Category: Stock Market News

Democratic presidential candidate Hillary Clinton, if elected, will move quickly to nominate someone to serve as the Federal Reserve vice chairman for supervision,according to a Wall Street Journal report Tuesday. Aides for the Democratic presidential candidate have shared this plan with financial industry trade groups, the paper said, quoting two people familiar with the discussion. One source said the nomination could come as soon as the first three or four months of 2017. The report said the big question is what such a move would mean for Fed Governor Daniel Tarullo, who has informally filled that role.

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Despite the talk of election-related volatility, the CBOE Market Volatility Index is poised to fall for a second session on Tuesday. Wall Street’s “fear gauge” had spiked in recent days as polls indicated that Democratic nominee Hillary Clinton’s lead over her Republican rival Donald Trump narrowing. However, the index turned lowered on Monday after nine days of steady gains, which coincided with the stock market’s longest losing streak since 1980. The volatility index fell 1.8% to 18.35 as the S&P 500 rose 0.3% to 2,138.

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Wayfair Inc. shares turned sharply lower in Tuesday premarket trading after the online home furnishings company reported third-quarter results. Net loss for the quarter was $60.9 million, or 72 cents per share, compared with a loss of $15.5 million, or 18 cents per share, for the same period last year. Adjusted loss per share was 54 cents, narrower than the 59-cent loss FactSet estimate. Revenue for the quarter was $861.5 million, up from $594.0 million last year and beating the $846.0 million FactSet consensus. Wayfair stock initially rose before falling as much as 17% before the open. The company’s shares are down 37% for the year so far while the S&P 500 Index is up 4.5%.

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The peso [S: USDMXN] turned higher against the dollar in midday trading on Tuesday, trading at 18.48 to the dollar, compared with 18.56 late Monday. Mexico’s currency has been seen as a proxy to Donald Trump’s chances in the presidential election, with most analysts expecting the peso to sharply weaken in the event of a victory by the Republican candidate. Earlier, it traded at 18.67 to the dollar.

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The British pound [S: GBPUSD] turned flat against the dollar on Tuesday, erasing weakness seen earlier in the session. The currency traded at $1.2401 from $1.2397 late Monday. The move higher came after a ruling from the Supreme Court, which gave U.K. Prime Minister Theresa May permission to appeal a legal ruling that would have forced her to give Parliament a vote on her plans regarding “Brexit,” the U.K.’s June vote to leave the European Union. That vote has been a heavy drag on the pound, taking the currency to multidecade lows.

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Shares of Bank of America Corp. shed 0.8% in morning trade, to pull back from the highest close of the year in the previous session, after Deutsche Bank analyst Matt O’Connor indicated he was no longer bullish given the lack of upside potential. O’Connor cut his rating to hold from buy. He kepts his stock price target at $18, which was less than 7% above current levels. For Deutsche Bank, a bullish buy rating means the expected total return for the stock is 10% or more over a 12-month period. “Upside to the stock seems increasingly dependent on a pickup in economic activity, higher interest rates, and stronger capital market revenues as more company specific positives…seemed priced in,” O’Connor wrote in a note to clients. He also downgraded Citizens Financial Group Inc. to hold from buy. Bank of America’s stock had closed Monday up 2.8% at the highest level since Dec. 30. Year to date, it has ticked up 0.3%, while the SPDR Financial ETF has gained 2.7% and the S&P 500 has tacked on 4.1%.

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Goldman Sachs Group Inc.’s stock fell 1.4% in morning trade Tuesday, enough to make it the biggest decliner among Dow Jones Industrial Average components, after Citigroup downgraded the bank on valuation concerns. Analyst Keith Horowitz cut his rating to neutral, after being at buy the last 13 months. On Monday, the stock had run up 3.2% to close at the highest levels since Dec. 30, 2015. Horowitz said the key driver of banks stocks recently has been expectations of rising interest rates, which helps boost the spread between what it costs them to fund assets, such as loans. “However, with the market now pricing in a 80% plus probability of a December rate hike which is embedded in estimates…we don’t see significant upside,” Horowitz wrote in a note to clients. He said the current valuation of Goldman’s stock sets a “relatively high bar,” given current estimates. Horowitz also downgraded Citizens Financial Group Inc. and KeyCorp to hold from buy. Goldman’s stock has slipped 0.7% year to date, while the SPDR Financial ETF has gained 2.4% and the Dow has climbed 4.5%.

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The U.S. dollar strengthened against the Mexican peso [S: USDMXN] on Tuesday, trading at 18.63 to the dollar, compared with 18.56 late Monday. The Mexican currency has long been viewed as a proxy for the U.S. election, with investors expecting it to sharply weaken in the event that Donald Trump, the Republican candidate, emerges victorious. On Monday, the dollar saw a massive slump against the peso following news that the FBI’s review of a new batch of Democratic presidential nominee Hillary Clinton’s emails won’t lead to charges, news that was seen as improving her odds of victory.

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U.S. stocks opened with modest losses on Tuesday, with investors holding off from making big bets ahead of the results from the presidential election. The move also followed a massive equity gain on Monday, which was the S&P 500’s biggest one-day jump since March. The Dow Jones Industrial Average [S: DJIA] slipped 18 points, or 0.1%, to 18,242. The S&P 500 [S: SPX] lost 4.3 points, or 0.2%, to 2,127. The Nasdaq Composite Index [S: COMP] fell 10 points, or 0.2%, to 5,156.

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Wayfair Inc. shares sank 13.7% in Tuesday premarket trading after the online home furnishings company reported a third-quarter sales miss. Net loss for the quarter was $60.9 million, or 72 cents per share, compared with a loss of $15.5 million, or 18 cents per share, for the same period last year. Adjusted loss per share was 54 cents, narrower than the 59-cent loss FactSet estimate. Revenue for the quarter was $861.5 million, up from $594.0 million last year and missing the $862.0 million FactSet consensus. Wayfair shares are down 29.3% for the year so far while the S&P 500 Index is up 4.3%.

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