Here’s a glance at promotions, hirings, movers and newsmakers in the Memphis area enterprise scene:
Chancellor Jim Kyle is serving as Presiding Choose for the 30th Judicial District for one yr. This took outcome Sept. 1. His jurisdiction features all of Shelby County. Kyle was a Democratic member of the Tennessee Condition Senate, representing District 30 from 1982 to Aug. 29, 2014. He resigned soon after his election as a Shelby County Chancery Courtroom Choose in 2014, Home Decoration.
Campbell Clinic Orthopaedics recently introduced the selecting of various new physicians to its team. Dr. Chad Campion returns to Campbell Clinic’s Wolf River locale soon after finishing his residency at Campbell Clinic and completing his fellowship in spine medical procedures at Norton-Leatherman Spine in Louisville, Kentucky. He obtained his doctor of medication from Rutgers. Campion has skills in performing minimally invasive backbone operation, cervical disk alternative and lateral interbody fusion. He is expert in sporting activities orthopaedics. Dr. Carson Rider is returning to Campbell Clinic as a foot and ankle surgeon. He did his orthopaedic residency at Campbell Clinic and concluded his fellowship at the Clinic for Particular Surgical treatment in New York. His concentration is on Full Ankle Substitute in the outpatient placing, and foot and ankle sports activities surgical procedure that focuses on the Achilles tendon. Rider graduated at the top rated of his class from healthcare school at the College of Tennessee. Dr. Wesley Owenreturns to Campbell Clinic as a most important treatment sports activities medicine service provider. He concluded Campbell Clinic’s Family Medication Sports activities Medicine Fellowship and has specific coaching in Sports activities Concussions and ultrasound guided injection therapy for arthritis. Owen finished his residency from the University of Tennessee’s St. Francis Family Medication Application. He acquired his medical doctor of medication from the University of Tennessee Wellness Science Center. Dr. Matthew Gilbert joins Campbell Clinic as a sports activities medication provider. He acquired his health practitioner of drugs from the University of Tennessee Health and fitness Science Middle and done his residency and fellowship in Tuscaloosa, Alabama, with the University of Alabama’s Spouse and children Medicine Residency and Most important Care Sports activities Medicine Fellowship plans. He is proficient in the analysis and cure of a wide variety of acute and chronic musculoskeletal situations in clients of all ages. Gilbert’s existing protection will generally involve Rhodes College or university, the University of Memphis, the Memphis Redbirds and Bartlett Significant Faculty.
Indian benchmark indices are very likely to open better amid blended world wide cues.
Equity marketplaces shut at report highs on Oct 14, tracking gains in ITC, HDFC Financial institution and PowerGrid shares amid mixed cues in world-wide marketplaces. Sensex ended higher than 61,000 for the 1st time and Nifty shut above the 18k mark for the second consecutive session.
The 30-inventory index shut 568 details bigger at a new peak of 61,305 and Nifty rallied 176 factors to 18,338. Sensex and Nifty logged report highs of 61,353 and 18,350 through the session.
Listed here are the stocks that are very likely to keep on being in aim today.
HCL Tech: HCL Technological know-how described a net financial gain of Rs 3,265 crore for the July-September quarter, recording a growth of 1.6 per cent on quarter-on-quarter (QoQ) and 3.9 for every cent growth on a year-on-yr (YoY) basis.
The firm’s profits grew 2.9 for every cent QoQ and 11.1 for each cent YoY to Rs 20,655 crore. The profits in consistent currency phrases grew 3.5 for every cent QoQ and 10.5 for each cent YoY. The EBITDA margin for the explained quarter stood at 23.4 for every cent, even though the EBIT margin was recorded at 19 for each cent.
HDFC Lender: The bank noted a 18.1 for each cent bounce in consolidated net earnings at Rs 9,096 crore in the July-September quarter of the current fiscal year. The lender experienced registered a internet income of Rs 7,703 crore for the duration of the identical quarter previous fiscal.
On a standalone foundation, after supplying Rs 3,048.3 crore for taxation, HDFC Lender acquired a internet gain of Rs 8,834.3 crore, an enhance of 17.6 per cent over the Rs 7,513.1 crore standalone net income noted in the quarter ended September 30, 2020.
The lender’s standalone internet profits greater 14.7 for each cent to Rs 25,085.2 crore for the duration of the quarter finished September 30, 2021 from Rs 21,868.8 crore in the quarter finished September 30, 2020.
