|Day's Range||26,943.29 - 27,058.34|
|52 Week Range||21,712.53 - 27,398.68|
The Dow Jones Industrial Average, seeing more warmth in bank stocks, is doing better than the Nasdaq amid a bearish call on the enterprise software field.
October is proving to be as gentle as a kitten to stock-market investors so far, belying its history as the most volatile month of the year.
The benchmark S&P 500 stock index edged lower on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter corporate earnings reports.
* Brexit negotiations resume in Brussels * Pound volatile around Brexit talks * Wall Street little changed (Updates With close of European markets) By Chuck Mikolajczak NEW YORK, Oct 16 (Reuters) - A gauge of world stock markets was flat on Wednesday as U.S. data that raised concerns about a slowing economy was offset by a solid start to earnings season, while sterling was volatile as negotiations on a Brexit deal continued. On Wall Street, stocks retreated after monthly retail sales data for September showed a decline for the first time in seven months, stoking concerns softness in the manufacturing sector was starting to spread to the broader economy. "Retail sales were definitely on the weaker side and given that the consumer is one of the key pillars holding up the U.S. economy, any weakness in consumer indicators is obviously a sign of concern," said Ellen Hazen, portfolio manager F.L. Putnam in Wellesley, Massachusetts.
Stocks slipped Wednesday after U.S. retail sales fell for the first time in seven months in September, offsetting a good star to the third quarter corporate earnings reporting season.
If Wednesday’s gains hold Tesla stock will have gained the eighth straight day. The current rally has been catalyzed—apparently—by the third quarter delivery disappointment.
Stocks faded back near session lows amid weak retail data and a software drubbing. The Dow Jones industrials held up best as Johnson & Johnson rallied.
The good news, according to Leon Cooperman of Omega Advisors, is that the current bull market, currently the longest on record, still has gas in the tank and could see a 10% rally over the next six months. Then there’s the bad news
Wall Street edged lower on Wednesday, as concerns over an escalation in the U.S.-China trade war and weak economic indicators persisted, while a raft of upbeat results underlined a solid start to the third-quarter earnings season. PNC Financial Services Group Inc and Bank of New York Mellon Corp also rose after better-than-expected earnings.
General Motors and the United Auto Workers have reached a preliminary deal to end the strike—good news for the auto maker and the industrial companies that sell parts to it.
U.S. stocks were flat on Wednesday as a raft of upbeat earnings reports underlined a solid start to third-quarter results, while concerns over an escalation in the U.S.-China trade war and weak economic indicators lingered. Wall Street came under pressure after the U.S. House of Representatives on Tuesday passed legislation related to pro-democracy protests in Hong Kong, while data on Wednesday showed a fall in U.S. retail sales for the first time in seven months in September. PNC Financial Services Group Inc and Bank of New York Mellon Corp also rose after better-than-expected earnings.
Baird upgraded shares of agricultural seed and chemicals provider FMC to Buy on Wednesday, believing new products will drive profit growth.
All of the major indexes and ETFs are trading lower today. The Dow Jones Industrial Average has fallen by 44 points or 0.16% at the time of this writing.
Home builders are gung-ho again thanks to dramatically lower mortgage rates. A survey of home-builder sentiment surged in October to a 20-month high.
Shares of Bank of America Corp. rallied 2.3% toward a sixth straight gain in morning trading Wednesday, after the bank beat third-quarter earnings expectations and provided an upbeat outlook on the U.S. economy. That would match the 6-day win streak ending Jan. 18. Chief Executive Brian Moynihan said on the post-earnings conference call with analysts that despite repeated discussions around a potential recession and concerns over the impact of the U.S.-China trade war, the bank's activities suggests the U.S. economy is in "solid shape" and the consumer continues to benefit by strong employment prospects." Moynihan said he should know, since BofA's annual customer outgoing payments of nearly $3 trillion represents about 15% of the U.S. economy. He said consumer payments are up 6% year to date from the same period a year ago. In addition, Moynihan said commercial loans grew 6%, including 6% growth in the small-business segment. "These are tangible examples that the U.S. economy is in solid shape despite the worries about trade wars, capital investment slowdowns and other global macro conditions," Moynihan said, according to a FactSet transcript. Moynihan did say, however, the bank managed to generate operations savings despite a lower interest rate environment and "other revenue challenges with a slowing economy." The stock has gained 6.6% over the past 12 months, while the Dow Jones Industrial Average has advanced 4.7%.
DOW UPDATE The Dow Jones Industrial Average is climbing Wednesday morning with shares of Johnson & Johnson and Dow Inc. leading the way for the blue-chip average. The Dow (DJIA) was most recently trading 4 points, or 0.
SunTrust Robinson Humphrey argues that estimates for subscriber numbers are more reasonable heading into the streaming service’s next earnings report, while the long-term case for the shares remains upbeat.
America’s namesake bank earned more than Wall Street expected. The shares rose in premarket trading, extending gains made Tuesday after peers reported good numbers.
Wall Street inched lower on Wednesday, as a congressional bill related to the Hong Kong protests stoked fears of more friction with China, even as another round of positive earnings reports underlined a solid start to third-quarter results. PNC Financial Services Group Inc and Bank of New York Mellon Corp also rose after better-than-expected earnings.
The delivery numbers are known, so Wall Street now has turned its attention to predicting Tesla profits and cash flow.
Risks in the nonbank financial sectors are rising to levels last seen during the global financial crisis, according to a report by the International Monetary Fund.
Yahoo Finance's Julie Hyman, Adam Shapiro, Scott Gamm, Julian Emanuel of BTIG and Robert Greifeld, Author of Market Mover: Lessons from a Decade of Change at NASDAQ discuss the current market climate.
Major indexes are lower today after retail sales slipped in September. President Trump is also claiming the "economy would crash" if democrats became president. Chief Investment Strategist at Money Map Press Keith Fitz-Gerald and Chief U.S. Economist at Oxford Economics Gregory Daco join Yahoo Finance's Alexis Christoforous, Brian Sozzi, and Scott Gamm to discuss.