Tag: stock market

U.S. stocks finished modestly lower Friday, with the S&P 500 and Dow industrials marking a second week of declines as investors weighed prospects for corporate tax cuts and assessed another round of corporate earnings. Preliminary figures showed the S&P 500 ended 0.3% lower, while the Dow declined around 100 points, or 0.4%. The Nasdaq Composite Index , which closed at a record on Thursday, shed 0.2%. For the week, the S&P posted a weekly loss of 0.1%, while the Dow declined 0.3%. The Nasdaq, however, saw a 0.5% weekly rise.

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President Donald Trump feels it’s up to Alabama’s governor to make a decision about delaying next month’s special election in which Roy Moore is running, White House press secretary Sarah Huckabee Sanders said Friday. Sanders was asked repeatedly by reporters about Moore, who has been accused of sexual misconduct. She also dismissed a question about why allegations against Sen. Al Franken are worthy of an investigation but those against Trump aren’t. “Sen. Franken has admitted wrongdoing and the president hasn’t,” she said.

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U.S. crude-oil production rose 7% in October, from a year earlier, to average 9.4 million barrels a day, according to a monthly report Friday from the American Petroleum Institute, a trade group. That was the highest October output since 1972. Production has now held above 9 million barrels for nine months in a row, the report said. Meanwhile, total petroleum deliveries, an implied demand indicator, climbed by 1.1% in October from a year earlier to average 19.9 million barrels a day–the highest October deliveries in 10 years. Ahead of the news, December West Texas Intermediate crude rose $1.41, or 2.6%, to settle at $56.55 a barrel on the New York Mercantile Exchange, with prices buoyed by expectations that the Organization of the Petroleum Exporting Countries will extend their output-cut agreement when members meet on Nov. 30 in Vienna.

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Oil prices rallied Friday, scoring a gain of nearly 3%, but they still finished about 0.3% lower for the week to mark their first weekly loss in six. The market has found support from expectations that the Organization of the Petroleum Exporting Countries will extend its production-cut pact when it meets on Nov. 30, but concerns linger over growing U.S. production. December West Texas Intermediate crude climbed by $1.41, or 2.6%, to settle at $56.55 a barrel on the New York Mercantile Exchange.

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Gold prices rallied Friday to settle at their highest level in more than a month, up nearly 1.8% for the week. Prices for the precious metal got a boost as the U.S. dollar fell on concerns surrounding U.S. special counsel Robert Mueller’s probe into Russian interference in the U.S. president election. The ICE U.S. Dollar Index fell 0.3% in Friday trading, set for a weekly loss of 0.8%. December gold climbed $18.30, or 1.4%, to settle at $1,296.50.70 an ounce, the highest finish since Oct. 16, according to FactSet data.

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Apple Inc. has delayed its HomePod smart speaker until next year, according to multiple media reports Friday. Apple stock is down a fraction to $170.44 in afternoon trading. “We can’t wait for people to experience HomePod, Apple’s breakthrough wireless speaker for the home, but we need a little more time before it’s ready for our customers,” Apple said in a statement to tech blog The Verge. “We’ll start shipping in the U.S., U.K. and Australia in early 2018.” The company did not provide a specific reason for the delay, the media reports said. In June, executives announced the $349 HomePod, which was expected to ship in December, ahead of the holiday shopping season. Apple stock is up 47% this year, with the S&P 500 index up 16%. The Dow Jones Industrial Average , of which Apple is a component, is up 18%.

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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was unchanged at 738 this week. The figure had climbed by 9 rigs last week. The total active U.S. rig count, which includes oil and natural-gas rigs, climbed by 8 to 915, according to Baker Hughes. December West Texas Intermediate crude was up $1.24, or 2.3%, from Thursday, to $56.38 a barrel, continuing to find support from expectations that OPEC will agree to extend its production-cut pact when it meets later this month. Prices traded at $56.42 shortly before the rig data.

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Wal-Mart Stores Inc. has pre-ordered five Tesla trucks for its U.S. operations and 10 units for Walmart Canada, the company told MarketWatch Friday. Wal-Mart’s fleet has about 6,000 trucks in the U.S., the company said. Wal-Mart is “excited to be among the first to pilot this new heavy-duty electric vehicle. We believe we can learn how this technology performs within our supply chain, as well as how it could help us meet some of our long-term sustainability goals, such as lowering emissions,” the company said in a statement. Tesla late Thursday unveiled the heavy-duty electric truck and the stock has gained on the news, which also included unveiling a new Roadster, a reboot of the company’s first luxury sports car. Earlier Friday, transportation and trucking company J. B Hunt Transport Services Inc. said it had also placed orders for the new rig.

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Despite the weakness seen in the stock market’s benchmark indexes, exchange data suggests the market of stocks is actually rising, boosted by smaller-capitalization stocks. The number of advancing stocks outnumbered decliners by a 1,761-to-1,014 margin on the NYSE and by a 1,529-to-1,116 score on the Nasdaq. The total volume of advancing stocks was 67.5% of the total volume on the NYSE and 62.3% of the total volume on the Nasdaq. Meanwhile, among the large-cap benchmark indexes, the Dow Jones Industrial Average shed 92 points, or 0.4%, with 20 of 30 components trading lower, and the S&P 500 fell 0.2%. But the Russell 2000 small-cap tracker climbed 0.3%.

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Wal-Mart Stores Inc. is planning to test Tesla Inc. heavy-duty truck, according to a report Friday on CNBC quoting a statement obtained from the retailer. The pilot program is planned for the U.S. and Canada, the report said. Tesla late Thursday unveiled the all-electric semi truck, promising a range of 500 miles between charges and some autonomous capabilities. Tesla stock gained on the news, which also included unveiling a new Tesla Roadster, a reboot of the company’s first luxury sports car.

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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