Tag: stock market

The Nasdaq-100 slumped on Thursday, putting the index of large-capitalization stocks traded on the exchange on track for its seventh decline of the past eight sessions. The index sank 2.1%, and is down 4.4% thus far this week. According to FactSet, the PowerShares QQQ Trust , the largest exchange-traded fund to track the index, has seen $1.4 billion in outflows over the past week. That represents some of the highest outflows of any stock-based ETF over that time period. Recent weakness in the index has largely come on the back of Facebook Inc. . The social-media giant fell 2.4% on Thursday, extending a period of weakness that could represent its biggest one-week decline in about four years. Facebook, a major component of the Nasdaq 100, has been enduring a firestorm and stock selloff after data-mining company Cambridge Analytica reportedly used the personal details of 50 million Facebook users without authorization. On Wednesday night, Facebook CEO Mark Zuckerberg apologized for the controversy during an interview with CNN, and said he’d be willing to testify before Congress. The Dow Jones Industrial Average fell 1.9% while the S&P 500 was off 1.8% and the Nasdaq Composite Index was off 2%.

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.

…read more

From:: Stock Market News

The Dow Jones Industrial Average was under pressure on Thursday, extending a downturn for blue-chip stocks that risks pushing it to its lowest close since early February, according to FactSet data. The Dow was down 350 points, or 1.4%, at 24,333, in recent trade. A close around that level would mark its lowest finish since it ended at 24,191 on Feb. 9. Resurgent protectionist talk, with the Trump administration planning to announce new import duties against China, has renewed concerns about a potential trade conflict between two of the world’s economic powerhouses. Anxieties around heightened trade tensions pushed the 10-year Treasury note yield to 2.82%, a fall of nearly 10 basis points for the benchmark Treasury, which draws bids amid uncertainty. Bond prices rise as yields fall. Wall Street also was contending with the Federal Reserve’s policy update on Wednesday, as the central bank raised rates a quarter-point, as expected, but signaled that the pace of rate hikes would accelerate in the future. Meanwhile, the S&P 500 index was down 1.3% at 2,677, while the Nasdaq Composite Index was down 1.3% at 7,252.

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.

…read more

From:: Stock Market News

The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 86 billion cubic feet for the week ended March 16. Analysts surveyed by S&P Global Platts had forecast a decrease of 87 billion, while the five-year average withdrawal is 53 billion. Total stocks now stand at 1.446 trillion cubic feet, down 667 billion cubic feet from a year ago, and 329 billion below the five-year average, the government said. April natural gas was up less than a penny, or 0.3%, at $2.645 per million British thermal units, down slightly from $2.659 before the data.

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.

…read more

From:: Stock Market News

Wayfair Inc. said Thursday that it will add 450 jobs in Big Flats, New York through a new customer service center. The jobs will be full-time management, customer service and sales positions. The facility is scheduled to open this summer with hiring beginning this month. Wayfair has 7,700 employees around the world including customer service centers in Massachusetts, Maine, Utah and Texas. Wayfair shares are up 85.7% for the past year while the S&P 500 index is up 14.5% 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.

…read more

From:: Stock Market News

Shares of Facebook fell on Thursday, extending a recent selloff spurred by a controversy over how it handles user data. The stock fell 1% in early trading. Thus far this week, it has shed 10.3%, putting it on track for its biggest weekly percentage drop since March 2014. The social-media giant is down 14% from an all-time high hit earlier this year; it is down 4.9% for 2018. However, it remains up 20.3% over the past 12 months. Facebook has has been enduring a firestorm and stock selloff after data-mining company Cambridge Analytica reportedly used the personal details of 50 million Facebook users without authorization. On Wednesday night, Facebook CEO Mark Zuckerberg apologized for the controversy during an interview with CNN, and said he’d be willing to testify before Congress. The Dow Jones Industrial Average fell 1.1% while the S&P 500 was down 0.9% and the Nasdaq Composite Index shed 1%.

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.

