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Stock market news live updates: December 21, 2021

Stock market news live updates: December 21, 2021

Markets rallied on Tuesday, closing higher in a major comeback from the biggest three-day drop since September 30.

In a turnaround from earlier losses, all three major indexes closed up more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} each, with the Dow gaining 560 points, or 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The S&P also rose 1.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in an 81-point jump, while the Nasdaq Composite gained 360 points, or 2.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The moves follow news of federal involvement to mitigate Omicron and imminent authorization of an at-home COVID-19 treatment after renewed fears around the variant spooked traders in previous sessions, igniting concerns that rising case numbers could derail economic growth and worsen inflationary pressures.

President Biden also announced in remarks Tuesday afternoon that he was considering a reversal of travel restrictions related to the Omicron variant of COVID-19. The U.S. implemented a ban on travel from South Africa along with seven other neighboring countries upon discovery of the strain.

The FDA is expected to authorize at-home treatment pills for the virus from Pfizer (PFE) and Merck (MRK). Shares of Pfizer closed down 3.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at $58.95 a piece, while Merck traded at $75.43 per share, down 1.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

TCW Group Senior Portfolio Manager Diane Jaffee told Yahoo Finance Live earlier that despite immediate sell-offs that typically happen upon new variants or rising cases, the markets always resume their climb once investors get comfortable with vaccination rates, news of treatments and how cases are resolved.

“There is that fear happening in investors’ minds — rightly so,” Jaffee said. “But there is that underlying strength to the U.S. economy that cannot be denied.”

“On the virus side, ultimately what we’ve seen with prior surges and prior variants is that market sell-offs tend to be somewhat contained to a period of time, so we do expect that as we get better and better at dealing with some of these challenges from the economic and market perspective, things will likely settle down despite some of the public health challenges we have ahead,” Meera Pandit, a global market strategist at JPMorgan Asset Management told Yahoo Finance Live.

As Americans scramble to look for COVID-19 tests amid the recent surge, Rite Aid (RAD) has outlined plans to close underperforming locations in a bid to further improve its profits. The pharmacy said Tuesday that it will shutter up to 63 stores in coming months, with expectations to pad earnings before interest, taxes, depreciation and amortization by $25 million.

Shares of Rite Aid closed up 21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at $15.05 a piece.

Even with a holiday-shortened week of trading, investors are tuning into a packed economic release schedule, and new inflation data will be a central focus among investors in the coming days.

The Conference Board is set to release its latest consumer confidence index on Wednesday, expected to show an only modest uptick for the month of December.

The Bureau of Economic Analysis will also publish fresh prints on Personal Consumption Expenditures (PCE) Thursday, a key measure of price changes in the economy. Consensus data compiled by Bloomberg showed PCE is projected to climb at a 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} month-over-month rate in November.

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4:01 p.m. ET: Stocks jump to end 3-day losing streak

Here were the main moves in markets as of 4:01 p.m. ET:

  • S&P 500 (^GSPC): +81.22 (+1.78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,649.24

  • Dow (^DJI): +560.97 (+1.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,493.13

  • Nasdaq (^IXIC): +360.14 (+2.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,341.09

  • Crude (CL=F): +$2.83 (+4.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $71.44 a barrel

  • Gold (GC=F): -$6.00 (-0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,788.60 per ounce

  • 10-year Treasury (^TNX): +6.8 bps to yield 1.4870{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

3:15 p.m. ET: Biden weighs easing of travel restrictions

President Joe Biden in remarks Tuesday afternoon said he was considering a reversal of travel restrictions related to the Omicron variant of COVID-19. The U.S. implemented a ban on travel from South Africa along with seven other neighboring countries upon discovery of the strain.

“Look, remember why I said we put the travel ban on—to see how much time we had before it hit here so we could begin to decide what we needed by looking at what was happening in other countries. And we’re passed that now,” the president said.

Markets each continued to extend gains ahead of close. The Nasdaq was up 323.88 points, or 2.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and the Dow continued its climb, rising 1.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 567.13 during intraday trading. The S&P 500 was up 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

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12:35 p.m. ET: Stocks U-turn from three-day drop in intraday rally

Here’s how stocks were trading during the midday session as of 12:35 p.m. ET:

  • S&P 500 (^GSPC): +62.64 (+1.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,630.66

  • Dow (^DJI): +531.68 (+1.52{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,463.84

  • Nasdaq (^IXIC): +235.50 (+1.57{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,216.44

  • Crude (CL=F): +$2.57 (+3.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $71.18 a barrel

  • Gold (GC=F): -$7.30 (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,787.30 per ounce

  • 10-year Treasury (^TNX): +6.5 bps to yield 1.4840{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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10:39 a.m. ET: AT&T greenlights Microsoft acquisition of ad unit

AT&T (T) has agreed to sell its Xandr global advertising platform to Microsoft (MSFT). The telecom giant said in an announcement of the deal Tuesday that Xandr’s technology “strategically complements Microsoft’s current advertising offerings.” Further details about the acquisition were not immediately disclosed.

The move comes amid investor concerns that AT&T was struggling to pay off its debt after the firm poured billions into becoming a one-stop-shop media company, satellite TV provider and advertising platform. Xandr was created under former AT&T CEO Randall Stephenson following the $1.6 billion purchase of advertising company AppNexus in 2018.

Shares of AT&T were up 2.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in early trading to $24.69 a piece, while Microsoft traded at $320.05 per share, up 0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

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9:53 a.m. ET: Memory chip maker rallies after earnings beat

Shares of Micron Technology (MU) climbed after the maker of memory chips surpassed analyst estimates for second-quarter sales. The company is anticipating chip shortages will ease in the second half of 2022 and businesses are positioned to rebound.

