energy.
Ados said once the 10-year Treasury hits 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, “that will trigger a psychological level and more anxiety in markets.”
In the previous session, the indexes were lifted by an influx of strong corporate earnings. The Walt Disney Company (DIS), a component of the Dow, unveiled first quarter 2022 results after the bell on Wednesday that sharply beat estimates. Better than expected growth for the entertainment giant’s streaming service Disney+ and a recovery in theme park attendance sent shares up as much as 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after the report. Uber (UBER) also posted results after market close, revealing quarterly revenue that topped analyst forecasts and indicated headwinds caused by the Omicron COVID surge have eased.
“Last year, it was all about ‘tell me the story and how great it is,’ while this year, it’s ‘show me the money and show me that you’re growing profitably — that you have cash flow,’” Satori Fund founder and portfolio manager Dan Niles told Yahoo Finance Live.
After a surprise shift by the Federal Reserve on how aggressively it would tighten monetary conditions rocked equities in January, investors have found relief in strong earnings over recent weeks. Bank of America said in its latest update that S&P 500 earnings per share (EPS) are exceeding consensus expectations by 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} so far for the latest quarter and tracking toward a growth rate of well over 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a year-over-year basis.
But as earnings season winds down, investors will turn their attention back macroeconomic concerns, with special focus on Thursday’s inflation number — an annual CPI gain of 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} — at a 40-year high.
“We do think the focus shifts back to the macro side of the ledger this week,” Stuart Kaiser, UBS head of equity derivatives research, told Yahoo Finance Live on Tuesday, adding the European Central Bank and Bank of England are tightening monetary policy along with the Fed and a series of high inflation prints are expected in coming months. “When we put that all together, we don’t think the bumpy ride is over.”
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4:00 p.m. ET: Wall Street’s main indexes cap session in negative territory
Here were the main moves in markets at Thursday’s close:
S&P 500 (^GSPC): -83.13 (-1.81{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,504.05
Dow (^DJI): -526.37 (-1.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,241.69
Nasdaq (^IXIC): -304.73 (-2.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,185.64
Crude (CL=F): +$0.21 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.87 a barrel
Gold (GC=F): -$8.90 (-0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,827.70 per ounce
10-year Treasury (^TNX): +10.2 bps to yield 2.0310{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
3:25 p.m. ET: Affirm plunges 33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after miss on revenue forecast
Buy now, pay later provider Affirm Holdings Inc. (AFRM) reported a larger loss for its second fiscal quarter due to an increase in stock-based compensation following the company’s initial public offering.
In the three months ended Dec. 31, net loss attributable to common shareholders widened to $159.74 million, or 57 cents per share, from a loss of $26.61 million, or 38 cents per share, a year earlier.
Shares plunged as much as 33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in afternoon trading. Affirm was down 19.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $60.23 per share as of 3:23p.m. ET.
Affirm also confirmed it mistakenly reported a portion of its second-quarter results ahead of schedule after a since-deleted tweet was sent from the company’s official Twitter account Thursday morning.
Affirm logo displayed on a phone screen and Affirm website displayed on a laptop screen are seen in this illustration photo taken in Krakow, Poland on August 16, 2021. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
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2:31 p.m. ET: Dow sheds 500 points as rate worries weigh on tech stocks
Here were the main moves in markets as of 2:31 p.m. ET:
S&P 500 (^GSPC): -66.45 (-1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,520.73
Dow (^DJI): -454.94 (-1.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,313.12
Nasdaq (^IXIC): -215.12 (-1.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,275.25
Crude (CL=F): -$0.11 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.55 a barrel
Gold (GC=F): -$3.20 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,833.40 per ounce
10-year Treasury (^TNX): +9 bps to yield 2.0190{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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1:05 p.m. ET: Dow tumbles after Fed president says he favors 100bp hike by July
Fed St. Louis President James Bullard said he favors interest rate increase of 100 basis points by July 1, including a 50 basis point hike as soon as March.
“I’d like to see 100 basis points in the bag by July 1,” Bullard, who is voting on monetary policy this year, said in an interview with Bloomberg News on Thursday. “I was already more hawkish but I have pulled up dramatically what I think the committee should do.”
The Dow Jones Industrial Average dropped 200 points following the remarks.
Bullard is said to be the most hawkish member of the Federal Open Markets Committee (FOMC). His take comes following another red-hot read on the Consumer Price Index (CPI), which notched a 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual gain in January.
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12:13 p.m. ET: Stocks edge higher to pare earlier losses
Here were the main moves in markets during midday trading:
S&P 500 (^GSPC): -16.16 (-0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,571.02
Dow (^DJI): -76.11 (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,691.95
Nasdaq (^IXIC): -46.31 (-0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,444.06
Crude (CL=F): +$1.86 (+2.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $91.52 a barrel
Gold (GC=F): +$5.80 (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,842.40 per ounce
10-year Treasury (^TNX): +8.1 bps to yield 2.0100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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9:30 a.m. ET: US stocks falter as Wall Street weighs decades-high CPI print
Here were the main moves in markets at the start of Thursday’s session:
S&P 500 (^GSPC): -54.84 (-1.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,532.34
Dow (^DJI): -262.99 (-0.74{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,505.07
Nasdaq (^IXIC): -258.68 (-1.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,231.69
Crude (CL=F): -$0.22 (-0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.44 a barrel
Gold (GC=F): -$7.50 (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,829.10 per ounce
10-year Treasury (^TNX): +5.3 bps to yield 1.9820{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
8:55 a.m. ET: Stock futures tumble after red-hot inflation data
Here’s how stock futures fared as investors mulled the latest CPI report
S&P 500 futures (ES=F): -37.75 points (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,540.00
Dow futures (YM=F): -139 points (-0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,502.00
Nasdaq futures (NQ=F): -192.00 points (-0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,846.25
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8:30 a.m. ET: Inflation reaches fresh 40-year high
U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptions.
