NYSE Dow Jones finished today at:

[bigdog]

Stock market today: Wall Street inches higher to set more records

U.S. stocks tiptoed to more records after a quiet day of trading. The S&P 500 edged up by 2 points, or less than 0.1%, on Tuesday to set an all-time high for the 55th time this year.

apnews.com

Wall Street inches higher to set more records​

By STAN CHOE
Updated 9:04 AM GMT+11, December 4, 2024

NEW YORK (AP) — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far.

The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium.

The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier.

AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027.

On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker.

Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition.

Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package.

All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91.

In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable.

The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday.

Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group.

Lower rates can give the economy more juice, but they can also give inflation more fuel.

The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report, which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October.

Based on trading in the options market, Friday’s jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital.

In financial markets abroad, the value of South Korea’s currency fell 1.1% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he’d lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.6% drop for SK Telecom.

Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs, including for goods coming from China.

Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications.

The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China.

In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy.

In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris, where the government is battling over the budget.

ASX 200 expected to fall​

The Australian share market looks set for a subdued session on Wednesday following a mixed night of trade in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.32% lower.

U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far.

The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium.

The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier.

All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91.

 

[bigdog]

Stock market today: Tech stocks and AI pull Wall Street to more records

U.S. stock indexes rose to more records after tech companies talked up how much artificial intelligence is boosting their results.

apnews.com

Tech stocks and AI pull Wall Street to more records​

By STAN CHOE
Updated 8:23 AM GMT+11, December 5, 2024

NEW YORK (AP) — U.S. stock indexes rose to more records Wednesday after tech companies talked up how much of a boost they’re getting from the artificial-intelligence boom.

The S&P 500 climbed 0.6% to add to what’s set to be one of its best years of the millennium. It’s the 56th time the index has hit an all-time high this year after climbing in 11 of the last 12 days.

The Dow Jones Industrial Average rose 308 points, or 0.7%, while the Nasdaq composite added 1.3% to its own record.

Salesforce helped pull the market higher after delivering stronger revenue for the latest quarter than analysts expected, though its profit fell just short.

The stock market is in line to set more records. More from AP’s Seth Sutel.

CEO Mark Benioff highlighted the company’s artificial-intelligence offering for customers, saying “the rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale.” The stock price of the company, which helps businesses manage their customers, jumped 11%.

Marvell Technology leaped even more after delivering better results than expected, up 23.2%. CEO Matt Murphy said the semiconductor supplier is seeing strong demand from AI and gave a forecast for profit in the upcoming quarter that topped analysts’ expectations.

All the optimistic talk helped Nvidia, the company whose chips are powering much of the move into AI, rally 3.5%. It was the strongest force pushing upward on the S&P 500 by far.

They helped offset an 8.9% drop for Foot Locker, which reported profit and revenue that fell short of analysts’ expectations.

CEO Mary Dillon said the company is taking a more cautious view, and it cut its forecasts for sales and profit this year. Dillon pointed to how keen customers are for discounts and how soft demand has been outside of Thanksgiving week and other key selling periods.

Retailers overall have offered mixed signals about how resilient U.S. shoppers can remain. Their spending has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market.

This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month. A narrower report released Wednesday morning suggested employers in the private sector increased their payrolls by less last month than economists expected. Hiring in manufacturing was the weakest since the spring, according to Nela Richardson, chief economist at ADP.

The report strengthened traders’ expectations that the Fed will cut its main interest rate again when it meets in two weeks.

The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market. The central bank had appeared set to continue cutting rates into next year, but the election of Donald Trump has scrambled Wall Street’s expectations somewhat. Trump’s preference for higher tariffs and other policies could lead to higher inflation, which could alter the Fed’s plans.

Fed Chair Jerome Powell said Wednesday that the central bank can afford to cut rates cautiously because inflation has slowed from its peak two years ago and the economy remains sturdy.

A separate report on Wednesday said health care, finance and other businesses in the U.S. services sector are continuing to grow, but not by as much as before and not by as much as economists expected.

One respondent from the construction industry told the survey from the Institute for Supply Management that the Fed’s rate cuts haven’t pulled down mortgage rates as much as hoped. Plus, “the unknown effect of tariffs clouds the future.”

In the bond market, the yield on the 10-year Treasury fell to 4.18% from 4.23% late Tuesday.

On Wall Street, Campbell’s sank 6.2% for one of the S&P 500’s sharper losses despite increasing its dividend and reporting a stronger profit than analysts expected. Its revenue fell short of Wall Street’s expectations, and the National Football League’s Washington Commanders hired Campbell’s CEO Mark Clouse as its team president.

Gains for airline stocks helped offset that drop after JetBlue Airways said it saw stronger bookings for travel in November and December following the presidential election. It also said it’s benefiting from lower fuel prices, as well as lower costs due to improved on-time performance.

JetBlue jumped 8.3%, while Southwest Airlines climbed 3.5%.

All told, the S&P 500 rose 36.61 points to 6,086.49. The Dow climbed 308.51 to 45,014.04, and the Nasdaq composite rallied 254.21 to 19,735.12.

In stock markets abroad, South Korea’s Kospi sank 1.4% following a night full of drama in Seoul.

President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night, prompting troops to surround the parliament. He revoked the martial law declaration six hours later.

In the crypto market, bitcoin climbed near $99,000 after Trump said he would nominate Paul Atkins, a cryptocurrency advocate, to chair the Securities and Exchange Commission.


ASX 200 expected to rise
The Australian share market looks set to rise on Thursday following a strong night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 10 points or 0.1% higher this morning.

U.S. stock indexes rose to more records Wednesday after tech companies talked up how much of a boost they’re getting from the artificial-intelligence boom.

The S&P 500 climbed 0.6% to add to what’s set to be one of its best years of the millennium. It’s the 56th time the index has hit an all-time high this year after climbing in 11 of the last 12 days.

The Dow Jones Industrial Average rose 308 points, or 0.7%, while the Nasdaq composite added 1.3% to its own record.

All told, the S&P 500 rose 36.61 points to 6,086.49. The Dow climbed 308.51 to 45,014.04, and the Nasdaq composite rallied 254.21 to 19,735.12

 

[bigdog]

Stock market today: Wall Street edges back from its records as bitcoin briefly pops above $100,000

The crypto market had much more action, and bitcoin burst to a record above $103,000.

apnews.com

Wall Street edges back from its records as bitcoin briefly pops above $100,000​

By STAN CHOE
Updated 8:21 AM GMT+11, December 6, 2024

NEW YORK (AP) — The huge rally for U.S. stocks lost momentum on Thursday as Wall Street counted down to a big jobs report that’s coming on Friday. The crypto market had more action, and bitcoin briefly burst to a record above $103,000 before pulling back.

The S&P 500 slipped 0.2% from the all-time high it had set the day before, its 56th of the year so far, to shave a bit off what’s set to be one of its best years of the millennium. The Dow Jones Industrial Average fell 248 points, or 0.6%, while the Nasdaq composite slipped 0.2% from its own record set the day before.

Bitcoin powered above $100,000 for the first time the night before, after President-elect Donald Trump chose Paul Atkins, who’s seen as a crypto advocate, as his nominee to head the Securities and Exchange Commission. The cryptocurrency has climbed dramatically from less than $70,000 on Election Day, but it fell back as Thursday progressed toward $99,000, according to CoinDesk.

Sharp swings for bitcoin are nothing new, and they took stocks of companies enmeshed in the crypto world on a similar ride. After rising as much as 9% in early trading, MicroStrategy, a company that’s been raising cash just to buy bitcoin, swung to a loss of 4.8%. Crypto exchange Coinbase Global fell 3.1% after likewise erasing a big early gain.