The stock ticked up as much as 9.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, posting its biggest intraday percentage gain since April 2020, according to Bloomberg. Shares traded at $88.80 a piece in the early session, up 8.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after market open.

Micron is “a compellingly growth at a reasonable price (GARP) beneficiary of secular data center, 5G, metaverse, auto trends and a catch-up candidate after underperforming” BMO Capital Markets wrote.

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9:30 a.m. ET: Markets rebound from three-day sell-off

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

  • S&P 500 (^GSPC): +39.48 (+0.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,607.50

  • Dow (^DJI): +299.00 (+0.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,231.16

  • Nasdaq (^IXIC): +153.45 (+1.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,134.40

  • Crude (CL=F): +$1.77 (+2.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $70.38 a barrel

  • Gold (GC=F): +$0.40 (+0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,795.00 per ounce

  • 10-year Treasury (^TNX): +5.1 bps to yield 1.4700{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

7:00 a.m. Tuesday ET: Higher futures point to ‘seesaw market’ action

Here were the main moves in markets ahead of Tuesday’s open:

  • S&P 500 futures (ES=F): 45 points (+0.99{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,603.50

  • Dow futures (YM=F): 319 points (+0.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,132.00

  • Nasdaq futures (NQ=F): 176.5 points (+1.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,798.00

—

6:00 p.m. Monday ET: Futures contracts sink

Here were the main moves ahead of the overnight trading session:

  • S&P 500 futures (ES=F): 13.75 points (+0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,572.25

  • Dow futures (YM=F): 102 points (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,915.00

  • Nasdaq futures (NQ=F): 69.75 points (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,691.00

—

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

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Live Updates: Quebec Limits Businesses to 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Capacity | Business News

Live Updates: Quebec Limits Businesses to 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Capacity | Business News

TORONTO — Bars, restaurants, stores and entertainment venues across the Canadian province of Quebec will be required to operate at 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} capacity because of the omicron variant of the coronavirus.

Quebec Premier François Legault announced new pandemic restrictions Thursday after new forecasts that hospitals in the province could reach capacity for COVID-19 patients within weeks. The new restrictions take effect Monday.

Churches and other faith venues will also must keep at half capacity and worshippers will have to show proof of vaccination. Parties at work are banned along with dancing and singing karaoke inside bars, clubs and restaurants.

Quebec also reversed a decision to allow larger indoor private gatherings beginning Dec. 23.

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HERE’S WHAT YOU NEED TO KNOW TODAY ABOUT THE CORONAVIRUS PANDEMIC:

— European leaders discussing rise of infections, spread of omicron

— Vaccine skeptics in Eastern Europe having change of heart

— US sports leagues cope with COVID-19 outbreaks amid variants

— New California rules end distinction for vaccinated workers

— Israel to donate 1 million COVID vaccines to African nations

Go to https://APNews.com/coronavirus-pandemic for updates throughout the day.

HERE’S WHAT ELSE IS HAPPENING TODAY:

CHARLESTON, W.Va. — West Virginia health officials say the state’s first case of the omicron variant of the coronavirus has been reported in an unvaccinated resident in Marion County.

The state Department of Health and Human Resources said Thursday it would provide no further information to protect the patient’s confidentiality.

Active cases of the coronavirus statewide have nearly doubled in the past three weeks to more than 8,700. The number of people hospitalized statewide for the virus also has been increasing this month and was at 623 Thursday.

There have been 5,142 virus-related deaths in the state since the start of the pandemic.

CONCORD, N.H. — New Hampshire’s governor has announced another “booster blitz” for Jan. 8, aiming to give out about 10,000 coronavirus vaccine shots. The first one was held Dec. 11.

Gov. Chris Sununu also said Thursday that New Hampshire plans to increase the number of walk-in sites for vaccine shots from four to 10.

Sununu adds that residents will again be allowed to order free, rapid cirus test kits that can be administered at home through the “Say Yes to the Test” campaign.

The state partnered with the federal government to deliver 800,000 tests last month. They ran out of supplies in a day.

KANSAS CITY, Mo. — Kansas has confirmed its first case of the omicron variant, raising fresh concerns as hospitals already were seeing a rise in COVID-19 patients.

The Kansas Department of Health and Environment said in a news release Thursday that the infected person is a vaccinated adult in Franklin County in the northeast part of the state. The person had not received a booster.

The announcement comes as the state’s seven-day rolling average of daily new coronavirus cases has risen over the past two weeks from 1,340.29 on Nov. 30 to 1,594.43 on Tuesday, according to data from Johns Hopkins University. Deaths also rose over that period to 18.4 per day from 5.14.

MADRID — Real Madrid says players Gareth Bale, Marco Asensio, Rodrygo, Andriy Lunin and an assistant coach have joined its group infected by a coronavirus outbreak.

The Spanish soccer club’s announcement Thursday came a day after it said Luka Modric and Marcelo tested positive.

The assistant coach infected was Davide Ancelotti, son of head coach Carlo Ancelotti.

Madrid leads the Spanish league.

OMAHA, Neb.: The current surge in virus cases in Nebraska is putting stress on the state’s health care system.

Health officials said Thursday that they are already concerned about hospital capacity, and the spread of the contagious new omicron variant of the virus could make the situation worse. Nebraska confirmed six cases of the omicron variant earlier this month, and state epidemiologist Dr. Matthew Donahue said one new possible case was being investigated Thursday.

