Stocks Archives - Page 14 of 18

December 9, 2021

Stocks mixed after two-day rally amid Pfizer’s Omicron vaccine update

Stocks traded mixed to pause after a two-day rally, as investors further considered updates around the Omicron variant and weighed a potential policy pivot by the Federal Reserve.

A day earlier, technology stocks outperformed to pull the Nasdaq higher by more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, in its best day since March. As of Tuesday’s close, the S&P 500 was less than 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} below its levels from Nov. 24, or the session before the World Health Organization’s announcement of the Omicron’s discovery.

Treasury yields steadied after a jump on Tuesday, and the yield on the 10-year Treasury note traded just below 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. U.S. West Texas intermediate crude oil futures hovered around $71 per barrel, while Bitcoin slipped back near $50,000.

Investors have snapped up risk assets so far this week amid prospects that the Omicron variant may not pose as severe a health threat as previously feared. And elsewhere, the latest developments in Washington, D.C., indicated lawmakers were on track to raise the debt-ceiling before a Dec. 15 deadline, which if not extended would leave the U.S. Treasury without sufficient funds to repay U.S. debt holders. The House of Representatives voted Tuesday night to approve a bill paving the way for Senate lawmakers to raise the limit with a simple majority vote.

Pfizer (PFE) shares traded slightly higher after the company said that three doses of its Pfizer-BioNTech (BNTX) vaccine “neutralize” the Omicron variant, while noting that two doses “may not be sufficient to protect against infection” with Omicron. Other recent developments around the virus have also been upbeat, with Dr. Anthony Fauci telling the AFP on Tuesday that Omicron infections are “almost certainly” not more severe than those caused by the previous Delta variant.

“Economic growth is going to be strong. Certainly the Omicron variant could possibly push some of that out, but it won’t eliminate it given the underlying fundamentals,” Brent Schutte, chief investment strategist for Northwestern Mutual, told Yahoo Finance Live. “And the Federal Reserve certainly will focus a bit more on tapering — that kind of spooked the market — but ask yourself: What impact is that going to have on growth? The answer to us is not much. You are still going to have a strong U.S. economy next year on the back of reopening, on the back of all the cash that is still available on the consumer balance sheet.”

Other strategists echoed these sentiments.

“We do think that there is fundamental support there for markets to continue to move higher here,” Emily Roland, co-chief investment strategist at John Hancock investment management, told Yahoo Finance Live on Tuesday. “Obviously we had a couple of things spook us over the last week or so, the emergence of the Omicron variant as well as this pivot from the Fed, potentially seeing them accelerating their tapering of asset purchases here. But the bottom line is that the economy is strong.”

“So until it looks like we’re inching closer to a recession here, which we’re nowhere near at this point, it’s hard for us to get too defensive,” she added. “We continue to embrace equities, we like the U.S. the most, that’s where we’re seeing the best relative economic growth, that’s where we’re seeing the best relative earnings growth. And again, the other element here is that there is a ton of cash on the sidelines that’s looking to get put to work.”

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4:09 p.m. ET: Stocks eke out third straight day of gains after Pfizer says third dose of vaccine neutralizes Omicron

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

S&P 500 (^GSPC): +14.46 (+0.31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,701.21
Dow (^DJI): +35.32 (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,754.75
Nasdaq (^IXIC): +100.07 (+0.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,786.99
Crude (CL=F): +$0.54 (+0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $72.59 a barrel
Gold (GC=F): +$2.10 (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,786.80 per ounce
10-year Treasury (^TNX): +2.9 bps to yield 1.5090{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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11:11 a.m. ET: Crude oil inventories dropped less than expectedT last week: EIA

The Energy Information Administration said in its weekly report Wednesday that U.S. crude oil inventories dropped by 241,000 barrels last week.

The sum was much less pronounced than the drop of 1.521 million barrels consensus economists were expecting, based on Bloomberg data. The weekly report also spotlighted that crude imports fell by 105,000 barrels per day, while crude production increased by 100,000 barrels per day.

U.S. West Texas intermediate crude oil futures ticked down by about 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Wednesday morning, to give back some gains after jumping by 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on. Tuesday and 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Monday. Brent crude oil futures, the international benchmark, edged lower by about the same margin to hover above $75 per barrel.