Elsewhere on Wall Street, stocks of airlines helped lead the way following the latest bumps up to financial forecasts from carriers.

American Airlines Group soared 16.8% after saying it’s making more in revenue during the last three months of 2024 than it expected, and it will likely make a bigger profit than it had earlier forecast. The airline also chose Citi to be its exclusive partner for credit cards that give miles in its loyalty program. That should help its cash coming in from co-branded credit card and other partners grow by about 10% annually.

Southwest Airlines climbed 2% after saying it’s seeing stronger demand from leisure travelers than it expected. It also raised its forecast for revenue for the holiday traveling season.

On the losing end of Wall Street was Synposys, which tumbled 12.4%. The supplier for the semiconductor industry reported better profit for the latest quarter than analysts expected, but it also warned of “continued macro uncertainties” and gave a forecast for revenue in the current quarter that fell short of some analysts’ estimates.

American Eagle Outfitters fell even more, 14.3%, after the retailer said it’s preparing for “potential choppiness” outside of peak selling periods. It was reminiscent of a warning from Foot Locker earlier in the week and raised more concerns about how resilient U.S. shoppers can remain.

Solid spending by U.S. consumers has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market.

This week’s highlight for Wall Street will be Friday’s jobs report from the U.S. government, which will show how many people employers hired and fired last month. A report on Thursday said the number of U.S. workers applying for unemployment benefits rose last week but remains at historically healthy levels.

Expectations are high that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market.

In the bond market, the yield on the 10-year Treasury edged down to 4.17% from 4.18% late Wednesday.

The S&P 500 fell 11.38 points to 6,075.11. The Dow sank 248.33 to 44,765.71, and the Nasdaq composite lost 34.86 to 19,700.26.

In stock markets abroad, indexes were mostly calm in Europe after far-right and left-wing lawmakers in France joined together to vote on a no-confidence motion that will force Prime Minister Michel Barnier and his Cabinet to resign. The CAC 40 index in Paris added 0.4%.

In South Korea, the Kospi fell 0.9% to compound its 1.4% decline from the day before. President Yoon Suk Yeol was facing possible impeachment after he suddenly declared martial law on Tuesday night. He revoked the martial law declaration six hours later.

Crude oil prices slipped after eight members of the OPEC+ alliance of oil exporting countries decided to put off increasing oil production.

ASX 200 expected to fall​

The Australian share market looks set for a subdued session on Friday after a poor night of trade in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 20 points or 0.2% lower this morning.

The huge rally for U.S. stocks lost momentum on Thursday as Wall Street counted down to a big jobs report that’s coming on Friday. The crypto market had more action, and bitcoin briefly burst to a record above $103,000 before pulling back.

The S&P 500 slipped 0.2% from the all-time high it had set the day before, its 56th of the year so far, to shave a bit off what’s set to be one of its best years of the millennium. The Dow Jones Industrial Average fell 248 points, or 0.6%, while the Nasdaq composite slipped 0.2% from its own record set the day before.

The S&P 500 fell 11.38 points to 6,075.11. The Dow sank 248.33 to 44,765.71, and the Nasdaq composite lost 34.86 to 19,700.26.

 

[bigdog]

Stock market today: Wall Street hits more records following a just-right jobs report

U.S. stocks rose to records after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation.

apnews.com

Wall Street hits more records following a just-right jobs report​

By STAN CHOE
Updated 8:19 AM GMT+11, December 7, 2024

NEW YORK (AP) — U.S. stocks rose to records Friday after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation.

The S&P 500 climbed 0.2%, just enough top the all-time high set on Wednesday, as it closed a third straight winning week in what looks to be one of its best years since the 2000 dot-com bust. The Dow Jones Industrial Average dipped 123.19 points, or 0.3%, while the Nasdaq composite rose 0.8% to set its own record.

The quiet trading came after the latest jobs report came in mixed enough to strengthen traders’ expectations that the Federal Reserve will cut interest rates again at its next meeting in two weeks. The report showed U.S. employers hired more workers than expected last month, but it also said the unemployment rate unexpectedly ticked up to 4.2% from 4.1%.

“This print doesn’t kill the holiday spirit and the Fed remains on track to deliver a cut in December,” according to Lindsay Rosner, head of multi-sector investing within Goldman Sachs Asset Management.

The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation.

Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set an all-time high 57 times so far this year. And the Fed is part of a global surge: 62 central banks have lowered rates in the past three months, the most since 2020, according to Michael Hartnett and other strategists at Bank of America.

Still, the jobs report may have included some notes of caution for Fed officials underneath the surface.

Scott Wren, senior global market strategist at Wells Fargo Investment Institute, pointed to average wages for workers last month, which were a touch stronger than economists expected. While that’s good news for workers who would always like to make more, it could keep upward pressure on inflation.

“This report tells the Fed that they still need to be careful as sticky housing/shelter/wage data shows that it won’t be easy to engineer meaningfully lower inflation from here in the nearer term,” Wren said.

So, while traders are betting on an 85% probability the Fed will ease its main rate in two weeks, they’re much less certain about how many more cuts it will deliver next year, according to data from CME Group.

For now, the hope is that the job market can help U.S. shoppers continue to spend and keep the U.S. economy out of a recession that had earlier seemed inevitable after the Fed began hiking interest rates swiftly to crush inflation.

Several retailers offered encouragement after delivering better-than-expected results for the latest quarter.

Ulta Beauty rallied 9% after topping expectations for both profit and revenue. The opening of new stores helped boost its revenue, and it raised the bottom end of its forecasted range for sales over this full year.

Lululemon stretched 15.9% higher following its own profit report. It said stronger sales outside the United States helped it in particular, and its earnings topped analysts’ expectations.

Retailers overall have been offering mixed signals on how resilient U.S. shoppers can remain amid the slowing job market and still-high prices. Target gave a dour forecast for the holiday shopping season, for example, while Walmart gave a much more encouraging outlook.

A report on Friday suggested sentiment among U.S. consumers may be improving more than economists expected. The preliminary reading from the University of Michigan’s survey hit its highest level in seven months. The survey found a surge in buying for some products as consumers tried to get ahead of possible increases in price due to higher tariffs that President-elect Donald Trump has threatened.

In tech, Hewlett Packard Enterprise jumped 10.6% for one of the S&P 500’s larger gains after reporting stronger profit and revenue than expected. Tech stocks were some of the market’s strongest this week, as Salesforce and other big companies talked up how much of a boost they’re getting from the artificial-intelligence boom.

All told, the S&P 500 rose 15.16 points to 6,090.27. The Dow dipped 123.19 to 44,642.52, and the Nasdaq composite climbed 159.05 to 19,859.77.

In the bond market, the yield on the 10-year Treasury yield slipped to 4.15% from 4.18% late Thursday.

In stock markets abroad, France’s CAC 40 rose 1.3% after French President Emmanuel Macron announced plans to stay in office until the end of his term and to name a new prime minister within days. Earlier this week, far-right and left-wing lawmakers approved a no-confidence motion due to budget disputes, forcing Prime Minister Michel Barnier and his cabinet to resign.

In Asia, stock indexes were mixed. They rallied 1.6% in Hong Kong and 1% in Shanghai ahead of an annual economic policy meeting scheduled for next week.

South Korea’s Kospi dropped 0.6% as South Korea’s ruling party chief showed support for suspending the constitutional powers of President Yoon Suk Yeol after he declared martial law and then revoked that earlier this week. Yoon is facing calls to resign and may be impeached.