Infectious disease expert Dr. Angela Hewlett said hospitals may soon have to ration care to patients by imposing what doctors call crisis standards of care because doctors and nurses are spread so thin.

JOHANNESBURG – Tourism officials in South Africa have denounced new travel restrictions imposed by France because of the surge in omicron variant infections, saying the country feels discriminated against.

Steve Motale, a spokesman for South Africa’s Department of Tourism, said the French government restrictions appear to be aimed at discouraging people from traveling from France to South Africa, since they will face a long and costly quarantine after their return.

“It is unfortunate that once again South Africa seems to be discriminated against with no scientific basis,” Motale told the AP Thursday. Mandatory quarantine and additional resources for PCR tests make South Africa an unattractive travel destination, he said.

DETROIT — Michigan is in a “crisis” due to COVID-19, according to Bob Riney, chief operating officer at Henry Ford Health System in Detroit.

Henry Ford hospitals in southeastern Michigan had about 500 COVID-19 patients Wednesday, 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of them unvaccinated.

“There’s no way to sugarcoat it,” Riney said. “On any given day, our emergency departments are either at capacity or close to it, and often times serving as inpatient units because we don’t have beds available in our standard inpatient units or ICUs.”

JOHANNESBURG — Amid fast-rising numbers of new COVID-19 infections, South African officials are urging people to get vaccinated before traveling for the holidays and attending festive gatherings.

South Africa’s daily new confirmed cases climbed to more than 26,900 on Wednesday and 24,700 on Thursday, the highest yet in the new wave driven by the omicron variant — and reaching the peak of an earlier surge in June and July caused by delta.

South Africa’s 7-day rolling average of daily new cases has risen steeply over the past two weeks from 6.4 new cases per 100,000 people on Dec. 1 to 38.5 new cases per 100,000 people on Dec. 15, according to Johns Hopkins University.

ORLANDO, Fla. — Wastewater samples show that the new omicron variant is now the dominant strain of the coronavirus in the Florida county that is home to America’s largest theme park resorts, officials said this week.

The omicron variant has quickly surpassed the delta variant in collections taken from wastewater sampling sites in Orange County, officials said.

Even though the county has almost no confirmed cases involving omicron, a sampling this week showed the variant represented almost 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the coronavirus strains in the wastewater facility samples, Orange County Utilities spokesperson Sarah Lux said in an email.

LONDON — Britain’s government has registered another record daily number of COVID-19 cases.

Authorities reported 88,376 new confirmed cases on Thursday, almost 10,000 more than the previous record set a day earlier. Officials said 146 people infected with the coronavirus died between Wednesday and Thursday.

U.K. officials have said the omicron variant of the coronavirus is spreading at an “absolutely phenomenal pace,” with case numbers doubling every two to three days.

The U.K. Health Security Agency said another 1,691 omicron cases have been identified in the country, bringing the total to 11,708, though scientists warn the number is likely to be much higher.

LONDON — England’s chief medical officer says it’s possible that daily hospital admissions from COVID-19 this winter will surpass the previous peak numbers, though he cautioned that “huge uncertainties” remain about the omicron variant.

In testimony before the House of Commons Health and Social Care Committee, Professor Chris Whitty said he expects the highly transmissible omicron variant to drive a rapid increase in infections, which could push hospitalizations above the daily record of 4,583 recorded on Jan. 12.

“We’re talking about huge uncertainties, so I don’t want this to be seen as saying this will happen; I’m just saying there’s a range of possibilities,” Whitty said. “You could have a higher number than that going into hospital on a single day. That is entirely possible. It may be less than that, but it’s certainly possible.”

BERLIN — Germany is scrambling to procure more vaccines to fuel what the new health minister on Thursday called a “very offensive” and fast booster strategy that would leave the country better prepared for the onslaught of the new omicron variant.

Germany on Wednesday administered nearly 1.5 million shots, its highest one-day total so far. As its vaccination campaign has revved back up, an average of some 988,000 people per day have been vaccinated over the past week.

The proportion of Germany’s population of 83 million that has been fully vaccinated now stands at 70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} — below the official minimum target of 75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. And 27.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} also have received a booster shot, a figure that is rising quickly.

Health Minister Karl Lauterbach said that “we will try with a very offensive, fast booster strategy to keep the omicron variant as small as possible to avoid overloading the health system and possibly society as a whole.”

PARIS — Wealthy countries will have a surplus of nearly 1.4 billion doses of coronavirus vaccine by March 2022, according to predictions by the analysis firm Airfinity.

It wasn’t clear how much of the estimated surplus would be absorbed if all the countries decided to give booster shots to protect their populations against the omicron variant.

Airfinity prepared the forecast for the International Federation of Pharmaceutical Manufacturers & Associations, which denied Thursday that there was a lack of vaccines for the developing world.

The Geneva-based industry group said the problem was a combination of hoarding by wealthy nations and an inability to carry out vaccinations in poorer countries.

The head of vaccine alliance Gavi, which is leading a U.N.-backed push to get COVID-19 vaccines to developing countries, said this week he’s seen early signs of rich countries withholding donations due to fears about omicron. He warned any new hoarding could lead to “Inequity 2.0.”

Of the roughly 10 billion doses that have been delivered worldwide, the vast majority have gone to rich countries. COVAX has delivered just over 720 million.

ST. PAUL, Minn. — A coronavirus pandemic wave caused by the fast-spreading delta variant has quickened the death toll in Minnesota, where more than 10,000 have died of COVID-19.

