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Stock market news live updates: December 31, 2021

U.S. stocks lost steam in a lackluster trading session on Friday, as major indexes closed the last day of 2021 marginally lower, but still within striking distance of record highs made during a banner year.

The S&P 500 treaded water during the session but closed out 2021 up 27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, marking its third year of double-digit gains. The Dow and Nasdaq wavered, but all indices were close to record highs. 

Next year is poised to be another strong year in equities, though strategists anticipate the S&P 500 is unlikely to match the gains it saw in 2021.

The markets will have to weather rising inflation, determine the Federal Reserve’s pace on raising interest rates, and mull President Joe Biden’s second year in office as new COVID-19 cases swamp the U.S. That period is known as the “sophomore slump,” since the second year of a president’s term historically tends to be as much as 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} more volatile than the other three years, according to CFRA research chief investment strategist Sam Stovall. 

“I think that 2022 is going to be a good year that tends to follow a great year,” Stovall told Yahoo Finance Live. “We certainly have a high wall of worry that we’re going to have to scale.”

U.S. equity markets were open on New Year’s Eve for the first time in a decade, thanks to NYSE Rule 7.2. It states that trading is closed either Friday or Monday if a holiday falls on a weekend, with the exception of “unusual business conditions, such as the end of a monthly or yearly accounting period.” 

Markets mostly charged higher this week, even as reports of rising COVID-19 cases pour in across the globe. Swings were exaggerated by low trading volumes, with many on Wall Street on vacation.

The S&P 500 rallied to an intraday high on Thursday before staging a retreat, after hitting its 70th record close of the year Wednesday. Meanwhile, both the energy and real estate sectors of the index saw their best year’s ever.

The index recorded a new all-time high every month this year, making 2021 among its best years ever, according to data published by LPL Research. The only other year it did so was in 2014.

“The huge end of year rally in 2020 was the first clue,” Ryan Detrick, LPL Financial chief market strategist, in a note. 

“Add in a strong first five days, a strong first quarter, the S&P 500 holding above the December lows in the first quarter, and right there you had several signals early in the year that strong returns were quite possible in 2021,” he added.

Insigneo Financial Group CIO Ahmed Riesgo told Yahoo Finance Live that it was actually strong returns by only some companies that contributed to the index’s gains.

“Did the market have a great year in 2021? Most people would say absolutely,” he asserted, though adding it is more accurate to say that a few stocks have done “phenomenally” well, while the vast majority have been in the red.

“I think what you’re going to get next year is that internal rotation where these few stocks that performed very well in 2021 are going to under perform, perhaps drag the market down a bit, while the vast majority of stocks will shoot up,” Riesgo said. “All in all, taken together, this points to around mid- to single-digit returns for the [S&P 500] next year.”

Inflation is expected to be a focal point among investors in the new year. Rising prices have nudged the Fed into a hawkish pivot from its earlier predictions of “transitory inflation.” Now, the central bank is planning a quicker unwinding back of its pandemic-era monetary policies, and has boosted its forecasts for the pace of potential rate hikes.

4:00 p.m. ET: Markets hit a lull in final trading day of 2021

Here’s how markets rounded out the year:

  • S&P 500 (^GSPC): -12.53 (-0.26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,766.20

  • Dow (^DJI): -59.85 (-0.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 36,338.23

  • Nasdaq (^IXIC): -96.59 (-0.61{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,644.97

  • Crude (CL=F): -$1.55 (-2.01{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $75.44 a barrel

  • Gold (GC=F): +$16.80 (+0.93{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,830.90 per ounce

  • 10-year Treasury (^TNX): -0.3 bps to yield 1.5120{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

1:12 p.m ET: 2022 is likely to be good, but not as great as 2021, experts say

If history repeats itself, 2022 may be another strong year for equities.

Truist Advisory Services co-chief investment officer Keith Lerner pointed out that since 1950, when the S&P 500 had a total return of at least 25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in a year, stocks typically advanced in the following year. Across that 71-year period, stocks rose about 82{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the time — or on 14 out of 17 occasions, to be exact.

The two of the three years stocks failed to rise after 25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}+ in annual gains were 1981 and 1990, both of which were periods marked by recessions, Lerner indicated. Although he doesn’t expect one in 2022, the investment chief did predict gains were likely to be more modest in the new year after a stellar 2021.

CFRA research chief investment strategist Sam Stovall shared similar sentiments with Yahoo Finance Live.