PNB Housing Finance: Punjab National Bank Housing Finance Ltd, a subsidiary of point out-owned Punjab National Financial institution, in a stock exchange submitting reported its board has terminated a Rs 4,000 crore deal with US-based Carlyle group-led team of traders.
“At a assembly held nowadays, the board made a decision not to progress with the preferential issue and the share subscription agreements executed with the Proposed Allottees have been terminated in accordance with their respective terms,” PNB explained in a stock trade filing.
The PNB Housing Finance explained its board has been informed that as a result Pluto Investments, which is a Carlyle entity, will be initiating the approach to withdraw the open offer manufactured by them (at Rs 403.22 per share).
Coal India: Coal India Minimal minimized provide to the non-electrical power sector, but did not cease it entirely as alleged by some quarters, to fulfil crisis necessities for electricity crops amid scarcity of the dry gasoline, a senior formal advised PTI.
Cyient: The business posted a 44.57 for every cent bounce in consolidated internet financial gain to Rs 121.3 crore for the quarter ended on September 30, 2021, compared to Rs 83.9 crore in the exact same interval a year ago.
Consolidated earnings from operations improved by 10.79 for each cent to Rs 1,111.6 crore throughout the documented quarter compared to Rs 1,003.3 crore in the corresponding quarter of 2020-21, in accordance to a regulatory submitting by the organization.
Avenue Supermarts: The organization documented a twofold maximize in its consolidated web revenue to Rs 418 crore for the quarter ended September. Profits from operations jumped 46.79{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 7,789 crore in the course of the quarter.
Stocks fell on Tuesday in another choppy session, with investors eyeing elevated commodity prices and other signs of inflation heading into corporate earnings season.
The S&P 500, Dow and Nasdaq each posted a third consecutive day of declines. U.S. West Texas intermediate crude oil futures hovered near a seven-year high, with supply constraints and elevated fuel demand pushing prices higher over the past seven consecutive weeks. Outside of oil, aluminum prices also edged lower after reaching their highest level since 2008 on Monday, and copper prices turned lower after a near 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump.
For investors, the recent, broad rise in commodity prices has threatened to exert further pressure on corporate margins. Companies have already been grappling with a host of supply-side challenges, including port congestion and labor scarcities, that are expected to drag on profit growth heading into third-quarter earnings season later this week and over the next month. The Labor Department’s August Job Openings and Labor Turnover survey — due for release Tuesday morning — showed workplace vacancies held near a record high at the end of the summer.
And rising interest rates have also raised the specter of higher borrowing costs for companies, with the 10-year yield holding near its highest level since June.
“We’re definitely freaked out about crude oil prices … [and] about slightly higher interest rates,” David Bailin, Citi Private Bank chief investment officer, told Yahoo Finance. “But we have to put all of this in context. First of all, interest rates have been abnormally low. Energy prices are high due to excessive demand right now and delivery shortages across Europe and now in China … These things will abate. We think it’ll take somewhere between three and nine months for energy supplies and for the shipping issues to abate.”
Other strategists also suggested that investors look through the near-term supply-related challenges facing the markets.
“We’re going to have supply issues for a little bit longer here, but I think that’ll just work its way through,” Jeremy Bryan, portfolio manager for Gradient Investments, told Yahoo Finance Live on Monday. “The nice part about the U.S. economy and markets in general is they usually follow what the U.S. consumer does, and the U.S. consumer wants to spend. And that’s why we’re still positive on the markets.”
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4:10 p.m. ET: Stocks fall for third straight session: Dow drops 118 points, or 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here were the main moves in markets as of 4:10 p.m. ET:
S&P 500 (^GSPC): -10.54 (-0.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,350.65
Dow (^DJI): -117.72 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,378.34
Nasdaq (^IXIC): -20.28 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,465.93
Crude (CL=F): +$0.01 (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.53 a barrel
Gold (GC=F): +$5.90 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,761.60 per ounce
10-year Treasury (^TNX): -3.4 bps to yield 1.5800{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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1:04 p.m. ET: Micron shares sink after research firm predicts chip price decline this year
Shares of Micron Technology (MU) dropped by more than 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Tuesday afternoon, tracking toward its worst day in two months after the market research firm TrendForce said it expected DRAM memory chip prices to decline in the fourth quarter this year, in a move that would undercut sales to Micron and other major chipmakers.
Peer chipmakers also sank Tuesday afternoon following the report. Western Digital Corp. (WDC) shares fell by more than 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while Texas Instruments (TXN) sank by 2.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
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11:49 a.m. ET: Elevated job openings another sign that ‘demand in America for goods and services is off the charts’: Economist
The jump in job openings in August reaffirmed the pronounced supply and demand mismatches in the labor market as the economic recovery rolls on. And coupled with two consecutive months of disappointing payroll gains, the jobs data is signaling a tighter labor market than many policymakers have acknowledged, according to at least one economist.