The state Department of Health on Wednesday reported 54 more COVID-19 deaths confirmed by testing, raising Minnesota’s total to 10,018.

State health data showed that it took 188 days from March to September for Minnesota to go from 7,000 to 8,000 deaths, but then 58 days to reach 9,000 and 35 days to reach 10,000, the Star Tribune reported.

Even as the death toll climbed, Minnesota has the 38th lowest rate of COVID-19 mortality among states since the start of the pandemic.

MADRID — Health workers in Spain’s Balearic Islands will need to show a certificate proving they are vaccinated against the coronavirus or provide three negative COVID-19 tests per week if they don’t want to lose their jobs or salary.

The Balearic Islands’ High Court on Thursday greenlighted the new regulation by the regional government of the Mediterranean archipelago — a popular tourist destination that includes Mallorca and Ibiza.

Forcing the unvaccinated to take periodical tests amounted to limiting their fundamental rights, but the measure was necessary because health workers are legally obliged to prevent illnesses, the judges said in their decision.

Spaniards have displayed strong vaccination acceptance, leading to nearly 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of residents aged 12 or older being double-vaccinated.

This week, the country started rolling out vaccine shots for 3.3 million children aged between 5 and 11.

LONDON — England’s chief medical officer says the U.K. government may have to consider a tougher response to the wave of COVID-19 sweeping the country if vaccines prove less effective than anticipated against the new omicron variant.

In testimony to a parliamentary committee Thursday, Professor Chris Whitty said scientists won’t fully understand how well vaccines work against omicron until they’ve conducted clinical studies on patients infected with the variant. Data from those studies aren’t expected until the last week of December at the earliest.

The government this week rolled out an accelerated vaccine program that aims to offer everyone over the age of 18 a booster shot by the end of the year.

It has also implemented new rules ordering masks to be worn in most indoor settings in England and requiring proof of vaccination or a negative COVID-19 test to enter nightclubs and large events.

BRUSSELS — European Union leaders have agreed that administering booster shots is “urgent” and “crucial” to tackle the surge of coronavirus infections across the continent and the emergence of the new omicron variant.

With the festive season looming, the bloc’s leaders also stressed Thursday the importance of coordinated action to avoid a confusing cacophony of rules in the 27 member states, and ensure that COVID-19 certificates continue to guarantee unrestricted travel.

In their summit’s conclusions, leaders gathered in Brussels insisted on the need for a harmonized approach to avoid limitations to free movement between member countries or hamper travel into the region.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Stock market news live updates: Tech stocks lead indexes higher following Fed decision: S&P 500 gains 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Stock market news live updates: Tech stocks lead indexes higher following Fed decision: S&P 500 gains 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Stocks ended sharply higher Wednesday afternoon as investors mulled the Federal Reserve’s final monetary policy decision of 2021, which came against a backdrop of persistent inflationary pressures. 

The S&P 500 and Dow turned positive after spending much of the trading day earlier in the red. The Nasdaq outperformed to add more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Bond yields rose, and the benchmark 10-year Treasury yield added more than 3 basis points to rise rise above 1.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} immediately following the Fed’s 2 p.m. monetary policy decision.

All eyes on Wednesday were on the Federal Reserve’s monetary policy statement. In this, the Fed announced it was speeding the withdrawal of its crisis-era stimulus programs. The Fed ramped up the rate of tapering of its asset purchasing program to $30 billion per month. 

Previously, the Fed’s asset purchasing program took place at a rate of $120 billion per month in combined Treasuries and agency mortgage-backed securities from the start of the pandemic through November. Last month, the Fed began dialing back these purchases by $15 billion, and announced another $15 billion reduction for December.

The Federal Reserve’s updated Summary of Economic Projections, or so-called “dot plot,” also showed the likelihood of several interest rate hikes next year. The updated projections showed the median member of the Federal Open Market Committee expected three rate hikes in 2022, followed by as many as four hikes in 2023 and as many as two in 2024. This charted out a quicker cadence of rate hikes than projected in the Fed’s September dot plot. 

The firming economic recovery and soaring inflation has given the central bank room for a more hawkish tilt to policy. Last week’s Consumer Price Index showed the fastest surge in U.S. consumer prices since 1982 on a year-over-year basis in November. And on Tuesday, the U.S. Producer Price Index jumped by the most on record at a 9.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year increase for last month. 

The Federal Reserve’s latest statement suggested officials were taking note of the rising prices.

“Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation,” according to the statement.

A number of strategists noted the trading activity in recent sessions and weeks reflected the market already pricing in a more hawkish Fed. Software and other growth names were some of the biggest laggards in the major indexes during Tuesday’s session, and the Nasdaq dropped more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the trading day.

“When you have an anticipation of higher interest rates, growth stocks or long-duration growth stocks certainly get hit the hardest,” Art Hogan, national chief market strategist, told Yahoo Finance Live on Tuesday. “When you do that net present value calculation with a higher interest rate, that implied multiple or ascribed multiple to growth names comes in. So a lot of that’s been priced in. When you think about some of those real growth-y names and momentum names and risk assets, they’ve seen a lot of carnage.”

“What the market is trying to tell us here is that when you set your asset allocation plan for next year, you want to have a barbell approach with growth on one side — you want to have those growth names that are actually valued at a multiple to earnings, not a multiple to revenues or a multiple to cash flows or a multiple to sales,” he added. “We anticipate 2022 is going to be very much like 2021, where you really want to have a balance between growth and value.”