“I think that 2022 is going to be a good year that tends to follow a great year,” he said. “We certainly have a high wall of worry that we’re going to have to scale,” 

The markets will have to weather rising inflation, determine the Federal Reserve’s pace on raising interest rates, and mull President Joe Biden’s second year in office — a period known as the “sophomore slump,” since the second year of a president’s term historically tends to be as much as 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} more volatile than the other three years, according to Stovall.

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12:57 p.m ET: Casinos, housing among sectors to watch in the new year

Investors should keep an eye on casino and homebuilder stocks in 2022, Gerber Kawasaki Wealth & Investment Management CEO Ross Gerber recently told Yahoo Finance Live.

The firm’s preview listed MGM (MGM), Lennar (LEN), and Tesla (TSLA) as the top three stocks poised to rise next year.

“MGM is a long-term holding of ours and we’ve been adding to it on the weakness because of Omicron,” Gerber said. “We absolutely believe this is the endgame for [COVID-19] with this winter being sort of one of the tougher winters again, but as each winter rolls on, this will become much more normal and much less disruptive.”

Gerber also predicted that home builders, citing Lennar (LEN) as an example, will continue to benefit from outsized demand for housing despite some recent supply chain issues. 

Tesla, which was mostly muted in middy trading at $1,070.35 per share, was Gerber’s number one pick for investors in 2022.

“I think over the next decade, Tesla will be the most consequential company in the history of business,” Gerber said. “I think in 12 months, we’re going to see amazing breakthroughs in AI and technology, and what Elon has done yet, we don’t know — you want to own stock in this future.”

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12:21 p.m ET: PayPal poised for worst year since Ebay spinoff

PayPal Holdings, Inc. (PYPL) is on pace for its biggest annual decline since it was spun off by Ebay in 2015. The company’s shares have fallen 19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this year, making it the worst performer in the S&P 100, according to Bloomberg data.

The online payments provider was down ~1.25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the early afternoon to about $189.48 per share.

PayPal shares have fallen around 30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} since the company began exploring a deal to acquire Pinterest. However, the company walked back on its plan to buy the social media platform, stating in October that it was no longer pursuing the acquisition.

Buy-now, pay-later platforms have also placed pressure on PayPal and its peers in the payments sector during the second half of 2021 amid concerns over competition. 

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12:05 p.m. ET: Air travel chaos continues amid virus-related disruptions

Airline stocks recouped some of this week’s losses in intraday trading but remain under pressure as flight cancellations and delays persist.

As of early Friday, over 1,100 U.S. flights, both within the country and entering or departing it, were cancelled, worsening an already ugly week for holiday air travel disrupted by a sharp increase in COVID-19 infections among pilots and crew members.

“It’s a controlled meltdown, put it that way,” Boyd Group International president Mike Boyd told Yahoo Finance earlier this week. Airlines “know where they’re going to be short pretty much ahead of time, and then they have to adjust for it.”

Shares of JetBlue Airways Corporation (JBLU) of Delta Air Lines (DAL) were mostly flat in midday trading at $14.26 and $39.04, respectively. American Airlines (AAL) was down 0.54{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $17.97 per share, along with United Airlines (UAL), which ticked 0.48{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower to $43.92.

Meanwhile, Delta updated its policies for workers who get infected with COVID-19 to shorten the isolation period, in accordance with new guidance from the CDC that halves the recommended quarantine time from 10 to five days.

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9:30 a.m ET: Stocks waver as rally fades

Here were the main moves by the major averages at today’s open:

  • S&P 500 (^GSPC): -4.44 (-0.09{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,774.29

  • Dow (^DJI): -27.53 (-0.08{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 36,370.55

  • Nasdaq (^IXIC): -24.65 (-0.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,741.56

  • Crude (CL=F): -$0.77 (-1.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $76.22 a barrel

  • Gold (GC=F): +$12.10 (+0.67{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,826.20 per ounce

  • 10-year Treasury (^TNX): -1.3 bps to yield 1.5020{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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7:00 a.m ET: Contracts on the S&P, Dow, and Nasdaq dip ahead of final trading session

Here’s how futures fared ahead of the year’s last market open:

  • S&P 500 futures (ES=F): =13.75 points (-0.29{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,758.50

  • Dow futures (YM=F): -106.00 points (-0.29{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 36,185.00

  • Nasdaq futures (NQ=F): -53.75 points (-0.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 16,376.50

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6:00 p.m. ET Wednesday: Futures inch higher after markets close in the red

Here’s how contracts on the major indexes fared ahead of 2021’s final trading day:

  • S&P 500 futures (ES=F): 2.50 points (0.05{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,774.75

  • Dow futures (YM=F): 14.00 points (0.04{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 36,305

  • Nasdaq futures (NQ=F): 10.50 points (0.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 16,440.75

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

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Stock market news live updates: December 30, 2021

U.S. stocks edged higher on Thursday after the S&P 500 and Dow each extended a rally to close at all-time highs in the previous session amid a thinly-traded last week of 2021 on Wall Street.