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10:00 a.m. ET: Job openings climb to near-record high in October

Job openings in the U.S. jumped by a greater-than-expected margin in October, underscoring the still-widespread mismatches in labor supply and demand as shortages abound.

The Labor Department said Wednesday that U.S. job openings totaled 11.033 million in October, coming in above consensus economists’ expectations for 10.469 million, according to Bloomberg data. Job openings in September were upwardly revised to 10.602 million, from the 10.438 million previously reported.

The quits rate came down only slightly in October to reach 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus September’s all-time high of 3.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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9:30 a.m. ET: Stocks open higher amid Pfizer vaccine news

Stocks traded mixed and came off the highs of the overnight session as investors continued to digest new updates on Pfizer’s COVID-19 vaccine and its efficacy against the Omicron variant.

The Dow traded higher by more than 100 points, or 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The S&P 500 was little changed, while the Nasdaq dropped 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Small-cap stocks continued to jump, with the Russell 2000 index up another more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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7:32 a.m. ET Wednesday: Stocks head for third straight session of gains

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

S&P 500 futures (ES=F): +13.5 points (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,698.50
Dow futures (YM=F): +114.00 points (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,827.00
Nasdaq futures (NQ=F): +39.75 points (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,357.75
Crude (CL=F): -$0.01 (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $72.04 a barrel
Gold (GC=F): +$1.00 (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,785.70 per ounce
10-year Treasury (^TNX): -0.8 bps to yield 1.472{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:06 p.m. ET Tuesday: Stock futures open higher after rally

Here were the main moves in markets in late trading on Tuesday:

S&P 500 futures (ES=F): +3 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,688.00
Dow futures (YM=F): +9 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,722.00
Nasdaq futures (NQ=F): +21.5 points (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,339.5

NEW YORK, NEW YORK - DECEMBER 02: Traders work on the floor of the New York Stock Exchange (NYSE) on December 02, 2021 in New York City. The Dow rose over 500 points today after falling yesterday due to fears of the omicron strain of the Covid-19 virus. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – DECEMBER 02: Traders work on the floor of the New York Stock Exchange (NYSE) on December 02, 2021 in New York City. The Dow rose over 500 points today after falling yesterday due to fears of the omicron strain of the Covid-19 virus. (Photo by Spencer Platt/Getty Images)

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

December 7, 2021

Stocks Slump After Murky Jobs Report as Markets Swing | Business News

By STAN CHOE and ALEX VEIGA, AP Business Writers

A week of volatile swings on Wall Street ended Friday with more losses for stocks, as a mixed batch of U.S. job market data triggered another bout of dizzying trading.

The S&P 500 closed 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower after erasing a 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} gain in the early going. The benchmark index was coming off a jolting stretch where it swerved by at least 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in five straight days, pounded by uncertainty about how badly the newest coronavirus variant will hit the economy and about when the Federal Reserve will halt its immense support for financial markets.

The Dow Jones Industrial Average slipped 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and the Nasdaq composite lost 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The Russell 2000 index of company stocks slumped 2.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. All the indexes also posted a weekly loss.

Treasury yields fell, rose and then fell again as investors struggled to square what the jobs report means the Federal Reserve will do on interest rates. The erratic movements fit right in with a week where the S&P 500 swung from a 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} gain to a 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} loss in one day.

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“We got some mixed messages on the data” from the jobs report, “and that can make for some messy markets,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.

The report, which is usually the most anticipated economic data by Wall Street each month, showed employers added only 210,000 jobs last month. It was a disappointing result when economists were expecting much stronger hiring of 530,000, and it raised worries the economy may stagnate while inflation remains high. That’s a worse-case scenario called “stagflation” by economists, and the omicron variant’s arrival makes its likelihood more uncertain.

But other areas of the jobs report showed better strength. More people are coming back to the workforce, and the unemployment rate improved to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Those encouraging numbers helped Treasury yields briefly climb during the morning. But they also came from a section of the jobs report that usually takes a back seat in investors’ eyes to the jobs-growth figure. That’s because they come from different surveys, one of employers and the other of households, and many investors see the job-growth numbers as the more reliable ones historically.

“Today’s non-farm payroll report looks messy to me,” said Jamie Cox, managing partner for Harris Financial Group. “Best to wait for the revisions next month before sounding the stagflation alarm too loudly.”