—

4:03 p.m. ET: Tech stocks lead indexes higher following Fed decision: S&P 500 gains 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, Dow adds 383 points, or 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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

  • S&P 500 (^GSPC): +75.77 (+1.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,709.86

  • Dow (^DJI): +383.38 (+1.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,927.56

  • Nasdaq (^IXIC): +327.94 (+2.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,565.58

  • Crude (CL=F): +$0.86 (+1.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $71.59 a barrel

  • Gold (GC=F): +$7.10 (+0.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,779.40 per ounce

  • 10-year Treasury (^TNX): +2.5 bps to yield 1.4630{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

2:13 p.m. ET: Stocks trade higher as investors consider Fed decision 

Here’s a snapshot of how markets were trading Wednesday afternoon following the Federal Reserve’s latest monetary policy statement and projection materials. 

  • S&P 500 (^GSPC): +21.61 (+0.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,655.70

  • Dow (^DJI): +142.76 (+0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,686.94

  • Nasdaq (^IXIC): +58.47 (+0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,295.27

  • Crude (CL=F): -$0.25 (-0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $70.48 a barrel

  • Gold (GC=F): -$10.00 (-0.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,762.30 per ounce

  • 10-year Treasury (^TNX): +2.3 bps to yield 1.462{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

11:51 a.m. ET: Pfizer shares set record high as company awaits COVID-19 pill authorization 

Shares of Pfizer (PFE) jumped to a fresh record intraday high on Wednesday amid optimism over the company’s COVID-19 pill, called Paxlovid. President Joe Biden said Tuesday that the White House had ordered enough of the antiviral pills to treat 10 million Americans, and that he was “encouraged by the promising data” that the drug-maker released on the pill. Pfizer’s data showed earlier this week that the drug decreased the risk of hospitalization or death by 89{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for high-risk adults. 

Pfizer’s stock was up more than 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to trade above $57 per share Wednesday afternoon, and paced toward a fifth straight day of gains. The stock has risen 56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the year-to-date. 

—

11:10 a.m. ET: Amazon Web Services sees connectivity issues, impacting Twitch, other platforms

Amazon’s web hosting platform Amazon Web Services (AWS) experienced connectivity issues Wednesday morning, triggering outages at platforms from Zoom Video Communications to Amazon-owned Twitch and other online services. 

As of 10:42 a.m. ET, more than 20,000 outages were reported on DownDetector. Amazon Web Services said on its status page Wednesday that it was still investigating connection issues in Northern California and Oregon as of late morning Eastern Time. 

—

9:30 a.m. ET: Stocks open flat 

Here’s where markets were trading as of 9:30 a.m. ET: 

  • S&P 500 (^GSPC): +4.04 (+0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,638.13

  • Dow (^DJI): +1.87 (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,546.05

  • Nasdaq (^IXIC): -5.75 (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,919.00

  • Crude (CL=F): -$0.54 (-0.76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $70.19 a barrel

  • Gold (GC=F): -$1.60 (-0.09{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,770.70 per ounce

  • 10-year Treasury (^TNX): +3.8 bps to yield 1.467{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

8:30 a.m. ET: Retail sales rose 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, missing estimates

U.S. retail sales rose at a slower-than-expected rate in November after a jump in October, as electronics and department store retailers’ sales especially dropped during the month. 

Retail sales were up 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November compared to October, the Commerce Department said on Wednesday. This came in below the 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} monthly increase consensus economists were expecting, according to Bloomberg-compiled data. In October, retail sales rose 1.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, which was upwardly revised from the 1.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase previously expected. 

By category, department stores saw one of the biggest sales drops during the month with a decline of 5.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. General merchandise store sales more broadly declined 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Electronics and appliance store sales fell by 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and health and personal care store sales were down 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

“I see this more as a sign that Americans started their holiday shopping early, as opposed to bad news for retailers,” Ted Rossman, senior industry analyst at CreditCards.com, wrote in an email Wednesday morning. He noted that on a year-over-year basis, retail sales were still up 18.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

“That year-over-year comparison is more significant, and it illustrates robust expansion,” he added. 

—

7:26 a.m. ET Wednesday: Stock futures drift

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

  • S&P 500 futures (ES=F): +0.25 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,637.25

  • Dow futures (YM=F): +12 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,564.00

  • Nasdaq futures (NQ=F): -11.5 points (-0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,913.25

  • Crude (CL=F): -$0.87 (-1.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $69.86 a barrel

  • Gold (GC=F): -$2.00 (-0.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,770.30 per ounce

  • 10-year Treasury (^TNX): +0.9 bps to yield 1.448{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:24 p.m. ET Tuesday: Stock futures edge up ahead of Fed decision

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

  • S&P 500 futures (ES=F): +2.25 points (+0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,639.25

  • Dow futures (YM=F): +25 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,577.00

  • Nasdaq futures (NQ=F): +12.25 points (+0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,937.00

NEW YORK, NEW YORK - DECEMBER 13: Traders work on the floor of the New York Stock Exchange (NYSE) on December 13, 2021 in New York City. As investors are still concerned about rising prices due to inflation, the Dow Jones Industrial Average dropped 175 points in Monday morning trading. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – DECEMBER 13: Traders work on the floor of the New York Stock Exchange (NYSE) on December 13, 2021 in New York City. As investors are still concerned about rising prices due to inflation, the Dow Jones Industrial Average dropped 175 points in Monday morning trading. (Photo by Spencer Platt/Getty Images)

—

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

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Stock market news live updates: December 14, 2021

Stock market news live updates: December 14, 2021

Stock futures were up on Monday following declines during the earlier trading session for all three major U.S. indexes as investors set their sights on a prolific week in Washington that includes the Federal Reserve’s final policy-setting meeting of 2021 and the release of new prints on retail sales, housing starts and other economic data.