Bitcoin was sitting near $101,500 after briefly bursting above $103,000 to a record the day before.

 

[bigdog]

ASX 200 expected to fall again​

The Australian share market looks set for a poor start to the week following a mixed finish on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 25 points or 0.3% lower.


U.S. stocks rose to records Friday after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation.

The S&P 500 climbed 0.2%, just enough top the all-time high set on Wednesday, as it closed a third straight winning week in what looks to be one of its best years since the 2000 dot-com bust. The Dow Jones Industrial Average dipped 123.19 points, or 0.3%, while the Nasdaq composite rose 0.8% to set its own record.

All told, the S&P 500 rose 15.16 points to 6,090.27. The Dow dipped 123.19 to 44,642.52, and the Nasdaq composite climbed 159.05 to 19,859.77

 

[bigdog]

Stock market today: Nvidia drags Wall Street from its records as oil and gold rise

A slide for market superstar Nvidia helped pull U.S. stock indexes down from their records. The S&P 500 fell 0.6% Monday, coming off its 57th all-time high of the year so far.

apnews.com

Nvidia drags Wall Street from its records as oil and gold rise​

By STAN CHOE
Updated 9:13 AM GMT+11, December 10, 2024

NEW YORK (AP) — A slide for market superstar Nvidia on Monday knocked Wall Street off its big rally and helped drag U.S. stock indexes down from their records.

The S&P 500 fell 0.6%, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average dipped 240 points, or 0.5%, and the Nasdaq composite pulled back 0.6% from its own record.

Nvidia’s fall of 2.5% was by far the heaviest weight on the S&P 500 after China said it’s investigating the company over suspected violations of Chinese anti-monopoly laws. Nvidia has skyrocketed to become one of Wall Street’s most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology. That gives its stock’s movements more sway on the S&P 500 than nearly every other.

Nvidia’s drop overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world’s second-largest economy. Roughly three in seven of the stocks in the S&P 500 also rose.

The week’s highlight for Wall Street will arrive midweek when the latest updates on inflation arrive. Economists expect Wednesday’s report to show the inflation that U.S. consumers are feeling remained stuck at close to the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level.

They’re the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will cut its main interest rate for the third time this year.

The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation.

Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year.

“Investors should enjoy this rally while it lasts—there’s little on the horizon to disrupt the momentum through year-end,” according to Mark Hackett, chief of investment research at Nationwide, though he warns stocks could stumble soon because of how overheated they’ve gotten.

On Wall Street, Interpublic Group rose 3.6% after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 10.2%.

Macy’s climbed 1.8% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price.

Super Micro Computer rose 0.5% after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements.

Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor.

All told, the S&P 500 fell 37.42 points to 6,052.85. The Dow dipped 240.59 to 4,401.93, and the Nasdaq composite lost 123.08 to 19,736.69.

In the oil market, a barrel of benchmark U.S. crude rallied 1.7% to settle at $68.37 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, added 1.4% to $72.14 per barrel.

The price of gold also rose 1% to $2,685.80 per ounce amid the uncertainty created by the end of the Assad family’s 50 years of iron rule.

In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy.

U.S.-listed stocks of several Chinese companies climbed, including a 12.4% jump for electric-vehicle company Nio and a 7.4% rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat.

In Seoul, South Korea’s Kospi slumped 2.8% as the fallout continues from President Yoon Suk Yeol ’s brief declaration of martial law last week in the midst of a budget dispute.

In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday.

ASX 200 expected to rise again​

The Australian share market is expected to rise again on Tuesday despite a poor start to the week in the United States.

According to the latest SPI futures, the ASX 200 is poised to open the day 12 points or 0.14% higher.

A slide for market superstar Nvidia on Monday knocked Wall Street off its big rally and helped drag U.S. stock indexes down from their records.

The S&P 500 fell 0.6%, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average dipped 240 points, or 0.5%, and the Nasdaq composite pulled back 0.6% from its own record.

All told, the S&P 500 fell 37.42 points to 6,052.85. The Dow dipped 240.59 to 4,401.93, and the Nasdaq composite lost 123.08 to 19,736.69.

 

[bigdog]

Stock market today: Wall Street slips to a rare back-to-back loss

U.S. stock indexes drifted lower in the runup to the highlight of the week for the market, the latest update on inflation.

apnews.com

Wall Street slips to a rare back-to-back loss​

By STAN CHOE
Updated 9:05 AM GMT+11, December 11, 2024

NEW YORK (AP) — U.S. stock indexes drifted lower Tuesday in the runup to the highlight of the week for the market, the latest update on inflation that’s coming on Wednesday.

The S&P 500 dipped 0.3%, a day after pulling back from its latest all-time high. They’re the first back-to-back losses for the index in nearly a month, as momentum slows following a big rally that has it on track for one of its best years of the millennium.

The Dow Jones Industrial Average fell 154 points, or 0.3%, and the Nasdaq composite slipped 0.3%.

Tech titan Oracle dragged on the market and sank 6.7% after reporting growth for the latest quarter that fell just short of analysts’ expectations. It was one of the heaviest weights on the S&P 500, even though CEO Safra Catz said the company saw record demand related to artificial-intelligence technology for its cloud infrastructure business, which trains generative AI models.

AI has been a big source of growth that’s helped many companies’ stock prices skyrocket. Oracle’s stock had already leaped more than 80% for the year coming into Tuesday, which raised the bar of expectations for its profit report.

In the bond market, Treasury yields ticked higher ahead of Wednesday’s report on the inflation that U.S. consumers are feeling. Economists expect it to show similar increases as the month before.

Wednesday’s update and a report on Thursday about inflation at the wholesale level will be the final big pieces of data the Federal Reserve will get before its meeting next week, where many investors expect the year’s third cut to interest rates.

The Fed has been easing its main interest rate from a two-decade high since September to take pressure off the slowing jobs market, after bringing inflation nearly down to its 2% target. Lower rates would help give support to the economy, but they could also provide more fuel for inflation.

Expectations for a series of cuts through next year have been a big reason the S&P 500 has set so many records this year.

Trading in the options market suggests traders aren’t expecting a very big move for U.S. stocks following Wednesday’s report, according to strategists at Barclays. But a reading far off expectations in either direction could quickly change that.

The yield on the 10-year Treasury rose to 4.22% from 4.20% late Monday.

Even though the Fed has been cutting its main interest rate, mortgage rates have been more stubborn to stay high and have been volatile since the autumn. That has hampered the housing industry, and homebuilder Toll Brothers’ stock fell 6.9% even though it delivered profit and revenue for the latest quarter that topped analysts’ expectations.

CEO Douglas Yearley Jr. said the luxury builder has been seeing strong demand since the start of its fiscal year six weeks ago, an encouraging signal as it approaches the beginning of the spring selling season in mid-January.

Elsewhere on Wall Street, Alaska Air Group soared 13.2% after raising its forecast for profit in the current quarter. The airline said demand for flying around the holidays has been stronger than expected. It also approved a plan to buy back up to $1 billion of its stock, along with new service from Seattle to Tokyo and Seoul.

Boeing climbed 4.5% after saying it’s resuming production of its bestselling plane, the 737 Max, for the first time since 33,000 workers began a seven-week strike that ended in early November.

Vail Resorts rose 2.5% after the ski resort operator reported a smaller first-quarter loss than analysts expected in what is traditionally its worst quarter.

All told, the S&P 500 fell 17.94 points to 6,034.91. The Dow dipped 154.10 to 44,247.83, and the Nasdaq composite slipped 49.45 to 19,687.24.