Some investors said the jobs report could ultimately push the Fed to get more aggressive about raising short-term interest rates off their record low. Others, though, said they expected the mixed report to have no effect, and the wide differences in opinion helped lead to the day’s sharp swings in the market.

What the Fed decides is a huge deal for stocks because low interest rates have been one of the main reasons the S&P 500 has roughly doubled since the early days of the pandemic. Low rates encourage borrowers to spend more and investors to pay higher prices for stocks.

The Fed has already begun slowing, or tapering, its program to buy billions of dollars of bonds each month to support the economy and markets. Chair Jerome Powell jolted markets earlier this week when he said the Fed could wrap up its bond-buying program months before the June target it had been on pace for. That would open the door for the Fed to make the more impactful decision of raising short-term rates.

“With the headlines on omicron and then figuring out if a faster taper also means a sooner hike — and investors worrying if the Fed is going to make a mistake — it’s to be expected we’re going to see some of this volatility,” said Allspring Global Investments’ Jacobsen.

Consider the yield on the two-year Treasury, which is heavily influenced by investors’ expectations for upcoming Fed actions. It fell, then recovered briefly, only to slide to 0.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. That’s down from 0.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} late Thursday.

The 10-year Treasury yield, which moves more on investors’ expectations for upcoming economic growth and inflation, was likewise unsteady. It zig-zagged immediately after the jobs report’s release and fell to 1.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by late afternoon, down from 1.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Thursday evening.

About 60{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the stocks in the S&P 500 fell, with some of Wall Street’s biggest recent stars offering the heaviest weights.

Microsoft fell 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, Nvidia slid 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and Tesla dropped 6.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. They were part of a turnaround for high-growth companies that earlier had led the market on expectations they could keep growing even if the economy was slow.

Energy futures mostly fell. The price of U.S. crude oil slid 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Energy stocks fell broadly. Exxon Mobil dropped 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

All told, the S&P 500 fell 38.67 points to 4,538.43. The Dow dropped 59.71 points to 34,580.08. The blue chip index pinballed between a gain of 161 points to a loss of 375. The Nasdaq fell 295.85 points to 15,085.47, while the Russell 2000 gave up 47.02 points to 2,159.31.

Chinese ride-hailing service Didi Global Inc. said Friday it will pull out of the New York Stock Exchange and shift its listing to Hong Kong as the ruling Communist Party tightens control over tech industries.

The Securities and Exchange Commission has moved to require that U.S.-listed foreign stocks like Didi’s disclose their ownership structures and audit reports, which could lead to some of them being delisted.

Markets around the world have swung through the week as investors struggle to handicap how much damage the newest coronavirus variant will ultimately do to the economy.

With few concrete answers about omicron, investors have been groping and sending markets back and forth as minor clues dribble out. Still to be determined are whether current vaccines are effective against the variant, whether people will be scared away from businesses because of it and whether already high inflation will worsen due to it.

AP Business Writer Elaine Kurtenbach contributed.

December 6, 2021

Stocks rise as traders digest mixed November jobs report

Stocks sank on Friday to end the week lower, as investors digested updates on the Omicron variant alongside the Labor Department’s November jobs report, which came in mixed compared to Wall Street’s elevated expectations.

The S&P 500 posted a weekly loss of 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} since last Friday, sliding in volatile trading after the discovery of the Omicron variant. The Nasdaq underperformed with a weekly loss of 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Treasury yields also dipped as investors bought safe haven assets, and the yield on the benchmark 10-year note slid below 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Developments around the Omicron variant remained a focal point. So far at least five U.S. states have reported at least one case of the variant. The variant has also been found in more than three dozen countries globally, CNBC reported, citing the World Health Organization. The report also said the WHO has so far seen “a suggestion that there is increased transmissibility” of the Omicron variant, while noting it is still too soon to determine whether it is more or less transmissible than the Delta variant, or whether it causes more severe disease.

The market moves Friday also came following the release of the Labor Department’s November jobs report, which showed a disappointing rate of hiring for the month even as the unemployment rate fell to a fresh pandemic-era low. Payroll gains came in at 210,000, or less than half the 550,000 consensus economists were expecting. The jobless rate fell to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, dipping more than anticipated from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The moves on Friday came in contrast to a rally on Thursday, when market participants initially shrugged off the discovery of multiple cases in the U.S.