Contracts on the S&P 500 edged higher, turning positive after the blue-chip index retreated from a rally last week that helped the index post its sharpest gains since February. Research from Goldman Sachs showed the S&P 500 is powered by five stocks that have accounted for 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its return since the end of April. Microsoft, Google, Apple, Nvidia and Tesla account for more than one-third of the S&P 500’s 26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} return this year, according to Goldman.

Futures for the Dow and Nasdaq were also up. 

Traders are awaiting a decision from the Fed on how quickly the central bank will tighten monetary policy amid a backdrop of fresh inflation numbers that reflected the fastest annual increase in nearly four decades. The Labor Department’s Consumer Price Index (CPI) soared 6.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November compared to last year, according to figures published last week.

The Federal Open Market Committee (FOMC) is scheduled to hold its two-day policy-setting meeting starting on Tuesday, followed by the release of the monetary policy statement and remarks from Federal Reserve Chair Jerome Powell Wednesday. An updated Summary of Economic Projections outlining individual members’ outlooks for economic conditions and interest rates is set to accompany the statement.

The Fed has been under pressure to control rising inflation levels, as investors watch for clues of a faster taper that could set the stage for earlier rate hikes.

“Because inflation expectations do appear to be adaptive, our view is that the longer inflation stays elevated, the greater the risk that consumers adjust their behaviors in a way that contributes to persistently elevated inflation” wrote PIMCO economist Tiffany Wilding in a recent note to clients.

“We believe the Fed will want to manage this risk by shortening the time over which it winds down its purchases of U.S. Treasuries and agency mortgage-backed securities (MBS), aiming to end the program in March 2022, while also signaling a June rate hike is likely,” said Wilding.

PIMCO managing director and portfolio manager Sonali Pier also separately told Yahoo Finance Live that the firm expects to see two hikes in 2022, three hikes in 2023, and potentially four in 2024, with the Fed trying to bring the policy rate to neutral.

“Amid proliferating signs of solid growth and a robust job market, various measures depict a deeply troubled economy,” wrote Oxford Economics senior economist Bob Schwartz in a new report. “Households are downbeat, according to sentiment surveys, and the so-called ‘misery index‘ that adds together inflation and unemployment hovers around recession levels.”

Markets await a trove of fresh economic data this week. November retail sales, out on Wednesday, are expected to rise by 0.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, according to Bloomberg consensus estimates. And November housing starts are forecasted to see a month-over-month increase of 3.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Meanwhile, Morgan Stanley projects the U.S. unemployment rate will drop to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2022.

“It’s stunning to see how much the rate has fallen in the last five months,” Morgan chief U.S. economist Michael Feroli told Yahoo Finance Live. “We expect that pace of decline to slow, but it doesn’t take much to get below 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, even with a tick up in the labor participation rate which has been depressed over the last year and a half.”

6:00 p.m. Monday ET: Stock futures edge higher

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

  • S&P 500 futures (ES=F): +5.50 points (0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,674.25

  • Dow futures (YM=F): +46.00 points (0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,691

  • Nasdaq futures (NQ=F): +10.75 points (0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,092.75

—

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

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Stock market news live updates: December 9, 2021

Stock market news live updates: December 9, 2021

Markets closed mostly lower on Thursday, ending a mixed trading session that followed record-low initial jobless claims.

The S&P 500 posted a loss of -0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in afternoon trading, erasing gains from a recent rally that brought it near a record. The Nasdaq Composite also lost steam, falling 1.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or 269.62 points, to 15,517.37 as tech stocks took a hit, while the Dow remained flat after choppy trading this week.

The stock moves on Thursday followed the release of fresh data from the U.S. labor department that showed the number of Americans filing initial jobless claims fell to the lowest level since September 1969. Weekly jobless claims fell to 184,000, below the pre-pandemic average of about 220,000 per week, pointing to a tightening labor market as employers seek to retain workers.

Investors mostly shrugged off jobs data as they pivot their attention to this month’s Consumer Price Index report as worries about stickier levels of inflation heighten. The latest CPI numbers are scheduled to be released Friday morning.

“I think what we’ve learned from the jobless claims is that it’s another affirmation that the labor market is increasingly tight,” Principal Global Investors Chief Strategist Seema Shah told Yahoo Finance Live. “We can see clearly that there’s very strong demand for employment. The area which is holding back the full recovery is from the supply side.”

“It looks like employers need to do more,” Shah added. “Wage increases are probably on the agenda for next year, and that’s part of the broadening of inflation pressures that we’ve already started to see come through in CPI data.”

Shah told Yahoo Finance, however, that her firm expects other parts of the inflation picture to fade and the 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}-7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consumer price figures likely to be seen in tomorrow’s report release should fall back to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}-4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by the end of next year.

“If COVID gradually improves rather than a major resurgence in 2022, we expect to see a continued recovery in the U.S. economy — continued recovery in services spending,”

The U.S. Food and Drug Administration granted emergency use authorization of Pfizer Inc and BioNTech’s COVID-19 vaccine booster shot for those aged 16 and 17 as the CDC strengthens its recommendations for those who are eligible to get a third dose.

Shares of Pfizer (PFE) were up 0.67{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on Thursday, trading at $52.07 per share.

Electric vehicle companies slumped Thursday, led by a selloff of shares of Lucid Group (LCID).