In stock markets abroad, indexes were mixed in China after the world’s second-largest economy said its exports rose by less than expected in November. Stocks rose 0.6% in Shanghai but fell 0.5% in Hong Kong.

Indexes fell across much of Europe ahead of a meeting this week by the European Central Bank, where the widespread expectation is for another cut in interest rates.

ASX 200 expected to fall again
The Australian share market looks set for a weak session on Wednesday following a subdued night of trade in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 27 points or 0.34% lower.

U.S. stock indexes drifted lower Tuesday in the runup to the highlight of the week for the market, the latest update on inflation that’s coming on Wednesday.

The S&P 500 dipped 0.3%, a day after pulling back from its latest all-time high. They’re the first back-to-back losses for the index in nearly a month, as momentum slows following a big rally that has it on track for one of its best years of the millennium.

The Dow Jones Industrial Average fell 154 points, or 0.3%, and the Nasdaq composite slipped 0.3%.

All told, the S&P 500 fell 17.94 points to 6,034.91. The Dow dipped 154.10 to 44,247.83, and the Nasdaq composite slipped 49.45 to 19,687.24.

 

[bigdog]

Stock market today: Wall Street gets back to climbing, and the Nasdaq tops 20,000

Wall Street got back to climbing after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.

apnews.com

By STAN CHOE
Updated 9:15 AM GMT+11, December 12, 2024

NEW YORK (AP) — U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.

The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%.

Stocks got a boost as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week.

Traders are betting on a nearly 99% probability of that, according to data from CME Group, up from 89% a day before. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target.

Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation.

“The data have given the Fed the ‘all clear’ for next week, and today’s inflation data keep a January cut in active discussion,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times this year, with the latest coming last week.

The biggest boosts for the index on Wednesday came from Nvidia and other Big Tech stocks. Their massive growth has made them Wall Street’s biggest stars for years, though other kinds of stocks have recently been catching up somewhat amid hopes for the broader U.S. economy.

Tesla jumped 5.9% to finish above $420 at $424.77. It’s a level that Elon Musk made famous in a 2018 tweet when he said he had secured funding to take Tesla private at $420 per share.

Stitch Fix soared 44.3% after the company that sends clothes to your door reported a smaller loss for the latest quarter than analysts expected. It also gave financial forecasts for the current quarter that were better than expected, including for revenue.

GE Vernova rallied 5% for one of the biggest gains in the S&P 500. The energy company that spun out of General Electric said it would pay a 25 cent dividend every three months, and it approved a plan to send up to another $6 billion to its shareholders by buying back its own stock.

On the losing end of Wall Street, Dave & Buster’s Entertainment tumbled 20.1% after reporting a worse loss for the latest quarter than expected. It also said CEO Chris Morris has resigned, and the board has been working with an executive-search firm for the last few months to find its next permanent leader.

Albertsons fell 1.5% after filing a lawsuit against Kroger, saying it didn’t do enough for their proposed $24.6 billion merger agreement to win regulatory clearance. Albertsons said it’s seeking billions of dollars in damages from Kroger, whose stock rose 1%.

A day earlier, judges in separate cases in Oregon and Washington nixed the supermarket giants’ merger. The grocers contended a combination could have helped them compete with big retailers like Walmart, Costco and Amazon, but critics said it would hurt competition.

After terminating the merger agreement with Kroger, Albertsons said it plans to boost its dividend 25% and increased the size of its program to buy back its own stock.

Macy’s slipped 0.8% after cutting some of its financial forecasts for the full year of 2024, including for how much profit it expects to make off each $1 of revenue.

All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89.

In the bond market, the yield on the 10-year Treasury rose to 4.27% from 4.23% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, edged up to 4.15% from 4.14%.

In stock markets abroad, indexes rose across much of Europe and Asia.

Hong Kong’s Hang Seng was an outlier and slipped 0.8% as Chinese leaders convened an annual planning meeting in Beijing that is expected to set economic policies and growth targets for the coming year.

South Korea’s Kospi rose 1%, up for a second straight day as it climbs back following last week’s political turmoil where its president briefly declared martial law.

ASX 200 expected to rebound​

The Australian share market looks set to rebound on Thursday following a strong night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 38 points or 0.5% higher this morning.

U.S. stock indexes got back to climbing on Wednesday after the latest update on inflation appeared to clear the way for more help for the economy from the Federal Reserve.

The S&P 500 rose 0.8% to break its first two-day losing streak in nearly a month and finished just short of its all-time high. Big Tech stocks led the way, which drove the Nasdaq composite up 1.8% to top the 20,000 level for the first time. The Dow Jones Industrial Average, meanwhile, lagged the market with a dip of 99 points, or 0.2%.

Stocks got a boost as expectations built that Wednesday’s inflation data will allow the Fed to deliver another cut to interest rates at its meeting next week.

All told, the S&P 500 rose 49.28 points to 6,084.19. The Dow dipped 99.27 to 44,148.56, and the Nasdaq composite rallied 347.65 to 20,034.89.

 

[bigdog]

Stock market today: Wall Street’s rally stalls as Nasdaq pulls back from its record

U.S. stock indexes fell following some potentially discouraging data on the economy. The S&P 500 slipped 0.5% Thursday for its fourth loss in the last six days.

apnews.com

Wall Street’s rally stalls as Nasdaq pulls back from its record​

By STAN CHOE
Updated 9:12 AM GMT+11, December 13, 2024

NEW YORK (AP) — U.S. stock indexes fell Thursday following some potentially discouraging data on the economy.

The S&P 500 slipped 0.5% for its fourth loss in the last six days. It’s a pause for the index, which has been rallying toward one of its best years of the millennium.

The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before.

A report early in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected.

Neither report points to imminent disaster, but they dilute one of the hopes that’s driven the S&P 500 to 57 all-time highs so far this year: Inflation is slowing enough to convince the Federal Reserve to keep cutting interest rates, while the economy is remaining solid enough to stay out of a recession.

Of the two reports, the weaker update on the job market may be the bigger deal for the market, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. A surge in egg prices may have been behind the worse-than-expected inflation numbers.

“One week doesn’t negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture,” he said.

Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. If they’re correct, it would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target.

Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation.

A cut next week would have the Fed following other central banks, which lowered rates on Thursday. The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point.

Following its decision, Switzerland’s central bank pointed to uncertainty about how U.S. President-elect Donald Trump’s victory will affect economic policies, as well as about where politics in Europe is heading.

Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of “USA.”

On Wall Street, Adobe fell 13.7% and was one of the heaviest weights on the market despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts’.

Warner Bros. Discovery soared 15.4% after unveiling a new corporate structure that separates its streaming business and film studios from its traditional television business. CEO David Zaslav said the move “enhances our flexibility with potential future strategic opportunities,” raising speculation about a spinoff or sale.

Kroger rose 3.2% after saying it would get back to buying back its own stock now that its attempt to merge with Albertsons is off. Kroger’s board approved a program to repurchase up to $7.5 billion of its stock, replacing an existing $1 billion authorization.

All told, the S&P 500 fell 32.94 points to 6,051.25. The Dow Jones Industrial Average dropped 234.55 to 43,914.12, and the Nasdaq composite sank 132.05 to 19,902.84.

In stock markets abroad, European indexes held relatively steady following the European Central Bank’s cut to rates.

Asian markets were stronger. Indexes rose 1.2% in Hong Kong and 0.8% in Shanghai as leaders met in Beijing to set economic plans and targets for the coming year.

