Category: Stock Market News

The Dow Jones Industrial Average is set to mark is third weekly decline of 1,000 points since February. On Friday, the Dow was off 277 points, or 1.1%, at 24,339, falling below its 100-day moving average at 24,447.63, according to FactSet. At its current pace, the Dow is set to shed about 1,000 points or more for the week, after recording back-to-back 1,000-point drops from Feb.9 to Feb. 16. The blue-chip gauge had been mounting a modest recovery since the main benchmarks, the S&P 500 index and the Nasdaq Composite Index fell into correction territory on Feb. 8, typically defined as a drop of 10% from a recent peak. However, worries about trade wars sparked by President Donald Trump’s threat on Thursday to impose tariffs on steel and aluminum imports, fear of rising inflation and bond yields competing for investor attention against equities, and uncertainty about the Federal Reserve’s path under newly minted chief Jerome Powell has made for a bearish cocktail for Wall Street stocks.

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The Department of Justice and the Securities and Exchange Commission filed securities fraud charges on Friday against a U.K.-based broker-dealer, one of its investment managers and several others for alleged manipulative trading in the securities of HD View 360 Inc., a U.S.-based microcap issuer and several other securities. DOJ’s multi-count indictment for conspiracy to commit securities fraud and money laundering conspiracy was made public Thursday against Peter Kyriacou as well as Beaufort Securities Ltd and a host of other individuals and corporate entitites. The SEC also charged HD View’s CEO, Dennis Mancino. The charges arise in part from an undercover operation by the Federal Bureau of Investigation where the agent described his business to the defendants as manipulating U.S. stocks through pump-and-dump schemes. Several companies listed on the London Stock Exchange’s AIM also had to suspend trading or change brokers as a result of the allegations.

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The largest exchange-traded fund to track the metals and mining sector fell on Friday, retreating from a sharp rally in the previous session that came after President Donald Trump unexpectedly announced tariffs on steel and aluminum would be institute next week. The SPDR S&P Metals & Mining ETF fell 1.3%, giving back some of the 2.5% gain it had on Thursday. Despite that rally, however, the fund remains down 2.2% on the week. Among its most notable components, United States Steel Corp. fell 4.3%, following a spike of nearly 6% on Thursday. Separately, Nucor Corp. was down 2% and Century Aluminum Co. shed 2.6%. The Dow Jones Industrial Average fell 1.4% while the S&P 500 was off 0.9% and the Nasdaq Composite Index was off 0.8%.

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Four members of the board of Wells Fargo will depart at the company’s annual meeting in April, the bank announced Thursday. John S. Chen, Lloyd H. Dean, and Enrique Hernandez, Jr., the board’s longest serving directors, and Federico F. Peña, will all retire at that point. What Wells calls a board “refreshment” comes in response to mounting political and regulatory pressure over ongoing misdeeds by the bank. In February, the Federal Reserve said the bank would not be allowed to grow its assets, and required that it replace three board members by April and a fourth by the end of the year. California State Treasurer John Chiang, who serves several public pensions in the state, also demanded board changes at the bank. Over the past 12 months, a period in which most big bank stocks have gained double digits, Wells shares are down about 3%.

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Stifel analyst Brad Reback upgraded shares of Splunk Inc. to buy from hold on Friday, after the company reported better-than-expected results the prior afternoon. Shares are up 3.5% in Friday morning trading. “Net-net, we believe these last several quarters of results demonstrate that Splunk has successfully navigated through the worst of the financial headwinds associated with its business model transition, and therefore expect shares to see further multiple expansion over time as Splunk continues to drive healthy double-digit top-line growth with improving profitability and cash flow generation,” he wrote. Reback believes that Splunk’s latest numbers indicate that the company is on track to achieve its fiscal 2020 goals, which include having 20,000 customers. He raised his price target to $120 from $75, joining at least 21 other analysts in increasing the target, according to FactSet. Splunk shares are up 55% over the past 12 months, while the S&P 500 Index is up 11%.

