Tag: stock market

U.S. stocks finished lower Thursday, retreating from records set in the previous session, as investors parsed the first of a batch of third-quarter corporate results from the banking sector. The Dow Jones Industrial Average closed 32 points, or 0.1%, lower at 22,841. Blue-chip components UnitedHealth Group Inc. and Goldman Sachs Group Inc. pressured the price-weighted gauge. The S&P 500 index closed down 0.2% at 2,550, while the Nasdaq Composite Index retreated 0.2% at 6,591. All three benchmarks closed at records in the previous session. In corporate news, J.P. Morgan Chase & Co. posted earnings and revenue that beat expectations, but its trading revenue was weak amid a quiet period for markets. Its shares ended off 0.9%. Meanwhile, shares of Citigroup , which reported a higher-than-expected profit, slid 3.4%, The Financial Select Sector SPDR ETF , which gauges banks and insurers, lost 0.8%. Health-care stocks were mixed after President Donald Trump signed an executive order directing federal agencies to consider expanding health-insurance coverage in low-cost plans that aren’t subject to Affordable Care Act rules. The announcement appeared to weigh on UnitedHealth.

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Asset manager Eaton Vance Corp. said Thursday it will raise its quarterly dividend by 11% to 31 cents a share from 28 cents a share. The new dividend will be payable Nov. 15 to shareholders of record on Oct. 31. The stock was up 0.5% to $50.59 in afternoon trade. At that price, the new annual dividend rate would represent a dividend yield of 2.45%, compared with the implied S&P 500 dividend yield of 1.95%, according to FactSet. Eaton Vance’s stock has rallied 21% year to date, while the S&P 500 has gained 14%.

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Gold prices climbed Thursday to their highest finish in more than two weeks. Prices got a lift after minutes from the U.S. Federal Reserve’s September meeting Wednesday showed that some policy makers questioned the need for another interest-rate hike this year. December gold climbed by $7.60, or 0.6%, to settle at $1,296.50 an ounce. That was the highest finish since Sept. 26, according to FactSet data.

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Orange-juice futures fell Thursday as a report from the U.S. Department of Agriculture pegged the 2017-2018 Florida orange crop at 54 million boxes, down 21% from last season. That would be the lowest level in 71 years, according to a report from Bloomberg. Given the price decline, it appears that “traders were anticipating the effects of citrus greening and Hurricane Irma to reduce production even more,” said Darin Newsom, senior analyst at DTN. But “keep in mind this is an initial production estimate, with many more to come. Reductions can still be seen,” he said. The Florida Fruit and Vegetable Association had estimated that 70% to 80% of citrus production in South Florida was lost to Hurricane Irma, which made landfall in south Florida on Sept. 10. November frozen concentrated orange juice declined by nearly 4 cents, or 2.3%, to $1.588 a pound on the ICE Futures U.S. exchange. Prices, which were trading higher at $1.638 before the report, have gained about 8% month to date, but still trade roughly 17% lower for the year.

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Shares of J.C. Penney Co. Inc. tumbled 2.6% toward another record low in active trade Thursday, amid broad weakness in the retail sector after apparel retailer J.Jill Inc.’s profit warning. About 13.8 million shares had changed hands through midday, above the full-day average of 12.7 million shares. Meanwhile, the SPDR S&P Retail ETF was down 1.3% at a 5-week low. J.Jill’s stock plummeted 50% after issuing a profit warning late Wednesday, blaming “product and calendar issues” that are affecting traffic and conversion. J.C. Penney’s stock, which closed at a record low on Wednesday, and two other fresh records earlier this month, has plunged 27% over the past three months and 59% year to date. In comparison, the retail ETF has gained 2.2% over the past three months, while the S&P 500 has climbed 4.5%.

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Shares of OrthoPediatics Corp. were trading 50% above the initial public offering price, in their public debut. The maker of medical devices for use in the pediatric orthopedic market’s shares opened at $18 at 10:53 a.m. ET, or 38.5% above its $13 IPO price. Since then, it has traded as low as $17.17 and as high as $20.90. The company offered 4 million shares, to raise $52 million. Piper Jaffray and Stifel are lead bookrunners on the deal, with William Blair acting as lead manager and BTIG acting as co-manager. The stock debuts at a time when the SPDR Health Care Select Sector ETF has climbed 4.0% over the past three months, but underperformed the S&P 500’s 4.5% over the same time.

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Shares of CarGurus Inc. rocketed 80% on their first day of trade Thursday, after the company priced its initial public offering above the price range. Shares of the company, which uses algorithms and data analytics to find users deals on new and used cars, gained $12.82 to $28.82 in midmorning trade. The company sold 9.4 million shares at $16 apiece, above its $13 to $15 range. The stock is trading on Nasdaq under the ticker symbol “CARG”. The S&P 500 was down 0.1%.

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Data from the U.S. Energy Information Administration Thursday showed that domestic crude supplies fell by 2.8 million barrels for the week ended Oct. 6. That was well above the forecast for a decline of 400,000 barrels by analysts surveyed by S&P Global Platts. In contrast, the American Petroleum Institute reported late Wednesday an increase of 3.1 million barrels, according to sources. Gasoline stockpiles were up 2.5 million barrels for the week, while distillate stockpiles fell 1.5 million barrels, according to the EIA. The S&P Global Platts survey forecasted drops of 1.4 million for gasoline and 1.64 million for distillates. November crude fell 85 cents, or 1.7%, from Wednesday to $50.45 a barrel on the New York Mercantile Exchange. Prices traded at $50.25 before the supply data.

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Target Corp. said Thursday that consumers can now shop from Target using their voice and the Google Home device. Next year, shoppers will be able to link their Target website and Google accounts in order to store their favorite items. Target is also selling through Google Express across the continental U.S., with items from a shopper’s local store available for home delivery. Beginning next year, RedCard holders will be able to get 5% off most purchases and free shipping, or purchases can be made available for pickup within two hours. Target shares are up almost 18% for the last three months, but down about 17% for the year so far. The S&P 500 index is up 14% for 2017 to date.

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Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 87 billion cubic feet for the week ended Oct. 6. That nearly met the average forecast for a climb of 86 billion cubic feet by analysts surveyed by S&P Global Platts. Total stocks now stand at 3.595 trillion cubic feet, down 153 billion cubic feet from a year ago, and 8 billion cubic feet below the five-year average, the government said. November natural gas rose 5.7 cents, or 2%, from Wednesday’s settlement to $2.947 per million British thermal units, little changed from $2.955 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.

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