“We have never seen an economy in recovery from recession move this quickly from job firings to job hirings,” Chris Rupkey, FWDBonds chief economist, wrote in an email Thursday morning. “There are help-wanted posters in every shop window on Main Street, and the lack of workers is exacerbating the supply disruptions throughout the nation that is lighting a match to the fire of inflation.”
“Job openings of over ten million when the official jobless count behind the 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} unemployment rate of 7.674 million can only mean that demand in America for goods and services is off the charts,” he added. “Don’t ask when the economy will create more jobs because the jobs are out there and waiting for the unemployed right now.”
Still, other economists said the dip in August job openings suggested the Delta variant’s spread did at least temporarily dent demand among employers for workers.
“The slowdown in August is noteworthy, but it’s not a total reversal of fortune,” Nick Bunker, Indeed Hiring Lab director of research, wrote in an email. “The job openings rate is at a level that would have been an all-time high if not for July’s numbers. And the quits rate is over 25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher than its pre-pandemic level. Demand for workers remains strong and workers have plenty of options.”
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10:02 a.m. ET: Job openings pulled back slightly from record in August, while quits rate jumps to all-time high
U.S. job openings fell by a greater-than-expected margin in August but were revised up to a fresh record high for July, underscoring the widespread demand for labor across the recovering economy.
Job openings fell to 10.439 million as of the last day of August, according to the Labor Department’s latest report. In July, job openings were at 11.098 million, with this sum upwardly revised from the 10.934 million previously reported. Consensus economists were looking for job openings to total 10.954 million in August, according to Bloomberg data.
Some of the biggest decreases in job openings were in healthcare and social assistance industries, which posted a combined drop of 224,000 vacancies. Accommodation and food services job openings also fell by 178,000.
The quits rate increased to a record high of 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the month, suggesting workers had growing confidence about their abilities to find new positions. Layoffs and discharges, meanwhile, took place at a 0.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate, which was little changed on a month-over-month basis and below a pre-pandemic average of 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} throughout 2019.
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9:31 a.m. ET: Stocks open higher
Here’s where markets were trading just after the opening bell Tuesday morning:
S&P 500 (^GSPC): +10.81 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,372.00
Dow (^DJI): +78.98 points (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,575.05
Nasdaq (^IXIC): +29.5 points (+0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,508.83
Crude (CL=F): -$0.17 (-0.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.35 a barrel
Gold (GC=F): +$6.40 (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,762.10 per ounce
10-year Treasury (^TNX): +2.5 bps to yield 1.612{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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9:23 a.m. ET: IMF downgrades global economic growth outlook for 2021 as virus weighs on activity
The International Monetary Fund trimmed its outlook for global economic growth in new projections released Tuesday, with the institution citing an ongoing drag from the coronavirus.
The IMF’s new forecast is for global economic activity to expand at a 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rate this year, down from the 6.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pace seen in July. However, the IMF maintained its outlook for 4.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth next year.
Emerging markets and developing economics, excluding China, are largely still grappling with fallout from the virus, and as a result, growth will likely remain 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} below pre-pandemic forecasts in 2024, “resulting in a larger setback to improvements in their living standards,” the IMF wrote in its report. Advanced economics, however, are expected to return to pre-pandemic trends in growth beginning next year.
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7:32 a.m. ET: Stock futures point to a slightly higher open
Here’s where markets were trading Tuesday morning:
S&P 500 futures (ES=F): +4.5 points (+0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,355.5
Dow futures (YM=F): +13 points (+0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,389.00
Nasdaq futures (NQ=F): +43 points (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,743.50
Crude (CL=F): +$0.45 (+0.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $80.94 a barrel
Gold (GC=F): +$7.70 (+0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,763.40 per ounce
10-year Treasury (^TNX): +0.9 bps to yield 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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7:30 a.m. ET Tuesday: A record share of small business owners reported job vacancies in September: NFIB
Small business optimism fell more than expected in September compared to August, with supply chain disruptions and shortages weighing on owners’ outlooks.
A record share of 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of small business owners said they had job openings that could not be filled, according to the survey. This marked a third straight month with a fresh record high of this metric. Meanwhile, 42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of owners said they raised compensation during the month, which was also a record high.
