Category: 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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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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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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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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Apple Inc.’s stock rallied $1.55, or 1.5%, in midday trade Monday, reversing earlier losses of as much as 0.6%, to be the biggest price and percentage gainer within the Dow Jones Industrial Average . The stock was adding about 11 points to the price of the Dow, which was up 72 points. Apple shares had tumbled 4.8% the previous two sessions, in the aftermath of the iPhone 7 unveiling event, to close Friday at a six-week low. On a technical note, the stock’s reversal Monday started at the intraday low of $102.53, the lowest price seen since July 26, and just above the 200-day moving average of $102.22. The stock was still trading below where it closed on Sept. 2–$107.73–which was the day a bullish “golden cross” appeared as the 50-day moving average moved above the 200-day moving average for the first time since Aug. 25, 2015.

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The Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite have all erased earlier losses to post solid gains in morning trade Monday, but market internals show that most stocks are still trading lower. The number of declining stocks outnumbered advancers by a 1,481 to 1,343 margin on the NYSE, and by a 1,292 to 1,175 score on the Nasdaq exchange. Volume data was more positive, however, as volume in advancing stocks was 62% of total volume on the NYSE and 63% of the total on the Nasdaq. The Dow climbed 37 points in morning trade, after being down as much as 91 points just after the open. The S&P 500 was up 0.3%, erasing an earlier loss of 0.5%, while the Nasdaq Composite has swung from a 0.5% loss to a 0.5% gain.

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The head of multinational bank Barclays PLC on Monday said he expects more volatility in the U.S. stock market when the Federal Reserve raises interest rates but does not expect a massive selloff as some market observers have predicted. Barclays’ Chief Executive Jes Staley told CNBC that the Fed tightening its monetary policy will lead to more uncertainty but he’s not too concerned about the direction of the market. Still, “everyone needs to have their eyes wide open” when the Fed resumes normalizing its policy, he said. The U.S. stock market tumbled on Friday on concerns over an imminent rate hike although the S&P 500 and the Dow Jones Industrial Average have since recovered to trade higher. Staley also downplayed the negative implications of Brexit on the U.K. economy and added that he is heartened by comments from Bank of England Gov. Mark Carney who has rejected a negative-rate policy for now.

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Shares of Pandora Media PLC shot up 4.2% in morning trade, after the streaming music service was upgraded at SunTrust Robinson Humphrey, citing expectations of coming bullish catalysts. Analyst Robert Peck raised his rating to buy from neutral. He has a stock price target of $18, which is 26% above current levels. Among the catalysts Peck said could help boost the stock are the impending signing of direct deals with music labels, the announcement of new tiered products and the ability to beat low guidance provided by the company. In July, Pandora lowered its full-year revenue outlook to $1.39 billion to $1.41 billion from $1.41 billion to $1.43 billion. The stock has run up 22% over the past three months, while the S&P 500 has tacked on 1.5%.

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U.S. stocks opened lower Monday, adding to the sharp losses incurred during Friday’s selloff, which was sparked by rate-hike fears. Investors continue to weigh mixed messages from Federal Reserve speakers on the timing of the next interest-rate hike. A sharp decline in oil prices weighed on energy companies’ shares, adding to the selling pressures in the equity market. Traders were awaiting a speech by Fed Gov. Lael Brainard, who in the past has struck a dovish tone. Earlier, Atlanta Fed President Dennis Lockhart said he thought the economic data over the past few weeks “warrant…serious discussion of a policy rate increase.” The S&P 500 index lost 8 points, or 0.4%, to 2,120. The Dow Jones Industrial Average fell 84 points, or 0.4%, to 18,005. And the Nasdaq Composite shed 22 points, or 0.4%, to 5,103.

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Starbucks Corp. said Monday that it is introducing Teavana beverages and teas across 16 markets in China and the Asia-Pacific region, a total of 6,200 stores. Starbucks’ tea business in the U.S. grew 12%, according to a release, and the company aims to increase its tea business to $3 billion in the next five years. The company has created a number of tea drinks especially for the Asian market, including black tea with ruby grapefruit and honey, and iced shaken green tea with aloe. Starbucks is also making full-leaf tea sachets available in nine flavors. Starbucks shares are down 0.7% in premarket trading, and down 9.5% for the year so far. The S&P 500 Index is up 4.1% for the year to date.

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