Stocks Archives - Page 15 of 18

November 30, 2021

Stocks recoup some losses as Biden says Omicron is ‘not a cause for panic’

Stocks jumped Monday to recover some losses after Friday’s slide, when uncertainty over a new coronavirus variant stoked volatility across global markets.

The Dow advanced. On Friday, the index had seen its worst day since October 2020, dropping more than 900 points, or 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Bitcoin prices rebounded to trade above $58,000 during the afternoon session.

U.S. airlines and other travel stocks were mostly higher to steady after steep losses from late last week, when initial concerns over the newly discovered Omicron variant of the coronavirus in South Africa fueled fears over renewed global restrictions. Meanwhile, Zoom Video Communications (ZM), Peloton (PTON) and other stocks that have been mainstays of the “stay-at-home” trade gave back some of Friday’s gains. Technology stocks that had become defensive plays during the pandemic largely held up on Monday, however, and the Nasdaq outperformed with a gain of more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at session highs.

“Ultimately this is not the first or last variant scare and our tech playbook over the last 18 months has been to use these macro/risk-off events as buying opportunities to own the tech sector specifically cloud, cyber-security, and 5G winners,” Wedbush analyst Dan Ives wrote in a note Monday morning. “While we are seeing a return to normalcy, a semi-remote workforce environment we believe is here to stay which underscores our tech cloud thesis into 2022 that the digital transformation build-out will be accelerated and is not a one time COVID pull forward event”

The U.S. and European Union have been among a host of destinations to ban flights from several African countries after the new variant was discovered. But cases of the variant, which the World Health Organization (WHO) has so far designated as a “variant of concern,” have also detected in regions including the U.K., Hong Kong, Australia, Germany and Italy, among others. Japan, Israel and Morocco each announced in the past few days they would be blocking foreign visitors from visiting amid the latest variant’s spread.

While much is still yet to be confirmed about the Omicron variant — including whether it is more transmissible or causes more severe illness than previous variants — vaccine makers have already said they are working to adapt their existing inoculations to the new strain. Moderna’s (MRNA). Chief Medical Officer Paul Burton told BBC on Sunday that a new vaccine to address Omicron could be widely available in early 2022. Pfizer (PFE) and BioNTech (BNTX) said last week they expected to have data on the latest variant within two weeks, and it could take about 100 days to create a vaccine specifically tailored to a new variant. The WHO has said preliminary evidence about Omicron suggested “an increased risk of reinfection with this variant, as compared to other [variants of concern].”

Many market pundits have maintained it is still too early to tell how Omicron behaves from an epidemiological standpoint and how it will impact economic activity, should lockdowns or stay-in-place behavior broaden out.

“What should we be looking for? A strong leading indicator will be what happens to hospitalizations and deaths in South Africa, where this has become dominant. If there is a noticeable spike, then that carries concerning implications for elsewhere,” Henry Allen, Deustche Bank research analysts, wrote in a note.

“Nevertheless, there are two key differences worth bearing in mind between South Africa and much of the developed worked: First, Europe and the U.S. have much higher vaccination rates, which (assuming the vaccine is not ineffective) may offer greater protection,” he added, noting that South Africa has fully vaccinated 24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its population compared to 58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the U.S. and 69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in France. “This suggests they may have advantages relative to South Africa. But second, Europe and the U.S. have much older populations, and age is a factor that strongly correlates with the likelihood of hospitalization and death. In South Africa, the median age in the country is 28, much lower than Western Europe’s median age of 44.”

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4:03 p.m. ET: Tech stocks lead rebound rally after Biden says Omicron ‘not a cause for panic’: Nasdaq gains 1.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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

S&P 500 (^GSPC): +60.65 (+1.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,655.27
Dow (^DJI): +236.60 (+0.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,135.94
Nasdaq (^IXIC): +291.18 (+1.88{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,782.83
Crude (CL=F): +$1.47 (+2.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $69.62 a barrel
Gold (GC=F): -$3.30 (-0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,784.80 per ounce
10-year Treasury (^TNX): +4.8 bps to yield 1.5300{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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2:23 p.m. ET: Bitcoin prices rebound as virus concerns recede

Bitcoin prices rebounded after a steep selloff on Friday, with risk assets across the board getting a boost as initial fears over the Omicron variant began to ease.

