|Day's Range||3,094.55 - 3,110.11|
|52 Week Range||2,346.58 - 3,127.64|
With the end of the year and the decade fast-approaching, Wall Street strategists have begun to deliver their expectations about where the stock market will close out 2020.
Stocks dropped on new reports on the U.S.-China trade dispute. Yahoo Finance's Julie Hyman, Adam Shapiro, Dan Roberts and Heritage Capital's Paul Schatz talk with Edward Jones Investment Strategist Kate Warne.
A broad gauge of Asian equities made a slight recovery on Friday from three-week lows hit the previous day, with gains limited by investors' uncertainty over chances of China and the United States striking a preliminary deal soon to end their trade war. European shares were expected to rise as well. U.S. S&P 500 e-mini futures, were 0.16% higher at 3,109.
Asian equities posted a mild bounce on Friday from three-week lows hit the previous day, with persistent worries over the status of trade negotiations between China and the United States limiting the gains. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.12%, recovering from Thursday's drop of as much as 1.4% that took it to its lowest level since Oct. 30 on concerns that U.S. legislation on Hong Kong threatened to undermine trade talks between the world's two largest economies.
Futures: The stock market just edged lower Thursday despite hefty losses in some chip stocks and other leaders. The Tesla cybertruck unveiling is on tap.
Defensive positioning makes sense in this market environment. After all, the bull market in U.S. stocks is getting long in the tooth, trade headlines are all over the map, political tensions continue to ramp up and stocks just keep chugging into record territory. But are investors getting TOO defensive?
The retailer crushed earnings expectations in its third quarter, sending the stock up about 10% after the market closed Thursday.
Williams-Sonoma Inc. shares dropped 5% in after-hours trading Thursday after the consumer retail company reported third-quarter earnings that declined year-over-year. Williams-Sonoma reported net income of $74.7 million, or 94 cents a share, compared with net income of $81.4 million, or $1, in the year-ago period. Revenue grew 6% to $1.44 billion from $1.36 billion a year ago. Analysts surveyed by FactSet had expected earnings of $1 a share on revenue of $1.415 billion. Williams-Sonoma shares are up 36% this year. The S&P 500 index has gained 24% this year.
(Bloomberg) -- European stocks advanced on Friday and U.S. equity futures pointed to a marginally stronger open as investors digested the latest headlines on the trade dispute between America and China. Treasuries drifted.The Stoxx Europe 600 Index rose led by commodity and energy companies after oil’s strongest close since September. Futures contracts on all three main American equity gauges ticked higher. Japanese shares steadied after three days of declines, while stocks climbed in Australia and Hong Kong, and slipped in China. The dollar was mostly steady.It’s been a mixed picture on the trade front this week. Chinese Vice Premier Liu He has invited Robert Lighthizer to Beijing for further talks later this month, according to people familiar with the matter, and Washington will likely postpone new tariffs scheduled for December even if there’s no deal by then, the South China Morning Post reported. However, President Donald Trump may soon sign into law a bill supporting Hong Kong’s protesters, a move likely to anger China.Meanwhile, Chinese President Xi Jinping said his nation wants to work toward a phase one trade agreement with the U.S. on the “basis of mutual respect and equality,“ his first comments on a partial deal.“The market is looking for some bullish signal that things aren’t going to get worse and that we’re not going to see further deterioration in trade talks between the U.S. and China,” Erin Browne, a portfolio manager at Pacific Investment Management Co., told Bloomberg TV. “They just don’t want to see further escalation.”Elsewhere, oil edged lower after climbing to a nine-week high. Gold reversed earlier losses.These are the main moves in markets:StocksThe Stoxx Europe 600 Index jumped 0.5% as of 8:13 a.m. London time.Futures on the S&P 500 Index climbed 0.2%.Italy’s FTSE MIB Index gained 0.4%.The Shanghai Composite Index fell 0.6%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.Sterling was little changed at 0.8563 per euro.The euro was unchanged at $1.1059.The Japanese yen was little changed at 108.64 per dollar.South Africa’s rand jumped 0.3% to 14.6406 per dollar.BondsThe yield on 10-year Treasuries increased less than one basis point to 1.77%.Germany’s 10-year yield climbed less than one basis point to -0.32%.Italy’s 10-year yield gained two basis points to 1.2%.Japan’s 10-year yield jumped three basis points to -0.074%.CommoditiesWest Texas Intermediate crude dipped 0.3% to $58.40 a barrel.Iron ore climbed 1.8% to $86.57 per metric ton.Gold edged up 0.1% to $1,466.54 an ounce.Arabica coffee gained 4.8% to $1.16 a pound.To contact the reporters on this story: Adam Haigh in Sydney at email@example.com;Constantine Courcoulas in Istanbul at firstname.lastname@example.orgTo contact the editor responsible for this story: Sam Potter at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
This Week's DHL Supply Chain/FreightWaves Pricing Power Index: 15 (Shippers) Last Week's DHL Supply Chain/FreightWaves Pricing Power Index: 20 (Shippers) Three-Month DHL Supply Chain/FreightWaves Pricing ...
