Author: admin

The Dow Jones Industrial Average is headed sharply lower Thursday. The Dow was most recently off more than 600 points, or 2.5%, with all 30 of its components trading firmly in negative territory, led by a 3.8% decline in Boeing Co. , the price-weighted benchmark’s most influential component. The S&P 500 index declined by 2.2% to 2,622, while the Nasdaq Composite Index was off 2.5% on the session at 6,875. Fears about inflation have fueled concerns about the outlook for the economy that is dogging both stocks and bonds alike, with the 10-year Treasury note pulling back from an early yield around 2.88%, presently yielding 2.81%. Bond prices move inversely to yields. Since its Jan. 26 peak, the Dow has shed about 2,345 points, bringing it perilously close to correction territory, which it had slipped into in the early moments of trade on Tuesday before rebounding. A correction is defined as a decline of at least 10% from a recent peak. The Dow stands down about 9.3% from its all-time high.

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.

…read more

From:: Stock Market News

New York Fed President William Dudley said Thursday the drop in the stock market to date will not endanger the economic expansion. The decline in stocks since last week “is small potatoes,” Dudley said in an interview on Bloomberg Television. The New York Fed president said that three quarter-point rate hikes in 2018 remained a reasonable forecast.

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.

…read more

From:: Stock Market News

Canada Goose Holdings Inc. sank 17.6% in Thursday trading despite the outerwear company’s fiscal third-quarter earnings and sales beat. Net income was $61.3 million, or 56 cents per share, up from $38.8 million, or 38 cents per share, year-over-year. Adjusted EPS was 58 cents, exceeding the 48-cents FactSet consensus. Revenue was $265.8 million, up from $209.1 million last year and ahead of the $242.9 million FactSet consensus. All figures are in Canadian dollars. “While results were very strong and fundamentals here remain extremely robust, they simply fell short of the extremely bullish view that most investors had coming into the print,” wrote Wells Fargo analysts led by Ike Boruchow in a note published Thursday. Analysts note that shares have been “on a tear,” up 45% for the last three months, outpacing the S&P 500 index , which is up 1.4% for the period. “[A]ctually today’s pullback creates a healthy buying opportunity, in our view, for investors who feel they may have ‘missed it’ before.” Wells Fargo rates Canada Goose shares outperform with a price target of C$46, up from C$35.

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.

…read more

From:: Stock Market News

The Japanese yen strengthened against the U.S. dollar on Thursday, as a selloff in U.S. equities gathered steam in late-morning trade on Thursday. All three major benchmarks, the Dow Jones Industrial Average , S&P 500 and Nasdaq Composite Index were trading down by as much as 1.3%. The yen is perceived as a haven, drawing bids as concerns about increasing risks climb. The same trading dynamic was seen on Monday, when global equities also fell and the dollar-yen pair hit a multiday low. The dollar had been trading in positive territory versus the yen earlier in the session, but slumped to an intraday low of ￥108.89, a three-day nadir. One dollar last bought ￥109.07, down from ￥109.34 late Wednesday in New York.

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.

…read more

From:: Stock Market News

The Senate Banking panel on Thursday approved Marvin Goodfriend’s nomination to a seat on the Federal Reserve board, in a close 13-12 vote that followed party lines. Final approval by the full Senate remains in doubt, analysts said, as liberal activists have urged Democrats to oppose the nomination. Goodfriend, an economics professor at Carnegie Mellon University, had a rough confirmation hearing last month, getting flustered as Democrats grilled him for being much too worried about inflation at the expense of unemployed workers.

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.

…read more

From:: Stock Market News

Snap Inc. shares are down 8.1% in Thursday morning trading, on track for their 7th-biggest-ever decline, after the stock rose 48% a day earlier on the heels of the company’s better-than-expected earnings release. That rally was more than four times Snap’s prior record gain of 11.4%. The company is hoping to capitalize on the Winter Olympics, which kicked off Wednesday. CFO Andrew Vallero said on Snap’s earnings call that the company was the “biggest mobile partner” for the games and had success at the Summer Olympics two years back. Separately, Twitter Inc. CFO Ned Segal said in response to a question about the Olympics that there were “a number of events coming up this year” that presented opportunities. Snap is planning to present at a Goldman Sachs technology conference on Feb. 15. Shares are up 12% from their IPO price of $17, while the S&P 500 Index has gained 13% since Snap went public last March.

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.

…read more

From:: Stock Market News

Amazon.com Inc. has launched two private-label women’s denim brands, which could have a “modest impact” on Gap Inc. and Nordstrom Inc. , according to KeyBanc Capital Markets analysts led by Edward Yruma. The two brands are Hale and Denim Crush. Hale was designed by Adriano Goldschmid, who is behind the AG Jeans, Diesel and Gap 1969 brands. KeyBanc has identified 85 private-label Amazon brands, including 71 apparel brands, with many of them designated as Prime exclusive. “We view the continued push as detrimental to many of the traditional apparel companies under our coverage, and see Amazon’s entrance to premium denim as most negative to Gap (denim focus but lower price points), VFC Corp. (denim, but lower price points), and Nordstrom (strong premium denim assortment),” analysts wrote. Among VFC’s brands are Wrangler and Lee. Amazon shares are up more than 69% for the past year, outpacing Gap (up 36.8%), VFC (up 63.4%) and Nordstrom (up 7.7%) for the period. The S&P 500 index is up 15.3% for the last 12 months.

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.

…read more

From:: Stock Market News

Boeing Co. shares are down 2.2% in Thursday morning trading after The Wall Street Journal reported that the company was holding talks to acquire Woodward Inc. , a maker of aerospace parts. The two companies have reportedly been talking for months, the report said, citing someone familiar with the companies’ discussions. Woodward shares have gained 6.6% following the story. A deal could potentially help Boeing keep costs down as it battles for share with Airbus Group , the Journal wrote, noting that the company is also trying to do a deal for Embraer . Boeing shares are up 103% over the past 12 months, while Woodward’s stock is up 19% and the S&P 500 Index has gained 17%. The Dow Jones Industrial Average, of which Boeing is a component, is up 23%.

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.

…read more

From:: Stock Market News

The National Retail Federation is forecasting a 3.8% to 4.4% increase in retail sales for 2018. The forecast includes online and other non-store sales, which are expected to grow 10% to 12%. “With consumer confidence high, unemployment low and wages growing, there is every reason to believe that retail sales will be robust throughout the year,” said NRF Chief Executive Matthew Shay in a statement. The SPDR S&P Retail ETF is up 5.6% for the past year while the S&P 500 index is up 15.7% for the period and the Dow Jones Industrial Average climbed 24.1%.

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.

…read more

From:: Stock Market News

The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 119 billion cubic feet for the week ended Feb. 2. Analysts surveyed by S&P Global Platts had forecast a decrease of 109 billion, while the five-year average withdrawal is 151 billion. Total stocks now stand at 2.078 trillion cubic feet, down 503 billion cubic feet from a year ago, and 393 billion below the five-year average, the government said. March natural gas was up 2.3 cents, or 0.9%, at $2.726 per million British thermal units, little changed from before the data.

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.

…read more

From:: Stock Market News