South Korea’s Kospi rose 1.6% for its third straight gain of at least 1%, as it pulls back following last week’s political turmoil where its president briefly declared martial law.

In the bond market, the 10-year U.S. Treasury yield rose to 4.33% from 4.27% late Wednesday.

ASX 200 expected to fall again​

The Australian share market looks set for a difficult session on Friday after a poor night of trade in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 55 points or 0.7% lower this morning.

U.S. stock indexes fell Thursday following some potentially discouraging data on the economy.

The S&P 500 slipped 0.5% for its fourth loss in the last six days. It’s a pause for the index, which has been rallying toward one of its best years of the millennium.

The Dow Jones Industrial Average lost 234 points, or 0.5%, and the Nasdaq composite sank 0.7% from its record set the day before.

All told, the S&P 500 fell 32.94 points to 6,051.25. The Dow Jones Industrial Average dropped 234.55 to 43,914.12, and the Nasdaq composite sank 132.05 to 19,902.84.

Rachel Clayton snapshot above looks a little low for ASX 200 futures!

 

[bigdog]

Stock market today: Wall Street ends mixed after a bumpy week

Stock indexes closed mixed on Wall Street at the end of a rare bumpy week. The S&P 500 ended little changed Friday.

apnews.com

Wall Street ends mixed after a bumpy week​

By DAMIAN J. TROISE and ALEX VEIGA
Updated 9:04 AM GMT+11, December 14, 2024

Major stock indexes on Wall Street drifted to a mixed finish Friday, capping a rare bumpy week for the market.

The S&P 500 ended essentially flat, down less than 0.1%, after wavering between tiny gains and losses most of the day. The benchmark index posted a loss for the week, its first after three straight weekly gains.

The Dow Jones Industrial Average slipped 0.2%, while the Nasdaq composite rose 0.1%, ending just below the record high it set on Wednesday.

There were more than twice as many decliners than gainers on the New York Stock Exchange.

Gains in technology stocks helped temper losses in communication services, financials and other sectors of the market.

Broadcom surged 24.4% for the biggest gain in the S&P 500 after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend.

The company’s big gain helped cushion the market’s broader fall. Pricey stock values for technology companies like Broadcom give the sector more weight in pushing the market higher or lower.

Artificial intelligence technology has been a focal point for the technology sector and the overall stock market over the last year. Tech companies, and Wall Street, expect demand for AI to continue driving growth for semiconductor and other technology companies.

Some tech stocks were a drag on the market. Nvidia fell 2.2%, Meta Platforms dropped 1.7% and Google parent Alphabet slid 1.1%.

Among the market’s other decliners were Airbnb, which fell 4.7% for the biggest loss in the S&P 500, and Charles Schwab, which closed 4% lower.

Furniture and housewares company RH, formerly known as Restoration Hardware, surged 17% after raising its forecast for revenue growth for the year.

All told, the S&P 500 lost 0.16 points to close at 6,051.09. The Dow dropped 86.06 points to 43,828.06. The Nasdaq rose 23.88 points to 19,926.72.

Wall Street’s rally stalled this week amid mixed economic reports and ahead of the Federal Reserve’s last meeting of the year. The central bank will meet next week and is widely expected to cut interest rates for a third time since September.

Expectations of a series of rate cuts has driven the S&P 500 to 57 all-time highs so far this year.

The Fed has been lowering its benchmark interest rate following an aggressive rate hiking policy that was meant to tame inflation. It raised rates from near-zero in early 2022 to a two-decade high by the middle of 2023. Inflation eased under pressure from higher interest rates, nearly to the central bank’s 2% target.

The economy, including consumer spending and employment, held strong despite the squeeze from inflation and high borrowing costs. A slowing job market, though, has helped push a long-awaited reversal of the Fed’s policy.

Inflation rates have been warming up slightly over the last few months. A report on consumer prices this week showed an increase to 2.7% in November from 2.6% in October. The Fed’s preferred measure of inflation, the personal consumption expenditures index, will be released next week. Wall Street expects it to show a 2.5% rise in November, up from 2.3% in October.

The economy, though, remains solid heading into 2025 as consumers continue spending and employment remains healthy, said Gregory Daco, chief economist at EY.

“Still, the outlook is clouded by unusually high uncertainty surrounding regulatory, immigration, trade and tax policy,” he said.

Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.40% from 4.34% late Thursday.

European markets slipped. Britain’s FTSE 100 fell 0.1%. Britain’s economy unexpectedly shrank by 0.1% month-on-month in October, following a 0.1% decline in September, according to data from the Office for National Statistics.

Asian markets closed mostly lower.

 

[bigdog]

ASX 200 expected to fall again​

The Australian share market looks set to fall again on Monday following a mixed finish on Wall Street on Friday.

According to the latest SPI futures, the ASX 200 is expected to open the day 39 points or 0.5% lower.

Major stock indexes on Wall Street drifted to a mixed finish Friday, capping a rare bumpy week for the market.

The S&P 500 ended essentially flat, down less than 0.1%, after wavering between tiny gains and losses most of the day. The benchmark index posted a loss for the week, its first after three straight weekly gains.

The Dow Jones Industrial Average slipped 0.2%, while the Nasdaq composite rose 0.1%, ending just below the record high it set on Wednesday.

 

[bigdog]

Stock market today: Nasdaq hits a record as Wall Street drifts ahead of Federal Reserve's meeting

U.S. stock indexes drifted through mixed trading ahead of a meeting by the Federal Reserve later this week that could set Wall Street’s direction into next year.

apnews.com

Nasdaq hits a record as Wall Street drifts ahead of Federal Reserve’s meeting​

By STAN CHOE
Updated 8:23 AM GMT+11, December 17, 2024

NEW YORK (AP) — U.S. stock indexes drifted amid mixed trading Monday, ahead of this week’s upcoming meeting by the Federal Reserve that could set Wall Street’s direction into next year.

The S&P 500 rose 0.4%, coming off its first losing week in the last four. The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%.

Broadcom leaped 11.2% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts’ expectations. The technology company is riding a wave of enthusiasm about its artificial-intelligence offerings in particular.

The market’s main event, though, will arrive on Wednesday when the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to boost the slowing job market after getting inflation nearly all the way down to its target of 2%.

The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting.

For now, the general expectation among traders is that the Fed may cut a couple more times in 2025, according to data from CME Group. But such expectations have been shrinking following reports suggesting inflation may be tougher to get all the way down to 2% from here. Besides last month’s slight acceleration in inflation, another worry is that President-elect Donald Trump’s preferences for tariffs and other policies could lead to higher inflation down the line.

Goldman Sachs economist David Mericle has dropped his earlier forecast of a cut by the Fed in January, for example. Beyond the possibility of tariffs, he said Fed officials may also want to slow their cuts because of uncertainty about exactly how low rates need to go so that they no longer press the brakes on the economy.

Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times so far this year and is heading for one of its best years of the millennium. The economy has held up better than many feared, continuing to grow even after the Fed hiked the federal funds rate to a two-decade high in hopes of grinding down on inflation, which topped 9% two summers ago.

On Wall Street, MicroStrategy jumped as much as 7% during the day as it continues to benefit from the surging price for bitcoin, which set another all-time high. But its stock ended the day down by les than 0.1% after bitcoin’s price pulled back below $106,000 after setting a record above $107,700, according to CoinDesk.

The software company has been building its hoard of the cryptocurrency, and its stock price has more than sextupled this year. It will also soon join the Nasdaq 100 index.

