|Day's Range||8,045.37 - 8,157.36|
|52 Week Range||6,190.17 - 8,339.64|
Stocks are falling on Friday. Marc Rappaport, DCM Advisors CEO, joins Yahoo Finance's Julie Hyman, Adam Shapiro, Dan Howley and Bryn Mawr Trust's Jeff Mills to talk about outlook for stocks.
Chinese Vice Premier Liu He said on Saturday, “The two sides have made substantial progress in many fields, laying an important foundation for the signing of a phased agreement. Stopping the escalation of the trade war benefits China, the U.S. and the whole world. It’s what producers and consumers alike are hoping for.”
U.K. Prime Minister Boris Johnson has sent a request to the EU for a delay to Brexit - but without his signature. The request was accompanied by a second letter, signed by Mr Johnson, which says he believes that a delay would be a mistake. The PM was required by law to ask the EU for an extension to the 31 October deadline after losing a Commons vote earlier Saturday. EU Council President Donald Tusk tweeted that he had received the extension request.He did not provide details of its content, but added that he will now consult EU leaders "on how to react". Hours after losing a cvote in a historic Saturday session in the House of Commons, the prime minister ordered a senior diplomat to send an unsigned photocopy of the call by MPs set out in the so-called Benn Act, passed last month. A senior Downing Street source said that the hard copy and email copy of the letter would be conveyed by Sir Tim Barrow, the UK's representative in Brussels.
Investors have long been told that the ideal portfolio should carry 60% of its holdings in equities and 40% in bonds, a mix that provides greater exposure to historically superior stock returns, while also granting the diversification benefits and lower risk of fixed-income investments. “The relationship between asset classes has changed so much that many investors now buy equities not for future growth but for current income, and buy bonds to participate in price rallies,” Harris and Woodard wrote.
British MPs on Saturday passed an amendment 322-to-306 that will delay Brexit until Parliament passes the bill implementing the withdrawal agreement. The so-called Letwin amendment will have the effect of postponing a vote on the withdrawal agreement negotiated by U.K. Prime Minister Boris Johnson with the European Union and will force Johnson to ask the EU for an extension. Proponents of the Letwin amendment say it will prevent a no-deal Brexit from occuring on Oct. 31.
Oil prices might be acting like a warning light when it comes to the stock market, which is trading near all-time highs despite growing concern over the U.S.-China tariff battle and rising global trade tensions.
The main U.S. stock indexes edged lower on Friday. Economic growth in China continues to slow down in the third quarter, while essential elements of the trade deal and a vote for Brexit remain closely watched.
Dow sheds more than 250 points after data showed China’s economic growth slowing further in the third quarter and investors awaited more signals from the corporate earnings season about the health of the U.S. economy.
The dollar posted its worst week in almost four months on Friday, pummelled by sterling and euro rallies driven by a deal on Britain's departure from the European Union, while China's weakest growth in nearly three decades weighed on equities. The dollar crept lower against the euro as the common currency enjoyed a lift from hopes a Brexit deal could improve the odds of the euro zone avoiding a recession. Dismal manufacturing data and worries the U.S.-China trade war could slow euro zone economies even further have rattled the euro this year, while fears of a disorderly Brexit had slammed sterling until a week ago.
The Dow Jones erased weekly gains as Boeing and J&J; dived Friday. Netflix and software stocks sold off. Dow stocks JPMorgan and UnitedHealth rallied during the week on earnings.
Boeing Co and Johnson & Johnson shares led both the S&P 500's and the Dow's declines. Today's market weakness "has to do with (GDP) news out of China, Boeing and Johnson & Johnson," Cardillo added, saying "market sentiment in terms of earnings is positive."
U.S. stocks finished near their lows of the session on Friday, with declines in Johnson & Johnson and Boeing Co. delivering the lion's share of the pain for the Dow industrials. The Dow closed off 255 points, or 0.9%, at 26,770. Dow components Boeing cut about 170 points from the price-weighted average, while J&J and shares exacted a 57-point toll on the index. The S&P 500 index closed 0.4% lower at 2,986, while the Nasdaq Composite Index ended 0.8% lower at 8,090. Boeing's stock got slammed after the Federal Aviation Administration said the aviation and defense contractor withheld "concerning" messages from 2016 between employees about a flight-control system tied to two fatal crashes of the 737 MAX, while J&J's stock got pulverized, off more than 6%, after the consumer-product giant recalled some baby powder - after tests revealed traces of asbestos.