The Dow, S&P, and Nasdaq ticked up in intraday trading, as investors weighed fresh jobs data out of Washington and rising cases of COVID-19. Global daily cases hit a record earlier this week, with infections from the highly-transmissible Omicron variant — found to spread 70 times faster than previous strains — comprising much of the newly tracked positive tests. Recent developments indicating that Omicron may cause milder disease helped markets shake off earlier concerns.

“Perversely, bad news around Omicron might be good news for the markets because it gives the Fed the impetus to continue with these very loose monetary policies,” Opimas LLC Chief Executive Officer Octavio Marenzi told Yahoo Finance Live. “Too much good news for the real economy might actually be quite bad for the markets.”

While markets mostly powered on, travel stocks were impacted by virus-related developments.

JetBlue Airways Corp (JBLU) said it expects to cut 1,280 flights, scaling down its schedule due to a surge in personnel who have fallen sick. The company’s stock turned red, down -0.21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in early afternoon trading to $14.35 per share. Delta Air Lines (DAL) reported cancellations of an additional 250 flights on Wednesday after thousands of halted and delayed flights by major airlines reported during the Christmas weekend. Airline stocks have taken a hit all week amid growing flight disruptions caused by the latest virus wave and winter weather.

Delta ended Wednesday’s trading session -1.19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} down to $39.16 and American Airlines (AAL) closed down 2.64{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $18.05 per share. United Airlines (UAL) saw the session end 1.86{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower at $44.3,

“It’s a controlled meltdown, put it that way,” Boyd Group International president Mike Boyd told Yahoo Finance. Airlines “know where they’re going to be short pretty much ahead of time, and then they have to adjust for it.”

Cruise line operators also edged lower after the CDC advised people to avoid cruise travel, regardless of vaccination status, following an increase in onboard COVID-19 cases. Norwegian Cruise Line Holdings (NCLH) shed 1.85{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $21.18 per share. Carnival Corp. (CCL) declined 0.84{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to trade at $20.61 a piece, and Royal Caribbean Cruises (RCL) traded down 0.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $77.79.

Economic and earnings calendars remain light for the final two trading days of the year, though investors turned their attention Thursday morning to fresh data out of Washington on weekly jobless claims.

The Labor Department released its latest report on initial and continuing jobless claims. First-time unemployment filings fell further from last week’s reading, coming in at 198,000 — below the expected 206,000. Earlier in December, jobless claims fell to 188,000 — its lowest level since 1969.

Meanwhile, in a regulatory filing on Thursday, Samsung BioLogics denied earlier reports that Samsung Group was in talks to acquire U.S. drugmaker Biogen Inc. (BIIB), which was in the spotlight on Wednesday after shares of the drugmaker surged during intraday trading following a report by the Korea Economic Daily, which cited investment banking sources. The report said Biogen approached Samsung to buy its shares in a deal that could be valued at more than $42 billion.

Biogen’s stock was down 8.05{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $237.51 per share as of 1:04 p.m. ET on Thursday. 

1:05 p.m. ET: FDA poised to OK boosters for ages 12-15

The U.S. Food and Drug Administration is planning to authorize booster doses of Pfizer-BioNTech’s coronavirus vaccine for 12- to 15-year-olds, according to a report from the New York Times.

U.S. regulators are also likely to reduce the time frame for booster eligibility to allow both adolescents and adults get an extra shot of Pfizer’s vaccine five months after receiving a second dose instead of the current period of six months, the New York Times said.

Shares of Pfizer (PFE) were up just shy of 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $58.15 per share.

—

12:45 p.m. ET: Cruise line stocks decline after new CDC recommendation

The Centers for Disease Control and Prevention advised people to avoid cruise travel, regardless of vaccination status, following an increase in onboard COVID-19 cases.

Cruise ship operators ticked down in midday trading, Norwegian Cruise Line Holdings (NCLH) shed 1.85{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $21.18 per share.

Carnival Corp. (CCL) declined 0.84{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to trade at $20.61 a piece, and Royal Caribbean Cruises (RCL) traded down 0.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $77.79.

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12:39 p.m. ET: Markets power on amid lightly-traded week

Here were the main moves in markets as of 12:39 p.m. ET:

  • S&P 500 (^GSPC): +6.08 (+0.13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,799.14

  • Dow (^DJI): +9.20 (+0.03{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 36,497.83

  • Nasdaq (^IXIC): +86.10 (+0.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,852.32

  • Crude (CL=F): +$0.33 (+0.43{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $76.89 a barrel

  • Gold (GC=F): +$8.50 (+0.47{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,814.30 per ounce

  • 10-year Treasury (^TNX): -2.1 bps to yield 1.5220{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

12:20 p.m. ET: JetBlue axes 1,280 January flights

JetBlue Airways Corp (JBLU) is expected to cut 1,280 flights, scaling down its schedule due to a surge in personnel who have fallen sick from COVID-19. The company’s shares traded at $14.43 a piece in the midday session, up by a modest 0.31{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

The airline will allow customers with any type of ticket to change or cancel their travel through January. JetBlue which, anticipated to fly 6,204 flights and offer nearly one million seats in January before the cuts, will now see fewer flights in the first month of 2022 than it did in December, which had 5,538 flights and 832,942 seats scheduled.

Airline stocks have taken a hit all week amid growing flight disruptions caused by rising COVID-19 cases and winter weather.

“It’s a controlled meltdown, put it that way,” Boyd Group International president Mike Boyd told Yahoo Finance. Airlines “know where they’re going to be short pretty much ahead of time, and then they have to adjust for it.”

—

9:31 a.m. ET: Stocks charge ahead to extend gains

Here were the main moves in markets at open:

  • S&P 500 (^GSPC): +5.93 (+0.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,798.99

  • Dow (^DJI): +103.36 (+0.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 36,591.99

  • Nasdaq (^IXIC): -8.96 (-0.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,757.26

  • Crude (CL=F): +$0.23 (+0.30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $76.79 a barrel

  • Gold (GC=F): -$2.50 (-0.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,803.30 per ounce

  • 10-year Treasury (^TNX): -1.6 bps to yield 1.5270{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

8:50 a.m. ET: Tesla issues recalls on Model 3 and Model S cars

Tesla Inc (TSLA) has recalled more than 475,000 Model 3 and Model S electric cars, according to the U.S. National Highway Traffic Safety Administration (NHTSA).

The recall was attributed to two safety-related concerns, including trunk issues with the vehicles and for Model 3s, rearview cameras mounted on these units that might malfunction.

Shares of Tesla fell as much as 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during Wednesday trading after CEO Elon Musk sold another $1 billion of company stock.

—

8:30 a.m. ET: Jobless claims hover near pre-pandemic lows

The Labor Department released its latest report on initial and continuing jobless claims. First-time unemployment filings fell further from last week’s reading, coming in at 198,000 — below the expected 206,000. Earlier in December, jobless claims fell to — 188,000 its lowest level since 1969. 

Continuing claims for the week ended Dec. 18 came in at 1.716 million, also beating expectations of 1.875 million and below the prior week.

—

7:10a.m. ET: Futures remain muted ahead of trading day

  • S&P 500 futures (ES=F): +8.50 points (+0.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,793.00

  • Dow futures (YM=F): +50.00 (+0.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 36,431.00

  • Nasdaq futures (NQ=F): +0.39 points (+0.24{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 16,529

—

6:01 p.m. Wednesday ET: Contracts on the S&P, Dow, and Nasdaq open sideways

  • S&P 500 futures (ES=F): +0.50 points (+0.01{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,785.00

  • Dow futures (YM=F): +3.00 (+0.01{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 36,384.00

  • Nasdaq futures (NQ=F): -0.25 points (0.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 16,490.25

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

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Stock market news live updates: December 14, 2021

Markets edged lower in early trading Tuesday following declines in yesterday’s session as investors tune in for on a prolific week in Washington that includes the Federal Reserve’s final policy-setting meeting of 2021, set to commence today, and the release of new prints on retail sales, housing starts and other economic data.

All three major U.S. indexes were down amid figures from the Department of Labor that showed wholesale prices soared by a record 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in November from a year earlier, the fastest annual pace on record for the indicator.

Traders are awaiting a decision from the Fed on how quickly the central bank will tighten monetary policy amid a backdrop of fresh inflation numbers that reflected the fastest annual increase in nearly four decades. The Labor Department’s Consumer Price Index (CPI) soared 6.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in November compared to last year, according to figures published last week.

The Federal Open Market Committee (FOMC) is scheduled to hold its two-day policy-setting meeting starting on Tuesday, followed by the release of the monetary policy statement and remarks from Federal Reserve Chair Jerome Powell Wednesday. An updated Summary of Economic Projections outlining individual members’ outlooks for economic conditions and interest rates is set to accompany the statement.

The Fed has been under pressure to control rising inflation levels, as investors watch for clues of a faster taper that could set the stage for earlier rate hikes.

“Because inflation expectations do appear to be adaptive, our view is that the longer inflation stays elevated, the greater the risk that consumers adjust their behaviors in a way that contributes to persistently elevated inflation” wrote PIMCO economist Tiffany Wilding in a recent note to clients.

“We believe the Fed will want to manage this risk by shortening the time over which it winds down its purchases of U.S. Treasuries and agency mortgage-backed securities (MBS), aiming to end the program in March 2022, while also signaling a June rate hike is likely,” said Wilding.

PIMCO managing director and portfolio manager Sonali Pier also separately told Yahoo Finance Live that the firm expects to see two hikes in 2022, three hikes in 2023, and potentially four in 2024, with the Fed trying to bring the policy rate to neutral.

“Amid proliferating signs of solid growth and a robust job market, various measures depict a deeply troubled economy,” wrote Oxford Economics senior economist Bob Schwartz in a new report. “Households are downbeat, according to sentiment surveys, and the so-called ‘misery index‘ that adds together inflation and unemployment hovers around recession levels.”

Markets await a trove of fresh economic data this week. November retail sales, out on Wednesday, are expected to rise by 0.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, according to Bloomberg consensus estimates. And November housing starts are forecasted to see a month-over-month increase of 3.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Meanwhile, Morgan Stanley projects the U.S. unemployment rate will drop to 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2022.

“It’s stunning to see how much the rate has fallen in the last five months,” Morgan chief U.S. economist Michael Feroli told Yahoo Finance Live. “We expect that pace of decline to slow, but it doesn’t take much to get below 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, even with a tick up in the labor participation rate which has been depressed over the last year and a half.”

12:05 p.m. ET: Microsoft posts biggest drop since 2020

Shares of Microsoft (MSFT) were down more than 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in midday trading, contributing to the Dow’s losses as the broader markets edged lower.

The software giant posted its biggest drop since last October, according to Bloomberg data, adding to yesterday’s loss of nearly 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at close.

Separately, J.P. Morgan released fresh research on Tuesday that said investors overlook Microsoft’s leading position in data management. Data platform solutions contributed to about 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of Microsoft’s total revenue in 1H21, up from roughly 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2017, according to the bank’s note, which also said much of the company’s growth is driven by cloud data platforms that grew from about 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of total revenue to about 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the same time period. J.P. Morgan expects this to be a key source of upside heading into 2022.

Microsoft had a year of stunning numbers that made it Yahoo Finance’s company of the year. The tech heavy weight passed a $2 trillion market capitalization in June and reported a $176 billion surge in revenue — a nearly 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year increase.

11:13 a.m. ET: Dow reverses comeback, shedding more than 100 points

Here were the main moves in markets as of 11:13 a.m. ET:

  • S&P 500 (^GSPC): -52.68 (-1.13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,616.29

  • Dow (^DJI): -121.43 (-0.34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 35,529.52

  • Nasdaq (^IXIC): -279.60 (-1.81{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,133.68

  • Crude (CL=F): -$1.00 (-1.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $70.29 a barrel

  • Gold (GC=F): -$12.10 (-0.68{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,776.20 per ounce

  • 10-year Treasury (^TNX): +2.6 bps to yield 1.4500{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

11:01 a.m. ET: Meme-stock darling AMC extends decline

Shares of AMC Entertainment Holdings Inc. (AMC) were down 2.19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, trading at $22.73 a piece, though recouping some losses after falling as much as 11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at the open. The company was hit hard in Monday’s sell-off along with other retail favorites, including Bed Bath & Beyond Inc. (BBY) and Tesla (TSLA).

The losses come as investors expect a rollback of pandemic-era stimulus by the Federal Reserve, putting risky assets and tech companies under pressure.

Retail investors comprise 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}-30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of trading volume, according to research from J.P. Morgan—a change from last year when these traders were seen as small-time market players.

