Category: Stock Market News

Republican senators are strongly considering adding a repeal of Obamacare’s individual insurance mandate to a new version of their tax bill, Politico reported Tuesday. Senate Finance Committee Chairman Orrin Hatch is expected to introduce a new version of the bill in the afternoon, and said he’s “never been enthused about the mandate.” Repealing Obamacare is a longstanding Republican policy goal. Last week, the Congressional Budget Office said repealing the individual mandate would leave 4 million more people uninsured next year. President Donald Trump has pressed Congress to end the mandate, most recently on Monday.

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Gold prices ended higher Tuesday for a second-consecutive session, buoyed by a weaker dollar, which pushed the ICE U.S. Dollar Index to its lowest level in nearly three weeks. The dollar index was down 0.7% as the euro rallied on the back of strong German economic data. December gold rose $4, or 0.3%, to settle at $1,282.90 an ounce.

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The possibility of online retailer Amazon.com Inc. entering the pharmaceutical industry has sent the stocks of drug distributors and pharmacy-benefit managers quaking in recent months, but a new report from Jefferies analysts suggests that Amazon is instead homing for the medical devices and supplies industries. Correspondence between two state pharmacy boards and Amazon reveals that those state licenses can only be used for medical device and supplies distribution, the Jefferies report said, based on information that was obtained through a Freedom of Information Act request. This direction was likely chosen to avoid “the more comprehensive regulatory requirements associated with the Wholesale Drug Distribution Act,” Jefferies analyst Brian Tanquilut said. That has created an overhang on stocks like AmerisourceBergen Corp. , Cardinal Health Inc. , McKesson Corp. , Express Scripts Holding Co. , CVS Health Corp. and Walgreens Boots Alliance Inc. ; “Unfortunately, we believe only time will refute these investor concerns,” he said. Amazon shares have surged 15% over the last three months, compared with a 4.5% rise in the S&P 500 and a 6.6% rise in the Dow Jones Industrial Average .

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The FBI is scrutinizing more than 60 money transfers sent by the Russian foreign ministry to its embassies across the globe, BuzzFeed News reported, citing agency sources. Most of the transfers had a note that said the money was to be used “to finance election campaign of 2016.” Seven nations, including the U.S. and Russia, had federal elections during the span when the funds were sent, the report notes. The transfers moved through Citi accounts and totaled more than $380,000, the report said. Citi turned over a range of documents on more than 650 suspicious transactions, not all of which are related to the election.

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The U.S. central bank should continue to raise interest rates gradually because the current policy stance remains “very accommodating rather than neutral,” said Raphael Bostic, the president of the Atlanta Fed, on Tuesday. Just how gradual that pace should be will depend on the strength of incoming economic data and what it implies for the outlook, Bostic said in a speech to Auburn University’s branch in Montgomery, Ala. Bostic, who joined the Atlanta Fed in June, will be a voting member of the Fed’s interest-rate committee in 2018. Bostic said he is still holding to the view that recent weakness in inflation “reflects idiosyncratic noise” but said he would be watching the next few inflation reports for signs of a pickup.

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The White House is considering Mohamed El-Erian for the No. 2 job at the Federal Reserve, according to a report by the Wall Street Journal. El-Erian, the chief economic adviser at Allianz Global Advisers and is the former chief executive at PIMCO, is one of several candidates under consideration for the post, according to the report, which quotes a person familiar with the matter. The White House is also considering nominating Kansas banking regulator Michelle Bowman for another vacancy on the Fed board of governors.

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The Dow Jones Industrial Average slipped firmly lower on Tuesday, adding to a recent downtrend in equity benchmarks as investors await updates on tax reform. The Dow was down about 130 points, or 0.5%, at 23,297, hitting a low of 23,271, or down 168 points at its lows of the session. The S&P 500 index slipped 0.5% at 2,572, while the Nasdaq Composite Index retreated 0.4% at 6,729. All three benchmarks opened in negative territory and were negative for the month of November. According to FactSet data, the Dow was off 0.3% in November, the S&P 500 was down 0.2%, while the Nasdaq was looking at a 0.1% decline over that period. November has traditionally been a period for stock market buying as professional investors set up their portfolios for 2018.

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U.S. stocks traded lower at the open on Tuesday, as Wall Street looked to the latest developments in the Republican Party’s efforts to reform U.S. tax policy. Central bankers were also in focus, with Federal Reserve Chairwoman Janet Yellen joining her European and Japanese counterparts in a panel discussion that could offer clues into the path for interest rates. The Dow Jones Industrial Average fell 0.3%, or 66 points, to 23,374. The S&P 500 lost 8 points, or 0.3%, to 2,577. The Nasdaq Composite Index was down 22 points, or 0.3%, to 6,736. Among specific stocks, Home Depot Inc. fell 1% after reporting its third-quarter results, while Dick’s Sporting Goods Inc. sank 6.8% after giving a disappointing 2018 outlook.

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GameStop Corp. said Tuesday it has named Daniel DeMatteo as interim chief executive, replacing J. Paul Raines, who is seeking medical treatment after a reoccurrence of a previously disclosed illness. Raines had a cancerous tumor removed from his brain in 2014. DeMatteo, a co-founder of the company, has previously served as CEO and in other executive roles. Shares were flat premarket, but are down 36% in 2017, while the S&P 500 has gained 15%.

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From:: Stock Market News

GameStop Corp. said Tuesday it has named Daniel DeMatteo as interim chief executive, replacing J. Paul Raines, who is seeking medical treatment after a reoccurrence of a previously disclosed illness. Raines had a cancerous tumor removed from his brain in 2014. DeMatteo, a co-founder of the company, has previously served as CEO and in other executive roles. Shares were flat premarket, but are down 36% in 2017, while the S&P 500 has gained 15%.

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