Tag Archives: Stock Market Opening

Stocks Tumble Again

MONDAY – U.S. stocks dropped on Monday morning, putting the S&P 500 on track to fall back into bear market territory and possibly to a new low for 2022. A jump in short-term rates drove the negative sentiment as investors still reeling from a hotter-than-expected inflation report on Friday braced for the Federal Reserve to raise rates later in the week.

The short-term 2-year Treasury yield rose by 17 basis points to more than 3.22% Monday, reaching its highest level since 2007 as investors bet the Fed may have to get even more aggressive to squash inflation. At one point in the session, the 2-year rate traded above its 10-year counterpart for the first time since April, a so-called yield curve inversion seen as an indicator of a recession.

The major averages last week posted their biggest weekly declines since late January as investors grew increasingly concerned rising inflation will tip the economy into a recession. The Dow and S&P 500 fell 4.6% and 5.1%, respectively, while the Nasdaq Composite lost 5.6%. A chunk of those losses came Friday, when hotter-than-expected U.S. inflation data spooked investors. The Dow dropped 880 points, or 2.7%. The S&P 500 and Nasdaq lost 2.9% and 3.5%, respectively.

The Bureau of Labor Statistics reported Friday that the U.S. consumer price index rose last month by 8.6% from a year ago, its fastest increase since December 1981. That gain topped economists’ expectations. The so-called core CPI, which strips out food and energy prices, also came in above estimates at 6%.

On top of that, the preliminary June reading for the University of Michigan’s consumer sentiment index registered at a record low of 50.2.

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Stocks Start Week Flat

MONDAY – Stocks were flat Monday morning as the 10-year Treasury yield hit a new three-year high and a week of major first-quarter earnings reports kicked off.

The 10-year Treasury yield reached on Monday it highest level since late 2018, trading at 2.884% at one point. The yield was at 1.71% to begin March, but has shot higher as the Federal Reserve pivoted to a more aggressive tightening stance. That change has weighed on stocks and triggered concerns about an impending recession.

Several Dow blue-chip names report earnings this week, including IBM, Procter and Gamble, Travelers, Dow Inc, Johnson and Johnson, American Express and Verizon.

Technology bellwethers are also set to report quarterly earnings, with Netflix due on Tuesday and Tesla out on Wednesday. Snap reports Thursday. United Airlines, American Airlines and Alaska Air are also on the calendar, as are railroads CSX and Union Pacific.

Investors will be paying close attention to forward guidance, especially for comments on how companies are handling surging costs. March’s consumer price index reading released last week showed an 8.5% increase from a year ago, the fastest annual gain since December 1981.

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Stocks Start Week Flat

MONDAY – Stocks were steady Monday morning as a week filled with key economic reports kicked off, and investors continue to keep a close eye on the Fed’s planned interest rate hikes.

Parts of The Treasury yield curve inverted on Monday, raising some recession concerns. Earlier on Monday, the yield on the 5-year Treasury note rose to 2.6361%, while the 30-year yield was down less than 1 basis point to 2.6004%.

However, the main yield spread that traders watch — the spread between the 2-year and the 10-year rate — remained positive for now.

The Dow and S&P 500 rose on Friday to close out their second consecutive winning week. The Dow gained 153 points, or 0.4%. The S&P 500 advanced 0.5% and has more than erased its losses since Russia invaded Ukraine in late February. Meanwhile, the Nasdaq Composite dipped 0.2% but still finished the week in the green.

The moves came as investors continue to monitor developments in Russia’s war on Ukraine and expectations about the Fed’s plans to hike interest rates.

Investors are looking forward to the Job Openings and Labor Turnover Survey, or JOLTS, this week. The JOLTS report is one set of employment data that the Federal Reserve is watching closely as it tightens monetary policy.

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Stocks Higher As Wall Street Watched Trade Negotiations

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.

The major 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 Mixed On Huge Earnings Day

U.S. stocks traded mixed on Tuesday as one of the busiest days of the earnings season got under way.

The Dow Jones industrial average traded slightly lower, with Procter & Gamble contributing the most gains to the tune of 20 points, but Home Depot shaved off approximately 20 points. The S&P 500 fell 0.1 percent, with consumer discretionary leading decliners. The Nasdaq composite held around breakeven.

More than 90 companies were scheduled to post quarterly results on Tuesday. Dow components 3M, Caterpillar and DuPont reported earnings before the bell. Caterpillar and 3M posted mixed results, as both beat estimates on the bottom line, while missing on revenues. Caterpillar also lowered its 2016 earnings per share guidance.

Coming Up:

Tuesday

Earnings:

ATB: Apple, AT&T, Chipotle Mexican Grill, Capital One, Discover Financial, Express Scripts, Juniper Networks, Vertex Pharma, iRobot, Pandora Media, Panera Bread, Owens-Illinois

9 a.m.: Case-Shiller Home Price Index

9 a.m.: FHFA Home Price Index

10 a.m.: Consumer confidence

1 p.m.: $26 billion two-year Treasury note auction

Wednesday

8:30 a.m.: U.S. trade deficit

9:45 a.m.: Markit services PMI

10 a.m.: New home sales

1 p.m.: $34 billion five-year Treasury note auction

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Stocks Lower After Data

MONDAY – U.S. stocks traded lower on Monday, the first trading day of the fourth quarter, as investors digested key economic news and kept an eye on oil prices.

