Tag: stock market

The Japanese yen rallied against the U.S. dollar on Monday afternoon as U.S. equity benchmarks registered steep losses. Japan’s currency is a so-called safe haven that investors flock to in times of trouble. The Dow Jones Industrial Average for example dropped more than 1,000 points or 4.5%, while the CBOE Volatility Index hit its highest level since the Brexit vote in June 2016. The dollar-yen pair dropped to a session low of ￥109.14, compared with ￥110.15 late Friday in New York. One dollar last bought ￥109.46 yen. The Swiss franc , which is also a safe haven currency, remained weaker against the buck.

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From:: Stock Market News

The Dow Jones Industrial Average wiped out all of its year-to-date gains for 2018 as the stock market unraveled on fears of rising bond yields. The Dow shed 1,500 points at its low and was recently off 1,055 points, or more than 4%. That intraday move erased all of its gains, pushing it negative, down 1% for 2018 after boasting a return of nearly 6% at the end of January.

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Facebook Inc. has been telling media agencies it plans to open its Watch service to more creators and share the revenue from ad inventory it sells against the shows, according to a CNBC report Monday. Facebook is down 2.1% to $186.27 in late afternoon trading amid a broad market sell off. Citing anonymous sources at media agencies, the report says that Facebook aims to make a ad-supported video platform where creators generate free content in exchange for sharing ad revenue. Doing so would more squarely pit Facebook’s Watch against Alphabet Inc. and its YouTube platform, the sources told CNBC. In response to criticism over offensive content, YouTube recently announced that it was adding new rules that will reduce the number of channels that can carry ads, and adding human oversight to those that do run ads. Facebook stock has gained 42.4% in the past 12 months, as the S&P 500 index rose 20%.

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The big and broad selloff in the stock market is sending the VelocityShares Daily 2X VIX Short-Term exchange-traded note soaring 30% on very heavy volume, and on track to close at a three-month high. Volume was 84.8 million shares in afternoon trade, more than four-times the full-day average and enough to make the ETN the most actively traded equity security on major U.S. exchanges, according to FactSet. The ETN is designed to deliver double the gain of the Barclays iPath S&P 500 VIX Short-Term Futures ETN , which is up 15%. The rally in the volatility measures comes as the Dow Jones Industrial Average tumbles 544 points in afternoon trade, after plunging 666 points on Friday.

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Oil prices dropped Monday, with the U.S. benchmark settling at its lowest in two weeks. Prices tracked the sharp losses in the U.S. stock market, with strength in the dollar and ongoing concerns over rising U.S. crude production contributing additional pressure. March West Texas Intermediate crude fell $1.30, or 2%, to settle at $64.15 a barrel on the New York Mercantile Exchange. That was the lowest finish since Jan. 22, according to FactSet data.

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From:: Stock Market News

Shares of Apple Inc. and Amazon.com are doing their part to support the broader market, as they have erased early sharp losses to trade higher. Apple’s stock was down as much as 1.6% at its intraday low of $158.00, but was now up 0.6% in afternoon trade. Amazon shares were down 3.0% at the intraday low of $1,387.36, but were last up 0.5%. Apple is the largest U.S. company by market capitalization at $821.4 billion while Amazon is the fourth-largest at $696.4 billion. Shares of the second-largest company, Google parent Alphabet Inc. , are down 2.7%, while the third-largest company, Microsoft Corp. , are down 0.3%. Meanwhile, the tech-heavy Nasdaq 100 is losing 1% and the Dow Jones Industrial Average is shedding 442 points, or 1.7%.

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Newsweek fired top editors, Editor in Chief Bob Roe and Executive Editor Ken Li, on Monday, according to a report from the Daily Beast, citing sources. The company, which has been under investigation for its finances by the Manhattan District Attorney’s office. Last week Newsweek Media Group’s Chairman Etienne Uzac and finance director Marion Kim stepped down. The Daily Beast said Newsweek news director Christina Silvia told staff in a company meeting on Monday that Roe and Li, along with reporters Celeste Katz and Josh Saul, and International Business Times editor Josh O’Keefe, had been let go. The three had been reporting on the company’s legal woes. Following the meeting, Newsweek sent staff home for the day. There was also a report from BuzzFeed News last week that the Newsweek and the International Business Times publisher used fraudulent online traffic practices to win a $2.8 million video ad campaign from the Consumer Financial Protection Bureau

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A measure of Wall Street volatility on Monday rose sharply, hitting its highest level since around the time of President Donald Trump’s stunning election victory November of 2016. The CBOE Volatility Index was up 22% at 21.04, its loftiest level since Nov. 4, 2016, according to FactSet data. The VIX uses bullish and bearish option bets on the S&P 500 index to reflect expected volatility over the coming 30 days, and it typically rises as stocks fall. A reading above 20 exceeds that of the volatility gauge’s historic average, and may indicate a more bearish outlook for equities. The spike in the VIX on Monday comes as the S&P 500 index was hitting its nadir, falling more than 5% since a peak on Jan. 26, while the Dow Jones Industrial Average was off more than 460 points, or 1.8%, at 25,098. The Nasdaq Composite Index was off 1.1% at 7,165, as technology shares also came under pressure.

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From:: Stock Market News

The S&P 500 index on Monday saw a recent bout of trading result in something the index hasn’t experienced in more than a year: a pullback of at least 5% since its peak. The S&P 500 index hit 2,716.74 at its low on Monday, representing a decline of more than 5.4% since its peak at 2,872.87 on Jan. 26, according to FactSet data. The S&P 500 had gone about 406 trading sessions without such a decline, marking the longest such period without a 5% pullback, a fairly regular occurrence in a normal market, in about 20 years. Monday’s tumble comes as broader-market selling was intensifying, with the Dow Jones Industrial Average shedding more than 463 points, or 1.8%, while the Nasdaq Composite Index was off more than 1%. All three benchmarks have been confronting a sharp sell-off amid a rise in yields for Treasurys, notably the 10-year Treasury yield [: TMUBMUSD10Y], which hit 2.88% on Monday, extending its highest level in about four years. Rising yields increase the borrowing costs for U.S. businesses, and these concerns have been intensifying due to the rapidity of the yield climb recently. The equity retreat also follows a mostly stellar start for the year for the Dow, S&P 500 and Nasdaq.

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The euro held its modest losses against the U.S. dollar on Monday, as European Central Bank chief Mario Draghi discussed the shared currency’s recent strength. Draghi said “new headwinds have arisen from the recent volatility in the exchange rate, whose implications for the medium-term outlook for price stability require close monitoring.” He was speaking at a plenary debate at the European Parliament, where he also praised the currency bloc’s robust and broad economic expansion. The ECB head further said that core inflation remained subdued, and that “patience and persistence with regard to monetary policy [was] still warranted for underlying inflation pressures to build up.” The ECB’s quantitative easing program is set to run until September, but may be extended depending on the economy, Draghi has reiterated in recent months. One euro last bought $1.2410, compared with $1.2459 late Friday in New York.

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