The Consumer Price Index (CPI) released by the Bureau of Labor Statistics Thursday morning registered a 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual gain in January. Consensus economists were looking for a 7.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise, according to Bloomberg data. This represented the fastest rise since 1982, as well as an acceleration from the 7.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year increase seen in December.
Energy prices remained a key contributor to the overall CPI and were up by 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a year-over-year basis in January. Within energy, fuel oil prices jumped 9.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a monthly basis, tracking the rise in crude oil prices, which rallied to a seven-year high at the beginning of the year. Electricity prices also jumped by a pronounced 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a month-over-month basis.
First-time unemployment filings came in lower in the latest weekly data, continuing a recent downward trend in jobless claims as Omicron-related pressures on the labor market begin to abate. Another 223,000 Americans filed new claims for the week ended Feb. 5, below expectations of 230,000.
Filings for unemployment insurance have fallen consistently in recent weeks after a temporary surge in mid-January to a print of nearly 300,000, the highest level since October. The rush of U.S. workers applying for benefits was attributed to disruptions from the Omicron variant of COVID-19 and adjusted workforces following the seasonal hiring increase at the end of 2021.
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7:00 a.m. ET: Contracts on Wall Street’s main benchmarks flat ahead of CPI print
Here were the main moves in futures trading ahead of Thursday’s open
S&P 500 futures (ES=F): -72.50 points (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,570.50
Dow futures (YM=F): +32.00 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,673.00
Nasdaq futures (NQ=F): -43.75 points (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,994.50
Crude (CL=F): +$0.96 (+1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $90.62 a barrel
Gold (GC=F): -$3.00 (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,833.60 per ounce
10-year Treasury (^TNX): -0.00 bps to yield 1.9290{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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6:00 p.m. ET Wednesday: Stock futures rise slightly ahead of key inflation data
Here’s how the key indexes fared in post-market trading Wednesday:
S&P 500 futures (ES=F): +4.00 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,581.75
Dow futures (YM=F): +78.00 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,719.00
Nasdaq futures (NQ=F): +15.50 points (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,038.25
Crude (CL=F): +$0.31 (+0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $89.97 a barrel
Gold (GC=F): +$2.60 (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,833.60 per ounce
10-year Treasury (^TNX): -2.5 bps to yield 1.9290{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
A trader works on the floor of the New York Stock Exchange at the closing bell January 14, 2022, in New York, New York. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
Stocks shook off earlier losses to mostly rise Friday afternoon even as investors viewed a much stronger-than-expected jobs report as bolstering the case for the Federal Reserve to continue down its more hawkish monetary policy path.
The S&P 500 turned higher during intraday trading, closing up 0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 4,500.61, while the Dow lost steam to close at 35,089.28. The Nasdaq also rose by 1.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 14,098.01. A day earlier, the Nasdaq Composite index sank by 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for its worst single-day decline since September 2020. Oil prices also remained in focus as U.S. West Texas intermediate crude oil prices jumped further above $90 per barrel after crossing that threshold for the first time since 2014 on Thursday.
New labor market data was the major focal point for investors on Friday, showing employment growth held up much more robustly than expected despite the surge in Omicron cases at the beginning of the year. Payrolls grew by 467,000, or well above the 125,000 expected to return, and job gains for December were upwardly revised to more than half a million. The labor force participation rate also improved markedly, and average hourly earnings jumped by a greater-than-expected 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or the most since May 2020.
The latest jobs report came as a surprise following a string of other softening data points on the state of the labor market, with ADP’s private payrolls report showing earlier this week the first contraction in private-sector employment in more than a year. But Friday’s report offered potential fodder for the hawks in the Federal Reserve to press ahead with their plans to raise interest rates and begin tightening in the near-term, as the economic recovery continues to progress.
“For markets, the jobs report is all about the Fed, and today’s upside surprises in both job creation and wage growth keep the Fed on track to begin raising rates in March and hike four or more times this year,” Barry Gilbert, asset allocation strategist at LPL Financial, wrote in an email Friday.
Meanwhile, a batch of upbeat quarterly results from Amazon (AMZN), Snap (SNAP) and Pinterest (PINS) helped dispel some of the gloom hanging over technology shares from during the regular trading day, after Meta Platforms (FB) offered an outlook that fell well short of Wall Street’s expectations.
Investors responded favorably to Amazon’s announced price hike on its premium Amazon Prime subscription and better-than-expected growth in its lucrative cloud computing business unit. And Snap and Pinterest each topped Wall Street estimates for quarterly sales and earnings, suggesting Meta Platforms may have been alone among the ad-driven internet companies in bearing the brunt of headwinds from competition and Apple iOS software changes.
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4:01 p.m. ET: Dow loses steam, Nasdaq gains
Here were the main moves in markets as of 4:01 p.m. ET:
S&P 500 (^GSPC): +23.17 (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,500.61
Dow (^DJI): -22.01 (-0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,089.15
Nasdaq (^IXIC): +219.19 (+1.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,098.01
Crude (CL=F): +$2.11 (+2.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.38 a barrel
Gold (GC=F): +$3.80 (+0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,807.90 per ounce
10-year Treasury (^TNX): +10.3 bps to yield 1.9300{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
12:02 p.m. ET: Bitcoin jumps by nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to top $40,000
Bitcoin prices (BTC-USD) jumped by nearly 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Friday afternoon to cross the $40,000 level, with the largest cryptocurrency by market cap posting its biggest single-day rise in months as digital currency prices tracked gains across major tech stocks.
Prices of Ether, LiteCoin, and XRP also moved notably higher during intraday trading as well. Stocks related to cryptocurrencies also gained, including Coinbase (COIN) with a rise of 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and MicroStrategy (MSTR) with a jump of more than 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
—
10:12 a.m. ET: Snap shares surge more than 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after users, earnings top estimates, shaking off growth concerns
Snap shares (SNAP) soared by more than 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} intraday on Friday after the company topped expectations across virtually all major metrics in its latest quarterly results.
