– Stocks dropped on Monday, the first trading day of
December, as investors digested disappointing economic data along with
the latest trade news after capping a month that featured blistering
The Dow Jones Industrial Average fell 251 points, or 0.9%.
The S&P 500 pulled back 0.9% while the Nasdaq Composite traded 1.4%
lower. The major averages started off the session with slight gains
before turning lower.
Shares of Facebook, Amazon, Alphabet and
Apple all dropped more than 1%. Netflix traded 2.7% lower. Roku, which
has been one of the hottest stocks of 2019, plummeted more than 15%.
The Cboe Volatility Index, which is regarded as the best fear gauge in the market, rose to 14.8 from 12.6.
losses came after a strong performance in November. The major averages
had their biggest monthly gains since June, rallying to record highs.
The S&P 500 climbed 3.4% last month while the Dow advanced 3.7%. The
Nasdaq rallied 4.5%.
Manufacturing activity in the U.S.
continued to contract last month, the Institute for Supply Management
said. The ISM Manufacturing PMI dipped to 48.1 in November. That’s below
an estimate of 49.4. Stocks hit their session lows after the data was
– U.S. stock index futures indicated a flat open Thursday
as a move to record highs took a pause amid persisting worries around
U.S-China trade relations.
At 8:20 a.m. ET, Dow Jones Industrial
Average futures slipped 37 points, pointing to a decline of 21 points at
the open. The 30-stock average closed at an all-time high in the
previous session. Futures on the S&P 500 — which also eked out a
record closing high on Wednesday — and Nasdaq 100 both fell marginally.
between the U.S. and China are thought to have hit a snag over
agricultural purchases. The Wall Street Journal reported on Wednesday
that Beijing is resisting requests from the White House to curb tech
transfers as well as enforcement mechanisms. China is also reportedly
wary about committing to specific farm purchases from the U.S.
Ministry of Commerce spokesman Gao Feng said overnight that both
countries are holding “in-depth” discussions about a phase one deal, but
noted that the rolling back of some tariffs is key to reaching an
On the data front, the latest weekly jobless claims
will be released at around 8:30 a.m. ET. The Labor Department is poised
to report its producer price index (PPI) for October at the same time.
around 10 a.m. ET, Federal Reserve Chair Jerome Powell will testify
before the House Budget Committee on the economic outlook.
FRIDAY – Stocks hovered around the flatline on Friday but remained on track for solid weekly gains after trade optimism sparked a massive rotation out of bonds and lifted equities to record levels.
The Dow Jones Industrial Average traded 38 points lower, or 0.1%. The S&P 500 slid 0.1% while the Nasdaq Composite climbed 0.3%.
Disney was among the best-performing stocks on Wall Street after the company released its latest quarterly figures. Health care was the best-performing sector in the S&P 500, gaining 0.4%.
The major averages were poised to extend their weekly winning streaks despite Friday’s muted performance amid an improving tone around global trade
The Dow is up 1.1% week to date. The S&P 500 and Nasdaq Composite are up 0.6% and 0.8%, respectively, for the week. It would be the third straight week of gains for the Dow while the S&P 500 headed for its fifth straight weekly gain. The Nasdaq was on pace for a six-week winning streak.
Sentiment was also boosted this week by corporate earnings results that have generally beaten expectations. Of the 425 S&P 500 companies that have reported thus far, 74% have beaten estimates.
U.S. stock index futures turned sharply
higher Thursday after China said the world’s two largest economies had
agreed to remove existing trade tariffs.
Around 8:30 a.m. ET, Dow
Jones Industrial Average futures were up 154 points, implying an
opening gain of 138 points. S&P 500 and Nasdaq 100 futures also
pointed to solid gains.
The gains put the Dow and S&P 500 on track to reach fresh record highs at the open.
Feng, a ministry spokesperson for China’s Commerce Ministry, said that
both sides had agreed to simultaneously cancel some existing tariffs on
one another’s goods, according to the country’s state broadcaster. The
ministry spokesperson said that both sides were closer to a so-called
“phase one” trade agreement following constructive negotiations over the
past two weeks.
One important condition for a limited trade
agreement, Feng insisted, was that the U.S. and China must remove the
same amount of charges at the same time.
On the data front, the latest weekly jobless claims numbers came in at 211,000, down slightly from 218,000 in the previous week.
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– Stocks were set to open higher on Tuesday, following a
record close in the previous session, as investors grew more bullish on a
potential U.S.-China trade deal as both sides consider more rollbacks
Futures on the Dow Jones Industrial Average rose 70
points and indicated a positive open of more than 58 points, while
futures on the S&P 500 and Nasdaq Composite were also higher. Major
averages are on track for a third straight positive session.
is pushing President Donald Trump to remove more tariffs on about $125
billion worth of Chinese goods imposed in September as part of the
“phase one” trade deal, Reuters reported Monday evening. A U.S. official
told Reuters the fate of the Dec. 15 tariffs is being considered as
part of negotiations.
