Category: Stock Market News

The Nasdaq on Thursday is on track to end in negative territory on back-to-back days for the first time in 2017. The tech-heavy index was under pressure, off 0.5% at 5,831 in late-afternoon trade, as shares of tech companies slumped, including Nvidia Corp. which threatened to see its biggest daily drop ever. The last time the Nasdaq Composite Index fell on successive sessions was the three-day period to end 2016, according to FactSet data. That’s 36 days without a two days in a row in the red, which marks the longest such streak since Aug. 25, 2016, Dow Jones data show. So far, the Nasdaq has only declined 9 times this year and hasn’t seen a 1% drop since Dec. 1, 2016, representing 56 trading days. The index’s longest streak without a 1% tumble was 73 trading days from Jan. 4, 1995 to April 18, 1995, when it closed down 1.1% on the 74th. The downtrend for the Nasdaq comes as the S&P 500 index and the Dow Jones Industrial Average are trading slightly higher, with blue-chips set for 10 straight days of gains, its longest such streak in 30 years.

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Prologis Inc. said Thursday that it raised its quarterly dividend by nearly 5% to 44 cents a share from 42 cents a share. The logistic real estate company’s new dividend will be payable March 31 to shareholders of record on March 15. Based on current share prices, the new annual dividend rate of $1.76 a share represents a dividend yield of 3.49%, compared with the aggregate S&P 500 dividend yield of 2.01%, according to FactSet. The stock, which was up 0.2% in afternoon trade, has run up 33% over the past three months, while the SPDR Real Estate Select Sector ETF has gained 6.6% and the S&P 500 has rallied 23%.

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Oil futures ended higher Thursday, maintaining gains after data showed a smaller-than-expected rise in U.S. crude inventories. West Texas Intermediate crude for April delivery rose 86 cents, or 1.6%, to close at $54.45 a barrel. Oil spiked then trimmed gains after the Energy Information Administration said crude inventories rose by 600,000 barrels in the week ended Feb. 17. Analysts surveyed by The Wall Street Journal had penciled in, on average, a 3.4 million barrel rise.

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From:: Stock Market News

The Nasdaq on Thursday is on track to end in negative territory on back-to-back days for the first time in 2017. The tech-heavy index was under pressure, off 0.5% at 5,831 in late-afternoon trade, as shares of tech companies slumped, including Nvidia Corp. which threatened to see its biggest daily drop ever. The last time the Nasdaq Composite Index fell on successive sessions was the three-day period to end 2016, according to FactSet data. That’s 36 days without a two days in a row in the red, which marks the longest such streak since Aug. 25, 2016, Dow Jones data show. So far, the Nasdaq has only declined 9 times this year and hasn’t seen a 1% drop since Dec. 1, 2016, representing 56 trading days. The index’s longest streak without a 1% tumble was 73 trading days from Jan. 4, 1995 to April 18, 1995, when it closed down 1.1% on the 74th. The downtrend for the Nasdaq comes as the S&P 500 index and the Dow Jones Industrial Average are trading slightly higher, with blue-chips set for 10 straight days of gains, its longest such streak in 30 years.

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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Shares of Nvidia Corp. tumbled 8.9% in afternoon trade, toward the first close below a key trend-tracking line for the first time in a year, in the wake of analyst downgrades to bearish ratings. The stock was changing hands at $100.92, putting it on track for the lowest close since Dec. 16, 2016. It was also heading for the first close below its widely viewed 50-day moving average (MA), which is used by many to track the short-term trend, since Feb. 17, 2016. The 50-day MA currently extends to $107.07, according to FactSet. That would snap a 256-session streak of closes above the 50-day MA, the longest such stretch since the stock went public in January 1999. The last time it first closed below the 50-day MA, after at least 3 months above it, was Jan. 7, 2016. The stock fell another 17% over the next month before bottoming.

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CFRA on Thursday cut its rating on Tesla Inc. to sell from hold, saying that while they see “a clearer path towards Model 3 production, we still see execution and other risks to the timing of and achievement of targets,” analyst Efraim Levy said in a note. “We expect (Tesla) to go to market this year to raise capital,” he said. Levy raised his price target on the shares by $35 to $240, reflecting expectations of “rapid sales growth” for the mass-market sedan as the car’s launch approaches. Tesla reported mixed fourth-quarter results late Wednesday. Wall Street cheered Model 3 being on track for sales later this year, and braced for a likely capital raise in the near term.

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The Mexican peso strengthened against the dollar on Thursday after several top Trump administration officials stressed the importance of maintaining positive relations with the U.S.’s southern neighbor. The peso strengthened early in the day, part of a broad-based rally in emerging-market currencies, after U.S. Treasury Secretary Steven Mnuchin offered what some market strategists characterized as a lackluster defense of the U.S.’s strong dollar policy. The dollar was down 1.4% at 19.65 pesos in recent trade, compared with 19.94 pesos late Wednesday in New York. He also emphasized that relations between the two countries remain positive. The currency added to its gains later in the day after U.S. Secretary of State Rex Tillerson said his trip to Mexico was “forward-looking,” and that officials from the two countries were focused on their common interests. He also said that Mexican Secretary of Foreign Affairs Luis Videgaray also said the meeting was “a good step” toward cooperation. The currency is presently trading at levels not seen since Nov. 9, the day after the U.S. election. It rallied sharply earlier in the week after Mexico’s central bank introduced a new hedging facility. “[President Donald Trump] said a lot of inflammatory stuff during the campaign but in reality their relationship is going to have to be one of mutual cooperation and strong ties,” said Win Thin, global head of emerging-market currency strategy at Brown Brothers Harriman.

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Gold prices rose on Thursday to close at their highest level since November as the Fed minutes released Wednesday did not indicate any firm resolve on the part of the central bank to hike interest rates soon. The lack of clear signal from the Federal Reserve in monetary policy pressured the dollar which helped to boost appetite for dollar-denominated assets such as gold. April gold gained $18.10, or 1.5%, to settle at $1,251.40 an ounce.

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WASHINGTON (MarketWatch) – Dow Chemical CEO Andrew Liveris on Thursday said President Donald Trump was leading “the most pro-business administration since the founding fathers.” In comments after a meeting between manufacturers and the president, The Dow CEO said the “language of business” is being spoken at the White House. He said that manufacturing jobs will be brought back to the U.S. as a result of the tax policy and regulatory reforms under discussion.

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Shares of Home Depot Inc. edged up less than 0.1% in midday trade Thursday, but bucked the selloff in the broader retail sector, after Morgan Stanley moved to a bullish rating on the home improvement retailer. The SPDR S&P Retail ETF shed 1.2% in midday trade. Analyst Simeon Gutman upgraded Home Depot to overweight, after being at equal weight since June 2014. He boosted his stock price target to $165, which was 14% above current levels, from $150. Gutman said he has greater confidence in the growth of the home improvement industry, given research that suggests the housing recovery is till in the ‘middle innings’ and the belief that any negative impact from rising interest rates in the near term are being overestimated. He said Home Depot’s stock had performed well in previous rising-rate environments. And even in the most aggressive tightening periods, Gutman said it took about two years to hurt spending on home improvement. Home Depot’s stock has rallied 11% over the past three months, while the SPDR retail ETF has lost 6.9% and the Dow Jones Industrial Average has climbed 9%.

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