|Day's Range||2,840.66 - 2,846.56|
|52 Week Range||2,346.58 - 2,940.91|
U.S. stocks opened higher to kick off the week.
Former top economic advisor to President Obama dies over the weekend. Yahoo Finance's Adam Shapiro has the details.
Ringing today's opening bells are the U.S. Department of Agriculture with Agriculture Secretary Sonny Perdue at the NYSE and Henry Schein Financial Services with Chairman and CEO Stanley Bergman, EVP and CFO Steven Paladino, and Henry Schein Financial Services Vice President and General Manager Keith Drayer at the Nasdaq.
MoviePass, which is owned by Helios & Matheson Analytics Inc. , said Tuesday it was launching a new "uncapped" subscription plan for $9.95 a month for a 12-month subscription, for a limited time. The monthly plan for MoviePass Uncapped is $14.95, for a limited time. The standard price will rise to $19.95 a month when the limited-time offers expire. MoviePass Uncapped includes no cap on the number of 2D movies in MoviePass's theater network, which has more than 30,000 screens in the U.S., a "large" selection of blockbusters and independent films and the ability to reserve tickets three hours before showtime. "We are - and have been - listening to our subscribers every day, and we understand that an uncapped subscription plan at the $9.95 price point is the most appealing option to our subscribers," said Helios & Matheson Chief Executive Ted Farnsworth. "While we've had to modify our service a number of times in order to continue delivering a movie-going experience to our subscribers, with this new offering we are doing everything we can to bring people a version of the service that originally won their hearts." H&M shares gained 1.1% in morning trade. They have lost virtually all their value over the past 12 months, while the Russell 2000 has slipped 0.5% and the S&P 500 has gained 4.8%.
The stock market was broadly higher Tuesday. Hot IPO stock StoneCo surged to a new high, while Chinese IPO Tencent Music will report late Tuesday.
U.S. equities jumped out of the gate as investors awaited central bank decisions due later this week, including word from a recently more-dovish Federal Reserve. The Dow Jones and Nasdaq 100 gauges followed suit, while European shares gained after Asian stocks drifted. The Fed’s shift in recent months has helped reignite a global equity rally on bets that policy makers will act to support growth.
A flurry of downbeat economic data this month has supported market expectations that the Fed may reinforce a halt to further interest rates hikes. Investors will also be watching out for the "dot plot," a diagram showing individual policymakers' rate views for the next three years, along with details on the Fed's plans to reduce holdings in bonds. "There is optimism that the Fed is going to keep rates on hold, the economy is chugging along and we don't see any inflation," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
WASHINGTON (MarketWatch) - U.S. factory orders rose a scant 0.1% in January, another sign pointing to slower economic growth in the first quarter. Economists polled by MarketWatch had forecast a 0.4% increase. Orders for durable goods, or products meant to least at least three years, rose 0.3%. But orders for cheaper products not meant to last a long time, known as nondurable goods, sank 0.5% in January. The 0.1% increase in factory orders in December, meanwhile, was left unchanged.
Shares of Chesapeake Energy Corp. jumped 4.5% toward a 4-month high in active morning trade Tuesday, after an upbeat call by Raymond James analyst James Freeman and a rally in crude oil futures toward a 4-month high. Freeman affirmed his outperform rating while boosting his stock price target to $4.50, which is 43% above Monday's closing price, from $4.00. "While we believe that [Chesapeake] will modestly outspend cash flow in 2019, we believe that the company has a good chance of being roughly cash flow neutrality in 2020, a very positive step as the firm looks to continue paring down debt," Freeman wrote in a note to clients. Separately, crude futures rose 0.3%, putting them on track for the highest close since Nov. 12. Chesapeake's stock has soared 57% year to date, while continuous crude futures have run up 31% and the S&P 500 has climbed 13%.
The latest on developments in financial markets (all times local): ___ 9:35 a.m. Stocks are opening broadly higher on Wall Street as the market extends its winning streak. If the gains early Tuesday hold, ...
StoneCo and Tilray surged on earnings news Tuesday, helping lift stock futures and position the Dow Jones industrials to retake 26,000.
Stocks rise Tuesday morning as bulls attempt to push the Dow Jones Industrial Average to a five-day winning streak ahead of a Federal Reserve meeting.
U.S. stocks on Tuesday opened solidly higher ahead of a policy update by the Federal Reserve set to be released Wednesday afternoon. Investors appeared to shake off news reports that President Donald Trump and Chinese leader Xi Jinping to formally end a U.S.-China trade dispute is unlikely to occur until June. A report from Bloomberg News last week placed April as a tentative time for that gathering, delayed from sometime this month. The Dow Jones Industrial Average was up solidly, gaining 113 points, or 0.4%, to 26,029, on pace for its fifth gain in a row, which would match the blue-chip index's longest string of gains since the period ended Jan. 10, according to FactSet data. The S&P 500 index rose 0.4% at 2,844, while the Nasdaq Composite Index climbed 0.5% to 7,756. A meeting of the rate-setting Federal Open Market Committee is set to commence later Tuesday morning, with an update to policy set to be released at 2 p.m. Eastern Time. In corporate news, shares of Nvidia Corp. were in focus Tuesday after the company announced Monday evening that Amazon.com Inc. would now be using its T4 data-center chips.
