|Day's Range||2,593.84 - 2,635.07|
|52 Week Range||2,532.69 - 2,940.91|
Stocks tumbling here as a volatile week comes to a close. Plus - J & J shares getting hit on a damning report on asbestos in baby powder - we have the very latest. And - a big Apple analyst slashes his iPhone sales estimate - we break it down in the Analyst Rumble. Plus - markets here, and abroad are crumbling. JPMorgan's Gabriela Santos on where investors can go to hide.
The stock market has been predictably unpredictable in 2018. While those words pretty much apply to every year, of course, this one — with a steady diet of explosive moves both north and south — has been particularly difficult to handicap.
DEEP DIVE Brutal price action continued for U.S. stock investors Friday, with all three major indices ending with big declines. Johnson & Johnson (JNJ) led the largest companies lower, with the shares dropping 10%, after Reuters reported that the company knew for decades that its baby powder was contaminated with asbestos.
A brutal week leaves stocks with the worst start to a December in 38 years. Here’s why the Federal Reserve might not ride to its rescue.
Mounting investor concerns about the outlook for economic growth and borrowing costs have pushed US financial stocks into a bear market. The S&P 500 financial sector index finished 1 per cent lower on Friday to leave it down 20.1 per cent from its late January peak — crossing the 20 per cent threshold that typically defines the start of a bear market. The US central bank is expected to raise interest rates for a fourth time this year on December 19.
Investors are eager for a touch of Christmas cheer from the U.S. Federal Reserve next week, hoping for signs the central bank may ease up on interest rate hikes next year and spark a Santa Claus rally. U.S. stocks are having their worst December performance in 16 years with the S&P 500 (.SPX) notching a 5 percent drop so far this month. The Fed's ongoing reversal of easy-money policy is a major overhang, and it is expected to raise rates more at the end of its two-day meeting on Wednesday.
Former Federal Reserve Chairman Alan Greenspan said that the U.S. economy is poised to slow down very soon. Former Fed Chair Janet Yellen expressed concerns over the high levels of corporate debt, saying that the issue is similar to what triggered the financial crisis.
The selling began in Asia early Friday after China reported industrial production and retail sales growth numbers for November which failed to meet expectations. The data served as the latest signs of a weakening economy in China. Furthermore, it exposed the risks that China is facing as it continues to battle the United States in their ongoing trade war. Economic conditions also worsened in the Euro Zone. The IHS Markit Flash Euro Zone PMI Index fell to 51.7 in December, its lowest level in four years.
After a gloomy 2018, Wall Street strategists are upbeat about the market’s prospects next year, given a growing economy, low interest rates, and a possible truce on trade.
As a result, CFRA’s investment policy committee adjusted its sector recommendations to embrace a more defensive posture by upgrading consumer staples and real estate, while downgrading communication services and financials. Dec. 12: The total consumer price index, or CPI, was unchanged in November, while the core CPI was up by 0.2%, in each case matching what we and the consensus expected. On a Y/Y basis, both the total CPI and the core CPI are up 2.2% as of November.
Shares in a handful of U.S. companies have rallied following recent announcements of increased share repurchases, a welcome development for investors bruised by market volatility. Facebook Inc., Mastercard Inc., Lowe’s Cos., AbbVie Inc., United Rentals Inc. and Pioneer Natural Resources Co. are among the companies that have unveiled bigger or resumed share buybacks this month as the S&P 500 heads toward its worst quarter since 2011. Buybacks make corporate profits appear stronger by lowering the number of shares outstanding, buoying per-share earnings even without overall profit growth.
Investing.com – The Dow closed lower for the second-straight week on Friday, as fears over slowing global growth triggered a steep selloff across stocks on Wall Street.
As trade talks with China and the possible tightening of Brexit continue to sway the markets, one analyst says investors “have to be long term in focus.” Yahoo Finance’s Alexis Christoforous speaks to President and Chief Investment Officer Tom Stringfellow of Frost Investment Advisors.