“The markets … have been pricing in, really, a worst-case scenario,” Jim Smiegiel, SEI chief investment officer, told Yahoo Finance Live.

“I think the market is now switching gears a little bit and perhaps lessening the intensity on the potential for negative outcomes,” he added. “The big issue still remains more about the world government’s reaction to the variant and what that means from a lockdown perspective. And that’s what the market is still kind of struggling with at this stage.”

Others have struck an even more optimistic tone, suggesting the economic impact of the Omicron variant will ultimately prove less drastic than initially feared.

“If you look back at Delta, there really wasn’t a meaningful impact in terms of actual consumption … maybe we saw a little bit of a shift away from services in the early stages of the reopen back towards goods, but overall consumption held up just fine,” Garrett Melson, Natixis Investment Managers Solutions portfolio strategist, told Yahoo Finance Live on Thursday.

“And on the capex front, we still see signs that companies are saying they’re going to invest in their businesses and they’re doing just that,” Melson added. “Lockdowns are certainly not happening here in the U.S. There’s no appetite from the government and certainly no appetite from consumers.”

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4:05 p.m. ET: Stocks end session, week sharply lower

Here’s where U.S. equities ended Friday’s session:

S&P 500 (^GSPC): -38.67 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,538.43
Dow (^DJI): -59.71 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,580.08
Nasdaq (^IXIC): -295.85 (-1.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,085.47

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3:36 p.m. ET: What economists are saying about the November jobs report

While the headline payrolls number in the November jobs report came in well short of estimates, many economists highlighted the better-than-expected improvements in other metrics, including the unemployment rate and labor force participation rate.

Here’s what a number of economists had to say about the report, based on notes and emails sent to Yahoo Finance:

“While November displayed 210,000 jobs gained at the headline level, which some may suggest is a disappointment, when we look at the details of the report, we see some significant strengths. Indeed, the six-month average for non-seasonally adjusted private payroll gains is more than 700,000 jobs/month, an impressive number by any standard … The unemployment rate declined impressively from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October to 4.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, even as the labor force grew strongly, an indication of labor market strength.” – Rick Rieder BlackRock’s chief investment officer of global fixed income
“Arguably the biggest surprise in the November employment report was the unexpected 0.4 [percentage point] decline in the unemployment rate to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} … slowing job gains and sturdy wages are a signal of a tight labor market.” – Joe LaVorgna, Natixis CIB managing director and chief economist of the Americas
“Today’s jobs report presents a mixed picture of the labor market recovery as storm clouds gather from a rebounding Delta variant and new variant looms. The divergence between the establishment and household surveys is unusual, but is an important reminder of how difficult it is to measure the labor market in a pandemic.” – Daniel Zhao, Glassdoor senior economist
“Overall, while this report is disappointing, it does not change our view that faster tapering will be announced in December, unless the scientific news on the Omicron variant over the next couple weeks is disastrous. The Fed is focused on the inflation overshoot, which will get much worse before it gets better, and officials have made it very clear that they want to take out insurance against the risk that the latest spike does not become embedded.” – Ian Shepherdson, chief economist for Pantheon Macroeconomics

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10:47 a.m. ET: Stocks trade lower as tech lags

The three major stock indexes traded in the red after opening in positive territory, with investors continuing to mull the latest headlines on the Omicron variant and the November jobs report.

The information technology and consumer discretionary sectors underperformed in the S&P 500, while consumer staples was the only sector in the green.

Salesforce.com, Boeing and Microsoft lagged in the Dow, contributing to the more than 200-point drop in the index. The Nasdaq dropped more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} amid the drawdown in heavily weighted technology names.

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10:15 a.m. ET: Docusign shares post biggest-ever drop after 3Q billings, guidance miss

Shares of software company Docusign (DOCU) slid on Friday after posting disappointing third-quarter billings results and current-quarter guidance, suggesting business activity was returning to more “normalized” levels after a pandemic-induced surge.

Shares were down more than 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as of morning trading. Late Thursday, the e-signature company reported third-quarter billings growth of 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking a major slowdown from the previous 61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth seen in the second quarter. Billings are a closely watched metric for software companies with recurring revenue subscription models.

“After six quarters of accelerated growth, we saw customers return to more normalized buying patters, resulting in a 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year billings growth,” Dan Springer, CEO of Docusign, said in the company’s earning’s statement.