“Small business owners are doing their best to meet the needs of customers, but are unable to hire workers or receive the needed supplies and inventories,” NFIB Chief Economist Bill Dunkelberg said in a press statement. “The outlook for economic policy is not encouraging to owners, as lawmakers shift to talks about tax increases and additional regulations.”
In terms of inventories, more than 35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of small business owners said supply chain disruptions were having a “significant impact” on their firms, while 32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reported a “moderate impact” and 21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} said they experienced a “mild impact.”
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6:10 p.m. ET Monday: Stock futures edge lower
Here’s where markets were trading Monday evening:
S&P 500 futures (ES=F): -2.25 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,348.75
Dow futures (YM=F): -12 points (-0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,364.00
Nasdaq futures (NQ=F): -6.5 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,694.00
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 29, 2021. REUTERS/Brendan McDermid
Stocks closed in the red on Friday as investors digested a key report on the labor market’s recovery, which showed a much weaker-than-expected pace of hiring last month.
The S&P 500 fluctuated between gains and losses throughout the day, trading choppily after three consecutive sessions of advances. The blue-chip index still eked out a weekly gain, however.
The moves to the upside earlier this week came after Senate leaders said they reached an agreement on raising the government borrowing limit into early December, helping avert a default as soon as this month. The chamber voted Thursday evening to raise the debt limit by $480 billion, and the legislation for the short-term increase now heads to the House of Representatives.
With concerns over the government debt ceiling pushed off, investors have fixed their attention toward the latest monthly jobs report from the Labor Department. This report showed another miss on payroll gains after a disappointing August print.
Non-farm payrolls rose by only 194,000 in September versus the 500,000 expected. The unemployment rate fell more than expected to 4.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, though this positive development came alongside a disappointing drop in the labor force participation rate to 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in August. And the size of the civilian labor force actually contracted in September, with the gap between the size of the labor force in February 2020 and last month yawning further to top 3 million.
Average hourly earnings also accelerated to reach a 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year rate, or the fastest since February, in another print affirming inflationary pressures taking place across the U.S. economy.
“People are more fixated on the jobs created more than anything else. I think the wages are more important for people who are worried about inflation,” Julie Biel, portfolio manager at Kayne Anderson Rudnick, told Yahoo Finance Live on Thursday. “For us, seeing modest wage inflation is a positive because if you think about the U.S. economy, it’s primarily a consumer economy … so it is a positive for the economy longer-term. But it is a negative for profit margins which have been at all-time highs.”
Friday’s jobs report stood in stark contrast to other, stronger-than-expected data on the state of the labor market in the U.S. New weekly jobless claims came in at their second-lowest since March 2020 on Thursday, and ADP’s private payrolls report showed a better-than-expected 568,000 job gains in September earlier this week.
Despite the payrolls miss, the September jobs report may have still been enough to trigger the start of tapering by the Federal Reserve, some economists said. Others, however, said the significant headline payrolls miss may give the central bank pause.
“I think people were counting on [a tapering announcement] being November, and I think now that there’s a percentage chance that it won’t be in November now as a result of this data,” Constance Hunter, KPMG chief economist, told Yahoo Finance Live Friday morning.
The central bank already signaled last month that it was inclined to remove some of its highly accommodative monetary policies as the recovery made further headway. And Fed Chair Jerome Powell said it would only take a “reasonably good report” for September employment to signal the labor market had reached the Fed’s threshold for tapering.
“There is no other plausible explanation why employers are unable to hire the workers they need: the reason is there is no one out there to hire and the economy is closer to full employment than Washington officials think,” Chris Rupkey, chief economist at FWD Bonds, said in an email Friday morning. “The economy is hot and needs to be cooled down. Don’t be fooled by today’s payroll jobs forecast miss, Fed tapering remains on track for announcement at the upcoming November meeting.”
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4:02 p.m. ET: Stocks end mixed as investors mull September jobs report.
Here’s where markets ended Friday’s session:
S&P 500 (^GSPC): -8.34 points (-0.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,391.42
Dow (^DJI): -8.23 points (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,746.71
Nasdaq (^IXIC): -74.48 points (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,579.54
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12:41 p.m. ET: OECD reaches global agreement on corporate tax rate
The Organisation for Economic Cooperation and Development said Friday that it reached a deal among 136 countries to ensure major companies pay a minimum corporate tax rate of 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
“The landmark deal, agreed by 136 countries and jurisdictions representing more than 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of global GDP, will also reallocate more than USD 125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits,” the OECD said in a statement on Friday.
