|Day's Range||3,075.82 - 3,088.33|
|52 Week Range||2,346.58 - 3,097.77|
Stocks pared earlier losses and the Dow pushed into positive territory as Walgreens (WBA) and Boeing (BA) shares jumped. Earlier, equities had retreated from Friday’s record levels as concerns over trade and protests in Hong Kong flared up.
(Bloomberg) -- Stocks in Asia looked set to claw back some of Monday’s losses as investors awaited further developments on a trade deal and kept an eye on the volatile situation in Hong Kong. The dollar fell for the first time in six days.Futures pointed higher in Tokyo and Hong Kong, where shares dropped as much as 3% Monday to lead a slide in regional markets on continued unrest in the city. Australian stocks opened little changed. In the U.S. futures were flat after the S&P 500 Index dropped for the first time in four sessions on below-average volume. Treasuries were closed for the Veterans’ Day holiday. The pound rallied as Prime Minister Boris Johnson’s efforts to leave the European Union got a boost from the Brexit Party.Investors are on the lookout for any headlines that could point to a first-phase trade deal between the U.S. and China after mixed messages from the White House and delayed meetings have heightened concerns that negotiations are stumbling. In Asia, violent clashes in Hong Kong where police shot a protester are keeping investors on edge.“I think markets have been skittish waiting for any concrete information about the trade talks,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “We will need more concrete information about the structure and timing of any kind of final trade arrangement, but in the meantime we are operating on scraps of information.”Elsewhere, emerging market shares fell the most in more than two months. Crude oil edged lower.Here are some key events coming up this week:Earnings include Tencent, Nissan Motor, Japan Post Bank and Mitsubishi UFJ.New Zealand’s policy decision is due Wednesday, with market pricing tilting in favor of an interest-rate cut.Fed Chairman Jerome Powell addresses the Joint Economic Committee of Congress, in Washington Wednesday. Minneapolis Fed President Neel Kashkari speaks in La Crosse, Wisconsin.Thursday brings China retail sales and industrial production data.U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.These are the main moves in markets:StocksNikkei 225 futures rose 0.5%.Australia’s S&P/ASX 200 Index rose less than 0.1%.Hong Kong’s Hang Seng Index futures climbed 0.7%.S&P 500 futures were little changed. The S&P 500 Index fell 0.2%.The MSCI Emerging Market Index fell 1.1%, the most since Aug. 26.CurrenciesThe yen traded at 109.07 per dollar, holding a 0.2% gain. The offshore yuan was at 7.0092 per dollar after falling 0.3%. The euro was at $1.1033. The British pound traded at $1.2855 after jumping 0.6%. BondsAustralia’s 10-year bond yield fell one basis point to 1.28%. CommoditiesWest Texas Intermediate crude was steady at $56.83 a barrel.Gold traded at $1,455.29 an ounce.To contact the reporter on this story: Andreea Papuc in Sydney at firstname.lastname@example.orgTo contact the editors responsible for this story: Christopher Anstey at email@example.com, Cormac Mullen, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Boeing added more than 100 points to the Dow, pushing the Index to a small gain Monday. It was news of more delays that led to the jump because everyone was ready for something worse.
The S&P 500 and Nasdaq closed slightly below the break-even line on Monday, while the Dow Jones Industrial Average was able to eke out a gain on the back of Boeing’s rise. U.S. stocks started the week off lower on concerns over the increasingly violent Hong Kong protests and doubts about the outlook for a U.S.-China trade deal. The Dow Jones Industrial Average gained 10.25 points, or 0.04%, to 27,691.49, while the S&P 500 lost 6.07 points, or 0.20%, to 3087.01 and the Nasdaq Composite dropped 11.04 points, or 0.13%, to 8464.28.
U.S. stock market benchmarks came off intraday lows on Monday after Boeing said its grounded 737 Max fleet could see a return to service early next year
The S&P 500 and Nasdaq stock indexes fell from record highs on Monday as uncertainty about progress in U.S.-China trade talks again rose to the fore following comments by President Donald Trump, while a jump in Boeing shares helped the Dow Jones Industrial Average eke out a slim gain. Investor hopes of a "phase one" trade deal have been a key factor supporting stocks recently, but Trump said on Saturday that the United States would only make a trade deal if it was the "right deal" for America, adding that the talks had moved more slowly than he would have liked.
