|Day's Range||7,937.12 - 8,048.58|
|52 Week Range||6,190.17 - 8,339.64|
Yahoo Finance's Myles Udland with a lookahead at what will be making headlines on Friday, August 23rd.
Yahoo Finance Editor-in-Chief Andy Serwer sits down with founder and chairman of Related Companies, Stephen Ross.
Stock futures: Fed chief Jerome Powell gives a key speech for the stock market Friday. Salesforce earnings as well as VMware deals to buy Pivotal and Carbon Black lifted software late.
Salesforce.com Inc. shares rally in the extended session Thursday after the customer-relationship management software company’s quarterly results and outlook top Wall Street estimates.
A rise in Boeing Co. stock helped to support the Dow index Thursday, but the broader market slipped after a survey showing the U.S. manufacturing sector contracting for the first time in a decade, and as a recessionary signal in the bond market flashed red.
The benchmark S&P 500 ended little changed on Thursday as a fall in U.S. jobless claims offset data showing a contraction in U.S. manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy. Data from the U.S. Labor Department showed initial claims for state unemployment benefits dropped more than expected last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.
An index of stock markets worldwide crept lower on Thursday on uncertainty over the outlook for U.S. interest rate cuts and weak U.S. manufacturing data that raised concerns about the health of the world's largest economy. U.S. manufacturing industries in July recorded their first month of contraction in almost a decade amid concerns about whether the U.S.-China trade conflict would tip the economy into a recession, a private survey showed. "Manufacturing has been pretty weak across the globe for a while now and we are starting to see that bleed into the U.S.," said Joe Mallen, chief investment officer at Helios Quantitative Research.
U.S. stocks struggled for direction on Thursday as Boeing's rally pulled the Dow back into positive territory. Investors stayed focused on the Federal Reserve's annual symposium in Jackson Hole, Wyo., where investors are hoping Fed Chairman Jerome Powell on Friday will confirm expectations for a September rate cut. The S&P 500 was down less than 0.1% to finish near 2,923. The Dow Jones Industrial Average advanced 51 points, or 0.2%, to end around 26,254, based on preliminary numbers The Nasdaq Composite fell 0.4% to close near 7,991. Shares for Boeing climbed after an analyst said Federal Aviation Administration certification for its grounded 737 MAX plane could be a few weeks away. At the same time, investors were rattled after the IHS Markit purchasing manager's index for the U.S. manufacturing sector signaled a mild contraction in activity. Adding to the jitters, Kansas City Fed President Esther George and Philadelphia Fed President Patrick Harker both said there wasn't a strong case for further easing of monetary policy.
The benchmark S&P 500 struggled for direction on Thursday as strong results from Nordstrom Inc and a fall in U.S. jobless claims offset data showing a contraction in U.S. manufacturing activity. Stocks initially rose at the market open as shares of Nordstrom jumped after the department store's quarterly profit beat estimates, joining Target Corp and Lowe's Cos Inc in delivering upbeat retail numbers.
Bank of America Corp.’s CEO Brian Moynihan says he doesn’t see a recession in the offing because the U.S. consumer remains healthy.
Boeing had its biggest up day in months, boosting the Dow Jones Industrial Average to a minor gain. But some techs got throttled. Keysight Technologies broke out.
The benchmark S&P 500 and the Nasdaq fell on Thursday after weak U.S. manufacturing data raised concerns about the health of the economy, with comments from Fed officials dampening hopes of future interest rate cuts. A private survey showed U.S. manufacturing activity in August contracted for the first time in almost a decade, signs that factories are suffering from a global slowdown amid an escalating U.S.-China trade war.
The stakes for Fed chief Jerome Powell's Jackson Hole speech just got higher as another centrist policymaker turned hawkish, sending the stock market lower.
Gold has been on a tear lately, despite a recent pause in gains, and the precious commodity could be poised to extend its rally above $1,500 an ounce, on the back of ballooning global debt and monetary policy that has resulted in trillions in negative-yielding securities.
The three main U.S. stock indexes were mixed after data showed American manufacturing contracted in August, and the yield curve inverted for the third time this week.
U.S. stocks turned lower on Thursday as the first contraction in the manufacturing sector in nearly a decade and uncertainty about future interest rate cuts overshadowed an initial boost from upbeat retail earnings. Adding to the downbeat mood, Philadelphia Federal Reserve Bank President Patrick Harker said he does not see the case for additional stimulus, while Kansas City Federal Reserve Bank President Esther George said she does not yet see a signal of a downturn in the U.S. economy. Despite the stock market stabilizing from a rough first half of August, investors are wary about how far policymakers are willing to cut rates and Powell's remarks may prove crucial to short-term sentiment.
The Nasdaq Composite's sharp swing lower Thursday came as it rose just shy of the widely followed 50-day moving average (DMA), which many chart watchers use as a guide to the short-term trend. The Nasdaq was up as much as 0.4% at an intraday high of 8,048.58 within 15 minutes after the open, while the 50-DMA line extended to 8,051.62 according to FactSet, but the index was last down 1.0%. The last time the Nasdaq was above the 50-DMA intraday was Aug. 13, but it pulled back to close below the line. The last close above it was Aug. 8. In comparison, the S&P 500's intraday high 2,939.08 was below the 50-DMA of 2,947.51 and the Dow Jones Industrial Average's high of 26,388.78 was well below the 50-DMA of 26,615.13. The S&P 500 was last down 0.5% and the Dow was down 66 points, or 0.3%. Meanwhile, all three indexes remain above their respective 200-day moving averages (DMA), which is viewed as a dividing line between longer-term uptrends and downtrends. The Nasdaq's 200-DMA extends to 7,590.06, while the S&P 500's extends to 2,801.93 and the Dow's is now at 25,615.83.
U.S. stocks stumbled to session lows late-morning Thursday, relinquishing earlier gains on the day amid a pair of central bank speakers at a closely watched symposium in Jackson Hole, Wyo., and weak manufacturing data. The Dow Jones Industrial Average was 85 points, or 0.3%, lower at 26,120, after the blue-chip index had gained by as many as 187 points at the session peak. The S&P 500 index declined 0.6% at 2,907 and the Nasdaq Composite Index retreated 0.9%, suffering the most severe reversal of the major indexes, to reach 7,948. A fresh inversion of the so-called yield curve, where the spread between the 2-year Treasury note rise above the 10-year Treasury note , a condition that has preceded the past seven economic recessions, also rattled investor sentiment. Kansas City Fed President Esther George indicated Thursday in an interview on CNBC that she would not support further interest-rate cuts and Philadelphia Fed President Patrick Harker said he reluctantly supported the July rate cut but now wants to keep rates steady. On the economic front, IHS Markit’s most recent purchasing manager's index reading for the U.S. manufacturing services sectors, released Thursday, showed manufacturing slipping into contraction territory with a reading of 49.9 in August, from 50.4 in July and the services sector slowing to 50.9 in August from 53.0 in July, a 3-month low.
Société Générale’s Albert Edwards sees yields for the bond markets in Europe and the U.S. headed lower, despite much of eurozone debt carrying yields below 0% already and U.S. Treasury yields hanging near three-year lows.