And for the current quarter, Docusign sees revenue coming in between $557 million and $563 million, missing Wall Street’s estimates for $574.2 million.

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9:31 a.m. ET: Stocks open higher after mixed jobs report

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

S&P 500 (^GSPC): +23.48 (+0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,600.58
Dow (^DJI): +125.06 (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,746.85
Nasdaq (^IXIC): +89.04 (+0.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,466.81
Crude (CL=F): +$2.39 (+3.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.89 a barrel
Gold (GC=F): +$8.90 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,771.60 per ounce
10-year Treasury (^TNX): +1.1 bps to yield 1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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9:20 a.m. ET: November jobs report comes in mixed, with payrolls disappointing while unemployment rate falls to pandemic-era low

The November jobs report offered a mixed bag for investors to digest, as non-farm payroll growth came in sharply short of consensus expectations while the unemployment and labor force participation rates topped estimates.

Non-farm payrolls grew by 210,000 in November following a revised 546,000 in October. This was well short of the 550,000 jobs expected. The unemployment rate improved to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and reached it lowest level since February 2020.

The labor force participation rate also ticked up slightly more than anticipated in November to reach 61.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus the 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consensus economists were expecting and the 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} posted in October. The labor force participation rate had been 63.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in February 2020 before the pandemic meaningfully impacted the job market.

Still, as of November, the civilian labor force was still down by about 2.4 million participants, compared to February 2020.

—

7:23 a.m. ET Friday: Stock futures drift sideways ahead of jobs report

Here were the main moves in markets as the overnight session kicked off:

S&P 500 futures (ES=F): +0.25 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,576.00
Dow futures (YM=F): +11 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,633.00
Nasdaq futures (NQ=F): -1 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,987.50
Crude (CL=F): +$1.89 (+2.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.39 a barrel
Gold (GC=F): +$10.80 (+0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,773.50 per ounce
10-year Treasury (^TNX): -1.8 bps to yield 1.432{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:31 p.m. ET Thursday: Stock futures jump ahead of jobs report

Here were the main moves in markets during the overnight session:

S&P 500 futures (ES=F): +11.5 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,587.25
Dow futures (YM=F): +94 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,716.00
Nasdaq futures (NQ=F): +34.50 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,023.00

NEW YORK, NEW YORK - AUGUST 10: People walk by the Wall Street Bull near the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – AUGUST 10: People walk by the Wall Street Bull near the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images)

—

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

December 3, 2021December 3, 2021

How to Take a Merchant Cash Advance in a Smart Way

If you don’t have enough money at your hand, you’re going to have a difficult time running your business and fulfilling day-to-day tasks. This is especially important these days when companies worldwide are struggling to stay afloat. Let’s see how you can best obtain quick access to working capital such as a cash advance.

How to Make the Best Choice

Think of a merchant cash advance (MCA) as alternative financing, which isn’t a loan. MCA providers give you an upfront sum of cash in exchange for your future sales. There are certain factors to take into account when applying for a merchant cash advance. Let’s go through them:

Apply for a cash advance from a reputable alternative online lender.

Look for simple and flexible payment schedules. If the MCA provider asks you to provide requirements that are more than usually expected, consider applying to another one with a simpler process.

Make sure the interest rate is among the lowest in the industry.

As a rule, MCA providers automatically charge the amount you owe from the sales you make. However, there are MCA providing companies offering a different process. So, find out all the details and nuances about the payment form to make the right choice for your financial needs.

Make sure the provider doesn’t require any credit check or personal guarantee.

Find out whether there are restrictions on how you can use your funds.

Make sure there are no hidden fees or gimmicks.

Be aware that you can find an MCA provider that approves credit scores below 500 approved. So, if you have low scores, this can be the best option for you.

See whether you can get your funds as soon as possible, e.g. 72 hours from application.

Make sure no tax returns or financials are required.

How to Pick the Best MCA for Your Company

Unlike banks, MCA providers rely on financial technology when making funding decisions. Mostly, they work directly with a payment processor to figure out the amount of money that’s going in and out of your business account. There are some basic factors that you should take into consideration to choose the best MCA for your business.

Author Bio: Michael Hollis is a Detroit native who has helped hundreds of business owners with their cash advance solutions. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.