The largest cryptocurrency by market cap saw prices jump by nearly 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Monday afternoon to trade above $58,000. On Friday, Bitcoin prices had posted a drop that sent it 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} below its November all-time high of over $68,000. Prices for other major cryptocurrencies including Ethereum and XRP also gained on Monday.

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12:07 p.m. ET: ‘This variant is a cause for concern, not a cause for panic’: Biden

President Joe Biden on Monday addressed the Omicron variant of the coronavirus.

“This variant is a cause for concern, not a cause for panic. We have the best vaccines in the world, the best medicine, the best scientists, and we’re learning more every single day,” Biden said in a speech. “We have more tools today to fight the variant than we ever have before.”

“The best protection against this new variant or any of the variants out there, the ones we’ve been dealing with already, is getting fully vaccinated and getting a booster shot,” he added. “Most Americans are fully vaccinated but not yet boosted. If you are 18 years or older and got vaccinated before June 1, go get the booster shot today.”

“In the event hopefully unlikely that updated vaccinations or boosters are needed to respond to this near variant, we will accelerate … their deployment with every available tool,” Biden said. “We do not yet believe that any additional measures will be needed.”

He added that the White House was already working with Pfizer and Moderna to work on contingency plans, should any new or updated vaccines or boosters be needed. He also said the White House was set to put out a strategy on how to address COVID this winter on Thursday, adding that the plan was not to implement widespread lockdowns, but to focus on vaccinations, boosters and testing.

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10:51 a.m. ET: Twitter CEO Jack Dorsey to step down, be replaced by CTO Parag Agrawal

Twitter’s (TWTR) Jack Dorsey will step down as CEO of the social media platform and be replaced by Chief Technology Officer Parag Agrawal, effective immediately, the company announced on Monday. This confirmed a CNBC report from earlier Monday morning suggesting Dorsey was set to depart from his role leading the platform.

Dorsey is set to remain a member of Twitter’s Board of Directors until his term ends next year.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” Dorsey said in a press statement.

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10:34 a.m. ET: Cyber Monday sales expected to match last year’s level’s: Salesforce

Cyber Monday sales are expected to come in at $11 billion this year in the U.S., coming in roughly in-line with last year’s levels, according to projections from Salesforce.com.

The online shopping holiday, taking place annually the Monday after Thanksgiving, is poised to see about $43 billion in total global sales, or also approximately flat compared to last year. On Black Friday, however, U.S. sales rose 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to last year to reach $13.4 billion, Salesforce added.

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10:02 a.m. ET: Pending home sales stage rebound after September slide

Home contract-signings surged in October to recover after a September drop, with rising rent prices and still-low mortgage rates helping stoke purchases.

Pending home sales jumped by 7.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October, the National Association of Realtors said in its latest monthly report. This was far better than the 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise expected, according to Bloomberg consensus data. And in September, pending home sales dropped by 2.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, with this figure downwardly revised from the 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decrease previously reported for the month.

“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later,” Lawrence Yun, NAR’s chief economist, said in a statement. “This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low.”

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9:35 a.m. ET: Shares of Twitter jump after CNBC reports Dorsey to step down

CNBC reported Monday that Twitter CEO Jack Dorsey was expected to step down from his role leading the social media platform.

Shares of Twitter surged by more than 11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} immediately following the report, which cited unnamed people familiar with the matter. Dorsey serves as CEO of both Twitter and financial technology platform Square, which is also publicly traded.

