Category: Stock Market News

Financial shares on Tuesday registered their worst single-session slump in months as benchmark yields declined amid elevated geopolitical worries swirling in the market. A popular exchange-traded fund used to bet on financial performance, the Financial Select Sector SPDR ETF , closed off 2.1%, marking its steepest one-day slide since May 17, when it fell 3.2%, according to FactSet data. The decline in financials, highlighted by a 3.6% fall in shares of Goldman Sachs Group Inc. , came as the yield for the 10-year benchmark Treasury slipped to its lowest level, around 2.08%, since Nov. 10, just after President Donald Trump was elected. Global unrest centered on rising military tensions between North Korea and the rest of the globe after the Hermit Kingdom tested a hydrogen bomb over the weekend has underpinned a flight to assets perceived as safe, like government paper, which has pushed yields to lows. Bond prices and yields move inversely. More broadly, the financial sector was the worst performer among the S&P 500’s 11, off 2.2%. The broad-market gauge closed down 0.8% at 2,457, the Dow Jones Industrial Average ended off 1.1% at 21,753, with Goldman’s shares exacting the biggest toll on the price-weighted benchmark, about 55 points. The Nasdaq Composite Index closed 0.9% lower at 6,375.

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From:: Stock Market News

Stock-index benchmarks closed sharply lower on Tuesday as fears over North Korea and worries about a lack of policy progress in Washington stoked a flight to assets perceived as safe and out of stocks. The S&P 500 fell 0.8%, or 19 points, to end the day at 2,457, while the Dow Jones Industrial Average fell 234 points, or 1.1%, to 21,753. The tech-laden Nasdaq Composite Index registered a 0.9%, or roughly 60 point, loss at 6,375. Both the S&P 500 and Nasdaq halted multiday win streaks. All three benchmarks registered their worst one-day drop since Aug. 17, according to FactSet data. In individual stocks, United Technologies Corp. tumbled d 6% following the news that it agreed to buy Rockwell Collins Inc for $23 billion. Biotech business Insmed Inc jumped 121% as the company announced that it is moving in to the reviewing and approval process for its treatment for NTM lung disease.

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A popular measure of volatility on Wall Street jumped more than 30% on Tuesday as stock-index benchmarks saw one of their worst daily declines since mid August. The CBOE Volatility Index surged 34% Tuesday afternoon to 13.56, marking its biggest one-day rise since Aug. 10 when it surged 44%. Known as the fear gauge, the indicator is a measure of options bets on the S&P 500 index 30 days in the future and tends to be used as a sign of increased anxiety in the market because stocks fall faster than they rise. The jump in the gauge, which is still holding below its historic average of 20, comes as the Dow Jones Industrial Average is down 245 points, or 1.1%, the S&P 500 index is off 0.9% and the Nasdaq Composite Index is looking at a 1.1% tumble. A defiant North Korea, which warned of an unspecified counteroffensive strike as the U.S. attempts to impose sanctions on the Hermit Kingdom after it tested a hydrogen bomb over the weekend has been cited as the main reason for the market’s recent downdraft after the Labor Day holiday. Concerns about President Donald Trump’s ability to enact pro-growth legislation also has helped to rattle markets that had been climbing on the back of business-friendly policies coming to fruition soon.

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U.S. oil prices jumped Tuesday to their highest finish in just over three weeks, finding support as crude production and refinery activity start their recovery from the disruptions and flooding caused by Hurricane Harvey. October West Texas Intermediate crude added $1.37, or 2.9%, to settle at $48.66 a barrel on the New York Mercantile Exchange. That was the highest finish since Aug. 11, according to FactSet data. October gasoline lost 4.9 cents, or 2.8%, to end at $1.699 a gallon.

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Chipotle Mexican Grill Inc. said Tuesday that it’s adding “all-natural” queso to its menus nationwide on September 12. Chipotle has been testing queso at 350 restaurants across southern California and Colorado. Chipotle’s queso will be made with aged cheddar cheese, tomatillos, tomatoes and several varieties of peppers. Pricing will vary slightly by city, but will range from $1.25 to add to an entree, to $5.25 for a large side order. Chipotle shares are down 18.2% for the year so far, while the S&P 500 index is up 9.8% for the period.

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GPS Hospitality, a franchisee of Burger King and Popeyes Louisiana Kitchen restaurants, said Tuesday that it will host a job fair on September 12 with the goal of hiring 1,500 workers. Burger King and Popeyes are Restaurant Brands International Inc. chains. The job fair will take place at all of GPS’ 395 restaurants across 11 states. There are openings for 1,350 crew members and 150 managers. Restaurant Brands International shares are up 17% for the year to date, the PowerShares Dynamic Food & Beverage Portfolio is up 4.7%, and the S&P 500 index is up 9.6% for the period.

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President Donald Trump wants a comprehensive immigration-reform bill from Congress, White House press secretary Sarah Huckabee Sanders said Tuesday, following the rescinding of an Obama-era program. Asked if Trump would sign a stand-alone bill to reform the Deferred Action for Childhood Arrivals program, Sanders said “we can’t just have one tweak to the immigration system.” A comprehensive bill would include border control, she said.

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The Dow Jones Industrial Average early Tuesday was trading more than 220 points lower, with the bulk of that downturn driven by declines in shares of Goldman Sachs Group Inc. and United Technologies Corp. Goldman’s shares alone were slicing 50 points from the Dow in early morning trade, off $7.27, or 3.2%. United Tech’s stock was off $6.03, or about 5.1%, after the industrial conglomerate said late Monday it had reached a deal to buy airplane-parts maker Rockwell Collins Inc. for $23 billion. United Tech rival, Boeing Co.’s shares were also trading firmly lower in the wake of the merger news. Meanwhile, insurer Travelers Inc. also pushed the equity gauge down. Its shares were off $3.77, or 3.1%, as Hurricane Irma was upgraded to a Category 5 storm and nearing Florida. A $1 move in the price-weighted Dow equates to a 6.89-point swing in the average. Heightened tensions between the West and North Korea were cited as the main reason behind the market’s retreat after Pyongyang tested a hydrogen bomb over the weekend. Other benchmarks were trading in decline as well. Most recently, the Dow was down 220 points, or 1% at 21,766, while the S&P 500 index was off 0.9% at 2,454, while the Nasdaq Composite Index shed 1.2% at 6,365.

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Gold rallied Tuesday as concerns over North Korea, weakness in the dollar and broad declines in U.S. equities combined to lift prices to their highest settlement level in nearly a year. December gold rose $14.10, or 1.1%, to settle at $1,344.50 an ounce. That was the highest settlement for a most-active contract since Sept. 22, according to FactSet data.

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Tyson Foods Inc. said Tuesday it is planning to build a $320 million poultry complex in eastern Kansas, in response to strong demand for chicken. The company will build a processing plant, hatchery and feed mill, close to the city of Tonganoxie, in Leavenworth County, creating about 1,600 jobs. The company will contract with local farmers and ranchers to raise chickens. Production is scheduled to begin in mid-2019. The plant will have the capacity to process 1.25 million birds a week and is expected to generate an annual economic benefit of $150 million for the state of Kansas. Tyson currently employs roughly 5,700 people in Kansas and has an annual payroll of more than $210 million. Shares were flat Tuesday, but have gained 4.5% in 2017, while the S&P 500 has gained 9.5%.

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From:: Stock Market News