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U.S. stock benchmarks climbed on Friday and looked set to log weekly gains as investors Fed Chairwoman Janet Yellen opted not to make any specific comments on monetary policy in a highly anticipated speech in Jackson Hole, Wyo. Equity markets had already been riding higher on the back of the possibility of tax reform after remarks made by Gary Cohn, the president’s economic adviser. The Dow Jones Industrial Average rose about 100 points, or 0.5%, at 21,884, with only Boeing Co.’s shares in negative territory among the Dow’s components, off 0.1%. The S&P 500 index climbed 13 points, or 0.5%, at 2,452, while the Nasdaq Composite Index added 28 points, or 0.5%, at 6,300. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In her Wyoming speech Fed Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy. Meanwhile, investors were also Cohn’s interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks’s rise to records after Trump’s election victory in November. In that interview, Cohn also said he seriously considered resigning in response to comments Trump made about a Charlottesville, Va., white-supremacist rally, however, Cohn decided against leaving. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low after the retailer’s results late Thursday showed second-quarter sales growth slowed. European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern at Jackson Hole. Check out a live blog of the Jackson Hole symposium here.

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From:: Stock Market News

Treasury yields swung lower in the wake of Federal Reserve Chairwoman Janet Yellen’s remarks after she made no mention of the Federal Reserve’s current policy path. Earlier in the week, traders said they were setting up shorts, that is, betting on yields to head higher, on Yellen’s comments. With Yellen staying on script, keeping most of her comments contained to financial stability, bond traders appeared to be disappointed. Modest selling of government paper turned into modest buying. Bond prices go up when yields go down. The 10-year Treasury note’s yield fell 1.7 basis point to 2.179%, while the 30-year Treasury bond’s yield dipped 1.5 basis point to 2.756%. The 2-year Treasury yield , which is more sensitive to Fed policy, fell and then rose again to 1.338%, trading close to break-even levels.

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 U.S. dollar took a tumble on Friday after Federal Reserve Chairwoman Janet Yellen failed to comment specifically on monetary policy at a highly anticipated meeting of central bankers in Jackson Hole, Wyo. The ICE Dollar Index dropped 0.4% to a three-week low of 92.9140. The euro gained 0.5% against the dollar, buying $1.1855, and the pound rose 0.4% to $1.2853 after the speech. Even though it was expected that central bankers would avoid to make new policy statements, market participants were hoping for more clues on the Fed’s monetary policy plans. European Central Bank President Mario Draghi is due to speak at 3pm Eastern today.

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

U.S. stock benchmarks climbed on Friday and looked set to log weekly gains as investors Fed Chairwoman Janet Yellen opted not to make any specific comments on monetary policy in a speech in Jackson Hole, Wyo. Equity markets had already been riding higher on the back of the possibility of tax reform after remarks made by Gary Cohn, the president’s economic adviser. The Dow Jones Industrial Average rose about 110 points, or 0.5%, at 21,895, only Boeing Co.’s shares were in negative territory among the Dow’s components, off 0.1%. The S&P 500 index climbed 13 points, or 0.5%, at 2,451, while the Nasdaq Composite Index added 28 points, or 0.5%, at 6,300. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In her Wyoming speech Fed Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy. Meanwhile, investors were also Cohn’s interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks’s rise to records after Trump’s election victory in November. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low after the retailer’s results late Thursday showed second-quarter sales growth slowed. European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern at Jackson Hole. Check out a live blog of Jackson Hole symposium here.

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

Ulta Beauty Inc. was downgraded to market perform from outperform at BMO Capital Markets as the beauty sector slows. BMO analysts said Ulta has a lot of advantages, like digital competence and a loyalty program that can be monetized, but there are a number of challenges ahead. A sluggish beauty market would make it harder for older stores to gain market share; department stores are getting more promotional and launching their own beauty-focused loyalty programs; and Amazon.com Inc. is gaining in the mass beauty area and could be a threat on the prestige side with its Violet Grey partnership. Competition is also ramping up as Sephora moves into locations away from malls, and Macy’s Inc. expands Bluemercury. BMO analysts led by Shannon Coyne believe Ulta will see its “competitive moat recede over the next 12-to-24 months.” Ulta shares have sunk 9.3% in Friday trading and are down 17% for the year to date. The S&P 500 index is up 9.5% for 2017 so far.