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9:31 a.m. ET: Stocks open higher, Dow gains 350+ points

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

S&P 500 (^GSPC): +56.62 (+1.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,651.24
Dow (^DJI): +352.24 (+1.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,251.58
Nasdaq (^IXIC): +231.13 (+1.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,721.53
Crude (CL=F): +$4.55 (+6.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $72.70 a barrel
Gold (GC=F): -$0.70 (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,787.40 per ounce
10-year Treasury (^TNX): +7.7 bps to yield 1.562{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:45 a.m. ET: Vaccine-makers’ stocks jump as companies work on shots to address Omicron

Shares of major COVID-19 vaccine-makers including Pfizer, BioNTech and Moderna jumped Monday morning after executives from these companies said they were working on inoculations that would directly address the new Omicron version of the virus.

BioNTech American depository receipts were up more than 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in pre-market trading. Pfizer shares gained 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while Moderna shares outperformed with a jump of more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the early session.

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7:45 a.m. ET Monday: Stock futures recover some losses

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

S&P 500 futures (ES=F): +31.75 points (+0.69{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,627.50
Dow futures (YM=F): +180 points (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,038.00
Nasdaq futures (NQ=F): +132 points (+0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,183.00
Crude (CL=F): +$3.33 (+4.89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $71.48 a barrel
Gold (GC=F): +$5.20 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.30 per ounce
10-year Treasury (^TNX): +6.2 bps to yield 1.547{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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

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

November 25, 2021

Asian Stocks Mixed After Late Slump on Wall Street | Business News

By ELAINE KURTENBACH, AP Business Writer

Asian shares were mixed Tuesday after a late drop left major Wall Street indexes mostly lower.

Tokyo was closed Tuesday for a holiday. Hong Kong and Seoul declined while Shanghai advanced.

Market players appeared to be relieved to learn that President Joe Biden will nominate Jerome Powell for a second four-year term at the helm of the Federal Reserve, a vote of confidence in Powell’s handling of central bank policies during the brutal disruptions caused by the coronavirus pandemic.

Hong Kong’s Hang Seng fell 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 24,705.41 and the Kospi in Seoul lost 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 3,001.07. In Sydney, the S&P/ASX 200 climbed 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 7,397.80 and the Shanghai Composite index added 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 3,592.07.

Political Cartoons

Investors are closely watching the Fed to see whether pressure from rising inflation prompts it to speed up its plans for trimming bond purchases and raising its benchmark interest rate.

“Powell getting the nod is a sign that Biden is staying the course on monetary policy and the Fed is steadily moving toward normalizing policy,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “On the whole, the Fed is going to continue to be a force for monetary stability.”

Still, a late-afternoon burst of selling derailed the market from another all-time high on Monday.

The S&P 500 fell 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 4,682.94. The Dow gained less than 0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 35,619.25. The tech-heavy Nasdaq gave up 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 15,854.76.

Small company stocks also fell. The Russell 2000 index dropped or 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 2,331.35.

Bond yields moved solidly higher on heavy selling. The yield on the 10-year Treasury rose to 1.63{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 1.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} late Friday.

Higher Treasury yields make the more expensive areas of the market, like technology stocks, less attractive, which may explain why there was more selling in stocks toward the end of the day as the bond market shifted.

With rising inflation hanging over the recovery from the pandemic, the Federal Reserve is starting to trim bond purchases that have helped keep interest rates low to support the economy and markets.

More than 55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the stocks in the S&P 500 rose Monday, but losses by big technology and communication companies outweighed gains elsewhere in the benchmark index. Chipmaker Nvidia slid 3.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and Netflix fell 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Energy companies got a bump as U.S. crude oil prices rose 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

On Tuesday, U.S. benchmark crude oil lost 50 cents to $76.25 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the standard for international pricing, gave up 35 cents to $79.35 per barrel.

The U.S. dollar rose to 115.08 Japanese yen from 114.88 yen late Monday. The euro edged up to $1.1239 from $1.1237.

Markets in the U.S. will be closed on Thursday for the Thanksgiving holiday. They will also close early on Friday.

AP Business Writers Damian J. Troise and Alex Veiga contributed.

