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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 foreshadowing a good start to December. The Dow, S&P 500 and NASDAQ 100 are all trading 0.4% above fair value on GLOBEX.
The major averages are indicated to advance before today’s scheduled data releases. Shortly after the open, the Institute for Supply Management is expected to say manufacturing activity improved in November to 50.5 from the previous month’s 50.1 reading. A separate release may show construction rose 0.6% in October. On the Fed front, Chicago President Charles Evans will discuss the economy and monetary policy this afternoon.
Shares of Amazon.com are up 0.9% to $671.01 after the online retailer reported record sales of its electronic devices over the weekend. Wynn Resorts is rising 1.3% to $63.59 despite data that showed a steep decline in gaining figures for its Macau market. American Airlines may be active after reaching a labor agreement with the union of its reservation and gate agents.
European markets are mostly higher at midsession. The FTSE is gaining 0.6% in London after the country’s seven largest financial institutions passed the Bank of England’s stress test. The DAX is slipping 0.1% in Frankfurt. In Asia, the Nikkei advanced 1.3% in Tokyo. China’s Shanghai Composite rose 0.3% even after a disappointing manufacturing report.
Treasuries are lower with the benchmark 10-year note down 5/32 to yield 2.23%. In commodities, NYMEX WTI crude is slipping 0.1% to $41.61/barrel. COMEX gold is gaining 0.5% to $1071.30/ounce.
Stocks are falling at mid-session. The Dow is losing 53 points to 17744. The S&P 500 is 6 points lower to 2083. The NASDAQ is down 21 points to 5105.
The major averages are selling off to end November before a busy week of updates on the economy. A release this morning showed pending home sales in October grew by less than analysts were expecting. Separate releases including Chicago PMI and ISM Milwaukee also came in lower than projected. In international news, the IMF added the Chinese yuan to its reserve currency basket.
In corporate news, Staples is falling 1.5% to $12.12 while Office Depot is off 3.1% to $6.55 after a report that federal regulators are likely to block the proposed merger of the two companies. Fitbit is adding 4% to $28.94 while Lululemon is slipping 6.2% to $49.24 after receiving diverging commentary from sell-side analysts. Amid today’s cyber Monday shopping event, Amazon is moving 0.9% lower to $667.06.
Six out of ten sectors in the S&P 500 are declining at mid-session. Healthcare and consumer discretionary shares are underperforming, while energy and utilities stocks are pacing the gains. Breadth is even on issues on both the NYSE and the NASDAQ. NYSE composite volume is 1.4 billion shares.
Treasuries are mixed with the yield curve flattening. The benchmark U.S. 10-year note is climbing 1/32 to yield 2.22%. In commodities, NYMEX WTI crude is gaining 1.6% to $42.36/barrel head of this week’s OPEC meeting. COMEX gold is 0.7% higher to $1063.40/ounce.
Stocks were lower on Monday. The Dow lost 79 points to 17719. The S&P 500 fell 10 points to 2080. The NASDAQ Composite declined 19 points to 5108.
The major averages ended November on a down note amid investor caution ahead of several key data releases later in the week. Wednesday’s Beige Book and Friday’s jobs report will be monitored for indications on whether the U.S. central bank will raise rates in December. The conclusion of European Central Bank’s policy meeting and Fed Chair Janet Yellen’s Congressional testimony Thursday also garnered attention during the session. A report today showed pending home sales edged up 0.2% in October versus a projected 1.0% gain. Another reading revealed Midwest manufacturing activity unexpectedly contracted in November.
Health care and consumer discretionary were the worst-performing sectors. AbbVie was down 3.1% to $58.15. Wal-Mart fell 1.8% to $85.84 amid indications the holiday shopping season is off to a slow start. Energy was the up the most even as oil resumed its retreat. Halliburton gained 1.8% to $39.85. Shares of Exxon rose 0.5% to $81.66.
Breadth was negative on issues by 4-3 on the NYSE; 9-8 on the NASDAQ. Composite NYSE volume totaled 4.2 billion shares.
Treasuries were higher at the long end of the yield curve. The 10-year note was up 3/32 to 2.21%. In commodities, NYMEX WTI crude was down 0.1% to $41.65/barrel. COMEX gold advanced 0.8% to $1065.00/ounce.
Despite today’s decline, the major averages ended the month in positive territory. The Dow rose 0.3%, the S&P 500 gained 0.1% and the NASDAQ Composite increased 1.1%.