Pure Storage Inc. shares were crushed in the extended session Thursday, plunging 23% after the company did not meet analyst expectations. The software company reported a fiscal third-quarter net loss of $30 million, or 12 cents a share, versus losses of $28.2 million, which also amounts to 12 cents a share in the year-ago period. Revenue rose to $428.4 million from $372.8 million. Adjusted for stock-based compensation, among other things, earnings were 13 cents a share. Analysts surveyed by FactSet had expected adjusted earnings of 23 cents a share on sales of $440.4 million. For the fiscal fourth quarter, analysts predict adjusted earnings of 23 cents a share on sales of $512 million. The company said it expects fourth-quarter revenue of $484 million to $496 million. Pure Storage stock has gained 24% this year, as the S&P 500 index rose 24%.
U.S. stock indexes moved slightly lower on Thursday as investors moved to the sidelines with mixed messages and no concrete signs of progress on U.S.-China relations. The U.S. House of Representatives passed two bills to back protesters in Hong Kong and send a warning to China about human rights, a measure that angered Beijing.
The dollar rebounded and global equity markets edged lower on Thursday as efforts by China to smooth the path forward in U.S.-Sino trade talks helped sooth investor sentiment, though fears remained that a phase one deal might not occur until next year. Yields on government debt rose, snapping three sessions of declines, bolstered by China saying it was willing to work with the United States to resolve core trade concerns, which rekindled some hope for a bilateral deal. A Wall Street Journal report that said China had invited top U.S. trade negotiators for a new round of face-to-face talks in Beijing also lifted sentiment.
Splunk Inc. stock rose more than 6% in the extended session Thursday, after the software company topped Wall Street expectations for earnings and sales. The software company reported a fiscal third-quarter net loss of $57.6 million, which amounts to 38 cents a share, versus losses of $55.7 million, or 38 cents a share in the year-ago period. Revenue rose to $626.3 million from $481 million a year ago. Adjusted for stock-based compensation, among other items, earnings amounted to 58 cents a share. Analysts surveyed by FactSet expected adjusted earnings of 54 cents a share on sales of $604.6 million. "With the shift to a renewable model largely complete, momentum in our term license and cloud offerings drove 53% growth in total [annual recurring revenue] during the quarter," Chief Financial Officer Jason Child said in a statement. For the fiscal fourth quarter, analysts expect earnings of $1.03 a share and sales of $770 million. Splunk said it predicts fiscal fourth-quarter revenue of $780 million. Splunk stock has gained 21% this year, as the S&P 500 index rose 24%.
U.S. stocks closed slightly lower Thursday as investors digested mixed headlines on the progress of U.S. - China trade talks and tensions rose over American support for Hong Kong protesters.
U.S. stocks closed modestly lower Thursday, with the S&P 500 and the Dow marking their third straight losses, after investors digested mixed headlines on the progress of trade negotiations, with reports indicating that China had invited American negotiators to Beijing for face-to-face talks, even though the U.S. Congress passed a bill supporting protesters in Hong Kong late Wednesday. The Dow Jones Industrial Average fell 55 points, or 0.2%, at 27,765, the S&P 500 index shed 5 points, or 0.2%, to 3,103, while the Nasdaq Composite Index declined 21 points, or 0.2%, to reach 8,506, marking its second straight loss. The third straight drop for the Dow marked its longest string of declines since Aug. 5, while it was the longest such stretch of declines for the S&P 500 since Sept. 24. However, declines have been mostly mild and the benchmarks remain within striking distance of all-time highs. Investors focused on reports by CNBC of a purchase of TD Ameritrade Holding Corp. of larger discount-brokerage rival Charles Schwab , creating a behemoth with $5 trillion in assets. In economic reports, the U.S. Conference Board's index of leading indicators fell for a third straight month, adding more evidence of slowing economy. Weekly jobless claims, meanwhile, were little changed at 227,000, reflecting an employment market that remains healthy.