November 15, 2021

Stocks advance, J&J shares gain after breakup announcement

Stocks advanced Friday after a mixed session in the markets, with both earnings and inflation data remaining at the center of investor attention.

The S&P 500 gained, and both the Dow and Nasdaq also closed out Friday’s session in the green after a volatile trading week. Shares of Dow component Johnson & Johnson (JNJ) rose after the company said it was planning to break up into two separate companies focused on consumer health products and pharmaceuticals, respectively, in a move echoing a similar breakup announcement by General Electric (GE) earlier this week.

As of Friday’s close, however, the S&P 500 ended the week marginally lower after five straight weeks of gains. But after weeks of advances, it still remained just slightly below all-time highs.

“We’ve got a market that is just incredible. No matter what it’s going up, and that shouldn’t be much a surprise given how much money has been pushed into the system,” Lenore Hawkins, Tematica Research chief macro strategist, told Yahoo Finance Live. “There’s just a lot of money chasing not a whole lot of alternatives.”

That said, a hotter-than-expected inflation print earlier this week was one key concern for investors, and reinforced that elevated price pressures were not as fleeting as many had initially expected during the recovery. Consumer prices rose at their fastest clip in 31 years in October, or by a marked 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} versus the same month last year, to accelerate from September’s already lofty 5.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-on-year rise.

The rise in prices carries implications both for corporations— many of which have had to try and pass on rising prices to end consumers to preserve margins — and for the Federal Reserve. Market pricing currently suggests the Federal Reserve will step in by mid-next year to raise interest rates to try and temper the broadening inflationary trends.

Still, many economists have reaffirmed that the inflationary pressures will eventually ease, albeit while likely settling at a higher level than had been present before the pandemic.

“Inflation should moderate. We’re talking about settling at 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the course of the next 12 months,” Gabriela Santos, JPMorgan Asset Management global market strategist, told Yahoo Finance Live. “So we’re still talking about real wage gains, and that’s extremely supportive certainly of people’s livelihoods, but also of consumption and hence the economy overall.”

“We do expect a big re-acceleration in growth starting this quarter and throughout next year, [and] 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} average growth just over the next three quarters,” she added. “So we would characterize this not as stagflation, but as reflation. And that difference is, reflation is actually quite good for earnings growth and quite good for the stock market, especially cyclical sectors.”

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4:02 p.m. ET: Stocks end higher, though S&P 500 posts first weekly loss in six weeks

Here’s where the major stock indexes closed out Friday’s session:

S&P 500 (^GSPC): 4,682.84, +33.57 points (+0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Dow (^DJI): 36,100.31, +179.08 points (+0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Nasdaq (^IXIC): 15,860.96, +156.68 points (+1.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

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12:38 p.m. ET: SEC rejects VanEck Bitcoin ETF

The U.S. Securities and Exchange Commission on Friday said it rejected an exchange-traded fund from VanEck that would have tracked bitcoin spot prices directly. This would have stood in contrast to the the ProShares Bitcoin Strategy ETF (BITO), which was approved and which only tracks bitcoin futures rather than prices directly.

According to a filing, the SEC concluded that the fund did not meet requirements necessitating that the fund be “‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.'”

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10:20 a.m. ET: Consumer confidence drops to 10-year low

Inflation concerns are hitting consumers.

The University of Michigan’s preliminary sentiment index decreased to 66.8 from 71.7 in October, data released Friday showed. The November figure trailed all projections in a Bloomberg survey of economists which called for an increase to 72.5. Consumers expect inflation to rise 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the next year, the highest since 2008, the report showed. They expect prices will rise 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the next five to 10 years, unchanged from the previous month.

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10:00 a.m. ET: Job openings take a dip

Job openings, a measure of labor demand slipped to 10.4 million on the last day of September, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Friday, down from an upwardly revised 10.6 million in August. Economists had expected 10.3 million, according to Bloomberg consensus estimates. Quits increased by 164,000 to 4.4 million, a record high.