The dollar slid and global equity markets fell on Monday after U.S. President Donald Trump's remarks over the weekend dashed investor optimism that Washington and Beijing would soon reach a deal to end their debilitating trade war. Moody's warning on Britain's sovereign debt weighed on shares in London, while escalating violence in Hong Kong led Asian equities to their biggest daily decline since August, boosting demand for the safe-haven yen and Swiss franc. Trump said on Saturday that the U.S.-Sino trade talks were moving along "very nicely" but more slowly than he would have liked.
U.S. stocks mostly ended lower Monday as comments from President Donald Trump over the weekend sparked some concern about a partial pact with China and the U.S. on trade. However, gains in Boeing Co. , helped the blue-chip Dow Jones Industrial Average avoid a finish in negative territory, amid reports that the aviation and defense contractor will resume deliveries of its controversial 737 MAX as soon as January. Dow component Boeing contributed more than 112 points to the index, with a dollar gain in any one of the 30 Dow components translating to a 6.8-point swing in the stock-market gauge. The Dow closed less than 0.1% at 27,691. Equity benchmarks had been under pressure on the day as Trump over the weekend said discussions with China and the U.S. were going "very nicely," but cautioned that recent reports about an agreement to roll back tariffs, as a part of a preliminary trade resolution, weren't accurate. The Dow marked its ninth record finish this year. Meanwhile, the S&P 500 index closed 0.2% lower at 27,691, while the Nasdaq Composite Index finished 0.1% lower at 8,464. (All closing levels are on a preliminary).
With nearly 25% of global bonds yields tumbling below zero, a debate rages on how investors should best respond
Gold futures on Monday finish solidly lower to start the week, as appetite for the perceived safety of assets like precious commodities continued to unravel
A common theme on the show when talking about a particular issue is whether or not there is a catalyst present to move an issue up or down. The catalyst for Alibaba (NYSE: BABA) was the results from the Nov. 11 Singles Day event taking place. Although the issue was trading in the red, co-host Dennis Dick revealed how he traded the issue from the long-side that was yielding him a positive return.
The S&P 500 and Nasdaq stock indexes slipped from record highs on Monday as uncertainty about progress in the U.S.-China trade talks again rose to the fore following comments by President Donald Trump, while a jump in Boeing shares helped the Dow Jones Industrial Average eke out a gain. Investor hopes of a "phase one" trade deal have been a key factor supporting stocks recently, but Trump said on Saturday that the United States would only make a trade deal if it was the "right deal" for America, adding that the talks had moved more slowly than he would have liked.
(Bloomberg Opinion) -- It’s been three years now since Donald Trump was elected president, which means it’s been three years of listening to Donald Trump bragging about how great the stock market is doing. Contrary to one now-infamous pre-election prediction, it has done quite well.The Dow Jones Industrial Average, Standard & Poor’s 500 Index and other market indices are of course imperfect economic indicators. They reflect investors’ beliefs about how well publicly traded corporations are doing and will do in the future, not necessarily the reality of how publicly traded corporations are doing — or of how well the rest of us are doing. The indices most cited in the media also mainly reflect the fortunes of the largest corporations; even as the Dow and S&P 500 have been setting new records lately, the small-cap Russell 2000 is down 9% from its peak in August 2018.Still, the advantage of the S&P 500 as a performance indicator is that it is (1) frequently updated, (2) available back to 1926(1) and (3) not subject to measurement error in the way that, say, the unemployment rate or GDP are. Investors might turn out be wrong, but the index itself simply is what it is.So here’s the total return on the S&P 500, adjusted for inflation, for the first three years after the initial election of every president since Herbert Hoover:Some prefer to track stock market performance from Inauguration Day, and CNN has a handy online tracker that already does this for Trump and the last few presidents. Trump argues that one should measure from Election Day, and while he surely does so mainly because it makes him look better, he also happens to be right. Market indices are forward-looking metrics, and were already reflecting investors’ opinions on a Trump presidency on Nov. 9, 2016.Using this approach left the question of how to measure performance under Harry Truman and Lyndon Johnson, who took office after the deaths of their predecessors and were subsequently elected. I decided to go with performance from Election Day, but I think the other approach would be equally valid. As for Gerald Ford, he was neither elected nor served for three years, so there was no place for him in this ranking.Total return measures how much an investment in the companies in the S&P 500 Index would grow if dividends were reinvested in those companies as they were paid out. Dividends were a much bigger part of investor returns before World War II, and even before the 1990s, so any comparison that excludes them overstates market performance under recent presidents. Any comparison that ignores inflation, meanwhile, understates the awfulness of the 1970s stock market and overstates the goodness of the 1980s market.Stock market performance in first three years since Trump’s election, then, ranks