Bitcoin’s price has catapulted from roughly $44,000 at the start of the year, riding a recent wave of enthusiasm that Trump will create a system that’s more favorable to digital currencies.

Honeywell rose 3.7% after saying it’s still considering a spin-off or sale of its aerospace business, as part of a review of its overall business. It said it plans to give an update with the release of its fourth-quarter results.

They helped offset a drop for Nvidia, whose chips are powering much of the world’s move into AI. Its stock fell 1.7%. Because it’s grown so massive, with a total value topping $3 trillion, it was the single heaviest weight on the S&P 500.

All told, the S&P 500 rose 22.99 points to 6,074.08. The Dow Jones Industrial Average fell 110.58 to 43,717.48, and the Nasdaq composite rose 247.17 to 20,173.89.

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged down to 4.39% from 4.40% late Friday. The two-year yield, which more closely tracks expectations for the Fed, eased to 4.24% from 4.25%.

In stock markets abroad, indexes fell modestly across much of Europe and Asia.

They sank 0.9% in Hong Kong and 0.2% in Shanghai after China reported lackluster economic indicators for November despite attempts to strengthen the world’s second-largest economy.

South Korea’s Kospi fell 0.2% as law enforcement authorities pushed to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree, and the Constitutional Court met to discuss whether to remove him from office or reinstate him.

ASX 200 expected to edge lower​

The Australian share market is expected to edge lower slightly on Tuesday following a relatively positive start to the week in the United States.

According to the latest SPI futures, the ASX 200 is poised to open the day 6 points or 0.1% lower.

U.S. stock indexes drifted amid mixed trading Monday, ahead of this week’s upcoming meeting by the Federal Reserve that could set Wall Street’s direction into next year.

The S&P 500 rose 0.4%, coming off its first losing week in the last four. The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%.

All told, the S&P 500 rose 22.99 points to 6,074.08. The Dow Jones Industrial Average fell 110.58 to 43,717.48, and the Nasdaq composite rose 247.17 to 20,173.89.

Unable to get update to latest!!

 

[bigdog]

Stock market today: Wall Street trims its stellar gains as Nvidia's star dims again

U.S. stock indexes trimmed some of their stellar gains for the year. The S&P 500 slipped 0.4% Tuesday, though it’s still near its all-time high set earlier this month.

apnews.com

Wall Street trims its stellar gains as Nvidia’s star dims again​

By STAN CHOE
Updated 8:26 AM GMT+11, December 18, 2024

NEW YORK (AP) — U.S. stock indexes pulled back on Tuesday to trim some of their stellar gains for the year.

The S&P 500 slipped 0.4%, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average dropped 267 points, or 0.6%, and the Nasdaq composite gave back 0.3% from its record set the day before.

Nvidia, the superstar stock that’s been a big reason for Wall Street’s run to repeated records this year, fell 1.2% to weigh on the market. It’s the eighth loss in nine days for the stock, which has dropped more than 12% from its record set last month, as its moonshot momentum slows.

Like the overall U.S. market, Nvidia’s stock had climbed so much that critics warned expectations had become too high and that the stock price makes sense only if everything goes correctly for it from here.

Across a survey of global fund managers, strategists at Bank of America found many plowing into U.S. stocks and pulling out of their cash reserves to do so. The survey found fund managers are holding a notably small percentage of their overall portfolios in cash, similar to 2002 and 2011, which preceded tougher times for riskier investments.

The survey’s broadest measure of optimism, based on expectations for economic growth and other indicators, is at its highest level since August 2021, strategist Michael Hartnett said in a BofA Global Research report. That’s a potentially concerning signal for contrarians.

The S&P 500 is on track for one of its best years since the millennium, up nearly 27%, because the U.S. economy has remained remarkably resilient, hopes are high that President-elect Donald Trump’s policies will boost growth but not inflation too badly and the Federal Reserve has begun to make things easier by cutting interest rates from a two-decade high.

The Fed is widely expected to announce the third cut of the year to its main interest rate on Wednesday, and officials are also scheduled to unveil projections about where they see rates heading in upcoming years.

Expectations for coming cuts have been on the downswing, though, as inflation looks like it could stubbornly stick above the Fed’s 2% target after slowing sharply from its peak above 9%.

A report on Tuesday showed sales at U.S. retailers strengthened by more last month than economists expected. That could be an indication of an economy that doesn’t need much more help from easier interest rates. While lower rates can goose the economy, they can also give inflation more fuel.

“The Fed is still on track to cut rates (Wednesday), but more strong economic data could make it more likely they’ll pause in January,” according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

In the bond market, Treasury yields held relatively steady following the report. The 10-year Treasury yield held at 4.40%, where it was late Monday. The two-year yield, which more closely tracks expectations for the Fed, edged down to 4.24% from 4.25%.

On Wall Street, Broadcom fell 3.9% for its first loss following two big gains where it had led the market. The tech company’s stock leaped 24.4% and then 11.2% in consecutive days after delivering a profit report and a forecast for upcoming revenue that topped analysts’ expectations, in part because of demand for its artificial-intelligence products.

Broadcom and Nvidia were the two heaviest weights on the S&P 500 Tuesday.

Pfizer helped limit the market’s loss after rising 4.7%. It gave a forecast for profit next year that was stronger than some analysts’ estimates. Other pharmaceutical stocks were also near the front of the market, including a 3.2% gain for Bristol-Myers Squibb.

All told, the S&P 500 slipped 23.47 points to 6,050.61. The Dow Jones Industrial Average dropped 267.58 to 43,449.90, and the Nasdaq composite dipped 64.83 to 20,109.06.

In stock markets abroad, London’s FTSE 100 fell 0.8% ahead of an announcement on interest rates by the Bank of England on Thursday.

Japan’s central bank will also meet on interest rates later this week, and Tokyo’s Nikkei 225 slipped 0.2%. Unlike others around the world, the Bank of Japan is raising rates after keeping its policy rate below zero for years.

Bitcoin set a record above $108,000 before pulling back toward $106,500, according to CoinDesk.com. It’s catapulted from roughly $44,000 at the start of the year, riding a recent wave of enthusiasm that Trump will create a system that’s more favorable to digital currencies.

ASX 200 to edge lower​

The Australian share market looks set for a soft start to the session on Wednesday following a poor night of trade in the United States.

According to the latest SPI futures, the ASX 200 is expected to open the day 10 points lower.

U.S. stock indexes pulled back on Tuesday to trim some of their stellar gains for the year.

The S&P 500 slipped 0.4%, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average dropped 267 points, or 0.6%, and the Nasdaq composite gave back 0.3% from its record set the day before.

All told, the S&P 500 slipped 23.47 points to 6,050.61. The Dow Jones Industrial Average dropped 267.58 to 43,449.90, and the Nasdaq composite dipped 64.83 to 20,109.06.

 

[bigdog]

US stocks fall sharply and Dow tumbles 1,100 points after the Fed hints at just 2 rate cuts for 2025

U.S. stocks tumbled to one of their worst days of the year after the Federal Reserve hinted it may deliver fewer shots of adrenaline for the U.S. economy in 2025 than earlier thought.

apnews.com

US stocks fall sharply and Dow tumbles 1,100 points after the Fed hints at just 2 rate cuts for 2025​

By STAN CHOE
Updated 8:44 AM GMT+11, December 19, 2024

NEW YORK (AP) — U.S. stocks tumbled to one of their worst days of the year after the Federal Reserve hinted Wednesday it may deliver fewer shots of adrenaline for the U.S. economy in 2025 than earlier thought.