…read more

From:: Stock Market News

Yum Brands Inc.’s Taco Bell brand will sell tortilla chips in grocery and convenience stores starting in May. The chips will come in the Fire and Mild flavors of the brand’s sauce packets, and a Classic flavor. The Fire flavor includes jalapeño, chili peppers and paprika, and Mild has three chili peppers and cumin. Yum brands shares are up 30.2% for the last year while the S&P 500 index is up 14.2% 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.

…read more

From:: Stock Market News

U.S. stocks opened sharply lower on Thursday as news that President Donald Trump would propose trade duties on China imports stoked fresh fears about a potential trade war between two of the world’s largest economies that could impede domestic economic expansion in roughly its ninth year. The Dow Jones Industrial Average was down 340 points, or 1.3%, at 24,375, while the S&P 500 index was off 1.2%. The Nasdaq Composite Index traded 1.3%% at 7,253. Technology shares led losses on Thursday, as investors grapple with the Federal Reserve’s policy update from Wednesday, in which the central bank lifted rates by a quarter-point to a range of 1.50% and 1.75%, but signaled that it might be more aggressive in lifting rates in the coming years. On trade, The Trump administration plans to release a package of proposed punitive measures aimed at China that include tariffs on imports worth at least $30 billion. Shares of Facebook fell sharply, extending a downtrend, as its user-information problems continued, even after CEO Mark Zuckerberg took to media outlets to apologize for the social network’s recent missteps.

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.

…read more

From:: Stock Market News

Shares of Wynn Resorts Ltd. fell 0.8% in premarket trade Thursday, adding to the previous session’s 2.9% selloff, after Stephen Wynn, the founder and former chief executive, disclosed the sale of about one-third of his stake in the casino operator. Wynn, who stepped down as CEO last month following allegations of sexual misconduct, said in an SEC filing that he sold 4,104,199 common shares at $180 on Wednesday, for a value of $738.9 million. On Wednesday, the stock traded in an intraday range of $178.59 to $183.04 and closed at $178.92. The sale brings Wynn’s stake down to 8,026,708, or 7.8% of the shares outstanding, which would make him the third-largest shareholder, behind The Vanguard Group at 8.5% and his ex-wife Elaine Wynn at 9.3%, according to FactSet. In Thursday’s filing, Wynn said he intends to sell all or a portion of the stake controlled by him. At Wednesday’s closing price, Wynn’s remaining stake is worth about $1.44 billion. Wynn Resorts’s stock has rallied 6.7% over the past three months through Wednesday, while the S&P 500 has gained 1.1%.

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.

…read more

From:: Stock Market News

Duke Energy Corp. said Thursday it is planning to invest $11 billion through 2026 in new natural-gas fired, wind and solar generation, as part of a broader plan to adapt to a low-carbon future. The company made the pledge in a climate report, outlining how it will lower its carbon emissions. The company said it will continue to modernize its fleet; by 2030 it expects more than 80% of its power generation mix to come from zero and lower CO2-emitting sources. The company will also continue to invest in its nuclear fleet and may extend nuclear operating licenses. it will invest $25 billion between 2017 and 2026 to create a smarter and more resilient grid, including putting electric lines underground to protect against extreme weather. Shares were slightly lower premarket, and are down about 8% in the last 12 months, while the S&P 500 has gained 15%.

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.

…read more

From:: Stock Market News

Shares of Pandora Media Inc. are up 5.9% in premarket trading Thursday after Raymond James analyst Justin Patterson upgraded the stock two notches, to strong buy from market perform. Patterson’s upgrade comes on the heels of Pandora’s announcement that it would be buying AdsWizz, an ad-tech platform that Patterson’s “back-of-the-envelope math” says could be worth about $4 a share. Patterson sees AdsWizz giving Pandora exposure to the $28 billion worldwide market for audio advertising and expanding the company’s reach. “A platform shift is underway with smart speakers,” Patterson wrote. “This creates the need for audio-based ad formats, which Pandora is uniquely positioned for.” Patterson assigned a $8 price target to Pandora shares, which are down 58% over the past 12 months. The S&P 500 is up 15% in that time.

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.

…read more

From:: Stock Market News