Tag: stock market

U.S. stocks saw a muted reaction after President Donald Trump nominated current Fed Gov. Jerome Powell to replace Chairwoman Janet Yellen when her term ends in February, as had been widely expected. The Dow Jones Industrial Average rose 35 points, or 0.2%, to 23,471. The S&P 500 dipped 4 points, or 0.2%, to 2,575. The Nasdaq Composite Index was down 7 points to 6,710, a decline of 0.1%. All three indexes were roughly unchanged with where they had traded prior to the appointment being made official. In brief remarks after being introduced by Trump, Powell said he would do everything he can to meet the U.S. central bank’s twin goals of maximum employment and low inflation. Powell says the economy has recovered from the financial crisis and the banking system is now resilient. Stocks were mostly lower as the much-anticipated tax plan Thursday by House Republicans failed to impress investors who had been looking forward to one of the most sweeping overhauls of the tax code in decades.

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General Electric Co.’s stock slumped 1.2% in afternoon trade Thursday, as a ninth-straight loss puts the stock on track to close below the $20 level for the first time since July 2012. A nine-session losing streak would be the longest since the 10-day stretch ending Oct. 28, 2009. The industrial conglomerate’s stock has plunged 16.95% during the losing streak, the biggest nine-day decline since it plummeted 18.39% during the nine days ending March 9, 2009, at the depths of the Great Recession. In the current streak, the stock declined more than 1% in seven of the nine days. The past three sessions, the stock traded in positive territory early in the session before closing lower. The selling comes after GE reported its first quarterly profit miss in 2 1/2 years, and given the uncertainty over the company’s future direction and dividend ahead of the investor meeting on Nov. 13. The stock has plunged 37.4% year to date, while the Dow Jones Industrial Average has climbed 18.7%. The stock’s price of $19.79 is now more than 1/13th the price of the highest-priced fellow Dow member, which is Boeing Co.’s stock at $260.22.

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Generic drugmakers and drug distributors’ shares sunk in Thursday trade after Teva Pharmaceutical Industries Ltd. reported worse price erosion for generic drugs in the latest quarter and lowered its 2017 guidance. Teva shares plummeted nearly 18%, while fellow generic drugmakers Perrigo Co. and Teligent Inc. fell 1.3% and 4.2% respectively. The VanEck Vectors Generic Drugs ETF fell 0.3%. Shares of drug distributors, which are also affected by cheaper generic drugs, also dropped: McKesson Corp. shares fell 1.7%, AmerisourceBergen Corp. dropped 3.6% and Cardinal Health Inc. dropped 1.8%. Thursday marks the second occasion that Teva earnings have sparked a selloff for generic drugmakers and the pharmaceutical supply chain. Teva shares have plummeted 62.8% over the last three months, compared with a 4.2% rise in the S&P 500 .

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Broadcom Ltd. CEO Hock Tan announced Thursday the semiconductor company is moving its headquarters back to the U.S. from Singapore. Tan made his announcement at the White House, with President Donald Trump standing behind him.

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An exchange-traded fund designed to benefit from changes to the U.S. tax code rose on Thursday, outperforming the broader market after House Republicans unveiled the Tax Cuts and Jobs Act. The U.S. Tax Reform Fund rose 0.9%, though trading was light, with under 6,000 shares exchanging hands. The fund, which holds companies that its managers expect will be impacted by the reform of the U.S. tax code, was launched in mid-October. The S&P 500 fell 0.3% on Thursday, while the Dow Jones Industrial Average fell less than 0.1% and the Nasdaq Composite Index was off 0.4%. The Russell 2000 index of small-capitalization stocks rose 0.3%. Small companies are seen as having a higher correlation to tax reform, given their outsize exposure to the U.S. compared with their multinational peers.The proposed legislation would cut corporate taxes and repeal taxes paid by large estates. Though the bill is seen as having a long journey into becoming law, investors took the unveiling as a positive sign.

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WASHINGTON (MarketWatch) – House Speaker Paul Ryan says the Republican tax plan aims to give middle-class families financial relief, make filing taxes simple and create a better climate for Americans businesses to expand and hire workers. “The world is passing this country by. We are losing jobs and companies,” he said in a press conference. “We’ve got to modernize our tax code so we can become competitive again.” Republicans claimed that up to 90% of Americans would be able to file their taxes on a sheet of paper the size of a postcard.

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The Russell 2000 index of small U.S. companies edged higher on Thursday, bucking the overall downward bias of the day’s stock market trading after House Republicans unveiled the Tax Cuts and Jobs Act. The index rose 0.1%. The Dow Jones Industrial Average was down 0.1% while the S&P 500 lost 0.3% and the Nasdaq Composite Index sank 0.4%. The proposed legislation would cut corporate taxes and repeal taxes paid by large estates. Though the bill is seen as having a long journey into becoming law, investors took the unveiling as a positive sign, providing a lift to small companies. The Russell has had a strong correlation to the tax plan as its components, which tend to be more U.S. centric, are expected to see a greater impact from any changes to tax laws.

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WASHINGTON (MarketWatch) – The leader of the Republican controlled House said the party’s tax-overhaul plan will save the average family of four about $1,182 a year while “leveling the playing field” for American business to compete in the global marketplace. House Speaker Paul Ryan, a Wisconsin Republican, said the party’s proposal would help make the U.S. economy more competitive and enable it to grow faster. The bill is already generating lots of opposition, however, and the timing of its passage is far from certain. Republicans aim to pass the bill before year end.

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Shares of Funko Inc. plunged in their public debut Thursday, as the opening price of $8 was 33% below the initial public offering price of $12. The stock was recently down 37% at $7.55, and has traded in a range of $7.45 to $8.24 since the open. The company disclosed Thursday that it cut its offering of Class A shares to 10.42 million shares from 11.61 million shares, as the IPO priced below the previously expected per-share range of $14 to $16. The maker of toys and licensed-focused collectibles raised $125 million in the IPO, before options granted to underwriters, compared with previous expectations that it could raise up to $185.7 million. The lead underwriters included Goldman Sachs, J.P. Morgan and BofA Merrill Lynch. The company is one of four companies going public Thursday. Funko’s IPO comes at a time when the Renaissance IPO ETF has run up 9.4% over the past three months and the S&P 500 has gained 3.7%.

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U.S. stocks slumped on Thursday in an up-and-down session as investor digested details of a highly anticipated tax-reform plan. The Dow Jones Industrial Average was trading flat at 23,422. The S&P 500 index was down 0.3% at 2,572, while, the Nasdaq Composite Index declined 0.5% at 6,686. The House Ways and Means Committee unveiled its tax bill, to be called the Tax Cuts and Jobs Act, which it plans to consider next week with the aim of turning it into law before the end of December. Details show that there will be a top rate of 39.6% — but at a much higher income threshold of $1 million for married couples, according to The Wall Street Journal.

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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