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9:30 a.m. ET: Stocks open higher after whipsaw week

Here’s where markets were trading at the open bell:

S&P 500 (^GSPC): 4,653.65 +4.38 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Dow (^DJI): 35,974.97, +53.74 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Nasdaq (^IXIC): 15,727.90, +23.62 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

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7:50 a.m. ET: Stock futures point to a higher open

Here’s where markets were trading Friday morning:

S&P 500 futures (ES=F): +9.25 points (+0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,652.25
Dow futures (YM=F): +94 points (+0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,923.00
Nasdaq futures (NQ=F): +39.00 points (+0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,061.75
Crude (CL=F): -$1,53 (-1.88{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.06 a barrel
Gold (GC=F): -$8.50 (-0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,855.40 per ounce
10-year Treasury (^TNX): +1.4 bps to yield 1.572{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:11 p.m. ET Thursday: Stock futures advance

Here’s where markets were trading Thursday evening:

S&P 500 futures (ES=F): +4.5 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,647.50
Dow futures (YM=F): +41 points (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,870.00
Nasdaq futures (NQ=F): +19.5 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,042.25

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2021. REUTERS/Brendan McDermid

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

November 14, 2021

Stocks fall after hotter-than-expected inflation data

Stocks extended losses on Wednesday, retreating from this week’s record highs with investors fixing their attention on a key inflation report that showed a greater-than-expected jump in consumer prices last month.

The S&P 500 Index is coming off its first session of losses following eight straight days of gains, with the Dow and Nasdaq each also pulling back from record-setting runs.

One of the most closely watched reports Wednesday morning was the Labor Department’s Consumer Price Index (CPI) for October, which counterbalanced strong jobless claims that sank to their lowest of the COVID-19 era.

Consumer prices soared 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to last year, accelerating from September’s 5.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year rate. This was a bigger jump than the 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise anticipated, based on Bloomberg consensus data. And it represented the fastest annual rise in consumer inflation since 1990.

The staying power and magnitude of inflationary pressures has become a critical question for market participants, with companies across industries reporting rising input costs and price hikes in order to pass on these expenses and preserve margins. While third-quarter earnings results have showed that S&P 500 companies have largely been able to navigate these cost pressures, the possibility remains that lasting inflation could exert a greater impact, especially if consumers ultimately prove unwilling to pay higher prices.

“That’s going to be one of the big things going forward, to see whether or not that consumer sentiment can bounce back, whether consumers will be resilient in the face of these price pressures, or whether they’ll start to pull back a bit and decide they’re going to hold off on spending and wait to see when prices come down or at least stabilize before they spend more in the new year,” Yung-Yu Ma, BMO Wealth Management’s chief investment strategist, told Yahoo Finance.

“So that remains to be seen, and that is a big question mark as we go into 2022,” Ma added.

Inflation data so far has reflected still-elevated pressures in the recovering economy, even as Federal Reserve officials maintained that the supply-related factors creating these heightened costs would eventually wane. Tuesday’s Producer Price Index from the Bureau of Labor Statistics showed that prices paid to producers jumped by a marked 8.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to last year, representing the fastest rise in data extending back to 2010. And last week’s October jobs report showed average hourly earnings jumped 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} last month compared to the same period last year, accelerating from September’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual rise.

Meanwhile, a bevy of companies will report quarterly earnings results, including Disney (DIS), Bumble (BMBL), Wish (WISH) and Beyond Meat (BYND) after market close.

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4:03 p.m. ET: Tech shares lead stock drop after hotter-than-expected inflation print; Nasdaq posts worst day since early Oct.

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

S&P 500 (^GSPC): -38.55 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,646.70
Dow (^DJI): -240.04 (-0.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,079.94
Nasdaq (^IXIC): -263.84 (-1.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,622.71
Crude (CL=F): -$2.87 (-3.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $81.28 a barrel
Gold (GC=F): +$22.30 (+1.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,853.10 per ounce
10-year Treasury (^TNX): +12.8 bps to yield 1.5600{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:17 p.m. ET: Amazon-backed Rivian shares to begin trading after $11.9 billion IPO

Electric-vehicle maker Rivian, backed by companies including Amazon and Ford, is set to see shares begin trading publicly on Wednesday after an upsized initial public offering. The company priced its IPO at $78 per share late Tuesday to raise $11.9 billion, in the sixth largest IPO ever on a U.S. exchange, according to Bloomberg data.