The S&P 500 fell 2.9%, just shy of its biggest loss for the year, to pull further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average lost 1,123 points, or 2.6%, and the Nasdaq composite dropped 3.6%.

The Fed said Wednesday it’s cutting its main interest rate for a third time this year, continuing the sharp turnaround begun in September when it started lowering rates from a two-decade high to support the job market. Wall Street loves easier interest rates, but that cut was already widely expected.

The bigger question centers on how much more the Fed will cut next year. A lot is riding on it, particularly after expectations for a series of cuts in 2025 helped the U.S. stock market set an all-time high 57 times so far in 2024.

Fed officials released projections on Wednesday showing the median expectation among them is for two more cuts to the federal funds rate in 2025, or half a percentage point’s worth. That’s down from the four cuts expected just three months ago.

“We are in a new phase of the process,” Fed Chair Jerome Powell said. The central bank has already quickly eased its main interest rate by a full percentage point to a range of 4.25% to 4.50% since September.

Asked why Fed officials are looking to slow their cuts, Powell pointed to how the job market looks to be performing well overall and how recent inflation readings have picked up. He also cited uncertainties that will require policy makers to react to upcoming, to-be-determined changes in the economy.

While lower rates can goose the economy by making it cheaper to borrow and boosting prices for investments, they can also offer more fuel for inflation.

Powell said some Fed officials, but not all, are also already trying to incorporate uncertainties inherent in a new administration coming into the White House. Worries are rising on Wall Street that President-elect Donald Trump’s preference for tariffs and other policies could further juice inflation, along with economic growth.

“When the path is uncertain, you go a little slower,” Powell said. It’s “not unlike driving on a foggy night or walking into a dark room full of furniture. You just slow down.”

One official, Cleveland Fed President Beth Hammack, thought the central bank should not have even cut rates this time around. She was the lone vote against Wednesday’s rate cut.

The reduced expectations for 2025 rate cuts sent Treasury yields rising in the bond market, squeezing the stock market.

The yield on the 10-year Treasury rose to 4.51% from 4.40% late Tuesday, which is a notable move for the bond market. The two-year yield, which more closely tracks expectations for Fed action, climbed to 4.35% from 4.25%.

On Wall Street, stocks of companies that can feel the most pressure from higher interest rates fell to some of the worst losses.

Stocks of smaller companies did particularly poorly, for example. Many need to borrow to fuel their growth, meaning they can feel more pain when having to pay higher interest rates for loans. The Russell 2000 index of small-cap stocks tumbled 4.4%.

Elsewhere on Wall Street, General Mills dropped 3.1% despite reporting a stronger profit for the latest quarter than expected. The maker of Progresso soups and Cheerios said it will increase its investments in brands to help them grow, which pushed it to cut its forecast for profit this fiscal year.

Nvidia, the superstar stock responsible for a chunk of Wall Street’s rally to records in recent years, fell 1.1% to extend its weekslong funk. It has dropped more than 13% from its record set last month and fallen in nine of the last 10 days as its big momentum slows.

The stock market is in wait-and-see mode. More from AP’s Seth Sutel.

On the winning end of Wall Street, Jabil jumped 7.3% to help lead the market after reporting stronger profit and revenue for the latest quarter than analysts expected. The electronics company also raised its forecast for revenue for its full fiscal year.

All told, the S&P 500 fell 178.45 points to 5,872.16. The Dow Jones Industrial Average dropped 1,123.03 to 42,326.87, and the Nasdaq composite skidded 716.37 to 19,392.69.

In stock markets abroad, London’s FTSE 100 edged up by less than 0.1% after data showed inflation accelerated to 2.6% in November, its highest level in eight months. The Bank of England is also meeting on interest rates this week and will announce its decision on Thursday.

In Japan, where the Bank of Japan will wrap up its own policy meeting on Friday, the Nikkei 225 slipped 0.7%. That was despite a 23.7% jump for Nissan Motor Corp., which said it was in talks on closer collaboration with Honda Motor Co., though no decision had been made on a possible merger. Honda Motor’s stock lost 3%.

Nissan, Honda and Nissan alliance member Mitsubishi Motors Corp. agreed in August to share components for electric vehicles like batteries and to jointly research software for autonomous driving to adapt better to dramatic changes in the auto industry.

ASX 200 expected to fall​

The Australian share market looks set to fall on Thursday following a poor night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 137 points or 1.6% lower this morning.

U.S. stocks tumbled to one of their worst days of the year after the Federal Reserve hinted Wednesday it may deliver fewer shots of adrenaline for the U.S. economy in 2025 than earlier thought.

The S&P 500 fell 2.9%, just shy of its biggest loss for the year, to pull further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average lost 1,123 points, or 2.6%, and the Nasdaq composite dropped 3.6%.

The Fed said Wednesday it’s cutting its main interest rate for a third time this year, continuing the sharp turnaround begun in September when it started lowering rates from a two-decade high to support the job market. Wall Street loves easier interest rates, but that cut was already widely expected.

All told, the S&P 500 fell 178.45 points to 5,872.16. The Dow Jones Industrial Average dropped 1,123.03 to 42,326.87, and the Nasdaq composite skidded 716.37 to 19,392.69.

 

[Garpal Gumnut]

Thanks for your informative posts all year @bigdog on the NYSE. Much appreciated.

Have a very Happy Christmas.

gg

 

[eskys]

Merry Christmas, GG, everyone, and thank you all for a great year on ASF

 

[bigdog]

Stock market today: Wall Street ends little changed after giving up a big morning gain

An early rebound for U.S. stocks petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% Thursday, coming off one of its worst days of the year after the Federal Reserve said it may deliver fewer cuts to interest rates in 2025 than earlier thought.

apnews.com

Wall Street ends little changed after giving up a big morning gain​

By STAN CHOE
Updated 9:56 AM GMT+11, December 20, 2024

NEW YORK (AP) — An early rebound for U.S. stocks on Thursday petered out by the end of the day, leaving indexes close to flat.

The S&P 500 edged down by 0.1% following Wednesday’s tumble of 2.9% when the Federal Reserve said it may deliver fewer cuts to interest rates next year than earlier thought. The index had been up as much as 1.1% in the morning.

The Dow Jones Industrial Average rose 15 points, or less than 0.1%, following Wednesday’s drop of 1,123 points, while the Nasdaq composite slipped 0.1%.

This week’s struggles have taken some of the enthusiasm out of the market, which critics had been warning was overly buoyant and would need everything to go correctly for it to justify its high prices. But indexes remain near their records, and the S&P 500 is still on track for one of its best years of the millennium with a gain of 23%.

Traders are now expecting the Federal Reserve to deliver just one or maybe two cuts to interest rates next year, according to data from CME Group. Some are even betting on none. A month ago, the majority saw at least two cuts in 2025 as a safe bet.
0:00 / 40
AP AUDIO: Stock market today: Wall Street rises to recover some of Wednesday’s sell-off

Wall Street is in recovery mode. We hear more from AP’s Seth Sutel.

Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation.

Micron Technology was one of the heaviest weights on the S&P 500 Thursday. It fell 16.2% despite reporting stronger profit for the latest quarter than expected.

The computer memory company’s revenue fell short of Wall Street’s forecasts, and CEO Sanjay Mehrotra said it expects demand from consumers to remain weaker in the near term. It gave a forecast for revenue in the current quarter that fell well short of what analysts were thinking.

Lamb Weston, which makes French fries and other potato products, dropped 20.1% after falling short of analysts’ expectations for profit and revenue in the latest quarter. It also cut its financial targets for the fiscal year, saying demand for frozen potatoes is continuing to soften, particularly outside North America. The company replaced its chief executive.