Revenue jumped 42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to reach $1.3 billion, with daily active users growing by 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach 319 million. Adjusted earnings per share of 22 cents were double the 11-cent consensus estimate. The bottom-line results also helped Snap post its first annual profit for the full-year 2021.
Despite the surge in the stock price, however, Snap shares remained lower by more than 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the year-to-date through intraday trading on Friday.
—
9:40 a.m. ET: Amazon shares jump by most since 2017 after earnings, Prime price increase
Amazon (AMZN) shares rose by 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} just after market open, which would mark the biggest single-day rise in the stock since 2017 after the e-commerce giant posted stronger-than-expected earnings results and announced a price increase on its Prime membership subscription.
Fourth-quarter sales grew 9.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year to a record $137.4 billion. Though online store net sales were down slightly on a year-over-year basis, high-margin Amazon Web Services cloud sales grew 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach $17.8 billion.
Amazon also said its Prime annual membership was going up in price by $20 to $139 each year, offering a future boost to top-line results. The company sees current-quarter net sales coming in between $112 billion and $117 billion, with operating income of as much as $6.0 billion.
—
9:30 a.m. ET: Stocks open mixed
Here’s where stocks were trading Friday morning just after market open:
S&P 500 (^GSPC): +1.13 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,474.86
Dow (^DJI): -110.52 (-0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,000.64
Nasdaq (^IXIC): +56.57 (+0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,929.16
Crude (CL=F): +$1.74 (+1.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.01 a barrel
Gold (GC=F): -$3.70 (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,800.40 per ounce
10-year Treasury (^TNX): +7.4 bps to yield 1.901{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
8:55 a.m. ET: U.S. employment unexpectedly jumped in January despite Omicron surge
U.S. employers added back far more jobs than expected in January even as Omicron cases surged at the beginning of the new year.
Non-farm payrolls grew by 467,000, far exceeding the 125,000 consensus economists were looking for, according to Bloomberg data. The unemployment rate rose to 4.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, but this was just a tick above the pandemic-era low of 3.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} seen in December.
Meanwhile, signs of continued inflation also emerged in the January report, as average hourly earnings jumped by a bigger-than-expected 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in January. This came following a 4.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase in December. On a month-over-month basis, average hourly wages rose 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or also well above the 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from December.
—
7:32 a.m. ET: Friday: Stock futures mixed ahead of jobs report
Here’s where markets were trading Friday morning:
S&P 500 futures (ES=F): -5 points (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,464.00
Dow futures (YM=F): -145.00 points (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,826.00
Nasdaq futures (NQ=F): +56.75 points (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,549.00
Crude (CL=F): +$1.90 (+2.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $92.17 a barrel
Gold (GC=F): +$7.10 (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,811.20 per ounce
10-year Treasury (^TNX): -0.7 bps to yield 1.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:13 p.m. ET Thursday: Stock futures jump after Amazon earnings
Here were the main moves in markets during the overnight session:
S&P 500 futures (ES=F): +45.25 points (+1.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,514.25
Dow futures (YM=F): +148 points (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,119.00
Nasdaq futures (NQ=F): +265.5 points (+1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,757.75
NEW YORK, NEW YORK – JANUARY 31: Traders work on the floor of the New York Stock Exchange (NYSE) on January 31, 2022 in New York City. After a volatile week, the Dow Jones Industrial Average was down slightly in morning trading. (Photo by Spencer Platt/Getty Images)
Wall Street’s key benchmarks faltered on Thursday, capping back-to-back sessions of gains on the heels of a slew of strong tech earnings, as sentiment waned following dismal results from Facebook that sent shares of the company spiraling along with other tech peers.
A recent winning streak in equities was eclipsed by disappointing fourth quarter results from the platform’s parent company Meta (FB), which unveiled figures that missed estimates after the bell on Wednesday. The Q4 report sent shares tumbling more than 26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} — and also hammered other technology stocks — marking the biggest single-day wipeout in market history.
The Nasdaq Composite plunged 538.73 points to end 3.74{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower, while the S&P 500 fell 2.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} into the red. The Dow Jones Industrial Average also closed down 518.17 points, or 1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, lower.
Meanwhile, WTI crude oil topped $90 a barrel for the first time since 2014 amid continued global supply constraints and geopolitical tensions.
Meta reported Q1 2022 revenue, a key figure for stock watchers, that came up short, with the company estimating between $27 billion to $29 billion in the current quarter, below analysts’ expectations of $30.25 billion. The company’s ability to continue to navigate Apple’s (AAPL) recent privacy changes that allow iOS users to opt out of letting their apps track them across the web was also in focus for the near term.
Facebook’s fourth-quarter report comes amid a prolific week in earnings season. Shares of Amazon (AMZN), which disclosed figures after market close on Thursday, surged 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in post-market trading after the company reported a 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} sales increase during the last three months of 2021 and a jump in profit attributed to its deal with Rivian (RIVN). The e-commerce giant’s results mark the last of five corporate heavyweights that account for about one-quarter of the S&P 500’s total market capitalization for this earnings season. Earlier this week, Alphabet (GOOGL) rallied after the company topped quarterly sales and profit estimates and announced a 20-for-1 stock split.
In a discussion with Yahoo Finance Live on why Facebook and other social media stocks have cratered, Cowen managing director Chris Pollard said: “If we take a step back and we think about why markets have been weak, it’s been the hawkish policy pivot.”
Anxiety around central banking policies rattled markets in January. The S&P 500 posted a negative return of 5.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for January 2022 – marking its worst month since the benchmark plunged 12.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in March 2020 after COVID-19 upended the global economy. Meanwhile, the Nasdaq Composite (^IXIC) narrowly avoided its worst-performing January on record after a loss of 8.98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the month.
LPL Financial chief market strategist Ryan Detrick pointed out that poor January performance has historically been followed by weakness in February. Data collected by LPL going back to 1960 showed that after drops of 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or more in the S&P 500, February performance has been lower six of the past seven times, with muted returns over the final 11 months of the year. To add to that, February has been one of the worst months of the year for the index since 1950, with only September being worse.
