Category: 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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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%.

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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.

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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.

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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%.

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Moody’s Investors Service said Wednesday the news that an Eli Lilly and Co. trial of a treatment for dementia in Alzheimer’s disease has failed is a credit negative, but does not affect the company’s A2 rating or stable outlook. Eli Lilly’s most active bonds, its 2.750% notes due June of 2020, last traded at 99.458 cents on the dollar, according to data from MarketAxess. Shares were down about 13% at last check, a roughly two-year low. The shares have lost 21% in the year so far, while the S&P 500 has gained 7.5%.

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Shares of Caterpillar Inc. surged 2.3% to a 23-month high, after fellow agriculture and construction equipment maker Deere & Co.’s blowout quarterly results. Caterpillar’s stock was the biggest price and percentage gainer among the Dow Jones Industrial Average’s components. The stock’s price gain of $2.18 was accounting for about 15 points of the Dow’s 19-point gain. Deere’s stock rocketed 10% to a record high, after the company beat fiscal fourth-quarter earnings and revenue expectations by wide margins. Caterpillar’s stock has now run up 41% year to date, while the Dow has climbed 9.3%.

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Oil futures climbed Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies in the week ended Nov. 18 fell by 1.3 million barrels. That matched the decline reported by the American Petroleum Institute late Tuesday, according to sources. Analysts polled by S&P Global Platts expected supplies to be unchanged, while a survey from The Wall Street Journal forecast an increase of 800,000 barrels. Gasoline supplies climbed 2.3 million barrels and distillate stockpiles also rose by 300,000 barrels, according to the EIA. January crude rose 34 cents, or 0.7%, to $48.37 a barrel on the New York Mercantile Exchange. Prices traded at $48.02 before the data.

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Bluebird Bio Inc.’s stock slumped 2.5% and Kite Pharma Inc. shares shed 4.2% in morning trade Wednesday, in the wake of peer Juno Therapeutics Inc.’s halted drug trial. Analyst Debjit Chattopadhyay at Janney Montgomery Scott said the selloff in Bluebird’s stock is “unwarranted” because even though the company and Juno have a similar class of treatment for cancer, there are significant differences in “preconditioning regimens” and doses. RBC Capital analyst Michael Yee said he expects Kite shares to recover, because despite a similar class of treatment, Yee said he believes Kite has treated more patients across its programs with no issues. Chattopadhyay reiterated the buy rating on Bluebird and Yee maintained the outperform rating on Kite. Meanwhile, Juno’s stock plunged 31% to a record low. It has plunged 53% year to date, while Bluebird’s stock has lost 6.6%, Kite shares have dropped 18% and the S&P 500 has gained 7.5%.

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The S&P 500 and Nasdaq Composite opened lower on Wednesday while Dow industrials inched higher into record territory ahead of the Thanksgiving holiday. Investors digested some better-than-expected economic releases ahead of the bell with more on tap later. Durable-goods orders jumped in October by more than expected, while jobless claims leapt to 251,000 and in line with expectations. The S&P 500 opened 6 points, or 0.3%, lower at 2,197. The Dow Jones Industrial Average was up 7 points, or less than 0.1%, at 19,030. The Nasdaq Composite began the session down 27 points, or 0.5%, at 5,360, as biotech stocks sold off.

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