Category: Stock Market News

Republican and Democratic lawmakers on Saturday reached a deal that would allow new sanctions on Russia, Iran and North Korea while limiting President Donald Trump’s ability to lift measures aimed at Moscow, news reports said. The proposed bill would require the president to submit a report to Congress on any actions that would “significantly alter” foreign policy in connection to Russia, Reuters reported, including easing sanctions or returning diplomatic properties in Maryland and New York that were ordered vacated by President Barack Obama late last year. Congress could then vote to approve or reject the changes.

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One measure of fear on Wall Street on Friday booked its second-lowest finish ever, according to FactSet data. The CBOE Volatility Index, or VIX, wrapped up the session down 2.3% at 9.36, marking the lowest close since the so-called “fear gauge” ended at 9.31 in December 1993 at 9.31. The gauge flirted with the lowest reading in history at 9.30, before bucking up a touch. The VIX is based on options contracts on the S&P 500 30-days in the future. The metric’s historical average is 20 and it has continued to mostly slump in 2017, with the majority of its readings below 10 being put in this year, as stocks have reached repeated records since President Donald Trump’s Election Day victory in November. That dynamic, lower readings for VIX and elevated stock prices, have suggested to market participants that investors are becoming increasingly complacent. Friday’s VIX slide came as many major equity benchmarks closed lower, but not far from records, including the Dow Jones Industrial Average , the S&P 500 index , and the Nasdaq Composite Index , which all finished less than 1% shy of all-time closing highs.

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The U.S. government on Friday dropped charges against two former derivatives traders at J.P. Morgan Chase & Co. –Javier Martin-Artajo and Julien Groupt–in the London Whale case, according to a statement from the U.S. Attorney for the Southern District of New York. The U.S. decided not to pursue the charges after it determined that it can no longer rely on the testimony of Bruno Iksil, a former colleague of the defendants. Iksil was one of the several at J.P. Morgan that were involved in a trading debacle that resulted in over $6 billion in losses for the bank. London Whale was a nickname given to Iksil by his competitors.

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From:: Stock Market News

One measure of fear on Wall Street on Friday was on track to log its lowest finish ever, according to FactSet data. The CBOE Volatility Index, or VIX, looked set to end down 2.9% at 9.30, which would mark the lowest level for the so-called fear gauge since 1993, if that reading holds. The indicator’s previous low close was in December 1993 at 9.31. The VIX is based on options contracts on the S&P 500 30-days in the future. The metric’s historical average is 20 and it has continued to mostly slump in 2017 as stocks have reached repeated records since President Donald Trump’s Election Day victory in November, which suggests to market participants that investors are becoming increasingly complacent. Friday’s VIX slide came as many major equity benchmarks closed lower, but not far from records, including the Dow Jones Industrial Average , the S&P 500 index , and the Nasdaq Composite Index .

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From:: Stock Market News

U.S. stocks closed lower Friday, with the Dow industrials finishing lower for the week, as General Electric Co.’s outlook cast a cloud over earnings season, which is just getting started. The Dow Jones Industrial Average fell 31.71 points, or 0.2%, to close at 21,580.07, with shares of GE falling 2.9% and shares of Chevron Corp. and Goldman Sachs Group Inc. helping to lead blue chips lower. For the week, the Dow finished 0.3% lower, snapping a two-week win streak. The S&P 500 index declined 0.91 point to close at 2,472.54, with five out of 11 sectors finishing lower, led by declines in energy and industrials. The index logged a 0.5% gain for the week, for a third week of gains. The Nasdaq Composite Index closed down 2.25 points at 6,387.75. The tech-heavy index finished up 1.2% for the week for a third week of gains.

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San Francisco City Attorney Dennis Herrera said Friday his office is seeking a court order to force ride-hailing companies Lyft and Uber to comply with the office’s subpoenas, filed in June, that seek records on the companies’ driving practices, disability access, and services in the city. Petitions in the San Francisco Superior Court “are aimed at ensuring Uber and Lyft’s estimated 45,000 drivers in San Francisco do not create a public nuisance,” according to a statement. The companies were given “multiple opportunities” to comply with subpoenas but haven’t done so. Lyft wanted “unreasonable provisions” to comply and Uber objected to the subpoenas and refused to produce documents or data, according to the statement.

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Gold prices settled Friday at their highest level in four weeks, with investment demand for the precious metal getting a boost from turmoil in the White House and weakness in the U.S. dollar. August gold added $9.40, or 0.8%, to settle at $1,254.90 an ounce. Prices stretched their streak of gains to a sixth-straight session, tallying a climb of about 2.2% for the week.

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Shares of PetIQ Inc. were soaring 32% Friday after the company made its debut on the Nasdaq. PetIQ, which distributes pet medications, sold 6,250,000 million shares at $16 a share to raise $100 million. The company posted net sales of $200.2 million in 2016 on top of a loss of $3.4 million. However, in the three months ended in March of this year, the company swung to a profit, with net income of $4.3 million on sales of $67 million. It granted underwriters a 30-day option to sell an additional 937,500 shares. Jefferies and William Blair were the lead underwriters on the offering.

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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil edged down by 1 to 764 rigs this week. The oil-rig count had previously tallied a two-week rise of 9 rigs. The total active U.S. rig count, which includes oil and natural-gas rigs, was also down 2 at 950, according to Baker Hughes. September West Texas Intermediate crude pared some of their earlier declines. It was down $1.08, or 2.3%, at $45.84 a barrel on the New York Mercantile Exchange, off a low of $45.71. It traded at $45.75 before the data.

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From:: Stock Market News

Oil prices dropped to fresh session lows Friday, pressured as tanker-tracker Petro-Logistics said OPEC oil output is poised to climb by 145,000 barrels a day this month, according to a report from Reuters. The news came ahead of a weekly update on the number of active U.S. oil rigs from Baker Hughes. Gold prices, meanwhile, touched new session highs, finding some support as a haven investment following reports that White House Press Secretary Sean Spicer has resigned. September West Texas Intermediate crude fell $1.09, or 2.3%, to $45.83 a barrel, after a low at $45.71. August gold traded at $1,252.70 an ounce, up $7.20, or 0.6%.

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From:: Stock Market News