“We are encouraged by the big reversal in stocks last week and we think stocks are in the process of forming a meaningful bottom,” Detrick said in a note. “But the truth is, this year is going to be much more volatile than last year and investors had better buckle up their seat belts if the first month is any indication.”
Investors will continue to weigh Big Tech earnings against a fresh read on the Labor Department’s monthly jobs report expected to show growth likely slowed further in January, reflecting a fuller impact from the Omicron variant.
“It’s one of those things where we’re just going to have to get used to the short but shallow economic damage we saw because of the latest variant,” Art Hogan, B Riley-National chief market strategist, told Yahoo Finance Live.
On Wednesday, the ADP reported that private-sector U.S. employers cut 301,000 jobs in January, marking the first decline since December 2020 as the Omicron variant put a dent in the labor market’s recovery. Consensus economists expect 150,000 non-farm payrolls returned in January, a figure that would mark the slowest pace of hiring since December 2020 as the impact of the latest COVID waves catches up to economic data.
“The takeaway for investors is probably a temporary blip on an otherwise strong recovery we’re seeing in the employment markets,” SEI CIO Jim Smigiel told Yahoo Finance Live. “It’s not too surprising we’re seeing a bit of weakness.”
Jared Bernstein, member of the White House Council of Economic Advisers, emphasized to Yahoo Finance Live that this month’s figures are likely to be “distorted” by a number of Americans who have tested positive for the virus in the latest surge on unpaid leave that are not tracked on the payroll count.
4:25 p.m. ET: Amazon surges in extended trading following upbeat Q4 results
Shares of Amazon (AMZ) surged 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in post-market trading after the company reported a 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} sales increase during the fourth quarter and a jump in profit attributed to its deal with Rivian (RIVN).
The e-commerce giant also said it will raise its prime membership fee to $139 per year from $119, marking the third time since the launch of Amazon Prime that the company boosted its prices for the yearly delivery service.
Net sales increased 9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $137.4 billion in the fourth quarter, compared with $125.6 billion in the same period last year. The company’s 1st quarter revenue forecast is for $112 billion-$117 billion. The Street was expecting guidance of $120 billion.
—
4:00 p.m. ET: Nasdaq plunges 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in worst drop since March 2020
Here were the main moves in markets at Thursday’s close:
S&P 500 (^GSPC): -112.08 (-2.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,477.30
Dow (^DJI): -518.99 (-1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,110.34
Nasdaq (^IXIC): -538.73 (-3.74{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,878.82
Crude (CL=F): +$1.88 (+2.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $90.14 a barrel
Gold (GC=F): -$4.10 (-0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,806.20 per ounce
10-year Treasury (^TNX): +6.1 bps to yield 1.8270{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
3:15 p.m. ET: Crude oil surges past $90 per barrel on supply concerns
WTI crude oil (CL=F) topped $90 a barrel for the first time since 2014 amid continued global supply constraints and geopolitical tensions.
Oil prices have trended upward on expectations that supply will tighten further even after the Organization of the Petroleum Exporting Countries (OPEC+) producers stuck to planned moderate output increases. OPEC+ agreed on maintaining monthly increases of 400,000 barrels per day (bpd) in output despite pressure from consumers to raise supplies more quickly.
“With OPEC+ unwinding their production cuts, the group’s spare capacity will fall to low levels in 2022. Hopefully by next year there are no mobility restrictions, meaning with the world still expanding oil demand will also rise next year,” UBS commodity analyst Giovanni Staunovo said.
—
12:24 p.m. ET: Nasdaq leads losses as Facebook wipeout sends other tech stocks cratering
Here were the main moves in markets in midday trading:
S&P 500 (^GSPC): -75.43 (-1.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,513.95
Dow (^DJI): -298.71 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,330.62
Nasdaq (^IXIC): -373.87 (-2.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,043.67
Crude (CL=F): +$0.37 (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $88.63 a barrel
Gold (GC=F): -$3.70 (-0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,806.60 per ounce
10-year Treasury (^TNX): +6.3 bps to yield 1.8290{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
10:30 a.m. ET: US service sector slows in January: ISM Survey
U.S. services industry activity dropped to an 11-month low in January as a jump in COVID-19 infections hit demand at high contact businesses and kept workers at home.
The Institute for Supply Management said on Thursday its non-manufacturing activity index fell to 59.9 last month, the lowest print since February 2021. ISM reported a read of 62.3 in December.
Consensus economist estimates compiled by Bloomberg projected a print of 59.5. Figures above 50 indicate growth in the services sector, which accounts for more than two-thirds of economic activity in the U.S.
The slowdown in services industry activity marked the latest indication in economic data that Omicron-driven infection put a dent in the recovery’s momentum.
—
9:55 a.m. ET: Spotify stock craters following ‘eyebrow-raiser’ Q4 results
Spotify (SPOT) shares plunged as much as 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in morning trading, marking the biggest drop since March 2020 after the company’s quarterly forecasts for users and gross margin fell short of analysts’ expectations.
Several firms on Wall Street trimmed their price targets for the stock, traded down 15.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $162.41 per share as of 9:55 a.m. ET. Bloomberg data showed the average price target among analysts is $243.
“The bull case called for 2022 to be the margin inflection year after hefty podcasts commitments in 2020, but that dream is fading,” Wells Fargo wrote in a note. “SPOT will need to show the fruits of these investments to win back the Street.”
The bank also called the gross margin outlook the “eyebrow-raiser” of the report.
Spotify icon displayed on a phone screen is seen in this illustration photo taken in Krakow, Poland on February 3, 2022. (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
—
9:45 a.m. ET: Meta set for biggest wipeout in market history
Shares of Facebook parent company Meta (FB) fell 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at Thursday’s open after the platform unveiled disappointing fourth quarter results at market close Wednesday.
