|Day's Range||24,088.90 - 24,199.15|
|52 Week Range||21,712.53 - 26,951.81|
Stock ownership has gotten extremely concentrated in the U.S. with the top 1% owning half of equities held by American households.
U.S. stocks head lower on Thursday, putting the indexes in position to end a two-day rise as investors digest quarterly results.
U.S. stocks dipped at open on Thursday, retreating from one-month highs, hit by losses in financial stocks after Morgan Stanley's weak results and energy shares hurt by a drop in oil prices. The Dow Jones ...
U.S. stocks fell at the opening bell on Thursday, keeping equity indexes on track to break their two-day rally as investors digested another round of bank earnings. The S&P 500 was down 0.3% to 2,608. The Dow Jones Industrial Average shed 47 points, or 0.2%, to 24,159. The Nasdaq Composite slipped 0.4% to 7,011. Investor sentiment was weighed down by resurfacing tensions in U.S.-China relations. And after mixed earnings in the past few days, banks such as Société Générale reported of a sharp drop in trading revenues. Shares of Morgan Stanley fell 4% after it reported the bank's earnings and revenues had fallen short of expectations thanks to weakness in its bond trading division.
Investors might not be able to ignore a partial U.S. government shutdown if it continues much longer, analysts say.
SECTORFOCUS BLOG Clouds in my coffee. Stocks were stalling on Thursday morning, with Dow Jones Industrial Average futures down 0.2%. There were a few downbeat corporate earnings weighing on sentiment, along with the ongoing government shutdown.
Johnson & Johnson's Janssen Pharmaceuticals Inc. is collaborating on a multi-year research study with Apple Inc. to look at improving outcomes for patients with atrial fibrillation, the companies announced Thursday. The study will investigate whether a heart health app by Johnson & Johnson, combined with Apple Watch's irregular rhythm notifications and ECG app, can accelerate diagnosis and improve outcomes for people with atrial fibrillation. Atrial fibrillation is a condition that affects 33 million people worldwide and can lead to blood clots, stroke and heart failure. The study will be based in the U.S., the companies said, and subjects will be individuals 65 years or older. Shares of Apple were down 0.5% in premarket trade Thursday and have fallen 1.8% in the year to date through Wednesday. Shares of Johnson & Johnson have fallen 0.8%, while the S&P 500 has gained 4.4% and the Dow Jones Industrial Average has gained 3.8%.
Morgan Stanley snapped long streaks for beating profit and revenue expectations, but if it's any consolation to the broker's investors, the streaks weren't as long as rival J.P Morgan Chase & Co.'s . Morgan Stanley reported earlier fourth-quarter earnings that nearly tripled from a year ago to $1.36 billion, or 80 cents a share, but missed the FactSet consensus of 89 cents. That broke a streak of 12 straight quarters of earnings beats; the last miss was the third quarter of 2015, according to FactSet. Meanwhile, revenue fell 10% to $8.55 billion, below the FactSet consensus of $9.30 billion, to snap a 10-quarter streak of beats; the last miss was the first quarter of 2016. On Tuesday, J.P. Morgan snapped beat streaks of 15 quarters for earnings and 12 quarters for revenue. Morgan Stanley's stock, which fell 4.3% in premarket trade, has shed 5.7% over the past three months through Wednesday, while J.P. Morgan shares have declined 6.7%. The Dow Jones Industrial Average has lost 5.8% the past three months.
Larry Fink, CEO of world’s largest asset management firm, BlackRock Inc., says that the stock market has probably put in a bottom but that for sentiment to take off the U.S.’s spat with China on trade needs to get resolved.
With earnings season well underway, Chief Global Market Strategist Kristina Hooper of Invesco said we can expect to see a “solid earnings growth” to support equities. Yahoo Finance’s Alexis Christoforous speaks to her.
Minneapolis Fed President Neel Kashkari says the central bank is paying attention to Wall Street, and tells Yahoo Finance’s Brian Sozzi there are potential economic risks from the government shutdown. Still, he says interest rates now are ‘pretty close to neutral.’ Yahoo Finance’s Alexis Christoforous speaks with Sozzi about his interview.