Investors are already bidding up the stock price further. As of Wednesday afternoon, the stock was indicated to open at $111 apiece, marking a jump from its IPO pricing. The price discovery process was still under way as of 12:17 p.m. ET.

Rivian has yet to begin delivering its vehicles at scale, and it is expected to produce just 1,200 units by. the end of this year at its flagship plant in Illinois. It expects annual production to hit 150,000 vehicles at this facility by the end of 2023. Amazon has a contract with Rivian to be provided with 100,000 of its vehicles by 2024.

The company remains unprofitable, however, and its net loss came in at $994 million in the first six months of 2021, compared with a loss of $377 million in the same period in 2020.

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12:08 p.m. ET: Biden says reversing elevated inflation is a ‘top priority’

President Joe Biden said on Wednesday that he was committed to combatting rising prices, after new data showed consumer prices rose at their fastest pace in more than three decades.

“Inflation hurts Americans’ pocketbooks, and reversing this trend is a top priority for me,” Biden said in a statement following the Bureau of Labor Statistics’ October Consumer Price Index.

“The largest share of the increase in prices in this report is due to rising energy costs—and in the few days since the data for this report were collected, the price of natural gas has fallen,” Biden added. “I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector.”

He noted that other price increase reflected the “ongoing struggle to restore smooth operations in the economy” as supply chain snarls continue to weigh on corporate America. He noted he believed his more than $1 trillion infrastructure plan, which passed the House late last week, would help address these concerns.

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9:30 a.m. ET: Wall Street opens on a down note

Here were the main moves in markets as of 9:30 a.m. ET:

S&P 500 (^GSPC): 4,669.29, -15.96 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Dow (^DJI): 36,305.21, -14.77(-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Nasdaq (^IXIC): 15,720.30, -166.25 (-1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Crude (CL=F): $83.91 per barel, -$0.24 (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Gold (GC=F): $1,857.30 per ounce, +$26.50 (+1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
10-year Treasury (^TNX): +0.43 bps to yield 1.4760{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:41 a.m. ET: Consumer Price Index posts biggest annual rise since 1990

The Consumer Price Index (CPI) jumped by a much bigger-than-expected margin in October compared to. last month and last year, with inflationary pressures continuing to weigh on the recovering economy.

The CPI rose 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October over September, the Bureau of Labor Statistics said Wednesday, accelerating from September’s 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly rise. Consensus economists were looking for a just 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month increase in October, according to Bloomberg data.

Over last year, the broadest measure of CPI jumped 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or by the most since 1990.

Energy was a major contributor to the headline jump in CPI, with energy prices up 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-on-month, and fuel oil prices alone up 12.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Groceries also became more expensive, with food at home prices rising by 1.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Used car and truck prices rose 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reverse course after back-to-back months of price drops. The Bureau of Labor Statistics noted that airline fares and alcoholic beverages were two of the only categories to post price declines during the month.

Even excluding more volatile food and energy prices, consumer prices accelerated markedly last month. This so-called core measure of CPI was up 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a month-over-month in October, or three times September’s 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise. And over last year, the core CPI rose 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or by the most since 1991.

