|Day's Range||2,632.51 - 2,669.44|
|52 Week Range||2,532.69 - 2,940.91|
Yahoo Finance’s Alexis Christoforous and Kristin Myers break down why so many gen xers are more likely to be in debt.
Major indexes are off more than 1% as tech worries drag the markets lower. Yahoo Finance’s Seana Smith is at the New York Stock Exchange.
CEO confidence in the economy for the next year is at its lowest level in 12 months, adding to a growing body of evidence and the market's negative trend is telling investors something bad about the economy.
Consumer spending is strong in 2018 but will the trend continue in the new year. Yahoo Finance's Adam Shapiro, Julie Hyman, Andy Serwer and Gabriela Santos, JPMorgan Global Market Strategist discuss.
S&P Global Ratings upgraded Visa Inc.'s long-term rating to AA-minus from A-plus on Tuesday, and said the company's has maintained a strong financial position over years and remained a leader in payment technology. "We expect Visa to continue to report strong earnings growth and stable profitability with low leverage at least over the next few years--benefiting from its well-fortified market positions and a long-term global increase in electronic payments," the ratings agency said in a statement. Visa has grown revenue, EBITDA, or earnings before interest, taxes, depreciation and amortization, at a roughly double-digit compound rate for at least a decade, even as it has had to grapple with regulatory and legal challenges, said S&P. It has also had to face down competition from new fintech players in the payment space. It has done so while maintaining financial discipline and low leverage and has recently resolved material legal issues, it said. "We are raising our ratings on Visa because we expect it to extend its track record of good earnings and strong and stable profitability without any major disruptions from new fintech, regulation, or litigation at least over the next few years," said the statement. The tax revamp from last December has further boosted profitability. Visa's most active bonds, the 3.150% notes that mature in December of 2025, were trading 1 basis tighter Tuesday at 65 basis points over Treasurys, according to MarketAxess. Shares were down 0.5% and have gained 17.5% in 2018, while the Dow Jones Industrial Average has fallen 0.3% and the S&P 500 has fallen 0.4%.
The S&P 500 fell 35 points, or 1.33%, to 2,654.92 as of 9:36 AM ET (14:36 GMT), while the Dow tumbled 406 points, or 1.62%, to 24,611.05 and the tech-heavy Nasdaq Composite was down 116 points, or 1.65% to 6,912.27.
The S&P 500 hit a three-week low on Tuesday, as weak earnings from retailers including Target and Kohl's as well as a fall in energy shares added to worries for Wall Street, which is still reeling from a technology selloff. Target Corp shares slumped 10.65 percent after the retailer's third-quarter profit missed analysts' estimates as investments in its online business, higher wages and price cuts hurt margins. Department store operator Kohl's Corp shed 9.46 percent after its full-year profit forecast fell below expectations.
The S&P 500 hit a three-week low as weak results and forecasts from a bunch of retailers including Target and Kohl's fanned worries about holiday season sales, while tech stocks continued to slide on concerns about iPhone demand. Apple Inc's (APPL.O) 3.8 percent fall added to the pressure as the stock that led the market through much of its bull run opened at its lowest level since early May, pushing the tech-heavy Nasdaq to more than 7-month lows. The Nasdaq, S&P 500 and Dow Jones Industrial Average were all down more than 2 percent at one point during morning trade and the S&P traded back into negative territory for the year.
The marquee industrials index is getting the worst of it, down 1.96%. The S&P 500 is off 1.4%, and the Nasdaq Composite is 1.3% lower.
Cash is king, according to Goldman Sachs strategists who predict that 2019 will deliver lackluster, single-digit equity returns, making greenbacks the best game in town.
Treasuries advanced and oil plunged to its lowest price in 12 months. The worst of the stock sell-off eased but all major U.S. averages remained lower by at least 1 percent. The S&P 500 Index briefly slid 10 percent below its record close, the Nasdaq Composite Index erased its gain for the year, and the Dow Jones Industrial Average shed more than 300 points as angst spread across global equity markets.
U.S. stock-index futures on Tuesday were set to extend a pre-Thanksgiving rout that has been fueled mostly by a selloff in shares of technology and internet-related companies.