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 indicating a lower open. The Dow, S&P 500 and NASDAQ are all off 0.1%.
The major averages are declining as investors return from the long weekend. Economic data is heavy today. For April, durable goods orders declined, as expected, but March’s figure was revised higher. Additionally, capital goods orders in April outpaced projections. At 9:00 am ET, updates on the housing market for March will come from Case/Shiller and the FHFA. At 9:45 am ET, investors will get preliminary May readings on the services sector. At 10:00 am ET, traders will hear releases on new home sales, consumer confidence and two manufacturing measures.
M&A is back on the scene. Time Warner is advancing 7.4% to $183.89 after receiving a takeover offer from Charter for about $55 billion in cash and stock. Charter is up 3.7% to $181.75. Ryanair is gaining 4.3% to $68 after its profits far exceeded estimates. L Brands is climbing 1.1% to $88.43 on positive analyst commentary.
European markets are mixed as Greek negotiations ebb and flow. The Euro Stoxx 600 is 0.2% higher but Frankfurt’s DAX is off 0.6%. London’s FTSE is down 0.1% as U.K. EU referendum chatter resurfaces. In Asia, markets closed higher. Tokyo’s Nikkei advanced 0.1% and China’s Shanghai Composite jumped 2% after the IMF said the yuan is fairly valued.
Treasuries are mixed. The 10-year note is little changed at 2.21%.
Commodities are mostly lower. WTI crude is off 1.3% to $58.93/barrel. COMEX gold is down 1.4% to $11897.60/ounce. The dollar is strengthening to $1.0908/EUR and ¥123.04/USD.
Stocks are retreating. The Dow is off 180 points to 18051. The S&P 500 is declining 20 points to 2106. The NASDAQ is losing 56 points to 5033.
The major averages are consolidating in anticipation of interest rate increases. For April, a measure of capital goods orders topped expectations. While April’s durable goods orders matched estimates, March’s figure was revised higher. A March gauge of housing missed projections, but for April, a similar price measure and new home sales both beat expectations. May’s consumer confidence rose, but regional manufacturing reports were mixed.
All 10 S&P 500 sectors are lower. Energy companies are off in sympathy with oil prices. Exxon Mobil is falling 1.2% to $85.52 and Chevron is losing 1.74% to $103.06. Apple is weighing on tech with a 1.4% decline to 130.60. A strong dollar is hurting materials stocks as Alcoa slumps 1.8% to $12.71. M&A is helping limit losses after Charter announced a $55 billion cash and stock bid for Time Warner. Charter is advancing 0.8% to $176.53 and Time Warner is jumping 5.1% to $179.76.
Breadth is negative by 5-1 on the NYSE and 3-1 on the NASDAQ. NYSE composite volume totals more than 1.4 billion shares.
Treasuries are mixed. The two-year note is off 1/32 to yield 0.62% ahead of a $26 billion auction. The 10-year note is advancing 16/32 to yield 2.15%.
Commodities are broadly lower. WTI crude is sliding 2.7% to $58.15/barrel. COMEX gold is losing 1.5% to $1186.10/ounce. In FOREX, the euro is down 0.9% to $1.0878/EUR and the yen is weakening by 1.2% to ¥123.07/USD.
Stocks declined on Tuesday. The Dow was off 190 points to 18041. The S&P 500 lost 21 points to 2104. The NASDAQ fell 56 points to 5032.
The major averages consolidated as economic data increased expectations of a 2015 interest rate hike. Both durable goods and capital goods posted notable improvements in April. While March home prices were softer than estimated, a similar gauge of April and a measure of April new home sales both topped projections. For May, consumer confidence beat estimates, but regional manufacturing gauges showed mixed results.
All 10 S&P 500 sectors were lower. Energy was down the most in sympathy with crude prices. Exxon Mobil lost 1.4% to $85.35 and Chevron declined 1.5% to $103.29. Apple weighed on tech stocks as it retreated 2.2% to $129.62. In material stocks, Alcoa fell 1.4% to $12.76 and Freeport McMoRan ebbed 4.3% to $20.08. M&A helped limit losses. Time Warner rallied 7.3% to $183.60 after receiving a $55 billion cash and stock takeover offer from Charter, which advanced 2.5% to $179.78.
Breadth was negative by 6-1 on the NYSE and 4-1 on the NASDAQ. NYSE composite volume totaled more than 3.2 billion shares.
Treasuries climbed as their perceived safety outweighed expectations for higher rates. Amid a $26 billion auction, the two-year note was little changed to yield 0.61%. The benchmark 10-year Treasury advanced 22/32 to yield 2.13%.
Commodities were broadly lower on dollar strength. WTI crude slid 2.6% to $58.19/barrel and COMEX gold retreated 1.4% to $1187.20/ounce. In FOREX, the Dollar Index gained 0.9% with the euro off 0.9% to $1.0875/EUR and the yen 1.3% weaker to ¥123.10/USD.