Tag: stock market

The Dow Jones Industrial Average was seeing heavy selling Thursday afternoon, with all of its 30 components trading in negative territory, led by a sharp drop in Boeing Co. Shares of Boeing were contributing more than 100 points to the blue-chip gauge’s nearly 600-point afternoon drop. The Dow most recently was off 590 points, or 2.4%, at 24,091, the S&P 500 index was down 2.1% at 2,656, while the Nasdaq Composite Index was down 1.9% at 7,206. The slump for equities comes as investors wrestled with import tariffs announced by President Donald Trump’s administration on China and jitters around the Federal Reserve’s ability to avoid pushing the economy into recession as it normalizes monetary policy from crisis-era levels amid fiscal stimulus that risks overheating an economy that is roughly in its ninth year of expansion

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From:: Stock Market News

The Business Roundtable, an association of chief executive officers that promotes pro-economic and business public policies, criticized President Donald Trump’s announcement of tariffs on Chinese products totaling up to $60 billion. The Business Roundtable’s members include CEOs of 22 of 30 Dow Jones Industrial Average components, including Apple Inc.’s Tim Cook, Boeing Co.’s Dennis Muilenburg, Exxon Mobil Corp.’s Darren Woods, General Electric Co.’s John Flannery and J.P. Morgan Chase & Co.’s Jamie Dimon. BR said in a statement: “Unilaterally imposing tariffs or other restrictions without a long-term strategy to bring about reforms in China will only raise prices in America, make American companies and products less competitive, and harm U.S. workers and consumers.” Instead, BR recommended an approach centered around several strategic priorities, including working with international partners to identify unfair trade barriers and practices that China must remove, setting deadlines for reforms and outlining actions the U.S. will take if the reforms aren’t undertaken.

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Lands’ End Inc. shares have rocketed 26.4% in Thursday trading, the biggest percentage gain of its four-year history, after the company reported fourth-quarter sales and same-store sales growth. It’s the third consecutive quarter of sales growth after the apparel and accessories company reported 11 consecutive quarters of sales declines, according to Chief Executive Jerome Squire Griffith. On the earnings call, the company attributed the results to a number of factors including its digital efforts and contracts with American Airlines Group Inc. and Delta Air Lines Inc. . Lands’ End expects to roll out uniforms for 51,000 American Airlines workers in late 2019, and began delivering Delta uniforms late in the fourth-quarter of 2017. Lands’ End shares are up 11.5% for the past year while the S&P 500 index is up 14.4% for the period.

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Gold prices settled higher Thursday for a second straight session at their highest level in more than two weeks. The U.S. Federal Reserve raised its benchmark interest rate by a quarter-percentage point on Wednesday, as expected, and stuck to its forecast for three rate increases this year. Prices for the metal, however, briefly pared some of their earlier gains as a benchmark dollar index found modest support after President Donald Trump signed tariffs against China. April gold rose $5.90, or 0.5%, to settle at $1,327.40 an ounce-the highest finish since March 7, according to FactSet data.

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There’s a silver lining in the stock market’s tumble Thursday, the high-yield bond trackers are outperforming the S&P 500 by a wide margin, which suggests the selling isn’t being driven by fears of a liquidity squeeze. The SPDR Bloomberg Barclays High Yield Bond exchange-traded fund slipped just 0.33% and the iShares iBoxx $ High Yield Corporate Bond ETF eased just 0.27%, while the S&P 500 tumbled 1.43%. That’s good news, because Wall Street traders would always prefer to sell because they want to, even if they are worried about a potential economic slowdown or a trade war, rather than being forced to sell to raise funds as market liquidity dries up.

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The Dow Jones Industrial Average is racking up such a severe monthly loss that the blue-chip average is on the verge of putting in its worst March since 2001, when it declined 5.87%, according to WSJ Market Data Group. The Dow is presently on track to shed 700 points for the month, but at its lows Thursday afternoon, it was tracking a monthly decline of more than 800 points or more than 3%. The slump for equities comes as investors wrestled with impending import tariffs from President Donald Trump’s administration on China and jitters around the Federal Reserve’s ability to avoid pushing the economy into recession as it normalizes monetary policy from crisis-era levels amid fiscal stimulus that risks overheating an economy that is roughly in its ninth year of expansion. The Dow most recently was off 370 points, or 1.5%, at 24,313. More broadly, the S&P 500 index was down 1.2% at 2,678, while the Nasdaq Composite Index was off by 1.3% at 7,249. The S&P 500 and Nasdaq are staring down their worst March declines since 2015.

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The European Union, Australia, Argentina, Brazil and South Korea will get a temporary exemption from the steel and aluminum tariffs the Trump administration is imposing, U.S. Trade Representative Robert Lighthizer told a Senate hearing. Notably, that means Japan will not get an exemption.

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The S&P utilities sector jumped on Thursday, bucking the sharply negative trend of the overall market as it was poised for its biggest one-day pop in nearly three weeks. The sector gained 1.8%, while the Utilities Select Sector SPDR ETF , the largest-exchange traded fund to track the industry group, was up 1.4%. The rally comes after three straight days of losses, and amid a broad decline in the U.S. stock market. Utilities are seen as a defensive sector, one offering more stability and higher dividend yields than the overall market. Historically, it has outperformed in periods of economic uncertainty. Currently, the sector has a dividend yield of about 3.5%, compared with the 1.8% yield of the S&P 500 and the 2.81% yield of the U.S. 10 Year Treasury Note . The Dow Jones Industrial Average fell 1.8% on Thursday while the S&P 500 was off 1.6% and the Nasdaq Composite Index was down 1.7%. The losses came as the Trump administration’s plans to announce new trade restraints against China renewed fears about a potential trade war that could dent economic growth. Utilities were by far the top-performing S&P 500 sector of the day, and one of only three in positive territory.

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The Cboe Volatility index jumped on Thursday, returning back above its long-term average level as the U.S. stock market sold off broadly amid concerns about trade and ongoing weakness in the technology sector. The VIX climbed 23%, or 4.18 points, to 22.04, putting it on track for its biggest one-day pop since Feb. 5, when it more than doubled off historically low levels. The so-called “fear index,” which generally moves inversely to the stock market, climbed as the Trump administration’s plans to announce new trade restraints against China, renewing fears about a potential trade war that could dent economic growth. Ongoing weakness in Facebook Inc. added to the negative tone in equities. The Dow Jones Industrial Average fell 1.9% on Friday while the S&P 500 lost 1.7%. The Nasdaq Composite Index fell 1.9%. The VIX, which reflects bullish and bearish S&P 500 options wagers 30 days out, has more than doubled in 2018, having risen 102.5%.

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The Dow Jones Industrial Average was seeing losses gathering steam in Thursday afternoon trade, putting the blue-chip gauge on the verge of registering its steepest single-session decline since Feb.8. Back then in early February, the Dow fell 1,033 points, or 4.2%, as inflation fears perked up. Thursday’s downtrend, which was broad based, came as investors fretted about the effect of a potential trade war between China and the U.S., and as the market digested the latest policy update from the Federal Reserve. Recent reports of the resignation of President Donald Trump’s lead attorney, handling the Russia probe, also appeared to rattle investor confidence. More broadly, the S&P 500 index was off 1.7% at 2,665, while the Nasdaq Composite Index was off 1.8% at 7,209.

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