|Day's Range||7,424.74 - 7,520.54|
|52 Week Range||6,517.93 - 8,133.30|
Stocks (^DJI, ^GSPC, ^IXIC) drop as China support fades, earnings disappoint. The technology (XLK) sector the most in the green, and the energy (XLE) sector the most in the red. Jared Blikre joins us live from the floor of the New York Stock Exchange to talk markets. To discuss the other big stories of the day, Yahoo Finance’s Seana Smith and Adam Shapiro are joined by Andy Serwer, Rick Newman, Brian Sozzi, Myles Udland, Heidi Chung, Dan Howley and Dan Roberts. ...
The energy sector fell 1.59 percent, the most among the 11 S&P sectors, after crude oil prices slipped below $80 a barrel as Saudi Arabia pledged to raise its crude production to a record. Also weighing on energy stocks was oilfield services provider Halliburton, which gave up earlier gains to drop 2.7 percent after forecasting a drop in current-quarter profit. Earlier, U.S. stock index futures were higher, tracking gains for global equities on hopes of economic stimulus in China and an easing of tensions over Italy's debt.
Equinix’s (EQIX) revenue rose at a four-year CAGR (compound annual growth rate) of 19% to $4.4 billion in 2017. Its net income rose at a four-year CAGR of 25% to $233 million. Its revenue rose 23% to $2.5 billion in the first half of 2018.
Stocks drift lower, giving up early gains attributed to a continued recovery in China’s markets. Investors are gearing up for a heavy week of earnings.
U.S. stocks opened higher Monday, buoyed as global equities took a cue from a continued rebound by Chinese shares from multi-year lows. The S&P 500 was up 0.3% at 2,775, while the Dow Jones Industrial Average advanced 40 points, or 0.1%, to 25,485. The Nasdaq Composite was up 0.6% to 7,492. Chinese stocks surged for a second day Monday following another round of reassuring comments from leaders and top regulators, sending the Shanghai Composite up 4.6% and the smaller Shenzhen Composite up 5.2%. U.S. investors are also set for a deluge of earnings reports as third-quarter earnings season hits its stride this week.
Autodesk’s (ADSK) revenue fell at a four-year CAGR (compound annual growth rate) of 2% to $2.1 billion in fiscal 2018, which ended on January 31, 2018. The Media, Entertainment, and Other segments generated the company’s remaining revenue. The company recorded positive net income of $57.6 million in the first half of fiscal 2019. Autodesk’s revenue forecasts for fiscal 2019, fiscal 2020, and fiscal 2021, respectively, are $2.5 billion, $3.2 billion, and $3.9 billion. Its expected net incomes are $207 million, $689 million, and $1.1 billion, respectively.
Rising bond yields are putting an end to the “there is no alternative” mantra that provided a pillar of support for stocks. But it might be too soon to underweight equities just yet, some investors argue.
Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Alexis Christoforous to discuss the latest market moves.