Meta reported Q1 2022 revenue, a key figure for stock watchers, that came up short, with the company estimating between $27 billion to $29 billion in the current quarter, below analysts’ expectations of $30.25 billion. The company’s ability to continue to navigate Apple’s (AAPL) recent privacy changes that allow iOS users to opt out of letting their apps track them across the web was also in focus for the near term.
In a statement, CFO David Wehner cited Apple’s (AAPL) iOS privacy changes, inflation, and exchange rates as the biggest headwinds for the company moving forward.
The company also revealed that its user growth has slowed to a little more than a trickle, and said it lost 1 million daily active Facebook users in particular.
—
9:30 a.m. ET: Stocks plunge at open to cap earlier winning streak
Here were the main moves in markets at Thursday’s open
S&P 500 (^GSPC): -66.95 (-1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,522.43
Dow (^DJI): -112.23 (-0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,517.10
Nasdaq (^IXIC): -365.18 (-2.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,052.37
Crude (CL=F): -$0.60 (-0.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $87.66 a barrel
Gold (GC=F): -$5.30 (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,805.00 per ounce
10-year Treasury (^TNX): +7 bps to yield 1.8360{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
8:30 a.m. ET: Another 238,000 American filed new claims last week
First-time unemployment filings trended lower last week, suggesting some of the Omicron-related disruptions that have recently weighed on the labor market’s recovery may be easing.
The Labor Department reported jobless claims came in at 238,000 for the week ending Jan. 29, compared to 245,000 expected by economists, according to consensus data compiled by Bloomberg. During the prior week, filings totaled 260,000.
The agency’s latest print shows back-to-back declines in unemployment claims after filings rose to the highest level since October in mid-January, coming in at nearly 300,000. The jump tracked an Omicron-driven spike in coronavirus cases across the U.S. between December and January, which rendered many businesses temporarily closed and employees sick, or concerned over becoming ill at work.
—
7:21 a.m. ET: Tesla recalls more than 800,000 vehicles over seatbelt alert issue
Tesla Inc. (TSLA) has issued a recall on 817,000 U.S. vehicles because the seatbelt alert may not activate when a vehicle starts to remind the driver to buckle up.
The National Highway Traffic Safety Administration (NHTSA) said the cars fail to comply with a federal motor vehicle safety standard on “Occupant Crash Protection” since the audible alert does not activate. Recalls were made on some 2021-2022 Model S and Model X, 2017-2022 Model 3, and 2020-2022 Model Y vehicles.
The electric-vehicle giant is expected to perform an over-the-air (OTA) software update to address the issue.
Shares of Tesla were down 2.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in pre-market trading to $882.25 a piece as of 7:21 a.m. ET.
—
7:00 a.m. ET: US stock futures fall lower in pre-market trading
Here were the main moves in markets ahead of the open Thursday:
S&P 500 futures (ES=F): -48.75 points (-1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,528.50
Dow futures (YM=F): -94.00 points (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,398.00
Nasdaq futures (NQ=F): -321.75 points (-2.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,792.75
Crude (CL=F): -$1.10 (-1.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $87.16 a barrel
Gold (GC=F): -$6.50 (-0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,803.80 per ounce
10-year Treasury (^TNX): -3.4 bps to yield 1.7660{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:03 p.m. ET Wednesday: Nasdaq plunges heading into overnight trading after Facebook miss
Here’s how the main benchmarks fared in extended trading Wednesday evening:
S&P 500 futures (ES=F): -32 points (-0.70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,545.25
Dow futures (YM=F): +44 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,536.00
Nasdaq futures (NQ=F): -260.75 points (-1.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,853.75
Crude (CL=F): -$0.43 (-0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $87.83 a barrel
Gold (GC=F): -$2.70 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,807.60 per ounce
10-year Treasury (^TNX): -3.4 bps to yield 1.7660{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
A trader works on the floor of the New York Stock Exchange at the closing bell January 14, 2022, in New York, New York. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
Wall Street’s main indexes crawled higher to close in the green for a third straight day following a historically volatile January as investors continue to price in tighter monetary policy and weigh a lineup of big-name earnings reports.
[Click here to read what’s moving markets heading into Wednesday, February 2]
The Dow Jones Industrial Average capped the day up 273 points, or 0.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the Nasdaq Composite also edged 106 points, or 0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher. The S&P 500 made its way into positive territory, closing the day just above breakeven, up 0.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The blue-chip index posted a negative return of 5.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the first month of the year — its biggest monthly drop since March 2020 and weakest January since 2009 — while the Nasdaq narrowly avoided its worst-performing January on record after a loss of 8.98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the month.
“This is not the time when you want to make rash decisions or change your long-term investment philosophy,” Fitz-Gerald Group CIO Keith Fitz-Gerald told Yahoo Finance Live. “This is when you focus on finding companies that are winning, are profitable, or have have great products we can’t live without.”
Anxiety around how quickly and significantly the Federal Reserve will lift interest rates has caused the turbulence in equities last month as investors dump high-valued, growth assets poised for vulnerability in an environment of higher borrowing costs.
“We are encouraged by the big reversal in stocks last week and we think stocks are in the process of forming a meaningful bottom,” LPL Financial chief market strategist Ryan Detrick said in a note. “But the truth is, this year is going to be much more volatile than last year and investors had better buckle up their seat belts if the first month is any indication.”
Markets are bracing for a bump of at least 25 basis points next month after Fed Chair Jerome Powell implied last week that a liftoff on interest rates to above their current near-zero levels was likely to come in March as policymakers look to tighten financial conditions amid a backdrop of surging inflation.
“Investors are watching the Fed,” Thornburg Investment Management co-head of investments Jeff Klingelhofer told Yahoo Finance Live. “We are absolutely in a period of heightened volatility, and we think it’s here to stay for some time.”
Despite a turbulent month, history suggests buying stocks after major plunges has paid off. According to new research from Goldman Sachs (GS) strategist David Kostin, a look at data since 1950 showed an investor buying the S&P 500 (^GSPC) 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} below its high, regardless of whether it was the trough, would have netted a median return of 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the next 12 months.
