|Day's Range||2,785.34 - 2,809.79|
|52 Week Range||2,346.58 - 2,940.91|
U.S. stocks were mixed during a choppy morning of trading as investors continued to digest global growth concerns and the results of Special Counsel Robert Mueller’s long-anticipated report, which found no proof of coordination between the Trump campaign and Russia during the 2016 presidential elections.
Philadelphia Fed President Patrick Harker still sees one rate hike in 2019 "at most," despite seeing potential risks tilted "very slightly to the downside."
If gamblers have it right, President Donald Trump won’t be calling in the moving vans early now that Special Counsel Robert Mueller’s probe into possible coordination between his campaign and Russia ahead of the 2016 election is complete.
Major stock indexes rallied off lows Monday. Marijuana stocks were in rally mode ahead of earnings from Cronos Group Tuesday before the open.
U.S. stocks edged higher on Monday, pulling back from their session lows, as shares of industrial and consumer discretionary companies rose, but gains were kept in check by worries of a global slowdown. Weak factory data from the United States, Europe and Japan on Friday triggered a sell-off in U.S. equities and also led to the inversion of U.S. Treasury yield curve for the first time since 2007. Yields on U.S. 10-year treasury yields rose slightly on Monday after data showed German business morale improved unexpectedly in March, but spreads between U.S. three-month and 10-year Treasury yields modestly inverted as the session progressed.
Although worries about global growth remain, a brutal selloff at the end of last week may have some investors looking for bargains.
Retailers led U.S. stocks broadly higher Monday as the market bounced back from an early stumble. Norfolk Southern picked up 2 percent, Regions Financial added 1.6 percent and chipmaker Nvidia dropped 2.2 percent. A sharp decline in bond yields last week also drove the selling.
Stock repurchases during the fourth quarter set a fourth-consecutive quarterly record for S&P 500 companies, according to S&P Dow Jones Indices, the longest such streak in the 20 years that records have been tracked. Fourth-quarter buybacks totaled $223.0 billion, up 62.8% from $137.0 billion in the same period a year ago, and 9.4% more than the previous record of $203.8 billion in the third quarter. For the year, repurchases set an annual record of $806.4 billion, up 55.3% from 2017. Total shareholder returns, including dividends, rose 34.5% to $1.26 trillion. "Companies continued to spend more of their tax savings on these share repurchases as they boosted earnings through significantly reduced share counts," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. "Adding to the share reduction, and therefore the EPS impact, was Q4's stock price decline, which permitted companies to buy even more shares for their dollars and reduce share count more efficiently." The S&P 500 has tumbled 14.0% during the fourth quarter, the biggest quarterly decline since it shed 14.3% during the third quarter of 2011.
Never mind the alarm bell sounded by one of Wall Street’s most accurate recession indicators, Scott Minerd of Guggenheim Partners says the Federal Reserve will revert to its old hawkish ways before the end of 2019.
U.S.-listed stocks returned more than $1.2 trillion to investors last year, according to data published Monday by S&P Dow Jones Indices, with companies buying back a record $806.4 billion in shares thanks in part to a corporate tax windfall and a sharp market pullback in the final three months of the year. Total S&P 500 shareholder returns hit a record $1.263 trillion, S&P Dow Jones Indices said, up nearly 35% from the 2017 tally. Dividend payments over the fourth quarter rose to a record $119.8 billion, the group said, up 3.5% from the three months ending in October.
Apple stock often rises during the trading day after the company makes a significant product or service announcement, according to new research.
The Ifo Institute's March business climate index unexpectedly rose, soothing nerves after the country's dismal manufacturing data on Friday helped spark a global selloff that hammered stock markets and pushed key benchmark bond yields below zero. Crucially, an inversion in the U.S. bond yield curve on Friday had stoked fears that the world's largest economy was headed for recession. The Ifo report cushioned some of the falls for European stocks with indexes in Frankfurt and Paris easing 0.2 percent.