December 2, 2021

Stocks pare earlier gains with Omicron, inflation in focus

Stocks turned lower Wednesday afternoon as more hawkish remarks from Federal Reserve Chair Jerome Powell compounded with concerns around the Omicron variant and its impacts on the economy. The S&P 500, Dow and Nasdaq each erased earlier gains to dip into the red.

The Centers for Disease Prevention and Control said Wednesday it identified the first confirmed case of the Omicron variant in the U.S.

Stocks cut gains after CNN first reported the news around 1:45 p.m. ET, citing an unnamed person familiar with the matter. The U.S. joined more than two dozen other countries in reporting at least one case of the Omicron variant, which was first identified last week by scientists in South Africa.

The latest development renewed concerns about the potential impact of the new variant for the domestic economy. A day earlier Moderna (MRNA) CEO Stephane Bancel told the Financial Times that the company’s current COVID-19 vaccine would likely see a “material drop” in effectiveness against Omicron, but that more data was still needed on the variant.

This commentary, as well as ongoing uncertainty over the transmissibility and severity of disease caused by the new variant, also contributed to the broader market slide seen on Tuesday.

“The market doesn’t like an information vacuum, and now we have two,” Thomas Hayes, Great Hill Capital Chairman, told Yahoo Finance Live. “Not only did we have the CEO of Moderna expressing concern that his vaccines may not have full coverage for Omicron, but then you had Powell throw this … wrench into the mix at the hearing saying that maybe we’ll speed up taper by a few months. That’s no small potatoes for sure, because the market had anticipated over six or seven months that we would get another $660 billion of liquidity.”

Namely, Powell told the Senate Banking Committee that it would be appropriate for the central bank to consider completing its asset-purchase tapering process “a few months sooner” than previously telegraphed. Market participants had been anticipating that the Fed might strike a more supportive stance for longer especially given concerns over the latest coronavirus variant. But instead, Powell suggested his priority was on curbing persistently elevated levels of inflation, and the Fed chair added it was “probably a good time to retire” his description of inflation as “transitory.”

“Chairman Powell’s commentary course-corrected the view on inflation and the potential need for quicker policy adjustment,” Charlie Ripley, senior investment strategist for Allianz Investment Management, wrote in an email. “The reality is hotter inflation coupled with a strong economic backdrop could end the Fed’s bond buying program as early as the first quarter of next year.”

“Ultimately, the transitory view on inflation has officially come to an end as Powell’s comments reinforced the notion that elevated prices are likely to persist well into next year,” he added. “With potential changes in policy on the horizon, market participants should expect additional market volatility in this uncharted territory.”

—

4:04 p.m. ET: Stocks end whipsaw session lower after first U.S. Omicron case confirmed: Nasdaq drops 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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

S&P 500 (^GSPC): -53.98 (-1.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,513.02
Dow (^DJI): -461.65 (-1.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,022.07
Nasdaq (^IXIC): -283.64 (-1.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,254.05
Crude (CL=F): -$0.79 (-1.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $65.39 a barrel
Gold (GC=F): +$3.30 (+0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,779.80 per ounce
10-year Treasury (^TNX): -0.9 bps to yield 1.4340{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

2:50 p.m. ET: ‘The market lacks conviction on the upside’: Strategist

Investors are in for more whipsaw stock market action in the very near-term as more information emerges on the new Omicron variant, according to at least one strategist.

“The price action you’re seeing now really shows the market lacks conviction on the upside,” Niladri Mukherjee, Bank of America head of portfolio strategy, told Yahoo Finance Live on Wednesday.

“In the last couple of weeks, we’ve had two major uncertainties being injected into the market place. One obviously was the news of the new variant, which we know very little about right now. And the second is the possibility of a more hawkish Fed,” he added. “And you’ve seen on different days, on some positive days, you’ve seen a recovery in some of the value and cyclicals which do well when the economy does well. And other days, you’ve seen the secular growth-oriented sectors, like technology doing better than the S&P 500.”

“We think uncertainty will be with us at least in the near-term until we learn more about the virus — its severity, its transmissibility, how much it is evading the vaccines, etc.,” Mukherjee said. “But as we go into 2022, the bigger environment will be that which is really dictated by the Fed’s path to monetary policy normalization.”

—

12:55 p.m. ET: Bank stocks jump amid rise in Treasury yields

Bank stocks jumped Wednesday afternoon as Treasury yields climbed, with traders pricing in expectations for an interest rate hike by the Federal Reserve next year after its asset-purchase tapering process ends.