“There are two parts to the ‘buy-the-dip’ phrase: Buy the dips and sell the rips,” said Interactive Brokers chief strategist Steve Sosnick on Yahoo Finance Live. “I think this is an environment you are going to get the opportunity to do both.”
Monday commenced a prolific week for this earnings season, with more than 100 companies in the S&P 500 set to report fourth quarter results through Friday. Alphabet (GOOG, GOOGL) unveiled figures after the bell on Tuesday, with results from Amazon (AMZN) and Facebook, now Meta Platforms (FB), due out later this week.
4:00 p.m. ET: Stocks close positive for third straight day following turbulent January
Here were the main moves in markets as of 4:00 p.m. ET:
S&P 500 (^GSPC): Previous Close to
Dow (^DJI): +272.00 (+0.77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,403.86
Nasdaq (^IXIC): +106.12 (+0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,346.00
Crude (CL=F): +$0.20 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $88.35 a barrel
Gold (GC=F): +$4.10 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,800.50 per ounce
10-year Treasury (^TNX): +1.8 bps to yield 1.8000{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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10:12 a.m. ET: US manufacturing activity loses steam at start of new year
U.S. manufacturing activity fell to a 14-month low in January amid a surge of COVID-19 infections in the latest Omicron-driven virus wave, according to one closely-watched measure. The slowdown supported views that economic growth lost traction at the start of the year.
The Institute for Supply Management’s (ISM) latest read on its index of national factory activity dropped to a print of 57.6 last month, the lowest since November 2020. December saw a print of 58.8.
Consensus economist estimates compiled by Bloomberg predicted a read of 57.5. Readings above 50 indicate expansion in manufacturing, which accounts for 11.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the U.S. economy.
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10:05 a.m. ET: Job openings rose to 10.925 million in December
The number of job openings and quits each held at historically elevated levels in December, with worker leverage remaining high as labor demand persisted.
The Labor Department’s latest Job Openings and Labor Turnover Summary (JOLTS) showed that vacancies across the U.S. totaled 10.925million at the end of 2021,compared to 10.775 million openings in November. Consensus economists had anticipated December vacancies would come in at 10.3 million, according to Bloomberg data.
The latest report represented a seventh straight month that job openings held above the 10 million level, underscoring the ongoing tightness in the labor market as employers struggle to find enough workers to fill positions. Vacancies had set an all-time high of nearly 11.1 million in July, and trended only slightly lower since then. Before the pandemic, job openings had averaged around 7 million per month throughout 2019.
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9:50 a.m. ET: Meme stock favorites pop after earnings beats
AMC Entertainment (AMC) jumped more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in early trading after preliminary revenue and Ebitda for the fourth quarter beat consensus estimates. The gains extended to other retail-trader favorites, including fellow meme-stock darling, GameStop (GME).
The gaming retailer also beat forecasts on fourth quarter results. Preliminary revenue came in at $1.17 billion, more than the $1.09 billion estimated by the Street, according to Bloomberg data. Preliminary adjusted Ebitda was $146.8 million to $151.8 million, compared to $82.4 million foreseen in Bloomberg consensus estimates.
“We finished the year with the strongest quarter in two years. The fourth quarter of 2021 marks a meaningful milestone with positive Ebitda of more than $145 million, positive operating cash generated of more than $215 million, and a record year-ending liquidity position of $1.8 billion,” Gamestop CEO Adam Aron said.
Shares of AMC were up 6.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17.14 a piece as of 9:46 a.m. ET, while Gamestop traded 3.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher to $112.82 per share as of the same time.
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9:30 a.m. ET: Stocks struggle for direction ahead of big-name earnings, economic data
Here were the main moves on Wall Street as morning trading kicked off:
S&P 500 (^GSPC): +5.07 (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,520.62
Dow (^DJI): +7.57 (+0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,139.43
Nasdaq (^IXIC): +25.00 (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,264.88
Crude (CL=F): -$0.90 (-1.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $87.25 a barrel
Gold (GC=F): +$8.40 (+0.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,804.80 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 1.7770{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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7:25 a.m. ET: AT&T to spin off WarnerMedia in $43 billion Discovery deal
Telecomm giant AT&T Inc (T) announced it will spin off subsidiary WarnerMedia in a transaction to merge its media properties with Discovery Inc. (DISCA) valued at $43 billion. The company is also expected to cut its dividend by nearly half as part of the deal.
Shares of AT&T were down 4.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in pre-market trading to $24.39 a piece as of 7:25 a.m., while Discovery stock was mostly flat at around $27.87 per share.
AT&T shareholders will own 71{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the new, resulting company and receive 0.24 shares of Warner Bros. Discovery for each AT&T share they own. The telecommunications group will have 7.2 billion diluted shares outstanding after the transaction closes. The company will distribute shares of the new Warner Bros. Discovery as a dividend of $1.11 per share, down from $2.08 per share, the lower end of a $8 billion to $9 billion range AT&T had projected earlier.
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7:00 a.m. ET: Contracts on Wall Street’s main indexes edge lower after volatile January
Here’s how the main benchmarks fared ahead of Tuesday’s open:
S&P 500 (^GSPC): -11.75 (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,492.50
Dow (^DJI): -54.00 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,943.00
Nasdaq (^IXIC): -28.25 (-0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,876.75
Crude (CL=F): -$0.27 (-0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 87.88 a barrel
Gold (GC=F): +$10.30 (+0.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,806.70 per ounce
10-year Treasury (^TNX): 0 bps to yield 1.7820{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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6:01 p.m. ET Monday: Futures dip after S&P 500 posts worst month since March 2020
Here were the main moves in markets heading into overnight trading:
S&P 500 (^GSPC): -9.00 (-0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,495.25
Dow (^DJI): -50.00 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,947.00
Nasdaq (^IXIC): -29.50 (-0.20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,875.50
Crude (CL=F): +$0.03 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 88.18 a barrel
Gold (GC=F): +$2.40 (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,798.80 per ounce
10-year Treasury (^TNX): 0 bps to yield 1.7820{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Traders work on the floor of the New York Stock Exchange at the opening bell January 25, 2022. – Wall Street stocks fell early January 25 following a deluge of mostly solid corporate earnings but a lower global growth forecast from the IMF. (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images)
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
Wall Street’s major indexes closed in negative territory on Thursday after a sharp U-turn earlier in the session erased morning gains, continuing a streak of recent volatility as investors weighed upbeat economic data out of Washington alongside Wednesday’s Federal Reserve update.