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10:15 a.m. ET: U.S. crude oil reaches $80 per barrel for the first time in seven years
U.S. West Texas intermediate crude oil futures rose to reach $80 per barrel for the first time since November 2014, extending a one-month and year-to-date rally in energy and commodity prices.
Domestic crude oil prices have risen in six of the last seven sessions, and posted a strong bounce over the past several weeks. West Texas intermediate futures are up nearly 65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the year-to-date and more than 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the past month alone, stoking concerns over rising inflation across various pockets of the economy.
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10:10 a.m. ET: What economists are saying about the September jobs report
Many economists described the September jobs report as “mixed,” with the notable miss on the headlines payrolls figure pulling attention away from less negative aspects of the report like drop in jobless rate and pick-up in service-sector hiring.
Here’s what a number of economists had to say about the report, based on emails and notes sent to Yahoo Finance:
“Looking behind curtains the details point to tighter labor conditions than the headline data suggests. With wages increasing to 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on an annualized basis and the unemployment rate dropping to 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} it appears that labor conditions are fairly tight given the current amount of job openings in the economy.” – Charlie Ripley, senior investment strategist for Allianz Investment Management
“This is a very mixed bag … The details show a modest 74K uptick in leisure and hospitality employment after August’s sharp slowdown to just 38K; the sector averaged 403K in June and July, so this hit accounts for most of the softening in overall private job growth. October will be much better, given the continued decline in Delta cases and rising activity in the restaurant, airline, and hotel sectors.” – Ian Shepherdson, chief economist for Pantheon Macroeconomics
“The Fed began their extraordinary stimulus measures over a year and a half ago and they are anxious to begin removing that stimulus, which is why it would have taken an extremely bad jobs report in order to derail that. This report was disappointing, without a doubt, but we don’t believe it is bad enough to stop them.” – Chris Zaccarelli, chief investment officer for Independent Advisor Alliance
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9:30 a.m. ET: Stocks mixed after jobs report miss
The three major indexes struggled for direction Friday morning as investors digested the September jobs report, which showed another disappointing print on payroll gains.
The S&P 500, Dow and Nasdaq were each little changed after the report. Treasury yields rose across the curve, with the 10-year yield adding 2 basis points to near 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The small-cap Russell 2000 outperformed, adding more than 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Commodity prices extended gains, with U.S. crude oil futures gaining another 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to close in on $80 per barrel. Gold and silver prices each jumped.
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7:12 a.m. ET Friday: Stock futures drift higher ahead of jobs report
Here’s where markets were trading ahead of the opening bell:
S&P 500 futures (ES=F): +2.75 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,392.75
Dow futures (YM=F): +23 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,661.00
Nasdaq futures (NQ=F): +4.25 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,885.50
Crude (CL=F): +$0.56 (+0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.85 a barrel
Gold (GC=F): +$2.00 (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,761.20 per ounce
10-year Treasury (^TNX): +1.5 bps to yield 1.586{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:07 p.m. ET Thursday: Stock futures extend earlier gains
Here’s where markets were trading Thursday evening:
S&P 500 futures (ES=F): +3.25 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,393.25
Dow futures (YM=F): +23 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,661.00
Nasdaq futures (NQ=F): +17.50 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,898.75
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)
Stocks advanced Thursday, with investors cheering developments in Washington as lawmakers reached an agreement that would temporarily avert a government default by mid-month.
The three major indexes extended gains after Senate Majority Leader Chuck Schumer said Thursday morning that lawmakers had reached a deal to extend the government’s debt limit through the beginning of December. Such a move would offer time to prevent a government default that many pundits said could come as soon as around Oct. 18.
The issue of the debt ceiling has been a focal point for corporate leaders and market participants alike. Earlier Wednesday, President Joe Biden met with top business leaders including JPMorgan CEO Jamie Dimon and Nasdaq CEO Adena Friedman, who urged lawmakers to raise the debt limit and prevent a government default they warned would be catastrophic to the U.S. economy. Treasury Secretary Janet Yellen also told CNBC she expected a government default would cause a recession.
“The debt ceiling is one of many factors right now that we think are causing these gyrations in the markets. Certainly the market will take some comfort when there is a deal, when it is more formalized,” Yung-Yu Ma, chief investment strategist for BMO Wealth Management, told Yahoo Finance.
The ongoing debt ceiling debate has been just one of a number of concerns to the market in recent weeks, which have all come together to catalyze volatility across risk assets.