fourth among the 14 elected presidents since Herbert Hoover. That’s pretty good! It’s worth noting, though, that there’s not a whole lot separating him from John F. Kennedy, Bill Clinton and George H.W. Bush. A bad week or two, and he could easily fall to eighth place. On the other hand, falling to ninth would take some work, as would catching up to Dwight Eisenhower for third. Put into letter grades, I’d give the market’s performance since Trump’s election a solid B.What really stands out from this list is how great the 1950s were for stock market investors. The three-year return was higher for Franklin Roosevelt than for Eisenhower and Harry Truman, but prices had just fallen 80% in the four years before he was elected, and they began falling again in 1937. The 1950s bull market, the great market chronicler John Brooks wrote in 1958, “was by practically any statistical standard the greatest boom on record.” If you go by total return and adjust for inflation, perhaps it still is.(1) That's when Standard Statistics started the daily market index that was the precursor to the S&P 500. Yale economist Robert Shiller has constructed a monthly S&P 500 Index going back to 1871, and it is thus possible to construct rough estimates of total return going back to the Rutherford Hayes presidency, but it would take a lot more work on what is a borderline-silly exercise already, so …To contact the author of this story: Justin Fox at firstname.lastname@example.orgTo contact the editor responsible for this story: Sarah Green Carmichael at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Justin Fox is a Bloomberg Opinion columnist covering business. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- U.S. stocks fell amid concern that the U.S. and China are struggling to get an initial trade deal done. The dollar declined.The S&P 500 headed for its first fall in four sessions in trading more than 20% below its average of the last 100 days. President Donald Trump’s tariff comments over the weekend sparked the decline after trade optimism sent stocks to multiple records last week.In company news, Qualcomm Inc. slid after a downgrade, while Walgreens Boots Alliance Inc. surged following a Bloomberg News report that said KKR & Co. formally approached the company about a deal to take it private. Boeing Co. jumped after saying it may resume 737 Max deliveries next month, which helped push the Dow Jones Industrial Average higher.The greenback fell for the first time in six days. The pound rallied as Prime Minister Boris Johnson’s efforts to leave the European Union got a boost from the Brexit Party. The Treasury market is closed for the Veterans Day holiday.“I think markets have been skittish waiting for any concrete information about the trade talks,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors. “We will need more concrete information about the structure and timing of any kind of final trade arrangement, but in the meantime we are operating on scraps of information."Investors are on watch for any headlines that could point to a first-phase trade deal between the U.S. and China after mixed messages from the White House and delayed meetings have heightened concerns that negotiations are stumbling. At the same time, data showed Chinese factory-gate prices dropping for a fourth month, increasing worries about the effect of the trade war on the world’s second-biggest economy.Elsewhere, emerging market shares fell the most in more than two months as stocks tumbled in Hong Kong amid violent clashes after a protester was shot by police. Crude oil edged lower.Here are some key events coming up this week:Earnings include Tencent, Nissan Motor, Japan Post Bank and Mitsubishi UFJ.New Zealand’s policy decision is due Wednesday, with market pricing tilting in favor of an interest-rate cut.Fed Chairman Jerome Powell addresses the Joint Economic Committee of Congress, in Washington Wednesday. Minneapolis Fed President Neel Kashkari speaks in La Crosse, Wisconsin.Thursday brings China retail sales and industrial production data.U.S. retail sales on Friday are forecast to rebound in October after unexpectedly falling the prior month.These are the main moves in markets:StocksThe S&P 500 Index fell 0.2% as of 2:24 p.m. New York time.The Stoxx Europe 600 Index was little changed.The MSCI Emerging Market Index fell 1.1%, the most since Aug. 26.CurrenciesThe Bloomberg Dollar Spot Index declined 0.1%.The euro advanced 0.2% to $1.1038.The British pound jumped 0.6% to $1.2853.The Japanese yen increased 0.2% to 109.02 per dollar.BondsGermany’s 10-year yield was little changed at -0.26%.Britain’s 10-year yield was steady at 0.789%.Japan’s 10-year yield declined one basis point to -0.063%.CommoditiesWest Texas Intermediate crude fell 0.2% at $57.10 a barrel.Gold fell 0.2% to $1,456.79 an ounce.\--With assistance from Yakob Peterseil.To contact the reporters on this story: Randall Jensen in New York at firstname.lastname@example.org;Claire Ballentine in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Robert BrandFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Gold futures settled firmly lower Monday, driving the yellow metal to the weakest level level in about three months. December gold concluded the session off $5.80, or 0.4%, at $1,457.10, marking the lowest finish for the most-active contract since early August, according to Dow Jones Market Data. A recent resurgence in equity markets, notably the Dow Jones Industrial Average and the S&P 500 index , have sapped demand for gold and assets perceived as havens, including Treasurys. Indeed, rising yields, which move inversely to prices, with the 10-year Treasury note at 1.94%, can compete against gold, which doesn't offer a coupon.