[Click here to read what’s moving markets heading into Friday, Jan. 28]
The Dow Jones Industrial Average ended just below its flatline, losing steam from earlier gains, while the S&P 500 closed down 0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, also retreating from earlier in the session. Declines in heavily-weighted Tesla (TSLA) dragged down the Nasdaq to close 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower.
Despite notching a quarterly profit and sales well above analyst estimates for the fourth quarter, shares of Tesla closed down 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to the lowest level since Oct. 14 after the electric vehicle maker admitted supply chain woes were likely to strain operations and halt new vehicle launches this year.
U.S. gross domestic product (GDP) ramped up in the final months of 2021 at a better-than-expected 6.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate in Q4, up from Bloomberg economists’ consensus estimate of 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Meanwhile, first-time unemployment filings ticked lower for the first time in four weeks after notching a three-month high in the previous reading, suggesting some of the Omicron-related disruptions that have recently weighed on the labor market’s recovery may be easing.
Fed Chair Powell “has to walk a very thin line, a very thin tightrope between not choking off the economic recovery, which does appear as though it’s happening pretty well, but at the same time fighting off inflation,” F.L. Putnam portfolio manager Ellen Hazen told Yahoo Finance Live.
The Federal Reserve held rates at near zero following a two-day policy meeting that concluded on Wednesday, citing plans to halt pandemic-era policy of asset purchases first. The Federal Open Market Committee, however, reaffirmed it will wrap up the process in early March, suggesting the first rate hike could come in six weeks.
Investors had been anticipating clarity from the Fed on measures it would take to mitigate inflation leading up to Wednesday’s statement, with uncertainty around the pace and extent of policy change weighing on markets since the start of the new year.
“While offering some clarity on how the Fed would begin the process of removing policy accommodation, the outcome of the meeting fell short in providing the needed guidance on the timing and magnitude of the shift in policy,” Charlie Ripley, senior investment strategist for Allianz Investment Management said in a note. “Today’s meeting has market participants fully convinced that a March hike is certain, but with Chairman Powell not making any timing commitments, the door is slightly open for a slower moving Fed.”
While questions around when — and how profoundly — short-term borrowing costs will be increased, the Federal Open Market Committee unanimously agreed that “it will soon be appropriate to raise the target range for the federal funds rate,” with remarks from Federal Reserve Chair Jerome Powell signaling the first increase will happen on March 16, after the central bank’s next scheduled meeting.
U.S. Federal Reserve Chairman Jerome Powell addresses an online only news conference in a frame grab from U.S. Federal Reserve video broadcast from the Federal Reserve building in Washington, U.S., January 26, 2022. U.S. Federal Reserve Board/Handout via REUTERS
“I would say that the committee is of a mind to raise the federal funds rate at the March meeting, assuming conditions are appropriate for doing so,” Powell said in a press conference.“I don’t think it’s possible to say exactly how this is going to go, and we’re going to need to be, as I’ve mentioned, nimble about this.”
JPMorgan Chief U.S. Economist Michael Feroli said Powell’s comments were “arguably the most hawkish he’s made as Fed Chair.”
Powell deflected questions about whether a 50 basis point hike was on the table, including one posed by Yahoo Finance’s Brian Cheung about whether hikes would be gradual, but Powell indicated that the central bank’s moves could differ in tempo from when it began raising rates in 2015 due to the notably stronger economy and labor market and inflation running hot.
“While remaining noncommittal, Powell clearly wanted to indicate that hiking at consecutive meetings was a possibility, a risk we’ve also been flagging,” Feroli said.
4:02 p.m. ET: Stocks close in negative territory after another choppy session
Here were the main moves in markets as at the end of the session:
S&P 500 (^GSPC): -23.43 (-0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,326.50
Dow (^DJI): -7.31 (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,160.78
Nasdaq (^IXIC): -189.34 (-1.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,352.78
Crude (CL=F): -$0.33 (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $87.02 a barrel
Gold (GC=F): -$36.10 (-1.97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.60 per ounce
10-year Treasury (^TNX): -4.1 bps to yield 1.8070{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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3:05 p.m. ET: Natural gas for February sees record-setting spike
Gas for February delivery spiked 72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} suddenly in afternoon trading, reflecting the biggest jump on record, according to Bloomberg.
The move could be a sign of bearish wagers being squeezed out of the market ahead of cold weekend weather, Bloomberg indicated. Today is the last day this particular contract trades before expiring.
A CME Group spokesperson confirmed the price jump to Bloomberg. The increase represented the biggest surge since the contract launched in 1990.
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1:16 p.m. ET: Tesla’s supply chain woes, new vehicle delays weigh on shares
Tesla, Inc. (TSLA) reported blowout fourth quarter results after market close on Wednesday, but Wall Street wasn’t sold on the company’s earnings beat.
Despite notching a quarterly profit and sales well above analyst estimates, shares of Tesla were down 8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in intraday trading Thursday after the electric vehicle maker admitted supply chain woes were likely to strain operations and halt new vehicle launches this year.
“Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022,” Tesla said in a shareholder deck.
The stock was down -8.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to trade at $857.81 per share in the afternoon session as of 1:16 p.m. ET.
