Category: Stock Market News

WASHINGTON (MarketWatch) – Traders who bet on rate hikes using fed funds futures contracts marked up the odds of a rate hike in December after the Fed’s policy statement was released. Traders now see a 46.3% chance of a rate hike in December, up from 41% before the policy statement was released, said John Canally, chief economic strategist at LPL Financial. Odds had briefly topped 50% before sliding back. Markets don’t fully price in a rate hike until March of 2017.

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Oil futures settled under $42 a barrel on Wednesday after U.S. government data showed unexpected increases in weekly supplies of both crude oil and gasoline, along with a climb in total domestic crude production. September WTI crude fell by $1, or 2.3%, to settle at $41.92 a barrel on the New York Mercantile Exchange. Shortly before prices settled, the Federal Reserve hinted that it’s open to an interest-rate increase in September and that pressured oil prices down toward the session’s lows. The settlement was the lowest for a most-active contract since April 18, according to FactSet data.

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Gold futures pared gains in electronic trading Wednesday, while oil futures lost more ground on the New York Mercantile Exchange after the Federal Open Market Committee left interest rates unchanged but appeared to be more open to a rate increase in September. The statement supported the U.S. dollar which, in turn, pressured dollar-denominated prices for gold and oil. Gold for December delivery was at $1,334 an ounce in electronic trading after settling higher for the session, at $1,334.50 ahead of the announcement. September oil was down $1.03, or 2.4%, at $41.89 on Nymex, ahead of its settlement on Nymex. It was trading at $42.01 shortly before the Fed news.

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The dollar strengthened against its main rivals Wednesday after the Federal Reserve left the door open for an interest-rate hike later this year. The dollar was up 0.9% on the day, rising to 105.79 yen after the statement, compared with 105.62 ahead of the statement. Currency traders interpreted the statement as hawkish, pushing the dollar higher. The euro turned lower on the day, falling to $1.0975, compared with $1.0999 beforehand. The pound tumbled to $1.3110, compared with $1.3137 before. The Fed voted 9-1 to leave interest rates unchanged, but policy makers appeared receptive to raising interest rates at its September meeting, saying that near-term risks to its economic outlook have diminished. In theory, higher interest rates in the U.S. would cause the dollar to climb by increasing the return on dollar-denominated assets, making them more attractive to investors.

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Treasury yields tumbled Wednesday after the Federal Reserve left U.S. interest rates unchanged, though central bankers appeared more open to a September increase in light of an improved economy. Yields gained across the board after the news, but later fell again to trade lower on the day, with the yield on the benchmark 10-year Treasury note down 2.6 basis points at 1.535%, its lowest level since July 13, according to Tradeweb. Yields and prices move in opposite directions and one basis point is equal to one hundredth of a percentage point. The yield on the 30-year bond was down 4.6 basis points at 2.233%, also a two-week low. And the yield on the benchmark two-year note lost 1.6 basis points to 0.750%, retreating from a one-month high reached a session earlier, as investors had priced in a more hawkish Fed rhetoric than previously expected.

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U.S. stocks maintained modest losses after the Federal Reserve left interest rates unchanged but central bankers appeared more open to a September increase in light of an improved economy. In the accompanying statement, the Fed said the labor market is stronger and the near-term risks from overseas have diminished. The S&P 500 index was off by 6 points, or 0.3% to 2,163. The Dow Jones Industrial Average was off by less than 0.1% at 18,462, while the Nasdaq Composite Index was up 20 points, or 0.3%, at 5,131.

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Marathon Petroleum Corp. said Wednesday that it will raise its quarterly dividend by 12.5% to 36 cents a share from 32 cents a share. The new dividend will be payable Sept. 12 to shareholders of record on Aug. 17. “This increase demonstrates our ongoing commitment to share the success of the business with our owners as we also continue to invest in future growth,” said Chief Executive Gary Heminger. The oil refiner’s stock was down 1.4% in midday trade. At current prices, the new dividend implies an annual dividend yield of 3.78%, compared with the aggregate S&P 500 dividend yield of 2.1%, according to FactSet. Marathon Petroleum’s stock has tumbled 26% year to date, while the S&P 500 has gained 5.9%.

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Oil futures fell on Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 1.7 million barrels for the week ended July 22. That was contrary to the 2.6 million-barrel decline expected by analysts polled by S&P Global Platts. The American Petroleum Institute late Tuesday reported a fall of 827,000 barrels, according to sources. Gasoline supplies also climbed by 500,000 barrels, while distillate stockpiles fell by 800,000 barrels last week, according to the EIA. September crude shed 59 cents, or 1.4%, from Tuesday’s settlement to $42.33 a barrel on the New York Mercantile Exchange. Prices traded at $43.13 before the data.

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Kadmon Holdings Inc. was trading at $10.77, below its $12 issue price, in the biotech company’s market debut. Kadmon sold 6.25 million shares at $12 a piece to raise $75 million. Kadmon was founded by Sam Waksal, who founded ImClone Systems and later went to prison, as did Martha Stewart, after an insider trading scandal. The offering was underwritten by Citigroup and Jefferies.

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U.S. stocks opened higher on Wednesday, supported by Apple Inc.’s stronger-than-expected earnings ahead of a Federal Reserve statement due in the afternoon. Investors largely shrugged off a report on durable-goods orders, which logged their biggest drop in almost two years. The Dow Jones Industrial Average added 57 points, or 0.3%, to 18,530, the S&P 500 index gained 5 points, or 0.2% at 2,174, while the Nasdaq Composite Index rose 32 points, or 0.6%, to 5,142. Among individual companies, Apple shares gained 7.4%, while Coca-Cola Co. slid 2.2%, after it posted weaker-than-expected quarterly sales. Twitter Inc. plunged 11.2% after the social media company’s disappointing earnings report late Tuesday.

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