Strong earnings, more promising economic
data and optimism over a resolution on trade with China drove the Dow to
all-time highs on Monday, following the S&P 500 and Nasdaq’s new
records last week.
The Dow’s year-to-date gain now stands at
around 18%, while the S&P 500 is up more than 22% and the Nasdaq
more than 27% so far this year.
Traders will also have eyes on a raft of economic data Tuesday morning. September balance of trade, import and export figures are due for release at 9:30 a.m. ET before November Redbook data at 9:55 a.m. ET.
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THURSDAY – U.S. stock index futures rose Thursday after a draft Brexit deal was struck between the European Union and the U.K.
Around 7:40 a.m. ET, Dow Jones Industrial Average futures were up 82 points, indicating a gain of about 70 points at the open. Prior to the Brexit reports, futures had been trading flat to lower. Futures on the S&P 500 and Nasdaq 100 were also higher.
U.K. Prime Minister Boris Johnson said “we have a great new Brexit deal” via Twitter. He called on British lawmakers to back the deal when it’s put before Parliament on Saturday. Meanwhile, European Commission President Jean-Claude Juncker tweeted that the deal was a “fair and balanced” one.
Nonetheless, markets rallied on the Brexit reports, as the deal removed some investor uncertainty amid heightened concerns about the health of the global economy. On Wednesday, unexpectedly weak U.S. retail sales data fueled fears about a possible recession.
Global economic data points to slower growth, while the U.S. manufacturing sector is already contracting. Among the greatest of the worries plaguing markets is the ongoing U.S.-China trade war.
The latest weekly jobless claims figures, housing starts and building permits for September, and the Philadelphia Federal Reserve’s manufacturing index for October will be released at 8:30 a.m. ET. Industrial production data for September will follow slightly later in the session.
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FRIDAY – U.S. stock index futures rose on Friday, erasing an earlier decline after the release of the latest U.S. jobs report.
The U.S. economy added 136,000 jobs in September, the Bureau of Labor Statistics said Friday. Economists polled by Dow Jones expected an increase of 145,000 jobs. The unemployment rate fell to 3.5%, a 50-year low, but wages grew at a slower-than-expected pace last month.
Treasury yields briefly jumped before giving back those gains. The 10-year yield last traded at 1.53% after hitting 1.55%.
Wall Street will be watching speeches by Fed officials later in the day, including Boston Fed President Eric Rosengren.
came into Friday’s session on pace to record large losses for the week.
The Dow was down 2.3% through Thursday’s close while the S&P 500
had lost 1.7%. The Nasdaq was down 0.9% week to date.
Those weekly losses came after a dismal U.S. manufacturing data report sparked fears of a potential recession in the U.S. Between Tuesday and Wednesday, the Dow lost more than 800 points.
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U.S. stock index futures were higher on Monday, the last day of September, as investors watched trade developments between the U.S. and China.
Around 7:15 a.m. ET, Dow
Jones Industrial Average futures indicated a gain of 54.75 points at
the open. S&P 500 and Nasdaq 100 futures also traded higher.
Wall Street ended lower last week on reports that the White House is considering limiting U.S. investment into China, including a possible de-listing of Chinese companies from U.S. exchanges, in a further escalation of the ongoing trade dispute between the world’s two largest economies. However, spokespeople had denied that the U.S. was considering such a move.
U.S. and China trade delegations are due to meet on
Oct. 10 as both sides try to move closer to a deal. Both countries have
slapped tariffs on billion of dollars worth of their goods, dampening
expectations for economic and corporate profit growth.
indexes were headed for a mixed monthly performance. The Nasdaq
Composite was down slightly for September entering Monday’s session
while the S&P 500 and Dow were up more than 1%.
On the data front, Chicago PMI figures for September are due at 8:45 a.m. ET and Dallas Fed manufacturing index data will be published at 9:30 a.m. ET.
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Stocks opened slightly lower on Wednesday as a key decision from the Federal Reserve is expected this afternoon.
The Dow Jones Industrial Average fell just a fraction of a percent. The S&P 500 and Nasdaq Composite both slipped about a third of one percent.
The Fed is expected to cut rates by 25 basis points. This would be the bank’s second rate cut in a decade, after the central bank decided to lower the Fed Funds Rate to a range of 2.0%-2.25% in July. Chairman Jerome Powell will address the media on Wednesday at 2:30 p.m. ET.
Treasury yields fell ahead of the Fed’s announcement. The benchmark 10-year rate dipped to 1.77% from around 1.8%. The 2-year yield traded at 1.7%.
The Fed meeting takes place a couple of days after President Donald Trump called the central bank “boneheads” and asked for zero or even negative rates. The meeting also takes place as China and the U.S. try to reach a deal to end their ongoing trade war.
Trump said on Wednesday that a deal could come soon. China and the U.S. are expected to meet next month. The trade war has dampened the outlook for global economic growth and corporate profit expansion.