In addition to concerns over the debt limit, “markets are looking for some resolution, or at least an end in sight to the supply chain issues, the inflation pressures that are building,” Ma added. “The markets are also starting to look toward the November meeting of the Fed, and hoping that the Fed is not going to show excessive increases in future interest rates as well … So several things are going on.”
A spike in energy and commodity prices has also weighed on investor optimism, reinforcing the persistent trend in rising price pressures across the global economy.
U.S. crude oil futures gained on Thursday to reverse some of Wednesday’s losses, after Bloomberg reported the U.S. Energy Department said it did not plan to release crude oil from the government strategic petroleum reserve at this time. A day earlier, the Financial Times had reported that U.S. Energy Secretary Jennifer Granholm had not ruled out tapping the SPR as one means to try and bring prices in check.
“The surge in energy prices is just going to make all the supply chain issues that we’ve been experienced over the past year even worse. I suspect that the supply chain issues are going to get worse before they get better,” Troy Vincent, senior market analyst at DTN, told Yahoo Finance Live.
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4:03 p.m. ET: Stocks post third straight day of gains as lawmakers reach debt-limit deal; Dow adds 338 points, or 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here were the main moves in markets as of 4:03 p.m. ET:
S&P 500 (^GSPC): +36.21 (+0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,399.76
Dow (^DJI): +337.95 (+0.98{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,754.94
Nasdaq (^IXIC): +152.10 (+1.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,654.02
Crude (CL=F): +$1.39 (+1.80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.82 a barrel
Gold (GC=F): -$6.10 (-0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,755.70 per ounce
10-year Treasury (^TNX): +4.7 bps to yield 1.5710{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
2:14 p.m. ET: Ireland says it will join OECD in backing international minimum corporate tax
The Irish government announced Thursday that it would join a consortium of 140 countries in signing a proposal for a global agreement on a minimum corporate tax rate.
The plan, championed by the Organization for Economic Cooperation and Development, has called for a minimum 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} tax on corporate entity profits. Ireland’s announcement comes as a major shift away from the country’s prior stance, which was to promote a 12.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} corporate tax rate as an incentive to attract multinational corporations.
“Joining this agreement is an important decision for the next stage of Ireland’s industrial policy – a decision that will ensure that Ireland is part of the solution in respect to the future international tax framework,” Ireland’s Finance Minister Paschal Donohoe said in a statement.
—
11:22 a.m. ET: Stocks extend gains
The three major indexes added to gains Thursday mid-morning after Senate Majority Leader Chuck Schumer said the chamber had reached an agreement to extend the debt limit into December avert a government default this month.
Each of the S&P 500, Dow and Nasdaq were up at least 1.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in intraday trading, and the small-cap Russell 2000 outperformed with a gain of 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The materials, healthcare and consumer discretionary sectors led the way higher in the S&P 500, and all 11 major sectors were in positive territory during the session.
Nearly every component in the 30-stock Dow traded higher on Thursday. Materials company Dow Inc. and Nike outperformed, gaining more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, respectively.
Here were the main moves in markets as of 9:32 a.m. ET:
S&P 500 (^GSPC): +37.28 (+0.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,405.18
Dow (^DJI): +372.34 (+1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,789.33
Nasdaq (^IXIC): +150.61 (+1.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,652.31
Crude (CL=F): -$0.47 (-0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $76.96 a barrel
Gold (GC=F): -$8.90 (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,752.90 per ounce
10-year Treasury (^TNX): +2.8 bps to yield 1.552{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
8:55 a.m. ET: Pfizer asks FDA to authorize COVID-19 vaccine for children ages 5-11
Pfizer (PFE) and BioNTech (BNTX) on Thursday said they were submitting data to the Food and Drug Administration to seek emergency use authorization of their COVID-19 vaccine for children between the ages of 5 to 11. Shares of both drugmakers were higher in early trading.
The FDA previously set a tentative advisory committee meeting to discuss the vaccine for pediatric use on Oct. 26. So far, the Pfizer vaccine has received full approval for use in individuals 16 and older, and emergency use authorization for those aged 12 to 15.
—
8:35 a.m. ET: Weekly jobless claims fell more than expected last week
New weekly unemployment claims posted a sharper than expected drop last week, with impacts to the labor market relating to Hurricane Ida and the Delta variant beginning to recede.
Initial jobless claims totaled 326,000 for the week ended Oct. 2, the Labor Department said Thursday. This came in below the prior week’s 364,000, which was upwardly revised from the 362,000 previously reported.