The two-year yield, which is sensitive to expectations for monetary policy changes, jumped by about 5.5 basis points Wednesday afternoon to hover around 0.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The yield on the benchmark 10-year Treasury note rose by 1 basis point to 1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The jump in Treasury yields helped lift shares of major banks including JPMorgan Chase and Goldman Sachs, both of which are also Dow components. The KBW Regional Banking Index, an exchange-traded funding tracking bank stocks, rose by more than 3.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for its best climb in a month.

—

10:05 a.m. ET: ISM Manufacturing index ticks up to 61.1 in November, coming in-line with estimates

Manufacturing sector activity picked up in November compared to October, though inflationary concerns and other price pressures continued to weigh on goods-producing industries.

The Institute for Supply Management’s (ISM) November manufacturing index came in at 61.1 for the month, up from 60.8 in October. Readings above the neutral level of 50.0 indicate expansion in a sector.

Beneath the headline index, a subindex tracking prices paid eased to 82.4 from 85.7 in October, but still came in elevated compared to pre-pandemic levels amid lingering inflation. A subindex tracking employment improved to 53.3, rising from October’s 52.0.

“The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment, with some indications of slight labor and supplier delivery improvement,” Timothy Fiore, Chair of the Institute for Supply Management Manufacturing survey, said in a press statement. “All segments of the manufacturing economy are impacted by record-long raw materials and capital equipment lead times, continued shortages of critical lowest-tier materials, high commodity prices and difficulties in transporting products.”

“Pandemic-related global issues — worker absenteeism, short-term shutdowns due to parts shortages, difficulties in filling open positions and overseas supply chain problems — continue to limit manufacturing growth potential,” Fiore added.

—

9:32 a.m. ET: Stocks rise, S&P 500 and Nasdaq gain more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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

S&P 500 (^GSPC): +48.17 (+1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,615.17
Dow (^DJI): +254.43 (+0.74{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,738.15
Nasdaq (^IXIC): +177.88 (+1.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,712.72
Crude (CL=F): +$2.30 (+3.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.48 a barrel
Gold (GC=F): +$13.00 (+0.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,789.50 per ounce
10-year Treasury (^TNX): +3.7 bps to yield 1.478{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

8:22 a.m. ET: Private payrolls rose more than expected last month: ADP

Private sector employment expanded more than anticipated in November, suggesting further improvement in the labor market’s recovery.

U.S. private payrolls grew by 534,000 in November compared to October, ADP said in its closely watched monthly report. Consensus economists were looking for private payrolls to rise by 525,000, according to Bloomberg data. Private payrolls had grown by 570,000 in October, according to ADP’s revised monthly figure.

More data on the state of the labor market will be due on Friday, when the Labor Department releases its “official” government jobs report. Consensus economists are looking to see non-farm payrolls rose by 548,000 in November, accelerating modestly from October’s better-than-expected 531,000 rise. ADP’s report has not typically served as a perfect indicator of what to expect from the government job report due to differences in survey methodology.

—

7:24 a.m. ET Wednesday: Stock futures hold onto gains, Dow futures gain nearly 300 points

Here’s where markets were trading as of 7:24 a.m. ET:

S&P 500 futures (ES=F): +55.75 points (+1.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,622.00
Dow futures (YM=F): +293.00 points (+0.85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,750.00
Nasdaq futures (NQ=F): +236.00 points (+1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,386.50
Crude (CL=F): +$2.96 (+4.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $69.14 a barrel
Gold (GC=F): +$11.50 (+0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,788.00 per ounce
10-year Treasury (^TNX): +4.4 bps to yield 1.485{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:15 p.m. ET Tuesday: Stock futures rebound

Here were the main moves in markets as the overnight session kicked off:

S&P 500 futures (ES=F): +22.25 points (+0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,588.5
Dow futures (YM=F): +92 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,549.00
Nasdaq futures (NQ=F): +93 points (+0.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,243.5

