|Day's Range||2,559.90 - 2,573.99|
|52 Week Range||2,530.54 - 2,940.91|
One of Wall Street’s biggest bulls just got a little more bearish on the stock market.
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Wall Street rose on Tuesday, helped by technology stocks, upbeat earnings reports and a rebound in few bellwether stocks, while investors awaited clues on the Federal Reserve's path for future rate hikes. Amazon.com Inc was the biggest boost to the S&P and the Nasdaq and helped lift consumer discretionary stocks .
The Stoxx Europe 600 Index pared losses by more than half but stayed lower on the day. Treasuries and the Japanese yen advanced amid a lingering mood of caution after Chinese President Xi Jinping offered no fresh commitments to stimulate the world’s second-biggest economy in a keynote speech. Oil extended recent declines, with the benchmark U.S. grade briefly falling below $48 a barrel, as traders fretted about a glut of supply as well as the outlook for growth.
U.S. stock indexes are rebounding Tuesday after a multisession rout took the Nasdaq and the S&P 500 to the lowest levels since the autumn of 2017.
NEW YORK (AP) — U.S. stocks climbed Tuesday morning, putting at least a temporary halt to the steep market losses that circled the globe in prior days. Asian markets sank sharply earlier in the day, but European markets were mixed.
On December 17, US crude oil February futures fell 2.5% and settled at $50.20 per barrel. Investors have a lower appetite towards riskier assets, which could be behind oil’s fall. The Energy Select Sector SPDR ETF (XLE) fell 1.8% on the same day.
The technology index gained 1 percent, giving the biggest boost to the market, driven by gains in Apple Inc. Amazon.com Inc was the biggest boost to the S&P and the Nasdaq and helped lift consumer discretionary stocks. Boeing Co snapped a three-day losing streak with a 3.8 percent gain, making it the biggest boost to the Dow.
Jonathan Golub at Credit Suisse, whose 2019 forecast of 3,350 for the S&P 500 was the highest among all strategists tracked by Bloomberg, just scrapped that target. From economic growth to corporate earnings, little has changed for Golub, the firm’s chief U.S. equity strategist.
U.S. stocks opened higher on Tuesday boosted by technology shares, as investors wait for clues on the Federal Reserve's path for future rate hikes. The Dow Jones Industrial Average rose 176.15 points, ...
President Donald Trump is imploring the Federal Reserve to pause after the Dow has shed more than 1,000 points over the past two sessions.
U.S. stocks opened higher on Tuesday as key equity benchmarks looked to bounce back from a multisession selloff that pushed the Nasdaq and S&P 500 to their lowest levels since the fall of 2017. The S&P 500 was up 0.6% to 2,562. The Dow Jones Industrial Average picked up 206 points, or 0.9%, to 23,798. The Nasdaq Composite rose 0.7% to 6,808. On Monday, the S&P 500 finished at its lowest level since Oct. 2017, the Nasdaq finished at its lowest since Nov. 2017. Equities have struggled to fight back against a tide of fears including the Federal Reserve's hiking cycle and a deterioration in global growth. The Federal Open Market Committee, the central bank's rate-setting body, is slated to begin its final meeting of the year on Tuesday, where it is expected to raise rates by a quarter percentage point. In company news, shares of Oracle Corp. were up 5% in premarket trading after the software firm beat its earnings expectations.
Amazon.com Inc. said Tuesday this year's "Digital Day" will be on Dec. 28, the third annual event providing savings of up to 80% on digital content. The deals will include saving up to 75% on best-selling books for its Kindle e-reader, up to 80% off some best-selling Marvel graphic novels, up to 60% off some digital magazines and savings of up to 65% on movies for Prime members. The digital sales day comes after the e-commerce giant said this year's Cyber Monday was the biggest selling day in its history. The stock was up 1.5% in premarket trade. It has lost 22% over the past three months, while the S&P 500 has shed 12%.
Shares of Intra-Cellular Therapies Inc. plummeted 22% in pre-market trade Tuesday after the company announced it would discontinue its Phase 3 clinical trial of lumateperone for the treatment of agitation in patients with Alzheimer's disease. An interim analysis of the the trial concluded it would likely not meet its primary endpoint. "Effective clinical study design is a challenge, especially for a therapeutic indication for which there are no approved treatments," said Dr. Sharon Mates, the company's chairman and CEO, in a statement. Shares of Intra-Cellular Therapies have fallen 11.1% in the year to date, while the SPDR S&P Biotech ETF , which includes smaller biotech companies, has fallen 11.6%. The S&P 500 has fallen 4.8%.
Steel Dynamics Inc. provided Tuesday fourth-quarter earnings guidance that was below expectations, as profitability was hurt by higher maintenance costs and lower shipments within its flat roll operations. The stock was still inactive in premarket trade. The steel producer said it expects earnings per share of $1.11 to $1.15 for the current quarter, down from $1.28 a year ago and below the $1.69 reported for the sequential third quarter. Excluding non-recurring items, such as planned facility outages, higher-than-anticipated maintenance costs and additional performance-based compensation awarded to non-executive eligible employees, adjusted EPS is expected to be $1.25 to $1.29, below the FactSet consensus of $1.36. For the full-year, the company expects earnings to be "significantly higher" than 2017 results. "Based on strong steel demand fundamentals and customer optimism, the company believes steel consumption and market dynamics will remain strong in 2019 and has confidence in its ability to continue to deliver consistent strong free cash flow," the company said in a statement. The stock has plunged 33% over the past three months and has lost 23% over the past 12 months, while the S&P 500 has lost 12% the past three months and slipped 5.4% over the past year.
DEEP DIVE Even after the recent pain in the stock market, the S&P 500 Index is down only 3% in 2018 (excluding dividends). That’s not so bad when you consider the benchmark index rose 19% in 2017. Still, more than half of the stocks in the index are in bear-market territory, showing how broad the decline has been.
With the Fed widely expected to deliver its fourth rate hike this year at the conclusion of its two-day meeting on Wednesday market moves will be guided by its forward guidance.
Futures on all three major stock indexes were higher following their plunge on Monday. Investors are focusing on the Federal Reserve meeting that ends on Wednesday.
SkyWest Inc. announced Tuesday a deal to sell ExpressJet Airlines Inc. to United Airlines joint venture ManaAir LLC, for $70 million in cash for the majority of the assets and the assumption of debt. As part of the deal, SkyWest has agreed to lease 20 CRJ200 aircraft to ExpressJet for up to five years. The deal also includes protections around existing SkyWest Airlines flying, as well as priority position to add 25 new aircraft with United. The deal is expected to close in early 2019. SkyWest's stock was still inactive in premarket trade. It has tumbled 25% over the past three months, while shares of United Airlines parent United Continental Holdings Inc. have slipped 4.3%, the NYSE Arca Airline Index has lost 14% and the S&P 500 has dropped 12%.
Global stocks extend declines after last night's steep selloff on Wall Street as investors count the economic cost of ongoing trade disputes and keep a close eye on tomorrow's Fed rate decision. Global oil prices slide, sending U.S. crude well below $50 a barrel, as shale production forecasts suggest more supply will hit the market next year as demand slumps in key markets around the word.
The greatest threat to President Donald Trump's re-election bid may not be the slew of investigations closing in on his Oval Office but a possible economic slowdown. The Dow Jones Industrial Average fell again Monday, the latest dip in the roller coaster markets amid the strain of Trump's trade war, rising interest rates and worries about a slowing global economy. Trump, who has tied his political fortunes to the stock market in an unprecedented fashion, has nervously watched Wall Street, keeping an eye on the cable television ticker and barking at his aides for updates.