While the Dow Jones Industrial Average peeks into positive territory, market internals continue to point a bearish picture of the Monday's activity. The number of declining stocks is outnumbering advancers 1,579 to 1,208 on the NYSE and 1,653 to 1,175 on the Nasdaq, while the volume of stocks losing ground represents 58.8% of total volume on the Big Board and 48.8% of total volume on the Nasdaq. The Dow was up 15 points, despite 20 of 30 components losing ground, while the S&P 500 was down 0.2% and the Nasdaq Composite slipped 0.1%. The Dow would actually be down nearly triple digits if it wasn't for Boeing Co.'s stock , which rallied 4.2% after reports that the company expects to resume 737 MAX deliveries in December. The stock's price gain of $14.76 was adding TK points to the Dow's price.
The S&P 500 and Nasdaq indexes fell on Monday, as prospects of a quick resolution to the U.S.-China trade war dimmed following comments from President Donald Trump, while escalating violence in Hong Kong added to the downbeat sentiment.
L Brands Inc. was downgraded to hold from buy at Deutsche Bank with analysts citing high promotional levels at Victoria's Secret and an increased number of promotions at beauty retailer Bath & Body Works. Analysts also think the turnaround at Victoria's Secret will be slower through the end of 2019 and into 2020. Deutsche Bank took a closer look at promotions across retail noting that analysts saw fewer discounts year-over-year at Target Corp. , which is scheduled to report third-quarter earnings Nov. 20. However, Deutsche Bank is "incrementally negative" on Nordstrom Inc. and Express Inc. , which had increased promotions, raising concerns about margin pressure and inventory levels during the holiday shopping season. L Brands stock is down 52% over the last 12 months while the S&P 500 index is up 11% for the period.
Stock markets initially pulled back to start off the week, as traders are dealing with the fact that Donald Trump suggests he has not made up his mind about rolling back tariffs against the Chinese.
The reason is tepid earnings results throughout 2019, according to analysts at DataTrek in a Monday note. “2019’s no-growth earnings will make for easy [comparables] in 2020 if the U.S.-China trade war abates,” DataTrek co-founder Nicholas Colas wrote. Colas said the final three months of 2019 should benefit from comparisons with last year, but Wall Street strategists now expect a 1.1% decline in earnings for the quarter.
China cast a shadow over trading on Wall Street Monday. Stocks fell after President Donald Trump said he'd only make a trade deal if it was right for America. The S&P 500 snapped a 3-day winning streak, but a jump in Boeing shares helped the Dow eke out a gain for another record close. Pence Wealth Management chief investment officer Dryden Pence: SOUNDBITE: PENCE WEALTH MANAGEMENT CHIEF INVESTMENT OFFICER DRYDEN PENCE (ENGLISH) SAYING: "Every time we get around these top these new highs, you get some increased volatility. And so I think we're going to see for the next several weeks these moments where the markets open lower or headlines will create some downward volatility and then fundamentals will push it back up." Chip makers like Micron Technology and Texas Instruments, which get a big chunk of their sales from China, dragged down tech stocks. Qualcomm weighed on the S&P 500 and Nasdaq after Morgan Stanley downgraded the chipmaker's shares to "equal-weight" from "overweight." Among the day's biggest gainers on the S&P 500: Boeing and Walgreens Boots Alliance. The planemaker said it expects to resume commercial service for its grounded 737 MAX jets in January. Walgreens got a lift after Bloomberg reported KKR has approached the drug store chain operator about a deal in what could be one of the largest leveraged buyouts.