|Day's Range||3,010.36 - 3,020.83|
|52 Week Range||2,346.58 - 3,027.98|
Fed Chairman Jerome Powell faces the tough task of corralling a committee dividing further on where rates should go next.
The Federal Reserve will announce its next moves on rates this afternoon. Wall Street is expecting a 25 basis point cut.
The Fed 2-day meeting wraps today with an expected rate cut announcement from Jay Powell. Yahoo Finance's Julie Hyman, Adam Shapiro, Krishna Memani, Invesco Vice Chair of Investments and Danielle DiMartino Booth, Quill Intelligence CEO and Chief Strategist discuss.
When momentum stocks blew up, everyone got excited about the possibility that it would be value’s turn to shine. But with the Federal Reserve cutting interest rates, there’s a good chance that investors will just go back to buying what has worked.
U.S. stock benchmarks Thursday morning are heading modestly higher as investors weigh better-than-expected housing and manufacturing data in the wake of the Fed interest rate cut Wednesday
Airbnb Inc. said Thursday that it plans to go public during 2020. The home rental and travel site made the announcement in a single sentence published on its website. Airbnb was valued at $31 billion in April, according to The Wall Street Journal's Billion Dollar Startup Club. The company made the announcement at a time the Renaissance IPO ETF has gained 31.9% year to date while the S&P 500 has advanced 20.5%.
Gains in Microsoft shares pushed the benchmark S&P 500 within striking distance of its record high, a day after the Federal Reserve cut interest rates as expected but played down hopes of further monetary easing. The software giant's plans to buy back $40 billion in shares also boosted the Dow and the Nasdaq, while driving a 0.7% gain in the wider technology sector.
The leading economic index was flat in August after a big gain in the prior month, the Conference Board said Thursday. The recent performance of the index is consistent with "a slow but still expanding economy," said Ataman Ozyildirim, senior director for economic research at the Conference Board. Strength in housing permits and credit growth offset weakness from manufacturing.
SECTORFOCUS BLOG When Stifel’s head of equity strategy, Barry Bannister, spoke with Barron’s in June, he argued the Fed would at the very least need to cut interest rates by 50 basis points. That has since happened, but he still says the central bank isn’t being bold enough.
The numbers: Sales of previously-owned homes jumped 1.3% in August as falling mortgage rates continued to entice consumers. Existing-home sales occurred at a 5.49 million seasonally-adjusted annual pace in August, up from a 5.42 million rate in July, the National Association of Realtors said Thursday. Economists polled by MarketWatch had expected the average annual rate of existing-home sales to fall to 5.39 million.
Shares of Bloom Energy Corp. jumped 4.8% in morning trading Thursday, extending its slight bounce from a sharp selloff earlier this week, after J.P. Morgan analyst Paul Coster affirmed the overweight rating he's had on the clean-energy company since he started coverage last August. Meanwhile, Coster cut his stock price target by 33% to $12, but that was 255% above current levels, as he believes commercial and industrial demand for Bloom's servers could "pause for a couple of quarters" as corporate buyers re-assess the rapidly changing energy landscape and the sustainability of Bloom's business model. Regarding the short-seller report that led to the stock's 21% plunge on Tuesday, Coster said he believes the report overstates the company's liabilities associated with long-term service contracts. While Coster said Bloom faces debt refinancing risk in late 2020, he believes the company can "buy time" by a strategic partnership that also strengthens the business model. In a worst-case scenario, Coster said Bloom could be "an attractive candidate for consolidation." The stock, which rose 0.9% on Wednesday after the company said the short-seller report contained "factual inaccuracies," has now lost 65% year to date, while the S&P 500 has gained 20%.
