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LendingClub Corp. said Monday Thomas W. Casey will join as chief financial officer effective Sept. 19. Casey will report to Scott Sanborn, LendingClub’s chief executive. Thomas’s hiring is the latest in a string of other high-profile hires at LendingClub, which has lured executives from Blackrock, Morgan Stanley, and McKinsey in recent months. Shares of LendingClub fell 0.4% in late trading after ending the regular session up 4.3%.

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From:: Stock Market News

U.S. stocks rallied on Monday after Federal Reserve Gov. Lael Brainard stressed the need for caution as the Fed considers raising interest rates. The S&P 500 rose 31 points, or 1.5%, to close at 2,158 while the Dow Jones Industrial Average gained 238 points, or 1.3%, to end at 18,324. The Nasdaq Composite Index advanced 85 points, or 1.7%, to close at 5,211. Brainard’s comments carried a great deal of weight as her speech was the last by a Fed official before the central bank goes quiet ahead of its Federal Open Market Committee meeting next week.

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From:: Stock Market News

President Barack Obama will veto a bill allowing the families of victims of the Sept. 11, 2001 attacks to sue Saudi Arabia, White House spokesman Josh Earnest said Monday. The bill has strong support in Congress, having passed both the House and Senate by voice vote. The White House has said it is opposed to the bill due to potential threats against U.S. service members abroad. If Congress overrides Obama’s veto it would be the first time since he took office.

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From:: Stock Market News

Gold futures marked a fourth straight session decline on Monday as traders looked to comments from Federal Reserve officials for further clues on the timing of a U.S. interest-rate increase. Just ahead of the settlement for gold futures, Fed Gov. Lael Brainard called for “prudence” in raising interest rates, which some analysts believe implies that she will vote to leave interest rates unchanged at the central bank’s meeting later this month. December gold lost $8.90, or 0.7%, to settle at $1,325.60 an ounce. That was the lowest settlement for the contract since Sept. 1, according to FactSet data.

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From:: Stock Market News

U.S. stocks initially extended gains but then paired them after Federal Reserve Gov. Lael Brainard called for continued ‘prudence’ in raising interest rates. The S&P 500 was up 15 points, or 0.7%, to 2,142, with all main sectors trading higher. The Dow Jones Industrial Average advanced 107 points, or 0.6%, to 18,195. The Nasdaq Composite rallied 48 points, or 0.9%, to 5,174.

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From:: Stock Market News

Soybean futures fell Monday, poised to end a six-session streak of gains, after the U.S. Department of Agriculture raised its monthly estimates on U.S. soybean production and ending stocks for the 2016/2017 crop year. The USDA projected soybean production at a record 4.201 billion bushels, up 141 million bushels from the previous estimate. It also said it expects stocks to end the year at 365 million bushels, up 35 million from the previous estimate. November soybeans traded at $9.64 a bushel in Chicago, down 1.7%, after posting gains over the last six sessions.

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From:: Stock Market News

Shares of Polaris Industries Inc. tumbled 5.4% to a seven-month low in midday trade Monday, after the off-road vehicle maker’s slashed profit outlook prompted a downgrade at KeyBanc Capital Markets. Earlier Monday, Polaris said it now expects 2016 earnings per share of $3.30 to $3.80, down from the company’s July guidance of $6.00 to $6.30. The company said it expects sales to decline in the mid-to-high-single-digit percentage range from a year ago, compared with its previous guidance of down 2% to flat. The company said it cut its outlook because it had underestimated the financial impact of the RZR Turbo recall. KeyBanc analyst Scott Hamann cut his rating to sector weight, after being at overweight for at least three years. He wrote in a note to clients that the extent of the repair on the RZR Turbo is “much more complex than originally anticipated and has consequently delayed the timing of RZR shipments and resulted in increased promotional/brand wellness spend as well as a higher warranty accrual.” The stock has now shed 11% year to date, while the S&P 500 has gained 4.6%.

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From:: Stock Market News