The Dow Jones industrial average fell about 100 points in midmorning trade before holding about 50 points lower, with UnitedHealth contributing the most losses. The S&P 500 fell 0.25 percent, with real estate and utilities leading decliners, as both fell 1 percent. The Nasdaq composite slid approximately 0.1 percent.

In economic news, the September Markit Manufacturing PMI came in at 51.5, a three-month low. “U.S. manufacturers signalled another moderate upturn in both production volumes and incoming new work during September, but the latest survey indicated a further loss of growth momentum from July’s recent peak,” Markit said.

The ISM Manufacturing index for September came in at 51.5, up from 49.4 in the previous month. Construction spending fell 0.7 percent in August, with analysts expecting a 0.2 percent increase.

This Week:

Monday

Auto sales

Wednesday

8:15 a.m.: ADP payrolls
8:30 a.m.: Trade deficit
9:45 a.m.: Markit services PMI
10 a.m.: ISM non-manufacturing
10 a.m.: Factory orders

Thursday

8:30 a.m.: Jobless claims

Friday

8:30 a.m.: Employment report
10 a.m.: Wholesale trade
3 p.m.: Consumer credit

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US stocks fall following ECB rates decision

THURSDAY – U.S. stocks traded lower Thursday as investors digested the European Central Bank’s latest monetary policy decision and remarks made by its president, Mario Draghi.

The Dow Jones industrial average traded about 60 points lower, with Apple contributing the most losses.

The ECB kept interest rates unchanged and did not announce an extension of its quantitative easing program. Draghi said in a news conference the central bank did not discuss an extension of said program, but added the program will run until the end of next March or beyond, if necessary.

U.S. stock futures traded mostly flat after the ECB announced its decision, before holding lower.

Investors have been closely eyeing each data set, looking for clues about whether the Fed will raise interest rates in September. Market expectations for a rate hike in September were 18 percent, according to the CME Group’s FedWatch tool.

Coming Up:

Thursday

3:00 p.m. Consumer credit

Friday

7:45 a.m. Boston Fed President Eric Rosengren
10:00 a.m. Wholesale

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Wall Street To Open Slightly Higher

TUESDAY – U.S. stock index futures pointed to a slightly higher open on Tuesday, as investors remained watchful over the recovery in U.S. crude, ahead of important economic data.

For the U.S.’ first trading day of the week after Labor Day, oil is expected to keep investors abuzz after leading oil producers Russia and Saudi Arabia agreed on Monday to cooperate on stabilizing the energy market.

On the data front, the final Markit services PMI is due out at 9.45 a.m. ET, followed by the ISM non-manufacturing data, set to come out at 10 a.m. ET.

The data will be of key importance for the U.S., as investors look for indications as to how well the U.S. economy is performing. The data come just days after a disappointing jobs figure for the U.S. In August, nonfarm payrolls increased by 151,000, below what Wall Street economists were expecting of 180,000.

When it comes to earnings, Marvell Technology posted quarterly results before the bell Tuesday. Dave & Buster’s Entertainment and Casey’s General Stores are also expected to release their latest earnings.

European stocks traded slightly higher, while Asia-Pacific indexes finished mixed to higher overnight.

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Stocks slightly higher; materials lead

THURSDAY – U.S. equities traded slightly higher Thursday, a day ahead of a key speech from Federal Reserve Chair Janet Yellen, and following the release of solid economic data.

The Dow Jones industrial average rose just 10 points, with Home Depot contributing the most losses. The S&P 500 rose about 0.15 percent, with materials leading. Investors also kept an eye on health care a day after posting its worst day since June 24.

The sector fell Wednesday after presidential candidate Hillary Clinton tweeted about Mylan’s price increases of the allergy drug EpiPen.

The three major indexes have held in a tight range recently amid low trading volume and a lack of volatility. On Wednesday, the S&P recorded its 33rd straight session without a 1 percent move on a closing basis.

Coming Up:

Thursday

Earnings: Autodesk, GameStop, Pure Storage, Splunk
1 p.m. $28 billion 7-year note auction

Friday

Earnings: Big Lots
Fed Chair Janet Yellen speaks at Jackson Hole, Wyoming
8:30 a.m. Real GDP Q2 (second); international trade
9:45 a.m. Services PMI
10 a.m. Consumer sentiment

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Stocks trade flat despite a sharp fall in oil prices

MONDAY – U.S. stocks tried for gains on Monday as investors digested falling oil prices, low trading volume and looked ahead to a key speech from the top Federal Reserve official.

Stocks posted new record highs last week, despite the S&P notching its 30th straight session without a 1 percent move on a closing basis, its longest streak since 2014.

Fed Chair Janet Yellen is scheduled to deliver a speech Friday on the U.S. economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming.

Yellen’s remarks will be delivered following hawkish rhetoric from Fed Vice Chairman Stanley Fischer and New York Fed President William Dudley.

There are no major economic data reports due Monday, but the second read on second-quarter GDP is scheduled for release Friday.

Coming Up:

Tuesday

10 a.m. New home sales
1 p.m. $26 billion 2-year note auction

Wednesday

9 a.m. FHFA home prices
9:45 a.m. Manufacturing PMI
10 a.m. Existing home sales
1 p.m. $34 billion 5-year note auction

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