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7:50 a.m. ET: Stock futures point to a lower open ahead of CPI data

Here’s where markets were trading Wednesday morning:

S&P 500 futures (ES=F): -12.5 points (-0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,665.75
Dow futures (YM=F): -57 points (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,152.00
Nasdaq futures (NQ=F): -82.75 points (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,130.00
Crude (CL=F): -$0.46 (-0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.69 a barrel
Gold (GC=F): -$3.30 (-0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,827.50 per ounce
10-year Treasury (^TNX): +2.5 bps to yield 1.474{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:02 p.m. ET Tuesday: Stock futures drift lower ahead of inflation data

Here’s where markets were trading Tuesday evening:

S&P 500 futures (ES=F): -3.75 points (-0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,674.50
Dow futures (YM=F): -33 points (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,176.00
Nasdaq futures (NQ=F): -16.5 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,196.25

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

November 12, 2021

Stocks flat as investors grapple with inflation surge, Disney letdown

Wall Street was mixed Thursday, with investors grappling with the implications of inflation that has soared to its highest in decades, and third-quarter earnings that are starting to show signs of slowing growth.

The S&P 500 was rose after back-to-back sessions of losses. The Nasdaq outperformed, with some of Wednesday’s biggest technology laggards posting a rebound — led by Netflix (NFLX) which overtook Disney in market capitalization.

With no notable economic data due out on Thursday due to the Veterans Day holiday, investors have been left to continue responding to the latest batch of mixed economic data. And meanwhile, a couple of closely watched companies missed quarterly earnings estimates, though most S&P 500 companies have topped expectations throughout third-quarter earnings season to date.

After market close on Wednesday, Dow-component Disney (DIS) reported disappointing sales and profits as Disney+ subscriber growth slowed more than expected. Beyond Meat (BYND) also offered a weak current-quarter revenue forecast, pointing to continued sluggishness in the plant-based meat alternative-maker’s sales trends. Affirm (AFRM), however, saw shares soar in the premarket session, with the buy-now-pay-later financial technology platform topping quarterly sales expectations and unveiling an expanded payments partnership with Amazon.

Elsewhere, however, elevated demand for electric-vehicle stocks and for shares of newly public companies showed few signs of slowing down after Rivian Automotive’s (RIVN) public debut. The Amazon-backed EV-maker’s stock closed higher by 29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from its IPO price of $78 per share on its first day trading on the Nasdaq.

A greater-than-expected jump in the Bureau of Labor Statistics’ Consumer Price Index was a particular source of concern for traders on Wednesday, suggesting elevated price pressures were still present across many categories. The print also overshadowed some other upbeat economic data on the labor market’s recovery, as initial unemployment claims dipped to reach a fresh pandemic-era low last week.

The broadest measure of consumer price changes rose by a staggering 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October compared to the prior year, representing the biggest annual rise in 31 years.

“This is certainly telling us, I think, that price pressures are more persistent. They are broader. They are not just narrowly focused on those categories, whether it’s autos and the supply-constrained items. And it’s going to last longer than expected,” Matthew Luzzetti, Deutsche Bank chief U.S. economist, told Yahoo Finance Live.

Importantly, stickiness in inflation also suggests that the Federal Reserve will need to step in sooner than previously anticipated to raise interest rates in order to help bring rising prices in check. Markets are pricing in an initial hike to bring rates up from their current near-zero levels by mid-2022 — but more prints showing elevated inflation could pull those expectations forward, Luzzetti added. And already, consumers’ outlooks on inflation have increased considerably, with the New York Federal Reserve reporting this week that consumers’ short-term inflation expectations jumped to a record high of 5.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

“We do think that the Fed is going to have to raise rates next year. They’ve signaled that they’re going to taper through the middle of the year, and that’s our baseline at this point,” Luzzetti said. “But if you continue to see price pressures like this over the coming months and more persistent, it may cause them to have to act earlier than expected.”

