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Oil prices dropped Monday, with the U.S. benchmark settling at its lowest in two weeks. Prices tracked the sharp losses in the U.S. stock market, with strength in the dollar and ongoing concerns over rising U.S. crude production contributing additional pressure. March West Texas Intermediate crude fell $1.30, or 2%, to settle at $64.15 a barrel on the New York Mercantile Exchange. That was the lowest finish since Jan. 22, according to FactSet 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.

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From:: Stock Market News

Shares of Apple Inc. and Amazon.com are doing their part to support the broader market, as they have erased early sharp losses to trade higher. Apple’s stock was down as much as 1.6% at its intraday low of $158.00, but was now up 0.6% in afternoon trade. Amazon shares were down 3.0% at the intraday low of $1,387.36, but were last up 0.5%. Apple is the largest U.S. company by market capitalization at $821.4 billion while Amazon is the fourth-largest at $696.4 billion. Shares of the second-largest company, Google parent Alphabet Inc. , are down 2.7%, while the third-largest company, Microsoft Corp. , are down 0.3%. Meanwhile, the tech-heavy Nasdaq 100 is losing 1% and the Dow Jones Industrial Average is shedding 442 points, or 1.7%.

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

Newsweek fired top editors, Editor in Chief Bob Roe and Executive Editor Ken Li, on Monday, according to a report from the Daily Beast, citing sources. The company, which has been under investigation for its finances by the Manhattan District Attorney’s office. Last week Newsweek Media Group’s Chairman Etienne Uzac and finance director Marion Kim stepped down. The Daily Beast said Newsweek news director Christina Silvia told staff in a company meeting on Monday that Roe and Li, along with reporters Celeste Katz and Josh Saul, and International Business Times editor Josh O’Keefe, had been let go. The three had been reporting on the company’s legal woes. Following the meeting, Newsweek sent staff home for the day. There was also a report from BuzzFeed News last week that the Newsweek and the International Business Times publisher used fraudulent online traffic practices to win a $2.8 million video ad campaign from the Consumer Financial Protection Bureau

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

A measure of Wall Street volatility on Monday rose sharply, hitting its highest level since around the time of President Donald Trump’s stunning election victory November of 2016. The CBOE Volatility Index was up 22% at 21.04, its loftiest level since Nov. 4, 2016, according to FactSet data. The VIX uses bullish and bearish option bets on the S&P 500 index to reflect expected volatility over the coming 30 days, and it typically rises as stocks fall. A reading above 20 exceeds that of the volatility gauge’s historic average, and may indicate a more bearish outlook for equities. The spike in the VIX on Monday comes as the S&P 500 index was hitting its nadir, falling more than 5% since a peak on Jan. 26, while the Dow Jones Industrial Average was off more than 460 points, or 1.8%, at 25,098. The Nasdaq Composite Index was off 1.1% at 7,165, as technology shares also came under pressure.

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 S&P 500 index on Monday saw a recent bout of trading result in something the index hasn’t experienced in more than a year: a pullback of at least 5% since its peak. The S&P 500 index hit 2,716.74 at its low on Monday, representing a decline of more than 5.4% since its peak at 2,872.87 on Jan. 26, according to FactSet data. The S&P 500 had gone about 406 trading sessions without such a decline, marking the longest such period without a 5% pullback, a fairly regular occurrence in a normal market, in about 20 years. Monday’s tumble comes as broader-market selling was intensifying, with the Dow Jones Industrial Average shedding more than 463 points, or 1.8%, while the Nasdaq Composite Index was off more than 1%. All three benchmarks have been confronting a sharp sell-off amid a rise in yields for Treasurys, notably the 10-year Treasury yield [: TMUBMUSD10Y], which hit 2.88% on Monday, extending its highest level in about four years. Rising yields increase the borrowing costs for U.S. businesses, and these concerns have been intensifying due to the rapidity of the yield climb recently. The equity retreat also follows a mostly stellar start for the year for the Dow, S&P 500 and Nasdaq.

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 euro held its modest losses against the U.S. dollar on Monday, as European Central Bank chief Mario Draghi discussed the shared currency’s recent strength. Draghi said “new headwinds have arisen from the recent volatility in the exchange rate, whose implications for the medium-term outlook for price stability require close monitoring.” He was speaking at a plenary debate at the European Parliament, where he also praised the currency bloc’s robust and broad economic expansion. The ECB head further said that core inflation remained subdued, and that “patience and persistence with regard to monetary policy [was] still warranted for underlying inflation pressures to build up.” The ECB’s quantitative easing program is set to run until September, but may be extended depending on the economy, Draghi has reiterated in recent months. One euro last bought $1.2410, compared with $1.2459 late Friday 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.

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From:: Stock Market News

Viacom Inc. on Monday said it reached a wide-ranging mobile streaming deal across Latin America with Spanish telecommunications company Telefonica. Under the terms of the deal Viacom’s MTV, Nickelodeon, Nick Jr., Comedy Central and Paramount Channel will be available for mobile and broadband subscribers of the Moviestar Play platform in Latin America. “Mobile streaming is growing in popularity across Latin America — to stay in touch with our young audiences we need our brands and content to be everywhere they are,” said Rita Herring, head of content distribution for Viacom’s international media networks, in a statement. The media company said in a release that this deal is a global first for Viacom. It’s the first time Viacom has struck such a deal with a mobile carrier to carry all of its flagship networks as well as streaming and video-on-demand content. Shares of Viacom’s commonly owned class B stock have declined more than 22% in the last 12 months, while the S&P 500 index is up 20% and the Dow Jones Industrial Average is up more than 27%.

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

Instinet analyst Romit Shah predicted that Apple Inc. will dump chips made by Broadcom Ltd. and Qualcomm Inc. in the next iPhone to cut costs. The analyst expect Apple to dump Qualcomm LTE modem chips for those from Intel Corp. , which has already put some modems into iPhones in the past. “Qualcomm’s modem technology is solid, but Intel modems cost less while still meeting Apple’s standards,” Shah wrote, adding that the move could save Apple more than $100 million. Apple and Qualcomm are in a legal battle right now about the licensing fees Qualcomm charges Apple. Shah said he expects Apple to move from Broadcom to Qorvo Inc. for a socket component, and Qorvo seemed to confirm new Apple business on the horizon in an earnings report last week that sent shares near record highs. In wireless charging, Shah believes Apple will drop Broadcom offerings for STMicroelectronics NV . Broadcom is attempting to acquire Qualcomm, and increased its offer for the company Monday morning, but that didn’t help Qualcomm share prices, which fell more than 2.5% in early trading while Broadcom shares gained more than 1%. Apple stock rebounded from a Friday post-earnings decline that sent it into correction territory, gaining more than 1% in early trading.

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