Carbon Black Inc. said Tuesday it named Steve Webber as its chief financial officer, joining from BackOffice Associates. Carbon Black, the cybersecurity company, which went public in May 2018, previous CFO was Mark Sullivan, who is resigned and retired as of March 11 after being in the role since October 2015. The stock was indicated down nearly 2% in premarket trade. It has gained 7.8% year to date through Monday, while the Renaissance IPO ETF has run up 31.6% and the S&P 500 has climbed 13.0%.
Shares of AbbVie Inc. fell 0.8% in premarket trade Tuesday after the Food and Drug Administration placed a partial hold on all the company's clinical trials of venetoclax as a potential treatment for multiple myeloma. The hold came after a review of Phase 3 data showed a higher proportion of deaths in the treatment arm than in the control arm. "As a result of this action, no new patients should be enrolled in any studies of venetoclax for multiple myeloma until a further analysis of the data is completed. Patients who are currently enrolled in studies and receiving benefit from the therapy may continue with treatment, after consultation with their physician," the company said in a statement. The FDA's hold will not impact any of the already-approved indications for venetoclax, such as chronic lymphocytic leukemia or acute myeloid leukemia, AbbVie said. Shares of AbbVie have fallen 12.5% in the year to date, while the S&P 500 has gained 13%.
STOCKSTOWATCHTODAY BLOG Looking Up. Stocks were rising early Tuesday, with futures on the Dow Jones Industrial Average and Nasdaq Composite 0.4% higher, while the S&P 500 was up 0.3% ahead of the open.
The Dow Jones Industrial Average chart is set on Tuesday to produce a bullish "golden cross" pattern, exactly three months after a bearish "death cross" appeared. A golden cross is when the 50-day moving average (DMA), a shorter-term trend tracker, crosses above the 200-DMA, a longer-term trend divider. Many technicians believe the cross marks the spot where a shorter-term bounce turns into a longer-term uptrend. Dow futures are up about 102 points before the open. The 50-DMA is on track to open at $25,177.96 and the 200-DMA at 25,165.81, according to FactSet. The bullish cross comes 60 sessions after a bearish death cross appeared on Dec. 19. The last golden cross appeared on April 19, 2016, which was 66 sessions after a death cross appeared. After that last golden cross, the Dow rallied 29% before the next death cross appeared. Meanwhile, the S&P 500 and Nasdaq Composite are both about two weeks away from producing golden cross patterns.
Global stock markets recovered their poise Tuesday after a lackluster session in Asia as investors digested the latest bout of Brexit uncertainty and prepared for a key U.S. Federal Reserve meeting. With just ten days to go until Brexit, the country has yet to agree on how it will leave and Prime Minister Theresa May is expected later this week to seek an extension to the departure date from March 29. "Depending on your point of view, either the U.K. is locked in some kind of limbo tied to the EU, which is the 'Remainers' preferred scenario, or as an unintended consequence the U.K. leaves the EU without a deal quite soon, the Brexiteers preferred scenario, something which is not being priced in by financial markets at the moment," said Neil MacKinnon, economist at VTB Capital.
Industrials are coming off their worst annual performance since the financial crisis, falling 15 percent in 2018. Concerns over U.S.-China trade negotiations as well as fear of an economic slowdown kept the group under pressure last year. S&P 500 earnings are de-accelerating, so if you can get stocks that have above-average growth to the S&P, then that's really attractive," says one money manager.
Real estate and investment management firm Jones Lang LaSalle Inc. said Tuesday it has agreed to acquire HFF Inc. in a cash-and-stock deal with an equity value of about $2 billion. JLL will pay $24.63 in cash and 0.1505 JLL shares for each HFF share owned, equal to a total consideration of $49.16 per HFF share, or a 22% premium over the volume weighted average price of HFF over 60 trading days. On close, JLL shareholders will own about 87% of the combined company. HFF is a commercial real-estate capital markets intermediary, closing more than $800 billion in more than 27,000 transactions since 1998. "Increasing the scale of our Capital Markets business is one of the key priorities in our Beyond strategic vision to drive long-term sustainable and profitable growth," JLL Chief Executive Christian Ulbrich said in a statement. The deal is expected to close in the third quarter. HFF shares soared 7% premarket after resuming trade following a halt. JLL shares were not active.