Boeing Co and Johnson & Johnson shares led the blue-chip Dow's decline. Third-quarter earnings season has hit full stride, with 73 companies in the S&P 500 having reported.
The Dow Jones Industrial Average is selling off by 171 points, or 0.6%, despite positive market breadth data for the NYSE. The number of advancing stocks is outnumbering decliners 1,429 to 1,360 on the NYSE, while volume of advancing stocks represents 53.8% of total volume on the Big Board. Meanwhile, decliners are leading advancers 1,708 to 1,148 on the Nasdaq exchange and down volume is 64.4% of total volume. The Nasdaq Composite is losing 0.7% and the S&P 500 is shedding 0.2%.
The Dow Jones Industrial Average has dropped nearly 200 points after Reuters reported that Boeing might have misled the FAA about safety features in its 737 MAX, causing the stock to tumble.
Wall Street fell on Friday, dragged down by Boeing and Johnson & Johnson and as worries over global economic growth were rekindled by gloomy data out of China. The world's second-largest economy expanded at its weakest pace in almost 30 years in the third quarter amid a bitter trade war with the United States, which has roiled financial markets and fueled fears of a global recession.
The three major U.S. stock market indexes fell as new government data showed that China’s economic growth slowed down in the third quarter.
The Dow Jones Industrial Average Friday midday was trading at session lows, with shares of Johnson & Johnson and Boeing delivering the biggest headwind to the blue-chip gauge. The Dow was off 206 points, or 0.8%, at 26,802, with shares of J&J cutting about 45 points from the index. The S&P 500 index was down 0.7% at 2,976, while the Nasdaq Composite Index was trading 1.4% lower at 8,047. J&J's stock was sinking and weighing down the the Dow, where it is a component, after the consumer products and drug company said it was recalling "a single lot" of Johnson's Baby Powder after tests revealed traces of chrysotile asbestos. Boeing Co. 's shares were down 3.3% after a Reuters report. Meanwhile, Federal Reserve Vice Chairman Richard Clarida on Friday said the economy is facing "evident" risks, while inflation remains muted.
Wall Street edged lower on Friday, set to end a strong week on a downbeat note, as heavyweight Johnson & Johnson slipped and worries over global economic growth were rekindled by gloomy data out of China. The world's second-largest economy expanded at its weakest pace in almost 30 years in the third quarter amid a bitter trade war with the United States, which has roiled financial markets and fueled fears of a global recession.
Federal Reserve Vice Chairman Richard Clarida on Friday said the economy is facing "evident" risks, while inflation remains muted. In a speech in Washington, Clarida didn't say much about what action the central bank may take at its meeting in two weeks in light of the risks and low inflation. He stressed interest-rate policy was not on a preset course and policy makers would make decisions meeting-by-meeting. Officials would assess the risks and will act as appropriate, he added. The Fed has already cut interest rates twice this year "to provide a somewhat more accommodative policy in response to muted inflation pressures and the risks to the outlook," he noted. Clarida's comments represent the last public word from the Fed leadership ahead of the Oct. 29-30 meeting.
Dallas Fed President Robert Kaplan said Friday that he's not sure whether the central bank should cut rates at its meeting at the end of the month. "I'm going into the meeting open-minded, but I'm agnostic at this point on whether we should be taking action at the October meeting," Kaplan said in comments to reporters after a talk in Washington. Kaplan said he had been a strong proponent of the two rate cuts so far this year but now was open to the idea that the central bank could take some time to assess the economy and the stimulus from those two moves. The Dallas Fed president said that businesses were cutting back on plans due to trade uncertainty but haven't taken the next step of actively cutting back on their workforce. Asked about the market pricing in an 85% chance of a cut by the end of October, Kaplan said it was not his job to do what investors expect. Kaplan said that he had penciled in one more rate cut by the end of 2020 but said this could change. There are downside risks to this forecast, he said. Kaplan is not a voting member of the Fed interest-rate committee this year.