The company erased $11 billion in market value following a proposal to offer $1.75 billion of convertible senior notes expected to be sold to institutional buyers in a private offering. The decline also marked the second nosedive this week for shares of Lucid, which hovered around bear market territory Monday following disclosure of an investigation by the SEC of a recent SPAC merger.

Other electric vehicle companies extended losses following a three-day rally along with a broader market slump. Rivian (RIVN) was down by 7.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $114.89 per share, Tesla (TSLA) fell 4.94{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $1,016.12, and Workhorse Group (WKHS) slid 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $5.18. Nikola (NKLA) was down 0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.92, Lordstown (RIDE) fell 5.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $4.20, and Canoo (GOEV) dropped 7.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.44 in intraday trading.

4:01 p.m. ET: Stocks end lower after three days of gains

Here were the main moves in markets as of 4:01 p.m. ET:

  • S&P 500 (^GSPC): -33.68 (-0.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,667.53

  • Dow (^DJI): +0.53 (+0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,755.28

  • Nasdaq (^IXIC): -269.62 (-1.71{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,517.37

  • Crude (CL=F): -$1.75 (-2.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $70.61 a barrel

  • Gold (GC=F): -$8.90 (-0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,776.60 per ounce

  • 10-year Treasury (^TNX): -2.2 bps to yield 1.4870{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

2:30 p.m. ET: Lucid plunges 14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, erasing $11 billion in selloff

Shares of electric vehicle maker Lucid Group (LCID) wiped out $11 billion in market value following a proposal by the company to offer $1.75 billion of convertible senior notes expected to be sold to institutional buyers in a private offering.

The decline marks the second nosedive this week for shares of Lucid, which hovered around bear market territory Monday following disclosure of an investigation by the SEC of a recent SPAC merger.

Other electric vehicle companies extended losses following a three-day rally along with a broader market slump. Rivian (RIVN) was down by 7.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $114.89 per share, Tesla (TSLA) fell 4.94{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $1,016.12, and Workhorse Group (WKHS) slid 5.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $5.18. Nikola (NKLA) was down 0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.92, Lordstown (RIDE) fell 5.93{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $4.20, and Canoo (GOEV) dropped 7.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $9.44 in intraday trading.

2:09 p.m. Nasdaq extends decline to 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The tech-focused Nasdaq composite extended its decline on Thursday, falling as much as 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in afternoon trading to 15,611.08 after a volatile week for U.S. stocks as they climbed in a three-day recovery rally.

Markets were mostly lower in the second half of the day, with the S&P 500 also down 13.08 points to 4,688.47. The Dow gained 87.34 points, turning positive earlier in the day after a dip in morning hours.

1:49 p.m. Brazil’s Nubank debuts on Wall Street

Shares of Nu Holdings (NU), the Warren Buffet-backed Brazilian financial technology that does business as NuBank, jumped as much as 36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on its inaugural trading day Thursday.

Nubank’s U.S. initial public offering makes it the most valuable financial institution in Latin America, surpassing Itau Unibanco Holding SA, with a $38 billion market value. The company’s IPO follows a record wave of Brazilian listings, adding to nearly 50 companies that raised more than 65 billion reais ($12 billion) this year.

The company’s backers include Warren Buffet’s Berkshire Hathaway, which is reported to have taken a $500m stake in NuBank in June, valuing the company at $30 billion at the time.

Morgan Stanley, Goldman Sachs Group Inc. and Citigroup Inc. led the IPO. Shares began trading midday Thursday under the ticker NU.

12:42 p.m. ET: Dow rebounds after opening dip

The Dow Jones Industrial Average bounced back in midday trading on Thursday following a slide by all three major U.S. indexes at the open.

The Dow was up slightly by 13.08 points, while the S&P 500 continued to edge lower, down 10.95 points to 4,690.26. The Nasdaq composite also remained in the red, falling by as much as 0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Markets shrugged off data from the U.S. Labor Department released Thursday morning that showed the number of Americans filing initial jobless claims fell to the lowest level in half a century, opening lower in early trading and concluding a recovery rally that spanned three trading sessions.

11:00 a.m. ET: Wholesale inventories rise above estimates ahead of holidays

US wholesale inventories climbed above estimates in October as companies stock up for holiday season demand.

Latest figures from the Commerce Department released Thursday showed wholesale inventories rose 2.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, slightly more than the 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} estimated last month and 14.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} up from a year earlier.

The rise in inventories at wholesalers suggests restocking of warehouses could support economic growth this quarter. U.S. businesses recently struggled to hold inventories on hand due to supply chain delays and strong sales.

10:45 a.m. ET: Gamestop trades lower following disappointing earnings

Shares of Gamestop (GME) dropped in early trading after the video game retailer posted Q3 earnings Wednesday reflecting widening quarterly losses that disappointed investors. The stock was down by as much as 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after markets opened on Thursday.

Wedbush analyst Michael Pachter cut his price target from $45 to $50, attributing the downgrade to lack of clarity from management on a digital transformation plan for the company promised in the past that “has yet to crystalize.”

“Another quarter, still no turnaround strategy in sight,” Pachter wrote in a note to clients.

The video game company and meme-stock darling reported a quarterly loss of $1.39 per share, higher than consensus estimates.

