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Richard Cordray, the director of the Consumer Financial Protection Bureau, will leave his post by the end of the month, he said in a memo to staff. There has been growing speculation he will run for governor of Ohio, though the memo does not refer to future plans. His departure would allow President Donald Trump to appoint a new director. House Financial Services Committee Chairman Jeb Hensarling, a Texas Republican, said “we are long overdue for new leadership” at the agency, which was created by the Dodd-Frank Act.

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SendGrid Inc.’s newly minted stock opened Wednesday at $18.55 at 10:31 a.m. ET, or 15.9% above the $16 initial public offering price. The IPO had priced late Tuesday above the expected range of $13.50 to $15.50, with the company increasing the number of shares offered to 8.2 million from 7.7 million, a sign of strong demand. SendGrid, sells a software platform that helps companies manage email communications with customers, raised $131.2 million with its IPO. The stock was last up 16.6% at $18.68. The company went public at a time when the Renaissance IPO ETF has rallied 6.5% over the past three months and the S&P 500 has gained 4.2%.

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Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies rose by 1.9 million barrels for the week ended Nov. 10. That was contrary to the forecast for a decline of 1 million barrels from analysts surveyed by S&P Global Platts. The American Petroleum Institute on Tuesday had reported a 6.5 million-barrel climb, according to sources. Gasoline stockpiles also rose by 900,000 barrels for the week, while distillate stockpiles fell 800,000 barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 1 million barrels for gasoline and 2 million barrels for distillates. December crude was down 69 cents, or 1.2%, from Tuesday to $55.01 a barrel on the New York Mercantile Exchange. It traded at $55.13 before the supply data.

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From:: Stock Market News

Shares of Apple Inc. slid 1.1% in morning trade, putting them on track to suffer a fifth-straight loss since they closed at a record on Nov. 8. That would be the longest losing streak since the five-session stretch ending April 11. During the current streak, the stock has shed 3.9%, compared with the 2.2% decline during the April losing streak. Apple’s current streak started after it closed at a record of $176.24 a week ago, when the technology behemoth became the first public company to clear the$900 billion market-capitalization hurdle with a closing market cap of $904.9 billion. The current market cap is $869.9 billion. The stock has run up 46% year to date, while the tech-heavy Nasdaq 100 has climbed 29% and the Dow Jones Industrial Average has gained 18%.

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U.S. stock indexes on Wednesday opened firmly lower, putting the Dow Jones Industrial Average on track to hit its lowest level since late October as a broad commodity downturn whacks investor sentiment. The Dow opened off 150 points, or 0.7%, at 23,258, putting it on pace to hit the lowest level since late Oct. 25, according to FactSet data. The S&P 500 index was off 0.8% at 2,558, while the Nasdaq Composite Index was off 1% at 6,669. The latest retreat in equity benchmarks has been attributed partly to a sharp slide in crude-oil futures, with West Texas Intermediate oil trading on the New York Mercantile exchange off 2.8% so far this week.

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 indexes on Wednesday opened firmly lower, putting the Dow Jones Industrial Average on track to hit its lowest level since late October as a broad commodity downturn whacks investor sentiment. The Dow opened off 150 points, or 0.7%, at 23,258, putting it on pace to hit the lowest level since late Oct. 25, according to FactSet data. The S&P 500 index was off 0.8% at 2,558, while the Nasdaq Composite Index was off 1% at 6,669. The latest retreat in equity benchmarks has been attributed partly to a sharp slide in crude-oil futures, with West Texas Intermediate oil trading on the New York Mercantile exchange off 2.8% so far this week.

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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Skechers USA Inc. said Wednesday it has hired John Vandemore to be its chief financial officer, effective within the next few weeks. Vandemore, who recently served as CFO of Mattel Inc. , will assume the role from David Weinberg, who assumed the CFO role in 2009 in addition to being chief operating officer since 2006. Vandemore will report to Weinberg. The footwear seller’s stock slipped 0.2% in morning trade. It has over run up 31% year to date, while the S&P 500 has gained 15%.

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From:: Stock Market News

Amazon.com Inc. said Wednesday that the e-commerce giant and Whole Foods Market will offer lower prices on holiday and best-selling grocery items, including discounts on organic and antibiotic-free turkeys for Prime members. Amazon says the discounts are a preview of those Prime members can expect when the membership program becomes the official rewards program of Whole Foods. Organic turkeys, normally priced at $3.49 per pound, will be $2.99 per pound for Prime members. And antibiotic-free turkeys, normally $2.49 per pound, will be $1.99 per pound. Other items that will have their prices slashed include responsibly-farmed raw peeled shrimp, 365 Everyday Value canned pumpkin, organic broccoli, Fage yogurt and organic rice from Lundberg Family Farms. Amazon shares are down 0.7% in Wednesday premarket trading, but up 53% for the past year, outpacing the S&P 500 index , which is up 18.3% for the last 12 months.

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 Empire State index fell 10.8 points to 19.4, moving back from a three-year higj but still pointing to a solid manufacturing environment in the New York area. Any reading above zero indicates improving conditions. The new-orders index rose to 20.4 and shipments fell to 18.4.

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