(Bloomberg) -- U.S. equities advanced with European stocks as investors processed a slew of fresh monetary-policy decisions and favorable comments about trade talks.The S&P 500 Index climbed to within 1% of a record, led by software makers. Banks helped push the Europe Stoxx 600 higher. Treasuries advanced while European government bonds slipped. The yen and Swiss franc led Group-of-10 currency gains and the pound steadied after their respective central banks left benchmark borrowing rates unchanged.The slate of monetary policy decisions, hot on the heels of the Federal Reserve’s interest-rate cut Wednesday, comes just as the OECD cut its world growth forecast to 2.9% from 3.2% as intensifying trade conflicts take a toll on confidence. Investors focused on negotiations between the U.S. and China were encouraged as White House economic adviser Larry Kudlow said in a Fox Business interview that he sees a “little softening” in mood as trade deputies from both nations meet.“Strains to the macro backdrop should ease in the coming months as other central banks (ECB, BoJ) edge toward renewed monetary easing,” Simon Ballard, a macro strategist at First Abu Dhabi Bank, wrote in a note.Elsewhere, shares fell in Hong Kong and nudged up in Shanghai. China’s yuan dropped as traders weighed the odds of the People’s Bank of China lowering borrowing costs. Australia’s dollar slumped after the unemployment rate rose.Oil gained amid contrasting reports about whether Saudi Arabia asked Iraq for crude to supply its domestic refineries.These are some key events to keep an eye on this week:Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.Here are the main moves in markets:StocksThe S&P 500 Index rose 0.3% as of 10:01 a.m. New York time.The Stoxx Europe 600 Index rose 0.5%.The MSCI Asia Pacific Index was little changed.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.2%.The euro increased 0.3% to $1.1059.The British pound rose 0.1% to $1.249.The Japanese yen increased 0.4% to 108 per dollar.BondsThe yield on 10-year Treasuries dipped three basis points to 1.77%.Germany’s 10-year yield was little changed at -0.51%.Britain’s 10-year yield fell one basis point to 0.63%.CommoditiesWest Texas Intermediate crude climbed 1% to $58.69 a barrel.Gold rose 0.5% to $1,501.35 an ounce.\--With assistance from Gregor Stuart Hunter and Adam Haigh.To contact the reporters on this story: Laura Curtis in London at email@example.com;Brendan Walsh in Austin at firstname.lastname@example.orgTo contact the editors responsible for this story: Samuel Potter at email@example.com, ;Jeremy Herron at firstname.lastname@example.org, Todd White, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
If Steve Jobs hadn’t died, “we would have combined our companies, or at least discussed the possibility very seriously,” Iger wrote in his memoir.
Under Armour Inc. and Dwayne "The Rock" Johnson have launched the first kids collection of their collaboration, a line that includes sweatshirts, bags and PR2 shoes. The Project Rock 1 shoe was a popular item, selling out in 30 minutes when it was launched last summer. The latest youth merchandise is part of the new Iron Will collection, which has also brought medal-winning skier Lindsey Vonn on board as a brand ambassador. Under Armour stock has gained 16.1% for the year to date while the S&P 500 index is up 20.3% for the period.
Target and Microsoft stock were early leaders and Herman Miller scored a breakout, while the S&P; 500 and Dow Jones today aimed to turn the week positive.
Shares of Datadog Inc. are expected to start trading Thursday, after the digital transformation and cloud migration software company's initial public offering priced late Wednesday above the expected range. The company said the IPO priced at $27 a share, above the expected pricing range of $24 to $26, which was raised earlier this week from $19 to $22. The company offered 24 million Class A shares in the IPO to raise $648 million, and could raise as much as $745.2 million if the underwriters exercise options granted to buy up to an additional 3.6 million shares. The stock will be listed on the Nasdaq exchange under the ticker symbol "DDOG." The company is going public at a time that the Renaissance IPO ETF has lost 5.6% over the past three months while the S&P 500 has gained 3.0%.
U.S. stock indexes were set to open higher on Thursday, a day after the Federal Reserve cut rates as expected but played down hopes of further monetary easing. Microsoft Corp rose 1.4% in premarket trading and was the biggest gainer among Dow-listed stocks after it announced a $40 billion share buyback plan. Fed Chair Jerome Powell posited a "favorable" outlook for the U.S. economy on Wednesday and said future rate cuts would be "largely data-dependent".
Our call of the day from Bernstein Research that says 10 years from now, you’ll still be better off in equities, whether it hits 4,000 or 8,000.
Stocks opened slightly higher Thursday, with tech shares leading gains. The Dow Jones Industrial Average rose 73 points, or 0.2%, to 27,220, while the S&P 500 gained 8 points, or 0.3%, to 3,015. The Nasdaq Composite was up 32 points, or 0.4%, at 8,209. Shares of Microsoft Corp. rose 1.9% to lead Dow gainers and set the pace for the tech sector after announcing an 11% dividend hike and approving a $40 billion stock-repurchase program.
Sept 19 (Reuters) - U.S. stocks opened higher on Thursday, boosted by Microsoft Corp and energy stocks, a day after the Federal Reserve cut rates as expected but played down hopes of further monetary easing. The Dow Jones Industrial Average rose 38.97 points, or 0.14%, at the open to 27,186.05. The S&P 500 opened higher by 3.63 points, or 0.12%, at 3,010.36. The Nasdaq Composite gained 16.20 points, or 0.20%, to 8,193.59 at the opening bell.
Microsoft Corp rose 1.4% in premarket trading and was the biggest gainer among Dow-listed stocks after it announced a $40 billion share buyback plan. Fed Chair Jerome Powell posited a "favorable" outlook for the U.S. economy on Wednesday and said future rate cuts would be "largely data-dependent". "I think the Fed essentially left the door open to do whatever is necessary," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin.