Tag: stock market

Shares of U.S. energy companies dropped sharply in early afternoon trade, following a nearly 3% decline in oil prices. It was not immediately clear what prompted a slide in oil futures. April West Texas Intermediate crude , which was only slightly lower in early trade, was trading down $1.81, or 2.9% to $60.77 a barrel. The Energy Select SPDR Fund was down 1.6%. Losses in the energy sector dragged down the broader markets, which were already suffering losses. Shares of ExxonMobil fell 3%, making it the worst performer on the Dow. The S&P 500 fell 22 points, or 0.8%, to 2,706.

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 Advanced Micro Devices Inc. surged 5.6% in active midday trade to pace the gainers in the PHLX Semiconductor Index , and to buck the sharp selloffs in the chip sector and broader stock market. The chip sector tracker (SOX) fell 0.7% and the S&P 500 shed 0.9%. AMD’s trading volume neared 90 million shares, compared with the full-day average of about 60 million shares, according to FactSet, and enough to make the stock the most actively traded on major U.S. exchanges. The stock had been down as much as 1.8% earlier in the session, before swinging higher. The chip maker confirmed that it didn’t release any news, and the proxy statement filed late Tuesday didn’t appear to include any market-moving news. The stock has soared 23.8% over the past three months, while the SOX has gained 11.4% and the S&P 500 has tacked on 2.6%.

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

Amazon.com Inc.’s Amazon Studios said on Wednesday that it’s inked a first-look production deal with Academy Award-winning filmmaker Kenneth Lonergan. Lonergan, most known as a playwright and screenwriter of such films as “Gangs of New York” and “You Can Count on Me,” won the Oscar for best original screenplay for 2016’s “Manchester By the Sea,” which was produced by Amazon Studios. Lonergan’s deal with Amazon will span two years and cover film and TV projects he’s directing and writing. Lonergan’s upcoming projects are a four-part limited series for Starz called “Howards End,” and a play, “Lobby Hero,” set to premiere on Broadway. Amazon’s deal with Lonergan continues the trend of distribution and production studios signing exclusive deals with Hollywood’s biggest and most-established creators. Shares of Amazon have gained 81% in the last 12 months, while the S&P 500 index is up more than 14%.

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

GBH Insights analyst Daniel Ives wrote Wednesday that he sees tariff action having “minimal impact” on Apple Inc. and the FANG stocks. He thinks Facebook Inc. , Amazon.com Inc. , Netflix Inc. , and Alphabet Inc. are fairly insulated from tariff and trade-war concerns due to their international revenue streams and service-driven nature. A trade war could lead to “some tangential crosshairs” for Amazon’s e-commerce operations, Ives wrote, but he thinks these “would be negligible.” For Apple, Ives believes a likely scenario might be input cost increases of between $20 million to $30 million, due to the use of steel and aluminum in certain products. Even his “worst case” scenario of a $50 million increase in input costs would only amount to “a rounding error,” Ives wrote. Apple shares are up 25% over the past 12 months, while the Nasdaq Composite Index is up 26% and the Dow Jones Industrial Average is up 18%.

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

Oil prices lost more ground in the wake of the latest Energy Information Administration data Wednesday, which revealed a second straight weekly rise in U.S. crude supplies. The increase, however, nearly matched market expectations and came in at less than half the increase reported by trade group the American Petroleum Institute on Tuesday. Still, the EIA’s total domestic crude production figure hit a fresh weekly record at 10.369 million barrels a day for last week. April WTI crude dropped $1.71, or 2.7%, to trade at $60.89 a barrel on the New York Mercantile Exchange.

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 fell broadly on Wednesday, in the first trading session after top White House economic adviser Gary Cohn resigned. The day’s losses were widespread, with 10 of the 11 primary S&P 500 sectors down on the day. Leading the move lower was energy, which sank 1.5% and fell alongside a 2.6% drop in the price of crude oil. Cohn’s resignation was seen as a negative as it suggests President Donald Trump will push forward on tariffs and on steel and aluminum imports that the key adviser has opposed. Equities have recently come under heavy volatility on concerns over tariffs and a potential retaliation by trade partners. Industrial and material stocks both fell by 1.1% on Wednesday; the two are seen as having an outsize impact from tariffs. The financial, consumer discretionary, and consumer staples sectors all fell sharply on the day as well. The only positive group was real estate, which rose 0.2% on the day. The sector is sometimes viewed as a defensive play given the higher dividend yields of its components. The Dow Jones Industrial Average fell 1.4% while the S&P 500 was down 0.9% and the Nasdaq Composite Index fell 0.7%. The Russell 2000 rose 0.2%; it is seen as having less correlation to trade issues given the U.S. focus of its components.

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

Although the Big 3 market indexes are all falling, market breadth data is very mixed, with the NYSE’s data looking bearish and the Nasdaq data looking bullish. The number of declining stocks outnumbered advancers 1,471 to 1,267 on the NYSE, but advancers topped decliners 1,527 to 1,069 on the Nasdaq. And the volume of declining stocks was 64.4% of total volume on the NYSE while the majority of volume on the Nasdaq, 55.7%, was in advancing stocks. Meanwhile, the Dow Jones Industrial Average was down 165 points, or 0.7%; the S&P 500 shed 0.4%; and the Nasdaq Composite was down 0.1%, while the Russell 2000 index of small-capitalization stocks was up 0.4%.

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 Securities and Exchange Commission on Wednesday issued a public statement warning that there are potentially unlawful online platforms for trading digital assets, notably the coins and tokens offered and sold in initial coin offerings. “If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration,” the SEC said. A national securities exchange or one that operates under an exemption must have rules designed to prevent fraudulent and manipulative acts and practices, the SEC said.

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

Oil prices pared some of their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies rose by 2.4 million barrels for the week ended March 2. Analysts surveyed by S&P Global Platts had forecast a climb of 2.5 million barrels, while the American Petroleum Institute on Tuesday reported a rise of 5.7 million barrels, according to sources. Gasoline stockpiles fell by 800,000 barrels for the week, while distillate stockpiles decreased by 600,000 barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates. April crude fell 27 cents, or 0.4%, to $62.33 a barrel on the New York Mercantile Exchange, up from $61.85 before the supply 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

The Bank of Canada warned on the impact of trade policy on global and Canadian growth in its monetary-policy statement on Wednesday, when the central bank also left its overnight interest rate unchanged. Market participants had expected the benchmark rate to be kept at 1.25%. The BOC cited the current global growth momentum as positive, and said that Canadian inflation was close to target while wage growth firmed. “However, trade policy developments are an important and growing source of uncertainty for the global and Canadian outlooks,” the BOC said in its updated policy statement. Canada looks to be hit the hardest by the anticipated U.S. tariffs on steel and aluminum, which are expected to be announced formally later this week. Analysts expect at least one more interest rate increase from the BOC this year, following a hike in January. “While the economic outlook is expected to warrant higher interest rates over time, some continued monetary policy accommodation will likely be needed to keep the economy operating close to potential and inflation on target,” according to the statement. The BOC will also continue to monitor the economy’s sensitivity to higher rates, especially has household credit decelerated over the past three months. The BOC will next meet on April 18. One U.S. dollar last bought C$1.2940 , up 0.5%, close to its highest level since July 2017.

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