Category: Stock Market News

Gold prices fell Friday to finish at their lowest level since March as upbeat monthly data on U.S. jobs supported expectations for at least one more interest-rate hike from the Federal Reserve this year. August gold dropped $13.60, or 1.1%, to settle at $1,209.70 an ounce. Prices fell about 2.6% for the week. Sister metal silver took a much larger dive, with the September contract losing 55.8 cents, or 3.5%, to $15.425 an ounce–the lowest finish in more than a year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

A popular way to bet on the beleaguered technology sector on Friday was on track to post its best one-day gain in about two weeks. The tech-focused Technology Select Sector SPDR ETF was trading at near its highest, up 1.4%, which would mark its best daily rally since June 19 when the ETF climbed 1.48%, according to FactSet data. Gains in the exchange-traded fund were led by solid advances in shares of Applied Materials Inc. , Seagate Technology Plc. and Qorvo Inc. , all up at least 3%. The resurgence in tech names, which have seen fitful trade over the past few weeks as questions about lofty valuations plague the sector, was in part helping the tech-laden Nasdaq Composite Index to power higher, up 1.1% on the day. Friday’s advance also comes after an upbeat employment report that showed the U.S. added 222,000 jobs in June, representing the second-best job haul this year. Healthy employment combined with muted levels of inflation are being read as underpinning a continued rise for risk assets, including stocks, with an expectation that the Federal Reserve will lift interest rates, increasing borrowing costs for companies, but at a more subdued pace. The S&P 500 index was up 0.7% at 2,426, while the Dow Jones Industrial Average was climbing 0.5% at 21,416.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of General Electric Co. fell 1.1% in midday trade Friday, putting them on track to close at a 21-month low and to pace the Dow Jones Industrial Average’s losers for a second-straight session. On Thursday, the stock slumped 3.8% to close at the lowest level since Oct. 2, 2015, after J.P. Morgan slashed its stock price target, citing an uncertain outlook and a lack of growth potential, and Moody’s Investors Service said GE’s acquisition of oil services company Baker Hughes Inc. underscored the need to boost earnings and cash flow. GE’s stock is headed for the 11th decline in the past 14 sessions, and has shed 10.3% during that stretch. It has tumbled 17.6% year to date, while the SPDR Industrial Select Sector ETF has climbed 10.5% and the Dow has gained 8.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Sears Holding Corp. shares fell 3% Friday, after the company said it is closing another eight Sears and 35 Kmart stores that are unprofitable. In a blog post, Sears Chief Executive Eddie Lampert said Sears is still working to cut costs and respond to the needs of a changing consumer. Today’s action “is part of a strategy both to address losses from unprofitable stores and to reduce the square footage of other stores because many of them are simply too big for our current needs,” he wrote. “Having the right formats and right sized stores will help us put Sears Holdings in a better position to meet the realities of the changing retail world.” The company is on track to achieve its annualized cost savings target of $1.25 billion, he said, and is still working to improve liquidity and reduce debt. It has been challenged by reduced support from some of its vendors, he acknowledged, which has put more pressure on the business. Shares have fallen 17% in 2017, while the S&P 500 has gained 8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 7 to 763 rigs this week. That followed a 2-rig fall reported a week earlier, which was the first such decrease in 24 weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, also climbed by 12 to 952, according to Baker Hughes. Oil prices extended their losses following the data, with August West Texas Intermediate crude down $1.45, or 3.2%, at $44.07 a barrel on the New York Mercantile Exchange for the session. It was trading at $44.40 before the data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Advanced Micro Devices Inc. surged 3.9% in active midday trade Friday, enough to pace the S&P 500’s gainers, amid a broad rally in semiconductor stock. Volume topped 49 million shares within two hours after the open, which is already more than half the full-day average, and enough to make the stock the most actively traded on major U.S. exchanges. The PHLX Semiconductor Index hiked up 1.6%, as the stocks of three other chip companies were among the top S&P 500’s gainers: Lam Research Corp.’s ran up 3.1%, Applied Materials Inc.’s climbed 3.0% and Nvidia Corp.’s rallied 2.1%. Morgan Stanley analyst Joseph Moore raised his stock price target for Applied Materials to $52 from $47, and for Lam Research to $168 from $135. Moore said he believes capital spending in chips and display is continuing to improve, and that memory strength is driving an “unprecedented” memory cash flow. AMD’s stock has now rallied 19% year to date, while the SOX has rallied 16% and the S&P 500 has gained 8.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The Federal Reserve expects a “gradual” increase in interest rates and for balance sheet normalization to begin this year, according to the monetary policy report released Friday. That’s the same assessment the Federal Open Market Committee gave after its June meeting, and comes ahead of Federal Reserve Chairwoman Janet Yellen’s testimony on Capitol Hill next week. Also of note were the special topics the Fed chose to address: education’s impact on economic opportunities, the global productivity slowdown, liquidity in the corporate bond market and monetary policy rules.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Data from the U.S. Energy Information Administration on Friday showed that domestic supplies of natural gas rose by 72 billion cubic feet for the week ended June 30. The report was delayed by a day because of the Independence Day holiday. Analysts surveyed by S&P Global Platts forecast a build of 63 billion cubic feet. Total stocks now stand at 2.888 trillion cubic feet, down 285 billion cubic feet from a year ago, but 187 billion cubic feet above the five-year average, the government said. August natural gas added a penny, or 0.4%, from Wednesday’s settlement to $2.898 per million British thermal units. It traded at $2.925 before the data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

U.S. stocks opened higher on Friday after government data showed the economy added 222,000 jobs last month, the second-largest gain this year. Figures for April and May were also revised upward, though the wage growth remained sluggish. Despite Friday’s modest opening gains, the main indexes were on track to post small weekly losses. The S&P 500 was up by 6 points, or 0.3%, to 2,416. The Dow Jones Industrial Average gained 48 points, or 0.2%, to 21,364. The Nasdaq Composite index advanced 24 points, or 0.4%, to 6,114. Among biggest gainers, Advanced Micro Devices, Inc rose more than 2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Financial stocks were broadly higher Friday, as a rise in Treasury yields following data showing the economy added more jobs than expected provided a boost. The SPDR Financial Select Sector ETF rose 0.5% in premarket trade. Among some of ETF’s more heavily weighted components, shares of Bank of America Corp. climbed 0.9%, J.P. Morgan Chase & Co. gained 0.9%, Goldman Sachs Group Inc. tacked on 0.7%, Citigroup Inc. advanced 0.8% and Wells Fargo & Co. added 0.4%. The yield on the 10-year Treasury note rose 1 basis point to 2.380% toward a two-month high, after data showing nonfarm payrolls increased by 222,000 in June, beating expectations of a 180,000 increase. A rise in longer-term yields can help boost banks’ profits by increasing the spread they earn between longer-term assets, such as loans, and shorter-term liabilities. The financial ETF has gained 7.0% year to date through Thursday, while the S&P 500 has advanced 7.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News