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Jose Cuervo, the tequila production company, has delayed its initial public offering due to Donald Trump’s presidential win, according to Reuters, citing people familiar with the matter. Jose Cuervo products are produced in Mexico and the election of Trump has had a negative impact on Mexican stocks and currency. The iShares MSCI Mexico Capped ETF has fallen 18% since the Nov. 8 election. The Mexican peso has lost 13% of its value against the dollar since the election. Reuters reports that the company will reevaluate plans in January.

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From:: Stock Market News

Gold futures were trading a bit higher in electronic trading late Wednesday from their settlement level after the minutes from the U.S. Federal Reserve’s November meeting showed that officials from the central bank agreed that it might be appropriate to raise interest rates “relatively soon.” December gold was last at $1,191.10 an ounce in electronic trading, up from the $1,189.30 settlement, which was the lowest since early February.

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From:: Stock Market News

Bank of America Corp.’s stock climbed 1.4% in active afternoon trade Wednesday, as a rise in Treasury yields helped push it up to an eight-year high. Volume of over 67 million shares made the stock the most actively traded on the major U.S. exchanges. The stock, on track to close at the highest level since Nov. 5, 2008, has now run up 21% in the 11 sessions since the election. Meanwhile, the yield on the 10-year Treasury note rose 0.041 percentage points (4.1 basis points) to 2.362%, putting it on track for the highest close since July 20, 2015, in the wake of stronger-than-expected durable goods orders data and a jump in consumer sentiment. The yield has run up 50 basis points since the election, on concerns that promised infrastructure spending could boost economic growth while also increasing the government’s budget deficit. BofA’s stock has now run up 22% year to date, while the SPDR Financial Select Sector ETF has climbed 16% and the S&P 500 has gained 7.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Oil futures traded nearly flat for the session Wednesday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil climbed by 3 to 474 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose 5 to 593, according to Baker Hughes. The data came ahead of the usual Friday release because of Thursday’s Thanksgiving holiday. December crude was up a penny at $48.04 a barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Natural-gas futures continued to trade higher Wednesday after the U.S. Energy Information Administration reported that supplies of the commodity fell by 2 billion cubic feet for the week ended Nov. 18. Analysts polled by S&P Global Platts expected an increase of 2 billion cubic feet. The data were released early because of Thursday’s Thanksgiving holiday. Total stocks now stand at 4.045 trillion cubic feet, up 39 billion cubic feet from a year ago and 241 billion cubic feet above the five-year average, the government said. December natural gas rose 5.1 cents, or 1.7%, to $3.033 per million British thermal units, with the contract set to settle at its highest since Oct. 31.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The Dow Jones Industrial Average’s rally to fresh record highs Wednesday is belying the negative breadth in the broader stock market. The number of declining stocks is outnumbering advancers by a 1,613 to 1,274 score on the NYSE, and by a 3,249 to 2,938 margin on the Nasdaq exchange. Meanwhile, the Dow was up 23 points, with 18 of its 30 components gaining ground, led by Caterpillar Inc.’s 2.4% jump. Among the other broader market indexes, the S&P 500 was down 0.1%, the Nasdaq Composite Index fell 0.4% and the Russell 2000 Index tacked on 0.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News