9:36 a.m. ET: Stocks open lower

Here were the main moves in markets as of 9:36 a.m. ET:

  • S&P 500 (^GSPC): -10.44 (-0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,690.77

  • Dow (^DJI): -134.51 (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,620.24

  • Nasdaq (^IXIC): -19.58 (-0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,767.41

  • Crude (CL=F): -$0.54 (-0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $71.82 a barrel

  • Gold (GC=F): -$2.80 (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,782.70 per ounce

  • 10-year Treasury (^TNX): -1.7 bps to yield 1.4920{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

8:30 a.m. ET: Jobless claims hit new record low

New weekly jobless claims came in well below expectations and reached its lowest level since September 1969. The Labor Department reported that 184,000 claims were filed for the week ending Dec. 4. Claims are hovering below their pre-pandemic levels. 

Continuing claims, which represent the number of individuals still receiving unemployment benefits via regular state programs, have also come down and held below 2 million last week. For the week ended Nov. 27, continuing claims was 1.992 million. 

8:30 a.m. ET Thursday: Stock futures slip

Here were the main moves in markets in early trading Thursday:

  • S&P 500 futures (ES=F): -19.25 points (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,679.75

  • Dow futures (YM=F): -157 points (-0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,589

  • Nasdaq futures (NQ=F): -67.50 points (-0.41{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,324.75

6:57 p.m. ET Wednesday: Stock futures open flat

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

  • S&P 500 futures (ES=F): -1.75 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,697.25

  • Dow futures (YM=F): + -8 points (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,728

  • Nasdaq futures (NQ=F): -16.50 points (-0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,375.75

—

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

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Chancellor Li Announces UNO Business and Finance, Human Resources Updates | News

Chancellor Li Announces UNO Business and Finance, Human Resources Updates | News

University of Nebraska at Omaha (UNO) Chancellor Joanne Li, Ph.D., CFA, introduced now a sequence of Office of Business enterprise and Finance updates that will help the unit’s mission of furnishing considerate stewardship of money, infrastructure, and human resources.

Jim Kamm Named UNO Interim Vice Chancellor for Business and Finance

Jim Kamm, who has served as assistant vice chancellor for business enterprise and finance at UNO considering that 2019, will provide as interim vice chancellor for Business enterprise and Finance for the university efficient instantly. In this interim part, Kamm will oversee all spending budget, finance, operational and administrative expert services in assist of the chancellor. Organizational units housed under Small business and Finance involve Accounting Solutions Auxiliary Providers Funds Company Devices Technological innovation Cashiering and University student Accounts Compliance Amenities Management and Preparing Grants Accounting Human Sources UNO Public Security and the Office of Chance Management.

“Oversight of the business mission for an bold college like UNO involves extraordinary organizational skills, a trouble-solver frame of mind, and an excitement for the potential,” Li stated. “Jim Kamm possesses every of these characteristics and far more, which makes him the best healthy to direct this Finance unit all through a period of time of transition.”

A nationwide lookup for a entire-time vice chancellor for Company and Finance is underway. The search committee is chaired by Faculty of Small business Administration Dean Michelle Trawick and includes representatives from UNO, the Omaha group, and the College of Nebraska Procedure.

Committee users:

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    Chris Kabourek – Vice President for Small business & Finance, College of Nebraska Process

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    Jennifer Hamann – Chief Financial Officer, Union Pacific

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    Jim Smith – Executive Director, Blueprint Nebraska

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    John Bartle – Dean, UNO College of Public Affairs and Neighborhood Assistance

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    Susan Eldridge – Associate Dean for School, Research and Preparing, UNO School of Company Administration

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    Sara Myers – Assistant Vice Chancellor for Investigate and Inventive Activity, UNO Office environment of Study and Artistic Exercise

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    Denise Kjeldgaard – Director of Auxiliary Providers, UNO Business of Business enterprise and Finance

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    Drew Nielsen – Compliance Officer, UNO Business office of Enterprise and Finance

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    Makayla McMorris – Main Communications and Marketing Business office, UNO College Communications

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Prior to becoming a member of UNO, Kamm had an attained career in the monetary products and services sector, such as company banking, keeping senior leadership roles at Nebraska primarily based financial institutions. He is a UNO alumnus, earning his MBA in 1994, and he attained his Bachelor of Science diploma in Company Administration from the University of Nebraska-Lincoln. He also completed the Stonier Graduate School of Banking system at Georgetown College and has beforehand served as an adjunct teacher in the College of Small business Administration.

Steven Kerrigan Named UNO Assistant Vice Chancellor for Human Means, Aileen Warren to Focus on UNMC Job

Steven Kerrigan, who at present serves as the director of labor relations for Omaha Community Electricity District (OPPD), will presume the role of assistant vice chancellor for human means for UNO on Dec. 6. He has served in his existing part with OPPD due to the fact 2015 and has far more than 20 many years of skilled activities in legal, labor relations, and human sources fields. He is an Omaha indigenous and an NU method graduate, getting equally his J.D. and bachelor’s degree from the College of Nebraska-Lincoln.

Aileen Warren, who has held a twin appointment of associate vice chancellor and director of human sources at UNO and the College of Nebraska Medical Center (UNMC) due to the fact July 2020, will changeover out of the purpose and target on UNMC obligations. Li congratulated Kerrigan and thanked Warren for her help for UNO.

“Leading human sources for two campuses is a tall process, but Aileen Warren rose to the occasion with her enthusiasm for individuals and motivation to UNO’s mission. She aided established the leadership and organizational tone for Human Assets and I can’t thank her enough for her service,” Li said. “Steve Kerrigan will convey to Human Resources a one of a kind set of abilities, insights, and experiences that will help us capitalize on new chances and navigate any challenge. Our institution and the countless numbers of Mavericks who perform and increase right here will gain greatly from his management.”