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12:54 p.m. ET: Stocks lose steam after strong morning gains
Here were the main moves in markets in midday trading:
S&P 500 (^GSPC): -0.90 (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,349.03
Dow (^DJI): +93.72 (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,261.81
Nasdaq (^IXIC): -61.26 (-0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,480.86
Crude (CL=F): -$0.59 (-0.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $86.76 a barrel
Gold (GC=F): -$36.60 (-2.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.10 per ounce
10-year Treasury (^TNX): -6.5 bps to yield 1.7830{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
11:32 a.m. ET: McDonalds shares fall after inflation takes toll on profit
Shares of McDonald’s (MCD) fell 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after the fast-food restaurant operator reported fourth-quarter adjusted earnings per share that fell short of estimates. Positive sales performance was offset by rising operating costs that dampened on the fast food chain’s profitability.
“Top line was generally strong for MCD in the 4Q, but perhaps not surprisingly, elevated operating costs weighed on company-operated restaurant margins,” RBC analyst Christopher Carril wrote in a note.
McDonald’s stock was mostly flat in morning trading, up slightly by 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $250.49 per share as of 11:32 a.m. E.T.
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10:00 a.m. ET: US homebuying slows in the final month of 2021
Pending U.S. home sales, which serve as a a leading indicator of the health of the housing market, fell for the second straight month in December.
The National Association of Realtors’ (NAR) Pending Home Sales Index, which tracks the number of homes that are under contract to be sold, dropped 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the last month of 2021 from November and declined 6.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the same month a year.
Activity was down across all regions in the U.S. Bloomberg consensus estimates reflected an expected 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decrease in sales from a month earlier and a 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} drop from the same month a year ago.
“Pending home sales faded toward the end of 2021, as a diminished housing supply offered consumers very few options,” said Lawrence Yun, NAR’s chief economist, in a press statement. “Mortgage rates have climbed steadily the last several weeks, which unfortunately will ultimately push aside marginal buyers.”
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9:30 a.m. ET: Stocks advance on back of strong economic data
Here were the main moves in markets at the start if Thursday’s trading session:
S&P 500 (^GSPC): +43.42 (+1.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,393.35
Dow (^DJI): +285.29 (+0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,453.38
Nasdaq (^IXIC): +151.11 (+1.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,693.23
Crude (CL=F): +$1.03 (+1.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $88.38 a barrel
Gold (GC=F): -$31.60 (-1.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,798.10 per ounce
10-year Treasury (^TNX): -1.1 bps to yield 1.8370{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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9:12 a.m. ET: New orders for US-made capital goods remain stagnant
U.S. capital goods were unexpectedly unchanged in the month of December, signaling a slowdown in business spending on equipment amid shortages.
The Commerce Department said on Thursday that the unchanged reading last month in orders for non-defense capital goods excluding aircraft followed a 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} gain in November. The print serves as a closely-watched proxy for business spending plans.
Economists had anticipated orders to tick up 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus estimates.
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8:30 a.m. ET: US economy expands at 6.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate, topping forecasts
U.S. gross domestic product (GDP) ramped up in the final months of 2021, with still-solid consumer spending helping stoke growth and offset early negative impacts from the Omicron variant’s spread.
The Bureau of Economic Analysis reported on Thursday that the U.S. economy expanded at a better-than-expected 6.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate in Q4, up from Bloomberg economists’ consensus estimate of 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Growth in the fourth quarter rebounded more than expected from the third quarter’s disappointing rate of expansion, when GDP rose at a 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annualized rate — its slowest since mid-2020.
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8:30 a.m. ET: US jobless claims trend down as Omicron disruptions begin to ease
First-time unemployment filings ticked lower for the first time in four weeks after notching a three-month high in the previous reading, suggesting some of the Omicron-related disruptions that have recently weighed on the labor market’s recovery may be easing.
The Labor Department reported that another 260,000 individuals filed new claims for the week ending Jan. 22, slightly lower than the expected 265,000 reflected in Bloomberg consensus estimates. Last week, first-time unemployment filings notched a three-month high amid renewed virus-related disruptions.
Even as Omicron’s spread may be slowing, payrolls will be a bit slower to respond to falling COVID cases than the real-time activity data, according to Pantheon Macroeconomics Chief Economist Ian Shepherdson.
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7:00 a.m. ET: Southwest Airlines takes flight with first quarterly profit in two years
Fourth quarter results from Southwest Airlines Co (LUV) reflected the Texas-based carrier notched its first quarterly profit in two years in the last three months of 2021, buoyed by holiday travel before the Omicron outbreak. The company also said it expects to be profitable in 2022.
Southwest, however, anticipates a loss in the current quarter through March due to repressed revenue gains and increased costs related to disruptions from Omicron. The airline expects to be profitable in the remaining three quarters of the year.
“With COVID-19 cases trending downward, the worst appears to be behind us,” incoming CEO Bob Jordan said. Jordan is expected to assume his post as the company’s sixth chief executive next month.
Shares of Southwest were mostly flat in pre-market trading at $43.77 a piece.
A Southwest Airlines commercial aircraft approaches to land at John Wayne Airport in Santa Ana, California U.S. January 18, 2022. REUTERS/Mike Blake
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7:00 a.m.: Futures on all three major indexes seesaw ahead of open
Here’s how stock futures fared in pre-market trading Thursday morning:
S&P 500 futures (ES=F): +9.75 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,351.25
Dow futures (YM=F): +39.00 points (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,094.00
Nasdaq futures (NQ=F): +61.00 points (+0.43{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,219.50
Crude (CL=F): +$0.89 (+1.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $88.24 a barrel
Gold (GC=F): -$18.90 (-1.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,810.80 per ounce
10-year Treasury (^TNX): +0.00 bps to yield 1.8480{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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6:00 p.m. ET Wednesday: Stock futures crawl forward as investors mull Fed comments
Here were the main moves in post-market trading ahead of the overnight session:
S&P 500 futures (ES=F): +8.25 points (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,349.75
Dow futures (YM=F): +31.00 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,086.00
Nasdaq futures (NQ=F): +44.00 points (+0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,202.50
Crude (CL=F): +$0.23 (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $87.12 a barrel
Gold (GC=F): -$10.80 (-0.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,818.90 per ounce
10-year Treasury (^TNX): +6.5 bps to yield 1.8480{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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