Stock Market News
Daily Stock Market News & Commentary
Our team of analysts keeps you abreast of the latest stock market data, news, market activity, and economic reports in our daily stock market commentary (updated three times daily).
Stock index futures are signaling a higher open. The Dow and NASDAQ are both about 0.9% above fair value. The S&P 500 is 0.7% higher.
The major averages are pointing higher after Fed Chair Yellen said she anticipated slow and measured rate increases by the end of the year. In economic data, February’s gauge of personal income topped estimates to rise 0.4% but personal spending disappointed with a 0.1% gain. At 10:00am ET, a measure of pending home sales is expected to climb 0.3% for February. At 10:30am ET, a survey of sentiment for manufacturers in Texas is projected to decline for March.
M&A is helping provide a tailwind in early trading. Horizon Pharma is surging 16.5% to $25.40 after agreeing to acquire Hyperion Therapeutics. Similarly, Catamaran is rallying 24.5% to $60.15 after UnitedHealth agreed to buy the company. A positive weekend at the box office is lifting shares of DreamWorks by 5.8% to $24.00.
In Europe, positive confidence data has markets gaining. The Euro Stoxx 600 is up 0.7%, London’s FTSE is advancing 0.2% and Germany’s DAX is 1.3% higher. In Asia, a falling yen helped Tokyo’s NIKKEI overcome disappointing data to finish 0.7% higher. Stimulative rhetoric pushed China’s Shanghai Composite up 2.6%.
Treasuries are little changed ahead of Friday’s nonfarm payrolls report. The 10-year note is down 1/32 to yield 1.96%.
Commodities are mostly lower. WTI crude is losing 1.2% to $48.28/bbl and COMEX gold is off 1.3% to $1184.40/ounce. In FOREX, the dollar is advancing 0.5% with the euro down 0.4% to $1.0843/EUR and the yen losing 0.7% to ¥119.90/USD.
Stocks are rallying at mid-session. The Dow is up 267 points to 17979. The S&P 500 is gaining 22 points to 2083. The NASDAQ is climbing 41 points to 4932.
The major averages are rebounding on accommodative central bank speak. Fed Chair Yellen told investors rate increases would be slow and data dependent throughout 2015. On the economic front, measures of February’s personal income topped estimates, but personal spending disappointed. A gauge of pending home sales for February smashed expectations with a 3.1% advance. However, sentiment in March among manufacturers in Texas declined more than estimated.
All 10 sectors of the S&P 500 are advancing. Positive commentary is lifting energy stocks the most with Exxon gaining 2.2% to $85.40. Investment banks are also providing a tailwind to financials. JP Morgan is 2.8% higher to $61.20 and Goldman Sachs is advancing 1.9% to $191.53. M&A is active in health care. After agreeing to takeover bids, Catamaran is up 24% to $59.85 and Hyperion Therapeutics is gaining 7.8% to $46.08.
Breadth is positive on issues by 10-3 on the NYSE and 2-1 on the NASDAQ. NYSE composite volume totals more than 1.19 billion shares.
Treasuries are little changed ahead of Friday’s jobs report. The 10-year note is down 1/32 to yield 1.96%. The 30-year bond is losing 13/32 to yield 2.56%.
Commodities are mostly lower. WTI crude is falling 0.9% to $48.41/barrel and COMEX gold is off 1.3% to $1184.40/ounce. In FOREX, the dollar is 0.7% higher with the euro off 0.6% to $1.0819/EUR and the yen down 0.8% to ¥120.10/USD.
Stocks surged on Monday. The Dow rallied 263 points to 17976. The S&P 500 advanced
The major averages rallied on stimulative central bank speak. On Friday, Janet Yellen told investors the Fed would be deliberate and data dependent when increasing rates. In economic data, pending home sales in February surged 3.1%, versus an estimate of a 0.3% advance. A measure of February’s personal income rose more than expected, but a gauge personal spending failed to meet projections. In Texas, sentiment among manufacturers fell more than estimated in March.
At the close, all 10 sectors of the S&P 500 were higher. M&A helped lift the health care group. After agreeing to be acquired in separate deals, Catamaran jumped 23.8% to $59.83 and Hyperion Therapeutics gained 7.6% to $45.98. Energy stocks were up the most. Exxon Mobil climbed 2.5% to $85.63. In industrial stocks, Caterpillar advanced 2.1% to $81.37. Investment banks provided a tailwind to financials. JP Morgan rose 2.4% to $60.96 and Goldman Sachs finished 1.6% higher to $191.02.
Breadth was positive on issues by 4-1 on the NYSE and 2-1 on the NASDAQ. NYSE composite volume totaled more than 2.8 billion shares.
Treasuries were little changed. The 10-year note gained 2/32 to yield 1.95%.
Commodities were mostly lower. WTI crude fell 0.7% to $48.56/barrel and COMEX gold lost 1.3% to $1185.70/ounce. In FOREX, the dollar rose 0.7% with the euro down 0.7% to $1.0814/EUR and the yen off 0.9% to ¥120.15/USD.