MSCI's gauge of stocks across the globe shed 0.66 percent, as Wall Street's main indexes opened lower. Following a steep sell-off in stocks on Friday, investors were still digesting weak U.S. factory data last week that prompted an inversion of the U.S. Treasury yield curve, which is widely seen as an indicator of an economic recession. “Investors are just a little worried about the rest of the year as far as growth," said Chris Gaffney, president of world markets at TIAA Bank.
While the Dow Jones Industrial Average and S&P 500 have swung into positive territory in choppy morning trade, broader-market breadth data indicates most stocks are losing ground. The number of declining stocks outnumbered advancers 1,444 to 1,267 on the NYSE and by 1,630 to 1,051 on the Nasdaq exchange. Meanwhile, the Dow rose 16 points, with 18 of 30 components trading higher. Meanwhile, the S&P 500 was little changed and the Nasdaq Composite shed 0.2%.
Allergan stock was trading down as shareholders digested its 2019 proxy statement, in which the company butted heads with activist investor Appaloosa.
Shares of Proteostasis Therapeutics Inc. plunged 58% on heavy volume in morning trade Monday, enough to pace all decliners trading on major U.S. exchanges, after biopharmaceutical company announced results from a phase 1 study of its cystic fibrosis (CF) treatment. Trading volume ballooned to 7.6 million shares, compared with the full-day average of 1.2 million shares. The company said the increase in ppFEV1 at day 14 of a statistically significant 5 percentage points versus baseline was observed in the 600 milligram PTI-801 cohort. Analyst Geoffrey Porges at SVB Leerink said the results CF did not meet the efficacy of Vertex Pharmaceuticals Inc.'s medicines, as that 5% was below the 13%-14% hurdle established by Vertex. Porges believes the results of Proteostasis' trial removes the final "long-shot competitor" to Vertex's CF portfolio. Vertex shares gained 1.0% in morning trade. Proteostasis's stock has lost 66.3% over the past 12 months, while Vertex shares have rallied 13.8% and the S&P 500 has gained 7.8%.
Wall Street's main indexes fell on Monday, dragged down by declines in high-growth technology shares, as fears of a global slowdown roiled the market for the second straight session. Yields on U.S. 10-year treasury yields modestly rose on Monday after data showed German business morale improved unexpectedly in March, but spreads between U.S. three-month and 10-year Treasury yields moved closer again to inversion. "Markets are not overcoming concerns of the global economic climate and the fact that the 3-month treasury yields rose above that of the 10-year notes, creating an inversion," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
Every index chart saw some form of technical weakening while the data is sending a mix of neutral and positive readings. All of the major equity indices closed lower Friday with broadly negative internals on heavy trading volume. The result was every index chart we follow suffered some form of technical damage.
The stock market was squarely lower early Monday, extending Friday's heavy losses in morning trade. Apple stock sold off about 2%.
Shares of WW, formerly known as Weight Watchers International Inc. , shed 1.8% toward a fresh 2-year low in morning trade Monday, after Oppenheimer analyst Brian Nagel said that while they not track a "very reasonable" valuation, they are "apt to trade sideways" until there is evidence that subscriber growth is emerging. After a meeting with management on Friday, Nagel said the company now understands that the shortfall in subscriber growth in early 2019 is likely the result of not adequately communication the message about the shift to more of a wellness company than a weight loss company. He said the company is set to launch a new marketing campaign to correct the missteps of its messaging. And while the company is prudently watching expenses, it is not planning significant cost-cutting moves. The stock has plunged 52.6% over the past three months, while the S&P 500 has climbed 18.5%.
Warren Buffett, Berkshire Hathaway Chairman and CEO sits down with Editor-in-Chief Andy Serwer in a Yahoo Finance Exclusive, discussing his perspective on the long-term investment of Apple stock, comparing the stock to a 'farm.'