As of the week ended Sept. 18, about 4.2 million individuals were claiming benefits across all unemployment programs, compared to 5 million during the prior week. These figures have come down sharply in recent weeks in large part due to the expiration of crisis-era federal unemployment programs on Sept. 6. Continuing jobless claims totaled 2.714 million during the week ended Sept. 25, reaching the lowest level since March 2020.
—
7:25 a.m. ET Thursday: Stock futures jump, Nasdaq futures gain 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Stocks headed for a higher open Thursday morning. Here were the main moves across markets:
S&P 500 futures (ES=F): +39.25 points (+0.90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,393.25
Dow futures (YM=F): +269 points (+0.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,560.00
Nasdaq futures (NQ=F): +167.00 points (+1.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,926.00
Crude (CL=F): -$1.12 (-1.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $76.31 a barrel
Gold (GC=F): +$2.70 (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,764.50 per ounce
10-year Treasury (^TNX): -0.3 bps to yield 1.521{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:05 p.m. ET Wednesday: Stock futures hold higher
Here’s where markets were trading Wednesday evening:
S&P 500 futures (ES=F): +3.5 points (+0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,357.5
Dow futures (YM=F): +25 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,316.00
Nasdaq futures (NQ=F): +15.5 points (+0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,774.50
NEW YORK, NEW YORK – SEPTEMBER 16: People walk by the New York Stock Exchange (NYSE) on September 16, 2021 in New York City. Despite a rise in retail sales, the Dow slipped lower on Thursday as investors continue to have concerns from the Delta variant and news of a slight rise in jobless claims. (Photo by Spencer Platt/Getty Images)
Stocks turned positive Wednesday, with all three major stock indexes pushing higher during the afternoon session following a report that Congress might reach a short-term agreement to raise the government borrowing limit and prevent a default.
The Nasdaq pared earlier losses to trade in slightly positive territory Wednesday afternoon, with investors swooping in to buy a dip in tech and growth stocks. The index had been down by as much as 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} earlier in Wednesday’s trading day. Both the S&P 500 and Dow also gained, cutting losses after Bloomberg reported that Senate Minority Leader Mitch McConnell was set to offer Democratic lawmakers a deal to temporarily raise the government debt ceiling through November.
Earlier, the three major indexes had been lower as concerns over inflation and spiking energy and commodity prices outweighed optimism over the pace of the economic recovery.
So far in October, equities have see-sawed between steep gains and losses, with investors struggling to ascertain whether the economic and policy backdrop will be supportive enough for risk assets to prevent a repeat of September’s volatility. The CBOE Volatility Index, or VIX, has jumped to hold above 20, after spending much of the summer in the mid-teens.
“It’s unclear what October holds. I have a big question market in my mind: Could it be the ugly sequel to September?” Kristina Hooper, Invesco U.S. chief global market strategist, told Yahoo Finance Live on Tuesday.
“Certainly what we’ve seen thus far is that any time there is a selloff, investors are quick to move in and find opportunities,” she added. “I would assume that we’re likely to see more volatility going forward as we anticipate the Fed’s tapering announcement. And so that creates an announcement where investors can dollar-cost average on down days in areas where they would like to, and where they’re interested in adding exposure. This is probably not the only selloff we’ll see for October.”
One of the primary concerns for markets has been around inflation, with prices of goods and services rising for both businesses and end users as demand remains elevated and supply chain constraints continue to weigh. Traders have been waiting to see whether these persistent issues ultimately drag on economic activity and corporate profits, with details on the latter set to come into focus with the unofficial start of third-quarter earnings season next week with the big banks.
At least for now, the latest batch of economic data has been largely upbeat on the state of the U.S. economy. Durable goods orders, retail sales and purchasing managers’ indices tracking activity across both the U.S. manufacturing and services sector have all recently topped expectations. However, this data has also brought copious signs of inflation: A subindex tracking prices paid by suppliers rose in the Institute for Supply Management’s latest services index, and personal consumption expenditures rose at the highest annual rate since 1991 based on government data released last week.
“It’s not a surprise that the world ‘stagflation’ is coming back into everybody’s vernacular. Energy prices are going up, these cargo ships are stacked up on both sides of the coast, shortages of everything … and those prices are going up. But the core news is good,” Simeon Hyman, ProShares Advisors head of investment strategy, told Yahoo Finance Live on Tuesday.
“Is there going to be a little bit of inflation? Probably. Are rates going to go up? Just with tapering, almost absolutely,” Hyman added. “But will there be a contraction of economic activity? Very unlikely — the economy is likely to remain pretty strong.”
