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 pointing lower in premarket. Contracts on the Dow are off 0.1%. S&P 500 and NASDAQ contracts are falling about 0.2%.
The major averages are signaling a lower open as investors prepare for the looming earnings season. Economic data is light with only the Census Bureau’s August trade deficit coming in at $48.3 billion vs. expectations for $48 billion.
Ahead of the unofficial start to earnings season, PepsiCo is climbing 3% to $98.70 after beating on top and bottom lines. However, Illumina is tumbling 16.1% to $136.88 after lowering forward guidance. On the M&A front, Anheuser-Busch is off 0.5% to $110.15 amid reports that SABMiller rejected its informal offer. Skyworks Solutions is up 2.2% to $83.64 after agreeing to buy PMC Sierra for $2 billion in cash, while PMC Sierra is surging 32.9% to $10.22. DuPont is rallying 6% to $54.35 after announcing the resignation of their CEO. FedEx raised its fuel surcharge, sending the stock 0.7% higher to $151.00.
In Europe, markets are advancing, shrugging off disappointing German factory orders. The Euro Stoxx 600 is up 0.3%, London’s FTSE is climbing 0.2% and Frankfurt’s DAX is gaining 0.4%. In Asia, Tokyo’s Nikkei finished 1% higher as the Bank of Japan started their two-day meeting. Chinese markets remained closed.
Treasuries are climbing as investors anticipate delays to the Fed’s planned rate hikes. Ahead of a $24 billion auction, the three-year note is 1/32 higher to yield 0.87%. The 10-year note is up 4/32 to yield 2.04%.
Commodities are mixed. WTI crude is adding 0.2% to $46.36/barrel. COMEX gold is little changed at $1137.90/ounce. In FOREX, the dollar is weaker against both the yen and euro.
Stocks remained mixed at mid-session. The Dow is up 12 points to 16788. The S&P 500 is falling 9 points to 1977. The NASDAQ is retreating 51 points to 4729.
The major averages are toggling between gains and losses after hitting a two-week high yesterday. Economic data showed the trade deficit widened to $48.3 billion in August from $41.8 billion in July.
Seven of 10 S&P 500 sectors are in negative territory. Health care is down the most as it resumes last week’s losing streak. Celgene is off 5.5% to $110.28 and Biogen is falling 4.6% to $273.38. Meanwhile, Illumina is slumping 13.4% to $140.82 on lowered forward guidance. In tech, SunEdison is retreating 5.2% to $8.59 amid workforce cuts. Skyworks is slipping 7.8% to $75.82 after agreeing to pay $2 billion in cash for PMC-Sierra, which is rallying 33.4% to $10.26. Materials are outperforming as DuPont gains 10.3% to $56.61 after announcing a CEO change. In earnings, PepsiCo is helping consumer stocks as it climbs 1.2% to $96.92 after beating on both top and bottom lines. However, The Container Store is tumbling 16.4% to $13.02 after a disappointing profit tally.
Breadth is negative on issues by 6-5 on the NYSE and 2-1 on the NASDAQ. NYSE composite volume totaled more than 1.8 billion shares.
Treasuries reversed course and are moving higher. The 10-year note is up 6/32 to yield 2.04%.
Commodities are broadly higher. WTI crude is adding 4.3% to $48.23/barrel. COMEX gold is advancing 0.9% to $1148.10/ounce amid dollar weakness.
Stocks finished mixed on Tuesday. The Dow rose 13 points to 16790. The S&P 500 declined 7 points to 1979. The NASDAQ retreated 32 points to 4748.
The major averages pared losses after the S&P 500 set a two-week high yesterday. Economic data today showed the trade deficit widened to $48.3 billion in August from $41.8 billion in July.
Six of 10 S&P 500 sectors finished in negative territory. Health care was off the most, resuming last week’s decline. Celgene lost 3.58% to $112.19 and Biogen fell 3.7% to $275.99. In consumer stocks, the Container Store tumbled 18.6% to $12.67 after missing on top and bottom lines, but PepsiCo gained 1.3% to $97.07 after a positive quarterly profit tally. In tech, Skyworks Solutions finished down 1.4% to $80.71 after agreeing to pay $2 billion in cash for PMC Sierra, which soared 33.2% to $10.24. However, Illumina sank 10.6% to $145.81 after lowering forward guidance. DuPont lifted materials as it rose 7.7% to $55.21 on the heels of a CEO change.
Breadth was negative on issues by 7-6 on the NYSE and 4-3 on the NASDAQ. NYSE composite volume totaled more than 4.1 billion shares.
Treasuries gained, recouping some of yesterday’s losses. The benchmark 10-year note advanced 7/32 to yield 2.03%.
Commodities were broadly higher. WTI crude added 5.2% to $48.69/barrel. COMEX gold was up 0.8% to $1146.80/ounce as the dollar weakened.