|Day's Range||7,778.12 - 7,819.21|
|52 Week Range||6,190.17 - 8,176.08|
The gauge touched its lowest point since the 2007-08 financial crisis. Morgan Stanley’s report comes as stocks in June have mostly drifted higher in turbulent trading, with the Nasdaq Composite Index (COMP)entering correction territory on June 3, but gaining 6.3% since that point as of Friday morning trade, according to FactSet data. Swirling anxiety around the U.S.’s trade relationship with China and other major international counterparts has hurt the confidence of business leaders because the unresolved tariff battles have made it difficult for corporate chieftains to develop business strategies and forced many companies to alter their supply chains.
Clamoring for a rate cut by the Federal Reserve at some point this year is running high, but the Fed may not comply.
THE TRADER Bad news poured down this past week, yet the market kept on dancing in the rain. There was bad geopolitical news as the U.S. blamed Iran for attacking two tankers carrying petroleum products.
Investors are sitting tight as events in the next two weeks could move the market. The Federal Reserve is meeting next week amid expectations of an interest rate cut.
U.S. stocks ended lower on Friday as investors were cautious going into next week's Federal Reserve meeting, while a warning from Broadcom of a broad weakening in global demand weighed on chipmakers and added to U.S.-China trade worries. Other chip companies, which both source product and sell heavily in China, dropped sharply.
Key indexes closed slightly lower in the stock market today as Broadcom and other chips weighed. But the Dow Jones and S&P 500 held key support.
President Donald Trump aimed his latest criticism at the Federal Reserve on Friday, ahead of the central bank policy makers’ meeting next Tuesday and Wednesday, and said he predicted an eventual trade deal with China.
Stocks mostly closed lower on Friday, leaving weekly gains still intact, after shares of computer chip makers came under pressure due to US-China trade tensions. The S&P 500 fell 0.2% to end around 2,887. The Dow Jones Industrial Average shed 17 points, or less than 0.1%, to finish near 26,090. The Nasdaq Composite slipped 0.5% to end around 7,797. For the week, S&P was up 0.5%, the Dow was up 0.4% and the Nasdaq was up 0.7%. Broadcom Inc. shares led the slump in tech stocks on Friday after the semiconductor manufacturer lowered its guidance for the rest of the year on late Thursday. Broadcom's stock tumbled 5.4%. Still, key equity benchmarks were propped up by expectations for the Federal Reserve to signal its plans to cut rates in the near-future at next week's meeting. In other company news, Chewy Inc. shares rose 63% after its debut IPO in the New York Stock Exchange. The pet care company's stock ended at around $36 a share.
All major stock indexes close lower Friday after the Dow failed to defend a late comeback as tech shares came under pressure following lower guidance by chip giant Broadcom Inc. which cited the effects of the U.S.-China trade fight.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
June 14 (Reuters) - U.S. stocks ended lower on Friday, with investors cautious going into next week's Federal Reserve meeting, while a warning from Broadcom of a broad weakening in global demand weighed on chipmakers. The Dow Jones Industrial Average fell 17.16 points, or 0.07%, to 26,089.61, the S&P 500 lost 4.65 points, or 0.16%, to 2,886.99 and the Nasdaq Composite dropped 40.47 points, or 0.52%, to 7,796.66. (Reporting by Caroline Valetkevitch, Editing by Rosalba O'Brien)
The sell-off in chipmaking titan Broadcom threw a wet blanket on the new market rally. The Nasdaq and small caps led the drop. This Dow Jones stock rose.
All of the major equity indices closed higher Thursday with positive breadth and up/down volume. The Russell 2000 and Value Line Arithmetic Index closed above their short-term resistance levels turning their short-term trends positive.
A sell-off in semiconductor stocks weighed on the Nasdaq today, but Home Depot and Walt Disney outperformed in the Dow Jones.
U.S. stocks dropped on Friday, as shares of chipmakers sank on a warning from sector major Broadcom of a broad weakening in global demand and Chinese data pointed to the worst slowdown in industrial growth in 17 years. Shares of Apple Inc also slipped 1% and weighed the most on the three main indexes.
Investors are nervously eying increased Middle East tensions following recent oil tanker attacks. China delivered weaker economic data, while in the U.S. the latest retail sales report was a bit of a mixed bag.
The market’s preference for stasis is on display, as the Dow Jones Industrial Average dipped only slightly despite a wave of news that should have it moving one way or the other.
Attacks on two oil tankers in the Gulf of Oman lifted oil prices, although they remained on track for a weekly loss on worries a sluggish world economy could hurt demand. China's industrial output growth slowed to a more than 17-year low, well below expectations, suggesting Beijing was feeling the sting of the protracted trade spat with the U.S. "Any time you have weak economic news coming out of China it highlights the fact that the trade tensions are having a negative impact on the global economy," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.
Chip maker Broadcom has lowered its full-year sales guidance by billions, surprising Wall Street semiconductor analysts and sending the stock tumbling.
Investors seem eager to insure themselves against geopolitical tensions that have flared up in the Middle East and Hong Kong this week, with gold vaulting.
Business inventories in the U.S. rose 0.5% in April after remaining unchanged in the prior month, the Commerce Department said Friday. Sales fell 0.2% in April. As a result, the ratio of inventories to sales rose to 1.39 from 1.38 in March. That's how many months it would take to sell all the inventory on hand. Inventories have been exceeding growth in sales in recent months. One year ago, the inventory-to-sales ratio stood at 1.36.
U.S. stocks ended lower on Friday as investors were cautious going into next week's Federal Reserve meeting, while a warning from Broadcom of a broad weakening in global demand weighed on chipmakers and added to U.S.-China trade worries. Shares of Broadcom Inc fell 5.6% after it cut its full-year revenue forecast by $2 billion, blaming the U.S.-China trade conflict and export curbs on Huawei Technologies Co Ltd. Other chip companies, which both source product and sell heavily in China, dropped sharply.
Stock benchmarks opened lower Friday as downbeat guidance from chip-maker Broadcom Inc. reminded investors off the unresolved Sino-American trade conflict. Weak data out of the world's second-largest economy also dampened the investing mood. The Dow Jones Industrial Average fell 90 points, or 0.4%, at 26,017, the S&P 500 index declined 0.3% at 2,883, while the Nasdaq Composite Index fell 0.5% at 7,798, as chip-makers fell along with Broadcom. Broadcom lowered its guidance for the rest of the year after reporting second-quarter earnings Thursday afternoon. For the week, the Dow is set for a gain of 0.2%, the S&P 500 is poised to gain 0.4%, while the Nasdaq is set for a 0.8% weekly advance. Signs of further cooling of business activity in China, kicked off the downbeat mood on Wall Street. In U.S. data, U.S. retail sales rose 0.5% in May, slightly below the 0.7% jump expected by economists polled by MarketWatch. More important was the revision of April sales, which the Commerce Department now says rose 0.3%. Investors also were anticipating the public debut of pet retailer Chewy Inc. .
June 14 (Reuters) - U.S. stocks opened lower on Friday, weighed down by technology stocks, as the long-feared hit to global growth from President Donald Trump's trade war crystallized in slashed sales forecast from chipmaker Broadcom. The Dow Jones Industrial Average fell 30.41 points, or 0.12%, at the open to 26,076.36. The S&P 500 opened lower by 4.82 points, or 0.17%, at 2,886.82. The Nasdaq Composite dropped 29.94 points, or 0.38%, to 7,807.19 at the opening bell.
Bond king Jeffrey Gundlach has predicted a 40% to 50% chance of a U.S. recession within the next six months and a 65% chance of that happening in the next 12 months, in a webcast to clients late Thursday