10:17 a.m. ET: Dow turns green following tumble

Here were the main moves in markets as of 10:17 a.m. ET:

  • S&P 500 (^GSPC): -32.00 (-0.69{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,636.97

  • Dow (^DJI): +16.28 (+0.05{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 35,667.23

  • Nasdaq (^IXIC): -200.53 (-1.30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,212.75

  • Crude (CL=F): -$0.72 (-1.01{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $70.57 a barrel

  • Gold (GC=F): -$13.10 (-0.73{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,775.20 per ounce

  • 10-year Treasury (^TNX): +3.9 bps to yield 1.4630{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

9:30 a.m. ET: Markets open lower ahead of Fed decision

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): -36.88 (-0.79{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,632.09

  • Dow (^DJI): -141.06 (-0.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 35,509.89

  • Nasdaq (^IXIC): -217.32 (-1.39{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,413.28

  • Crude (CL=F): -$0.92 (-1.29{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $70.37 a barrel

  • Gold (GC=F): -$20.90 (-1.17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,767.40 per ounce

  • 10-year Treasury (^TNX): +2.7 bps to yield 1.4510{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

9:05 a.m. ET: Stock futures tick down

Here were the main moves in futures trading Tuesday morning:

  • S&P 500 futures (ES=F): -28.50 points (-0.64{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,640.25

  • Dow futures (YM=F): -100 points (-0.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 35,545

  • Nasdaq futures (NQ=F): -170 points (-1.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,912

8:48 a.m. ET: Wholesale inflation surges 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Wholesale prices soared by a record 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in November from a year earlier, the fastest annual pace on record for the indicator and a sign inflation pressures are likely to persist well into 2022.

The Labor Department reported Tuesday that its producer price index rose 0.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in November after a 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} monthly gain in October. The figure, which measures inflation before it reaches consumers, marked the highest monthly reading in four months.

Food prices jumped 1.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in November after falling 0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in October. Energy prices were up 2.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} after a 5.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} percent rise October.

7:07 a.m. ET: Stock futures mixed

Here were the main moves in markets in early trading Tuesday:

  • S&P 500 futures (ES=F): -8.25 points (-0.18{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,660.5

  • Dow futures (YM=F): +22.00 points (0.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 35,667

  • Nasdaq futures (NQ=F): -85.25 points (0.53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,996.75

6:00 p.m. Monday ET: Stock futures edge higher

Here were the main moves in markets in late trading on Monday:

  • S&P 500 futures (ES=F): +5.50 points (0.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,674.25

  • Dow futures (YM=F): +46.00 points (0.13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 35,691

  • Nasdaq futures (NQ=F): +10.75 points (0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 16,092.75

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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ITC announces first-ever Institutional Investors and Financial Analysts Day on 14 December; analysts expect major announcements

ITC Limited stocks were in news on Thursday after the company informed the exchanges about an analyst and investor day, scheduled on 14 December. The news has already created a lot of buzz, analysts opined.   

The event ‘ITC Institutional Investors and Financial Analysts Day 2021’ is scheduled for 14th December. The six-hour event is also its first-ever and will be held between 10:30 am and 5 pm, the company said in its filing to exchanges. 

See Zee Business Live TV Streaming Below:

Technical Analyst Sacchitanand Uttekar said that the news was a positive trigger for the stock today and the company is expected to announce something major, calling this event “unprecedented” for the ITC.  

Uttekar, who is DVP-Head-Technicals & Derivatives at Tradebulls Securities said that he expected ITC to announce a demerger of its businesses. If this happens it will augur well for the company and its different businesses. This will not only help in the value unlocking of its businesses but also propel the stock prices, significantly, he added. 

The company has business interests in sectors including Fast Moving Consumer Goods (FMCG), IT, packaging, hotels and agri-business.  

ITC also remains a preferred by for this analyst and he recommended this stock for target of Rs 275. The stock today ended Rs 234.80, up by almost 4.4 per cent or over Rs 9 from the Wednesday closing price. He had recommended this stock at levels around Rs 229.  

Also Read: Stocks to Buy: With 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} upside, ITC is ‘preferred buy’ for this technical analyst; know why?

The views were also endorsed by another analyst, Sandeep Jain. The Tradeswift Director called this a positive development for the company and investors. 

He said that he expected some announcements around the demerger of ITC’s businesses. The demerger will trigger value unlocking of its various businesses, he opined. 

Even the top management has indicated its concerns around valuation, Jain said adding that some positive news was likely in the offing. 

See Tweet: 

It could be around bonus as well, he further said. Though the picture will get clear only after the analyst meet, he said.       

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)