Tag: stock market

U.S. stocks opened lower on Friday, with the main benchmarks on track for weekly losses, after April’s official employment report came in below expectations, in a sign the U.S. economy still hasn’t recovered from an early-year chill. The S&P 500 was down 8 points, or 0.4%, to 2,042. The Dow Jones Industrial Average was down 74 points, or 0.4%, to 17,586 at the open. Meanwhile, the Nasdaq Composite began the session down 21 points, or 0.5%, at 4,695.

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. stocks opened lower on Friday, with the main benchmarks on track for weekly losses, after April’s official employment report came in below expectations, in a sign the U.S. economy still hasn’t recovered from an early-year chill. The S&P 500 was down 8 points, or 0.4%, to 2,042. The Dow Jones Industrial Average was down 74 points, or 0.4%, to 17,586 at the open. Meanwhile, the Nasdaq Composite began the session down 21 points, or 0.5%, at 4,695.

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

Financial stocks turned lower in premarket trade Friday, after a weaker-than-expected April jobs report sent Treasury yields lower. The SPDR Financial ETF , which was inactive prior to the jobs data, slumped 0.8%. Among some of its more heavily-weighted components, shares of Bank of America Corp. dropped 1.8%, after being down just 0.1% prior to the data. Shares of Citigroup Inc. slumped 1.5%, of J.P. Morgan Chase shed 1.4% and of Wells Fargo & Co. lost 1.4%; just before the data, they were down 0.5%, down 0.4% and up 0.4%, respectively. After data showing nonfarm payrolls increased 160,000 in April, below expectations of 205,000, the yield on the 10-year Treasury note declined 0.017 percentage points to 1.744%. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.

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

Treasury prices soared, pushing yields to a nearly one-month low, after April’s official jobs report came in well below Wall Street’s expectations. The U.S. economy added just 160,000 new jobs in April, well below the 203,000 forecast, while the so-called participation rate fell for the first time in seven months. The yield on the benchmark 10-year U.S. Treasury note declined 2.6 basis points to 1.721%, hitting its lowest level since April 7, according to Tradeweb. Yields move in the opposite direction of prices. One basis point is a hundredth of a percentage point. The yield on the two-year Treasury note fell 2.4 basis point to 0.702%. Meanwhile, the yield on the 30-year bond fell 2 basis points to 2.584%.

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 dollar sank against the euro and yen Friday after a reading on April employment gains came in well below expectations. The Labor Department said the U.S. economy created just 160,000 jobs last month, according to the data, the worst monthly performance since September. The dollar tumbled to 106.55 yen after the data, from 106.96 yen shortly before. The euro rose to $1.1454 afterward, up from $1.1425 beforehand. The pound rose to $1.4511, up from $1.4500 shortly before. The data appeared to confirm signs of lackluster jobs growth released earlier in the week, including a weak reading on private-sector employment from Automatic Data Processing Inc. Economists polled by MarketWatch forecast gains of 193,000 jobs.

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 dollar sank against the euro and yen Friday after a reading on April employment gains came in well below expectations. The Labor Department said the U.S. economy created just 160,000 jobs last month, according to the data, the worst monthly performance since September. The dollar tumbled to 106.55 yen after the data, from 106.96 yen shortly before. The euro rose to $1.1454 afterward, up from $1.1425 beforehand. The pound rose to $1.4511, up from $1.4500 shortly before. The data appeared to confirm signs of lackluster jobs growth released earlier in the week, including a weak reading on private-sector employment from Automatic Data Processing Inc. Economists polled by MarketWatch forecast gains of 193,000 jobs.

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 futures extended modest losses after government data showed 160,000 news jobs were created in April, while the unemployment rate remained unchanged at 5%. The jobs number came in below expectations, sparking speculation that the Federal Reserve is likely to stay pat on raising interest rates over the coming months. The S&P 500 futures were down 9 points, or 0.5%, to 2,034. Futures for the Dow Jones Industrial Average were down 69 points, or 0.4%, to 17,503. Meanwhile, the Nasdaq-100 futures were down 17 points, or 0.4%, at 4,282.

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

Mueller Industries Inc. said Friday it will raise its quarterly dividend 33% to 10 cents a share. The industrial manufacturer’s new dividend will by payable June 15 to shareholders of record on June 1. Based on Thursday’s closing price of $30.28 for Mueller’s stock, the new dividend implies an annual dividend yield of 1.3%, compared with an aggregate dividend yield for the S&P 500 of 2.2%, according to FactSet. The stock, which was still inactive in premarket trade, has climbed 12% year to date, while the S&P 500 has edged up 0.3%.

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

KemPharm Inc. shares plummeted in the extended session Thursday after a Food and Drug Administration advisory committee did not recommend that abuse-deterrent labeling be added to the drug maker’s painkiller. KemPharm shares dropped 60% to $6.33 after hours. While the FDA committee members voted 16 to 4 to recommend KemPharm’s Apadaz pankiller be approved by the agency, members also voted 18 to 2 recommending against labeling saying that the drug was designed to prevent its abuse. The FDA is not bound to recommendations its committees make but generally goes along with their recommendations.

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From:: Stock Market News

Endo International PLC shares plunged in the extended session Thursday after the drug maker cut its outlook for the year. Endo shares dropped 25% to $19.92 after hours. The company said it now expects adjusted earnings of $4.50 to $4.80 on revenue of $3.87 billion to $4.03 billion for the year. Analysts surveyed by FactSet had forecast earnings of $5.68 a share on revenue of $4.3 billion. For the first quarter, Endo reported adjusted earnings of $1.08 a share on revenue of $964 million. Analysts had expected $1.05 a share on revenue of $960.3 million. Separately, Endo announced its head of U.S. branded pharmaceuticals, Brian Lortie, was stepping down once a successor is found.

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