NEW YORK, NEW YORK - NOVEMBER 29: A trader works on the floor of the New York Stock Exchange (NYSE) at the start of trading on Monday following Friday’s steep decline in global stocks over fears of the new omicron Covid variant discovered in South Africa on November 29, 2021 in New York City. Stocks surged in morning trading as investors get more data on the new variant and reports that symptoms have so far been mild for those who have contracted it. (Photo by Spencer Platt/Getty Images) — NEW YORK, NEW YORK – NOVEMBER 29: A trader works on the floor of the New York Stock Exchange (NYSE) at the start of trading on Monday following Friday’s steep decline in global stocks over fears of the new omicron Covid variant discovered in South Africa on November 29, 2021 in New York City. Stocks surged in morning trading as investors get more data on the new variant and reports that symptoms have so far been mild for those who have contracted it. (Photo by Spencer Platt/Getty Images)

—

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

December 1, 2021

Stocks, events to watch out for on December 1, 2021

Stocks, events to watch out for on December 1, 2021&nbsp

EVENTS

PMI data

Tega Industries’ IPO opens

Star Health And Allied Insurance Company IPO subscribed 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Day 2

FII in F&O

Indiabulls Housing Finance in ban

FII IN F&O

Index futures net buy `1589cr

Index options net sell `336cr

Stock futures net buy `3348cr

Stock options net buy `83cr

Total FII net buy `4685cr in F&O

BULK/BLOCK DEALS: ALL MSCI RELATED

DCB – sell – I-Shares Emg Mkts (1.6m shrs atRs82).

Godrej Prop – sell – Integrated Core Strategies (2.8m shrs atRs1,998).

IRCTC – sell – Integrated Core Strategies (5.2m shrs atRs794).

Go Fashions – buyers – Nomura Funds (1mi shrs atRs1,278). IPCA Labs – buy – Integrated Core Strategies (2.5m shrs atRs2,103).

Mindtree – sell – Integrated Core Strategies (1.6m shrs atRs4,319).

Mphasis – sell – Integrated Core Strategies (2.2m shrs atRs2,896).

Nakoda – buy – Saroj Gupta (87k shrs atRs114).

REC – buy – Integrated Core Strategies (21.9m shrs at Rs134).

SRF – sellers – Societe Generale (1.9m shrs atRs2,021) & Integrated Core Strategies (3.5m shrs atRs2,002).

Talbros – buy – Vijay Kedia (206k shrs atRs336).

Tata Power – sell – Integrated Core Strategies (32.8m shrs at Rs216).

Zomato – sell – Integrated Core Strategies (41.7m shrs at Rs152).

STOCKS TO WATCH

TCS

Introduces assessment and migration factory for AWS

Maruti Suzuki

Co is expecting impact on vehicle production in Haryana and Gujarat Plants in December, 2021 owing to Electronic Components Supply Constraint

Co says currently estimated total vehicle production volume across both locations could be around 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of normal production.

Bharat Forge

Change in name of subsidiary Sanghvi Forging and Engineering Limited has been changed to ‘BF Industrial Technology & Solutions Limited’ with effect from November 30, 2021

NMDC

Changes in prices of Iron Ore w.e.f. 30-11 -2021 Lump Ore (65.53, 6-40mm) @ Rs. 5,200/- per ton and Fines ( 643, -1 Omm) @ Rs. 4,560/- per ton

Ultratech Cement

Commencement of mining from Bicharpur Coal Block situated in MP

IndiGrid

Appointment Jayashree Vaidhyanathan as an Independent Director and Hardik Shah as a Non-executive Director wef 30, 2021

Cigniti Technologies

Enhances its 5G Assurance focus with Innovate5G Partnership

Edelweiss

Edelweiss Financial Services announces Rs 5,000 million NCDs

RVNL

Signed MoU with Economic Policy Research Institute, Ministry of Economy and Finance of KYRGYZ Republic, Bishkek, KYRGYZSTAN

Axis Bank

RBI approved reclassification of The New India Assurance Company and General Insurance Corporation of India to “Public” category from “Promoter” category

OTHER NEWS

ET-2 million Plus Using Swiggy’s Instamart

ET-White-collar Hiring Logs Marginal Dip in November

ET-Govt may own 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in co for natural gas pipeline operations

ET-Handset co’s wary of plant and border closures

ET-Bajaj Finance, HDFC hike deposit rates

Expect revenues to touch ~62,000 cr this year : Amul: Reports

IHCL, Tata Power tie up for solar energy supply to hotels: Reports

FII/DII DATA (Provisional Data)

FIIs net sold 5445.25 cr worth of shares on November 30 (prov)

DIIs net bought 5350.23 cr worth of shares on November 30