Such losses helped overshadow a 14.7% jump for Darden Restaurants, the company behind Olive Garden and other chains. It delivered profit for the latest quarter that edged past analysts’ expectations. The operator of LongHorn Steakhouses also gave a forecast for revenue for this fiscal year that topped analysts’.

Accenture rose 7.1% after the professional services company likewise topped expectations for profit in the latest quarter. CEO Julie Sweet said it saw growth around the world, and the company raised its forecast for revenue this fiscal year.

Amazon shares added 1.3%, even as workers at seven of its facilities went on strike Thursday in the middle of the online retail giant’s busiest time of the year. Amazon says it doesn’t expect an impact on its operations during what the workers’ union calls the largest strike against the company in U.S. history.

In the bond market, yields were mixed a day after shooting higher on expectations that the Fed would deliver fewer cuts to rates in 2025. Reports on the U.S. economy came in mixed.

One showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The economy has remained remarkably resilient even though the Fed held its main interest rate at a two-decade high for a while before beginning to cut them in September.

A separate report showed fewer U.S. workers applied for unemployment benefits last week, an indication that the job market also remains solid. But a third report said manufacturing in the mid-Atlantic region is unexpectedly contracting again despite economists’ expectations for growth.

The yield on the 10-year Treasury rose to 4.57% from 4.52% late Wednesday and from less than 4.20% earlier this month.

But the two-year yield, which more closely tracks expectations for action by the Fed in the near term, eased back to 4.31% from 4.35%.

The rise in longer-term yields has put pressure on the housing market by keeping mortgage rates higher. Homebuilder Lennar fell 5.2% after reporting weaker profit and revenue for the latest quarter than analysts expected.

CEO Stuart Miller said that “the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose” through the quarter.

“Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates,” he said.

A report on Thursday may have offered some encouragement for the housing industry. It showed a pickup in sales of previously occupied homes.

All told, the S&P 500 slipped 5.08 points to 5,867.08. The Dow Jones Industrial Average added 15.37 to 42,342.24, and the Nasdaq composite lost 19.92 to 19,372.77.

In stock markets abroad, London’s FTSE 100 fell 1.1% after the Bank of England paused its cuts to rates and kept its main interest rate unchanged on Thursday. The move comes as inflation there moved further above the central bank’s 2% target rate, while the British economy is flatlining at best.

The Bank of Japan also kept its benchmark interest rate unchanged, and Tokyo’s Nikkei 225 fell 0.7%. Indexes likewise sank across much of the rest of Asia and Europe.

 

[bigdog]

Stock market today: Wall Street rises to turn a dismal week into just a bad one

U.S. stocks rose to turn what would have been one of the market’s worst weeks of the year into just a pretty bad one.

apnews.com

Wall Street rises to turn a dismal week into just a bad one​

By STAN CHOE
Updated 9:38 AM GMT+11, December 21, 2024

NEW YORK (AP) — U.S. stocks rose Friday to turn what would have been one of the market’s worst weeks of the year into just a pretty bad one.

The S&P 500 rallied 1.1% for its best day in six weeks and shaved its loss for the week down to 2%. The Dow Jones Industrial Average jumped 498 points, or 1.2%, and the Nasdaq composite gained 1%.

Superstar stock Nvidia and other Big Tech companies led the market, which got a lift after a report said a measure of inflation the Federal Reserve likes to use was slightly lower last month than economists expected. It’s an encouraging signal following recent reports suggesting inflation may be tough to get all the way down to the Fed’s 2% goal from its peak above 9%.
0:00 / 39
AP AUDIO: Stock market today: Wall Street rallies to trim its losses from a rough week

The downward trend continues on Wall Street. The AP’s Seth Sutel has more.

The threat of higher inflation was one of the reasons Fed Chair Jerome Powell gave this week when the central bank hinted it may deliver fewer cuts to interest rates next year than it earlier expected.

That warning sent a shock through the stock market, which had run to 57 all-time highs this year amid the widespread assumption the Fed would deliver a string of cuts to rates into 2025. Now traders are largely betting on one, two or perhaps even zero next year, according to data from CME Group.

“When optimism is rising and market multiples are expanding, it just takes a little fear to take the veneer off a market rally,” according to Brian Jacobsen, chief economist at Annex Wealth Management.

Friday’s better-than-expected inflation data pushed traders to trim their bets for zero cuts in 2025, which they now collectively see a 16% chance of. Easier interest rates would boost the economy by making it cheaper for households and businesses to borrow, but they could also provide fuel for inflation.

Critics had been warning stock prices were vulnerable to drops after running so high and that the market likely needed everything to go correctly to justify its stellar gains for the year. Besides the diminished hopes for several rate cuts next year, Wall Street got another reminder late Thursday that everything may not go as expected.

The House of Representatives resoundingly rejected President-elect Donald Trump’s plan to keep the U.S. government fully running ahead of a potential shutdown. The bickering that ensued indicates Washington may not run smoothly even with Republicans in full control of the House, Senate and White House.

The U.S. stock market has lost a chunk of its gain since Trump’s win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits. Worries have risen that Trump’s preference for tariffs and other policies could lead to higher inflation, a bigger U.S. government debt and difficulties for global trade.

“Next year will be a time of huge challenges to the world economy,” High Frequency Economics’ Carl B. Weinberg wrote in a note to clients, citing U.S. political uncertainty, expected global trade wars and geopolitical uncertainty. “We do not look forward to these changes.”

On the losing end of Wall Street was U.S. Steel, which sank 5% after saying its fourth-quarter results will likely come in below its earlier forecast. CEO David Burritt said steel prices remain depressed.

Danish company Novo Nordisk saw its stock that trades in the United States tumble 17.8% after giving an update on a potential weight-loss treatment that analysts said fell short of expectations.

Nike’s stock slipped 0.2% despite reporting a better profit for the latest quarter than analysts expected.

Analysts said changes by Nike’s new CEO, Elliott Hill, to turn around the company will likely cut into financial results in the near term to drive better long-term growth. The company is likely to cut prices to clear its warehouses of old products, for example, and open space for a new wave of innovation.

Those were the exceptions, though. Roughly nine of every 10 stocks in the S&P 500 rose.

Cruise lines climbed after Carnival steamed past analysts’ expectations for profit in the latest quarter.

CEO Josh Weinstein said it’s seeing strong demand and expects growth to continue into 2025 thanks in part to higher prices. Carnival climbed 6.4%, and rival Norwegian Cruise Line rose 5.9%.

Eli Lilly rose 1.3% following Novo Nordisk’s update on its potential treatment for adults with obesity. A stumble for its rival could benefit Eli Lilly, whose Zepbound helps treat obesity.

All told, the S&P 500 rose 63.77 points to 5,930.85. The Dow Jones Industrial Average gained 498.02 to 42,840.26, and the Nasdaq composite climbed 199.83 to 19,572.60.

In the bond market, Treasury yields eased. The yield on the 10-year Treasury fell to 4.52% from 4.57% late Thursday.

In stock markets abroad, indexes fell modestly across much of Asia and Europe.

 

[TimeISmoney]

Hopefully, there are leftover funds to lift up the All Ords, but impressive climb last night on the US markets considering all the doom day preppers in the media.

 

[farmerge]

Hopefully, there are leftover funds to lift up the All Ords, but impressive climb last night on the US markets considering all the doom day preppers in the media.

View attachment 189910

An impressive finish for Wally Street yesterday.
Picking up a reasonable amount of the earlier losses.
Has their Santa Rally started with this.??