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

U.S. stock benchmarks opened higher on Friday and looked set to log weekly gains as investors focused on the possibility of tax reform and the start of the Jackson Hole symposium of central bankers in Wyoming. The Dow Jones Industrial Average rose 80 points, or 0.4%, at 21,861, only Boeing Co.’s shares were in negative territory among the Dow’s components, off 0.2%. The S&P 500 index climbed 9 points, or 0.4%, at 2,447, while the Nasdaq Composite Index added 16 points, or 0.3%, at 6,287. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In an interview with the Financial Times, Gary Cohn, economic adviser to President Donald Trump, said that the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of the reason stocks rose to records after Trump’s election victory in November. Meanwhile, investors may also be looking developments in the Gulf Coast after Hurricane Harvey was upgraded to Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low premarket volume trading after the retailer’s results late Thursday showed second-quarter sales growth slowed. Earnings were above Wall Street’s expectations. Federal Reserve Chairwoman Janet Yellen is slated to deliver a speech at Jackson Hole speech at 10 a.m. Eastern, while European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern.

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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Amazon.com Inc. said Friday that it will add 2,000 full-time workers through a new fulfillment center in North Randall, OH. Employees at the 855,000-square-foot facility will pick, pack and sort small items like electronics and books. Amazon currently has 4,500 full-time associates at two other Ohio fulfillment centers in Etna and Obetz. Amazon shares are down 4.1% for the past three months, but up nearly 27% for the year so far. The S&P 500 index is up 9.3% for 2017 to date.

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

Amazon.com Inc. said on Friday it will bring the second season of its half-hour comedy “Fleabag” in 2019. “Fleabag,” from British writer, creator and actor Phoebe Waller-Bridge, premiered in September last year and was nominated for six BAFTA awards in 2017. The show has been heralded by critics, holding an 100% rating on Rotten Tomatoes. The show, based on Waller-Bridge’s award-winning play by the same name, follows Waller-Bridge’s character as a dry-witted, sexual, angry woman just trying to live and survive modern life in London. “I asked myself if ‘Fleabag’ has more to say and frankly she hasn’t shut up since,” Waller-Bridge said in a statement. “Series two will be a whole new adventure and I’m beyond thrilled to be coming back.” Shares of Amazon are up 27% in the year to date, while the S&P 500 index is up 9% in the 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.

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From:: Stock Market News

Wayfair Inc. was upgraded to buy from hold at Stifel on the belief that the company is “creating a defensible moat” through its investments in logistics, international expansion and technology. The effort is giving Wayfair a strong competitive position against Amazon.com Inc. , traditional retailers and other online home platforms, analysts led by Scott Devitt say. Wayfair also has a large and growing market, with Stifel valuing North America and Western Europe at $400 billion, excluding appliances. Online penetration is just below 10% in North America and just above 10% in Western Europe. Analysts say there will likely be a shift to e-commerce, with Wayfair likely to capture a “sizable” share. Wayfair shares are up 1.5% in Friday premarket trading, and up nearly 92% for the year so far, while the S&P 500 index , which is up 9% for the period.

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

Shares of Dollar Tree Inc. rose 1.7% premarket Friday, adding to Thursday’s more than 5% gain, after Raymond James upgraded the stock to strong buy from market perform and assigned it a stock price target of $95, or 21% above its current trading level. Raymond James had downgraded the stock on March, after rating it a strong buy for eight straight years. “What has changed during the past 17-months is DLTR’s valuation has declined to an attractive level following significant stock-price underperformance, while we are increasingly confident on the health of the Dollar Tree banner – and ”modestly” more upbeat on Family Dollar,” he said. Dollar Tree acquired Family Dollar in 2015. The stock had gained 1.7% in 2017 through Thursday, while the S&P 500 has gained 9%.

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