Category: Stock Market News

Oil futuresfell Friday to tally a weekly decline of 9.5%–their largest such loss since mid-January–with many traders not expecting the Organization of the Petroleum Exporting Countries to successfully reach a pact later this month to curb output. December WTI crude fell 59 cents, or 1.3%, to settle at $44.07 a barrel on the New York Mercantile Exchange. That marked the lowest settlement since Sept. 20, according to FactSet data.

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Gold futures settled with a modest gain on Friday to tally a weekly climb of more than 2% as uncertainty surrounding the U.S. election continued to boost the yellow metal’s appeal as a safe-haven investment. December gold rose $1.20, or less than 0.1%, for the session to settle at $1,304.50 an ounce. For the week, prices rose 2.2%–marking their fourth straight weekly gain.

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Shares of Whole Foods Market Inc. spiked higher in midday trade Friday, after Bloomberg reported that a large shareholder was looking to push for sweeping changes at the grocer, including a possible sale of the company. The stock was down 1.5% at about $28.02 around 12:23 p.m. ET, then shot up to a gain of as much as 5.1% at an intraday high of $29.91, before pulling back. It was recently up 1.2%%, on volume that was already more than double the full-day average. The Bloomberg report, citing people with knowledge of the matter, said one of the largest shareholders had met with potential activist investors to discuss the changes, that also included possible management changes, after losing patience with the company’s direction. Whole Foods has missed revenue expectations the last three quarters, and in seven of the last eight, while reporting same-store sales declines the past five quarters, according to FactSet. The stock has tumbled 14% year to date, while the SPDR S&P Retail ETF has lost 4.5% and the S&P 500 has gained 2.7%.

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Oil futures continued to decline on Friday after data from Baker Hughes revealed that the number of active U.S. rigs drilling for oil rose by 9 to 450 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 12 to 569, Baker Hughes said. December crude was down 64 cents, or 1.4%, to $44.02 a barrel on the New York Mercantile Exchange, holding near the level it traded at before the rig data.

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Two former aides to New Jersey Gov. Chris Christie have been found guilty on charges related to lane closures on the George Washington Bridge in September 2013, reports said. Christie himself was not charged with wrongdoing in the lane-closure scandal. Christie dropped out of the race for the Republican nomination in February, after finishing sixth in the New Hampshire primary.

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Oil futures extended losses Friday after Reuters, citing an unnamed OPEC official, reported that Saudi Arabia threatened to raise output if Iran refuses to cap its own production. December West Texas Intermediate oil futures on the New York Mercantile Exchange fell 98 cents, or 2.2%, to $43.68 a barrel and were on track for a more than 10% weekly decline.

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Zipcar said Friday that it will make over 7,000 vehicles in the U.S. free for its members on Election Night to encourage its members to vote. The car-sharing company, a unit of Avis Budget Group since 2013, said select vehicles will be available for free between 6 p.m. and 10 p.m. local time on Nov. 8 in all of its markets. Reservations can be made starting Friday.

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U.S. stocks opened lower on Friday as investors remained fixated on the U.S. election, despite a solid October jobs report. The S&P 500 index fell 1 point, or less than 0.1%, to 2,087 a day after it posted its eight straight drop, its longest losing streak since October 2008. The Dow Jones Industrial Average opened 10 points, or 0.1%, lower at 17,917. Meanwhile, the Nasdaq Composite Index shed 16 points, or 0.3%, to 5,043. Polls show that Democratic presidential nominee Hillary Clinton’s lead over Republican rival Donald Trump has narrowed in the final days before Americans head to the polls on Nov. 8.

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Wal-Mart Stores Inc. said it plans to double the sales of locally-grown produce by 2025, expand its sustainable sourcing of 20 commodities including bananas and coffee, and reduce greenhouse gas emissions as part of the new commitments in its sustainability agenda. Wal-Mart’s Chief Executive Doug McMillon will lay out the plan at the Net Impact Conference taking place on Friday. The retailer’s goal is for an 18% emissions reduction in its own operation by 2025, a plan approved by the Science Based Targets Initiative, which is aligned with the Paris Climate Agreement. It will also work with suppliers to reduce emissions by one gigaton by 2030, the equivalent of taking more than 211 million cars off U.S. roads, the company said. Other goals include reducing packaging waste, achieving zero waste to landfills in key markets by 2025, and working with partners to ensure ethical treatment of workers across the supply chain. Wal-Mart shares are inactive in premarket trading, and up 13.6% for the year so far. The S&P 500 INdex is up 2.2% for 2016 so far.

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Treasury prices moved marginally lower Friday, pushing up yields, after the Labor Department said the U.S. economy added 161,000 jobs last month. Two-year notes saw the sharpest rise, adding 1.6 basis point to 0.822%, as the data was seen supporting the Federal Reserve’s case for raising interest rates in December. Short-term yields are most sensitive to rate expectations. The 10-year gained half a basis point to 1.816%, while the 30-year ticked up 0.1 basis point to 2.600%. While the headline number was slightly weaker than 1750,000 economists had expected, the details of the report, including upward revisions to the September and August numbers and a stronger-than-expected increase in wage growth, were much stronger. Still, strategists believed the drop in demand would be short lived, as investors remain focused on Tuesday’s election. “But I think people are looking through this number to the election,” said Thomas di Galoma, managing partner of Treasury trading at Seaport Global.

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