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The Cboe Volatility index rallied for a fourth straight session on Friday, as fears over increased trade protectionism added to the uncertainty weighing on the U.S. stock market. The VIX rose 13% to 25.33, its highest level since Feb. 13, and extending the move back above its long-term average of 20. For the week, the so-called “fear index” is up more than 50%, bringing its year-to-date advance to nearly 130%. The VIX also spiked in early February, as concerns over the prospect of inflation returning to markets led to the first correction on Wall Street in two years. The Dow Jones Industrial Average fell 1.4% on Friday, while the S&P 500 was down 1% and the Nasdaq Composite Index lost 1.2%. The losses came a day after President Donald Trump announced the U.S. would impose tariffs on steel and aluminum imports and subsequently tweeted that “trade wars are good.”

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The Dow Jones Industrial Average on Friday slipped below a closely watched midterm trend line as a selloff sparked by President Donald Trump’s threat to impose tariffs on aluminum and steel imports, as soon as next week, intensified. The Dow tumbled 300 points, or 1.3% in early Friday trade to 24,267, ], which would put it in position to slip beneath its 100-day moving average at 24,447.83, according to FactSet data. The Dow on Thursday closed down more than 420 points at 24,608, while the S&P 500 index and the Nasdaq Composite Index also tumbled sharply lower. The Dow last broke below its 100-day MA on Feb. 9, as stock benchmarks were reeling after slipping into correction territory, typically defined as a decline of at least 10% from its recent peak on Jan. 26. The blue-chip gauge is still well above its 200-day MA at 23,077.02. Market technicians watch moving averages in order to help gauge short-term and long-term momentum in an asset.

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.

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The S&P 500 index on Friday turned negative for the year at the start of regular trade, as investors wrung their hands over trade protectionism. The S&P 500 was holding on to a slight 0.2% year-to-date gain as of Thursday’s close, but was down 0.5% for the year after the index opened off 0.6% at 2,663. For the week, the broad-market benchmark was on pace to decline 3.1%. The Dow Jones Industrial Average , meanwhile, fell below its 100-day moving average with a triple-digit decline at the start of Friday’s action. The Nasdaq Composite Index also sank firmly. President Donald Trump pledged Thursday to impose tariffs on steel and aluminum imports, prompting threats of retaliation across Asia, Europe and Canada and Mexico. The Nasdaq was on track to retain its gain for the year while the Dow turned negative for the year in Thursday’s rout.

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EBay Inc. shares rose 1.4% in Friday morning trading after Raymond James analyst Aaron Kessler upgraded the stock two notches, to strong buy from market perform. Kessler believes that growth in gross merchandise volume will continue to accelerate this year as the company makes enhancements to the buyer experience. He also thinks that the company’s Promoted Listings product will also start to yield results and “could be meaningfully accretive” to earnings in 2018. Promoted Listings shows some sponsored results above non-sponsored ones and had been used by 160,000 sellers during the fourth quarter, Kessler noted. “Promoted Listings could meaningfully drive incremental core Marketplace revenues,” he wrote. EBay shares are up 26% over the past 12 months, while the S&P 500 Index is up 12%.

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.

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From:: Stock Market News

The Dow Jones Industrial Average on Friday was set to open below a closely watched mid-term trend line as a selloff sparked by President Donald Trump’s threat to impose tariffs on aluminum and steel imports next week intensified. The Dow was set to drop by more than 200 points early Friday, given the downturn in Dow fuutures , which would put it in position to slip beneath its 100-day moving average at 24,447.83, according to FactSet data. The Dow on Thursday closed down more than 420 points at 24,608, while the S&P 500 index and the Nasdaq Composite Index also tumbled sharply lower. The Dow last broke below its 100-day MA on Feb. 9, as stock benchmarks were reeling after slipping into correction territory, typically defined as a decline of at least 10% from its recent peak on Jan. 26. The blue-chip gauge is still well above its 200-day MA at 23,077.02. Market technicians watch moving averages in order to help gauge short-term and long-term momentum in an asset.

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.

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From:: Stock Market News