—
4:06 p.m. ET: Stocks swing into positive territory after debt ceiling extension reports; S&P 500 ends 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher
Here were the main moves in markets as of 4:06 p.m. ET:
S&P 500 (^GSPC): +17.83 (+0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,363.55
Dow (^DJI): +102.32 (+0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,416.99
Nasdaq (^IXIC): +68.08 (+0.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,501.91
Crude (CL=F): -$1.87 (-2.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $77.06 a barrel
Gold (GC=F): +$4.10 (+0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,765.00 per ounce
10-year Treasury (^TNX): -0.5 bps to yield 1.5240{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
–
2:00 p.m. ET: McConnell reportedly set to offer agreement to temporarily raise debt limit
Senate Minority Leader Mitch McConnell is reportedly poised to offer Democratic lawmakers a deal to temporarily raise the government debt ceiling through November, Bloomberg reported Wednesday afternoon, citing unnamed sources familiar with the matter.
The move would help avert a government default in the near-term, or an outcome policymakers including Treasury Secretary Janet Yellen have warned would be catastrophic to the U.S. economy.
—
1:45 p.m. ET: Nasdaq turns slightly positive
The Nasdaq pared earlier losses to trade in positive territory Wednesday afternoon. The S&P 500 and Dow held lower but game off session lows.
The energy, materials and healthcare sectors lagged in the S&P 500, while consumer discretionary, utilities and consumer staples outperformed. The Dow dropped nearly 100 points, or 0.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, led by a drop in materials company Dow Inc.
—
10:39 a.m. ET: Bitcoin reaches highest level since May
Bitcoin prices (BTC) briefly touched their highest level in nearly five months during Wednesday’s session, with traders flocking to digital currencies despite the drawdown across other risk assets like stocks.
Prices for the largest cryptocurrency by market cap reached as much as $55,173 Wednesday morning in New York, based on Yahoo Finance data. This was the first time since May that the token crossed the $55,000 threshold, and represented a spike of more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Other cryptocurrencies also traded broadly higher. Ethereum (ETH) gained more than 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at session highs to top $3,600, while Litecoin (LTC) and XRP (XRP) also rose.
—
9:30 a.m. ET: Stocks open sharply lower
Here’s where markets were trading after the opening bell Wednesday morning:
S&P 500 (^GSPC): -37.96 (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,307.76
Dow (^DJI): -255.89 (-0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,058.78
Nasdaq (^IXIC): -137.49 (-0.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,298.00
Crude (CL=F): -$0.69 (-0.87{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.24 a barrel
Gold (GC=F): -$3.90 (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,757.00 per ounce
10-year Treasury (^TNX): -1.4 bps to yield 1.517{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
8:50 a.m. ET Private payrolls rose more than expected in September as Delta variant constraints recede
U.S. private employers added back more jobs than expected in September as COVID-19 cases moderated from a summer peak and alleviated some stress on the labor market.
Private payrolls grew by 568,000 last month, according to ADP’s closely watched monthly report on Wednesday. Economists were looking for private payrolls to grow by 430,000, according to Bloomberg consensus data. During the prior month, private-sector jobs had risen by 340,000. This figure was downwardly revised from the 374,000 previously reported for August.
ADP’s report comes, as usual, two days ahead of the “official” government jobs report from the Labor Department. Consensus economists are looking for non-farm payrolls to have risen by 488,000 in that report.
—
7:45 a.m. ET Wednesday: Stock futures reverse course, Nasdaq heads for a drop of 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
Here’s where markets were trading ahead of the opening bell Wednesday morning:
S&P 500 futures (ES=F): -49.85 points (-1.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,284.25
Dow futures (YM=F): -329.00 points (-0.96{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,854.00
Nasdaq futures (NQ=F): -195.75 points (-1.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,459.50
Crude (CL=F): -$0.38 (-0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.55 a barrel
Gold (GC=F): -$5.90 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,755.00 per ounce
10-year Treasury (^TNX): +1.4 bps to yield 1.545{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
—
6:10 p.m. ET Tuesday: Stock futures hold onto gains
Here’s where markets were trading Tuesday evening:
S&P 500 futures (ES=F): +3.75 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,337.75
Dow futures (YM=F): +50 points (+0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,233.00
Nasdaq futures (NQ=F): +13.75 points (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,669.00
NEW YORK, NEW YORK – SEPTEMBER 30: Traders work on the floor of the New York Stock Exchange (NYSE) on September 30, 2021 in New York City. In afternoon trading the Dow was down over 250 points as investors continue to worry about inflation, wages and supply chain issues. (Photo by Spencer Platt/Getty Images)
