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A popular way to wager on the financial sector Thursday afternoon was trading below a long-term trend line intraday for the first time in about 14 months. The Financial Select Sector SPDR ETF tumbled 1.8% to 23.86 on Thursday, trading below its 200-day moving average at 23.98 for the first time since early July, according to FactSet data. Market technicians tend to see short-term and long-term moving averages as dividing lines between bullish and bearish trends. Slipping below an average is viewed as a bearish sign. The financial sector has been under recent pressure as Wall Street’s expectations for another interest-rate increase in 2017 has diminished and as benchmark yields have fallen to their lowest level in 2017. The yield on the 10-year Treasury note fell to around 2.05% Thursday after a European Central Bank news conference. Anxieties about North Korea’s recent test of a hydrogen bomb over the Labor Day weekend also have contributed to the swing lower for yields, which move inversely to prices. Recent declines in the 10-year Treasury yield narrows the gap between long- and short-term rates, potentially undercutting banks’ business model of borrowing short term and providing long-term loans. Overall, the stock market was tipping lower, with the Dow Jones Industrial Average down 0.2% at 21,756, the S&P 500 index trading 0.2% lower at 2,461, while the Nasdaq Composite Index was retreating by 0.5% at 6,385. U.S. equities had opened slightly higher on the day.

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From:: Stock Market News

The Dow Jones Industrial Average was trading in negative territory Thursday afternoon, with shares of Walt Disney Co., and Apple Inc., proving the biggest drags on the benchmark. Shares of Disney were down $3.70, or 3.6%, the worst performer among the Dow’s 30 components and slicing about 25 points from the price-weighted gauge. A $1 swing in any Dow component equates to a move of 6.89 points. The Dow was off nearly 60 points, or 0.3% at 21,753, while the S&P 500 index was down 0.2% at 2,461, and the Nasdaq Composite Index was up about 0.2% at 6,388. During a Bank of America Merrill Lynch’s Media, Communications & Entertainment Conference, Disney CEO Bob Iger said the entertainment and media giant will report annual earnings “roughly in line” with what the company generated in fiscal year 2016 at about $5.72, disappointing analysts average, annual estimates for full-year earnings a share of $5.89. Other media stocks also fell on the news, including CBS and 21st Century Fox . Meanwhile, Apple Inc.’s shares also pressured the Dow after a report from The Wall Street Journal that said the Cupertino, Calif.-based tech giant has been plagued by production glitches as it looks to roll out its latest update to its smartphones: the iPhone 8. Apples shares were down 85 cents or 0.5%, in most recent trade.

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

President Donald Trump and Senate Minority Leader Chuck Schumer have reportedly agreed to pursue a deal that would remove the need for Congress to repeatedly raise the U.S. debt ceiling. The Washington Post reported Trump and Schumer discussed the idea, which would need to be approved by Congress, on Wednesday in the Oval Office. The report comes a day after Trump sided with Democrats on a plan to raise the borrowing limit until mid-December.

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

Production glitches in the manufacturing of the iPhone 8 earlier this summer could mean supply shortages and shipping delays when customers start putting in orders for the new device later this month, The Wall Street Journal reported, citing people familiar with the matter. The iPhone 8 is expected to be unveiled at an Apple event scheduled for Sept. 12, and if shortfalls last beyond the initial sales period expected to kick off Sept. 22, it could lead analysts to lower estimates for the key holiday period, the paper said. The glitches led to a setback to the manufacturing timetable of about a month. Foxconn, the contractor that assembles iPhones at factories in China, has been ramping up production and is offering bonuses to employees who help bring in new hires. Apple declined to comment. The new phone is expected to come with a series of new features. Apple shares were down 0.6%, but have gained 39% in 2017, while the Dow Jones Industrial Average has gained 10.5% and the S&P 500 has gained 10%.

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 was trading in negative territory Thursday afternoon, with shares of Walt Disney Co., proving the biggest drag on the benchmark after its CEO issued an earnings warning. Shares of Disney were down $3.35, or 3.3%, the worst performer among the Dow’s 30 components and slicing about 24 points from the price-weighted gauge. A $1 swing in any Dow component equates to a move of 6.89 points. The Dow was off 35 points, or 0.2% at 21,773, while the S&P 500 index was down 0.1% at 2,463, and the Nasdaq Composite Index was up about 0.1% at 6,397. During a Bank of America Merrill Lynch’s Media, Communications & Entertainment Conference, Disney CEO Iger said
the entertainment and media giant will report annual earnings “roughly in line” with what the company generated in fiscal year 2016 at about $5.72, disappointing analysts average, annual estimates for full-year earnings a share of $5.89. Other media stocks also fell on the news, including CBS and 21st Century Fox .

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

Data from the U.S. Energy Information Administration Thursday showed that domestic crude supplies climbed by 4.6 million barrels for the week ended Sept. 1. That’s larger than the forecast for a rise of 2.7 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Wednesday an increase of 2.8 million barrels. Gasoline stockpiles were down 3.2 million barrels for the week, while distillate stockpiles edged down by 1.4 million barrels, according to the EIA. October crude fell 12 cents, or 0.2%, to $49.04 a barrel on the New York Mercantile Exchange. Prices traded at $48.91 before the supply data. October gasoline traded at $1.671 a gallon, down less than half a cent, or 0.1%.

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From:: Stock Market News

A large majority of business and academic economists said Fed Chairwoman Janet Yellen should be reappointed to a second four-year term, according to a Wall Street Journal poll released Thursday. More than three quarters of the economists surveyed expect the Fed to next raise interest rates at its Dec. 12-13 meeting. The Journal surveyed 56 economists in its monthly poll.

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

A large majority of business and academic economists said Fed Chairwoman Janet Yellen should be reappointed to a second four-year term, according to a Wall Street Journal poll released Thursday. More than three-quarters of the economists surveyed expect the Fed to next raise interest rates at its Dec. 12-13 meeting. The Journal surveyed 56 economists in its monthly poll.

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