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4:05 p.m. ET: Stocks end mixed: Tech stocks lead Nasdaq comeback while Disney earnings letdown drags on Dow

Here were the main moves in markets as of 4:05 p.m. ET:

S&P 500 (^GSPC): +2.56 (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,649.27
Dow (^DJI): -158.71 (-0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,921.23
Nasdaq (^IXIC): +81.58 (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,704.28
Crude (CL=F): -$0.17 (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $81.17 a barrel
Gold (GC=F): +$17.00 (+0.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,865.30 per ounce
10-year Treasury (^TNX): 0 bps to yield 1.5600{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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9:30 a.m. ET: Stocks hug the flatline

Here were the main moves in markets as of 9:30 a.m. ET:

S&P 500 (^GSPC): 4,655.17, +8.46 (+0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Dow (^DJI): 36,000.82, -79.12 (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Nasdaq (^IXIC): 15,728.25, +105.55 (+0.68{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Crude (CL=F): $81.61 per barrel, +$0.27 (+0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
Gold (GC=F): $1,863.40 per ounce, +$15.10 (+0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})
10-year Treasury (^TNX): flat to yield 1.5600{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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7:47 a.m. ET Thursday: Stock futures recover some losses

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

S&P 500 futures (ES=F): +16.25 points (+0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,658.25
Dow futures (YM=F): +44 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,036.00
Nasdaq futures (NQ=F): +98.25 points (+0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,078.75
Crude (CL=F): -$0.59 (-0.73{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.75 a barrel
Gold (GC=F): +$12.30 (+0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,860.60 per ounce
10-year Treasury (^TNX): +12.1 bps to yield 1.5700{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:11 p.m. ET Wednesday: Stock futures drift lower ahead of inflation data

Here’s where markets were trading Wednesday evening:

S&P 500 futures (ES=F): +3 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,645.00
Dow futures (YM=F): -8 points (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,984.00
Nasdaq futures (NQ=F): +12.5 points (+0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,993.00

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 8, 2021. REUTERS/Brendan McDermid

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

November 12, 2021November 29, 2021

Functional ingredients platform acquires Nutrition21

LAKE FOREST, Ill. — Everwell Well being Holdings, LLC, a new functional elements platform from personal equity organization RoundTable Health care Partners, has obtained Nutrition21, LLC, a supplier of active diet components. Terms of the transaction had been not disclosed, Home Garden USA.

The offer marks the first investment decision for Everwell, which aims to “help people today glimpse, sense and perform their best by advancing the science of safe and sound, convenient and attainable useful components,” according to Roundtable. The system designs to go after partnerships and enterprise possibilities with more purposeful ingredient corporations, and will target on amplifying investments in clinical scientific tests, new product advancement, advertising and sales.

Led by Joe Weiss, Nutrition21 develops and marketplaces clinically substantiated substances for use in dietary dietary supplements, foodstuff and drinks. It holds a lot more than 100 domestic and intercontinental issued and pending patents for its ingredients, which assist claims connected with glucose metabolic rate, bodyweight administration, cognition and sports activities nutrition, among the some others. Diet 21’s ingredient portfolio contains the manufacturers Nitrosigine, Velositol, Chromax, Lustriva and nooLVL.

“Our new components system, anchored by an industry leader in Nourishment21, builds upon our encounter in purchaser well being care,” said Pierre Frechette, running partner at RoundTable Health care Associates and chairman of the board of Everwell Wellness. “As individuals demand extra from their merchandise, we feel scientifically-backed, large-high quality practical components are poised for sturdy expansion to meet this require.”

Steve Rosenman, the newly appointed chief govt officer of Everwell, will aim on expanding the platform by way of organic and natural initiatives and strategic organization progress. He delivers a lot more than 20 yrs of working experience in customer overall health and wellness to his new position and has held senior leadership positions in sales, marketing and advertising, product or service innovation and strategic preparing. He most a short while ago was senior vice president of company advancement and chief innovation officer at Intercontinental Vitamin Corp., a producer of nutritional nutritional supplements and about-the-counter medicines.

“I am thrilled to join Everwell and spouse with Nutrition21 to establish this new system,” Mr. Rosenman explained. “RoundTable’s unique working skills and core values, centered all-around track record and have confidence in, are the correct in good shape to raise the bar in the practical substances market place and include value to our companions.”

Everwell Well being signifies the fifth equity financial investment from RoundTable’s $700 million Equity Fund V and seventh platform financial commitment in the purchaser wellness care marketplace in the past nine decades.

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