NEW YORK, Nov 21 (Reuters) - U.S. stock indexes dipped slightly on Thursday as investors moved to the sidelines with mixed messages and no concrete signs of progress on U.S.-China relations.
(Bloomberg) -- U.S. equities slid following losses in Europe and Asia as traders weighed conflicting signals about the outlook for a trade deal between Beijing and Washington.The S&P 500 Index fell for a third day, the longest losing streak in almost two months, but remained within 1% of a record high. The dollar held steady and Treasuries dipped as China’s chief trade negotiator reportedly said he was “cautiously optimistic” about reaching a phase-one accord. Pessimists focused on speculation Donald Trump may sign legislation backing Hong Kong protesters, setting up further conflict between the nations. TD Ameritrade soared on reports that Charles Schwab Corp. is in talks to buy the brokerage.Hong Kong’s deteriorating situation may prove crucial to the trade talks, and on Thursday a commentary from China’s state-run news agency accused the U.S. of applying a double standard. China has threatened to retaliate for the passage of the American bill and said supporting the protesters was a “gross” interference in Hong Kong affairs. Traders will be watching for signs of progress ahead of a Dec. 15 deadline for further tariffs.“Investors now are starting to worry again that we may not see that phase one in 2019,” said Chris Gaffney, president of world markets at TIAA. “It’s going to be tough to have the next leg up without a trade deal.”Elsewhere, oil futures rose. European bonds tracked Treasuries lower and emerging-market stocks slid.Here are some key events coming up this week:Economic indicators due for release include U.S. and European PMI data for November on Friday.These are the main moves in markets:StocksThe S&P 500 Index fell 0.2% at the close of trading in New York time.The Stoxx Europe 600 Index dipped 0.4%.The MSCI Asia Pacific Index declined 0.7%.The MSCI Emerging Market Index fell 0.7%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro slipped 0.1% to $1.1057.The British pound slid 0.1% to $1.2906.The Japanese yen was little changed at 108.63 per dollar.BondsThe yield on 10-year Treasuries increased two basis points to 1.77%.Germany’s 10-year yield increased two basis points to -0.33%.Britain’s 10-year yield jumped two basis points to 0.75%.CommoditiesWest Texas Intermediate crude gained 2.3% to $58.42 a barrel.Gold decreased 0.5% to $1,464.50 an ounce.\--With assistance from Kyoungwha Kim, Andreea Papuc, Adam Haigh, Cormac Mullen, Yakob Peterseil and Todd White.To contact the reporter on this story: Vildana Hajric in New York 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, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Cannabis producer Green Thumb Industries Inc. reported higher-than-expected revenue and a loss that was wider than what Wall Street modeled. The weed seller reported a third-quarter net loss of $17.1 million, which amounts to 8 cents a share, versus a net loss of $3.3 million, or 2 cents a share in the year-ago period. Revenue rose to $68 million from $17.2 million a year ago. Analysts polled by FactSet had estimated losses of 4 cents a share and revenue of $60.4 million. U.S. shares of GTI closed up 8.5% in Wednesday trading. GTI stock has gained 19.9% this year as the S&P 500 index rose 25%.
The S&P 500 and Dow indexes treaded water on Thursday as mixed headlines on U.S.-China relations and a diplomatic row over the Hong Kong protests added to uncertainty over the timing of a "phase one" trade deal. The U.S. House of Representatives passed two bills to back protesters in Hong Kong and send a warning to China about human rights, a measure which angered Beijing.
Shares of Foot Lock Inc. fell 0.7% in afternoon trading, on track for a fourth-straight loss, ahead of the athletic shoe and accessories retailer's fiscal third-quarter results. The company is expected to report ahead of Friday's open EPS of $1.08, sales of $1.94 billion and same-store sales growth of 5.1%. Investors may be worried about a repeat of recent history, as the stock plunged 19% on Aug. 23 the day second-quarter results were reported and tumbled 16% on May 24 after first quarter results. In both of those previous quarters, Foot Locker missed profit, sales and same-store sales expectations. The stock has tumbled 21% year to date, while the SPDR S&P Retail ETF has gained 5.7% and the S&P 500 has climbed 24%.