U.S. stocks fell Monday morning to extend last week’s losses, as investors looked ahead to more data this week on inflation and earnings to gauge the strength of the economy and corporate profits as the Federal Reserve continues to tighten monetary policy.
The S&P 500 dropped nearly 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This added to losses after the index posted a fifth straight weekly decline last week. The Nasdaq sank by another 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and the Dow fell by more than 400 points.
Investors this week are awaiting more data on the state of inflation in the U.S., which will help show how much more aggressive the Fed many need to be in order to rein in elevated price pressures. Wednesday’s Consumer Price Index (CPI) and Thursday’s Producer Price Index (PPI) for April are expected to show a deceleration in price increases, suggesting March may have been the peak in the rate of price increases across the economy.
This data will come in the wake of the Fed’s latest monetary policy decision and press conference from Federal Reserve Chair Jerome Powell, which was met with heightened volatility among risk assets. Stocks spiked and then slid, and Treasury yields marched higher following the monetary policy decision, as investors appraised whether the tools at the central bank’s disposal will be sufficient to keep inflation from becoming further entrenched while preserving economic growth.
“We knew the Fed was going to hike rates 50 basis points — it was the most telegraphed hike in the history of mankind. But the markets sold off into it. And then they finally did it and it’s like, okay, it’s done,” Eric Diton, The Wealth Alliance president and managing director, told Yahoo Finance Live on Friday. “And so you got a lot of short covering and you got a big rally.”
“That was not the real deal. The real deal was what followed … and that is that there’s a tremendous amount of uncertainty out there,” he added. “Yes, we know the Fed’s going to hike. How many times they’re going to hike? There’s a huge disparity between where rates are and where the inflation rate is. Is the Fed going to have to get up to 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, or is inflation going to come down, they’re going to meet in the middle? That uncertainty is one of the big factors that’s driving this market to continue to come down.”
Other concerns to economic growth have also abounded recently, as Russia’s war in Ukraine and China’s renewed virus-related lockdowns stoked concerns over further persistent supply chain disruptions. Many strategists agreed that the next moves in the market would be driven by Fed’s response to inflation amid this backdrop.
“Looking forward, the path of the market will depend on the Fed’s battle against inflation,” David Kostin, Goldman Sachs chief U.S. equity strategist, wrote in a note. “In our base case, the negative impact on valuations from higher real rates will be partially offset by a narrowing yield gap. If recession risk rises, interest rates may fall but not by enough to prevent equity multiple sand share prices from falling further.”
Meanwhile, earnings season will continue this week with major names including Disney (DIS), Peloton (PTON) and Rivian Automotive (RIVN) reporting results. So far, 85{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of S&P 500 components have reported actual results, according to FactSet. And as of Friday, the expected earnings growth rate for the S&P 500 was 9.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, which, if maintained, would represent the slowest increase for the index since the fourth quarter of 2020 and fall below its average five-year growth rate of 15.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
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9:30 a.m. ET: Stocks open lower, holding overnight losses
Here were the main moves in markets as of 9:30 a.m. ET:
S&P 500 (^GSPC): -60.53 (-1.47{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,062.81
Dow (^DJI): -422.40 (-1.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 32,476.97
Nasdaq (^IXIC): -219.38 (-1.81{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 11,925.28
Crude (CL=F): -$2.17 (-1.98{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $107.60 a barrel
Gold (GC=F): -$13.40 (-0.71{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,869.40 per ounce
10-year Treasury (^TNX): -0.3 bps to yield 3.121{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
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7:43 a.m. ET Monday: Stock futures head for a lower open
Here’s where markets were trading Monday morning:
S&P 500 futures (ES=F): -85 points (-2.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,034.50
Dow futures (YM=F): -555 points (-1.69{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 32,254.00
Nasdaq futures (NQ=F): -337 points (-2.65{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 12,358.75
Crude (CL=F): -$2.65 (-2.41{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $107.12 a barrel
Gold (GC=F): -$25.10 (-1.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,857.70 per ounce
10-year Treasury (^TNX): +5.3 bps to yield 3.177{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
NEW YORK, NEW YORK – MAY 06: Traders work on the floor of the New York Stock Exchange (NYSE) on May 06, 2022 in New York City. Following a day that saw a drop of over 1000 points over inflation fears, the Dow Jones Industrial Average was down over 200 points in morning trading. (Photo by Spencer Platt/Getty Images)
U.S. stocks dropped Friday and looked to end a volatile month lower, as a fresh set of mixed quarterly results from some major technology companies weighed on index futures.
The S&P 500, Dow Jones Industrial Average and Nasdaq Composite each declined. Treasury yields climbed, and the benchmark 10-year yield rose above 2.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Shares of tech juggernaut Amazon slid after the company unexpectedly posted a quarterly loss and offered a weaker-than-expected current-quarter forecast. Apple’s stock also declined even after the iPhone-maker exceeded quarterly sales and profit estimates, though the company still cited ongoing supply chain constraints.
A day earlier earlier, the S&P 500 closed out Thursday’s session sharply higher, gaining 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, while the Nasdaq Composite rose by 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in its best day since March 16. But even with these marked gains, the S&P 500 was still on track to post its third monthly decline in four months.
Volatility has resurged in recent weeks amid concerns over whether tighter monetary policies from the Federal Reserve might derail the economy. And these fears compounded with lingering jitters over persistent inflation, geopolitical turmoil and an ongoing COVID outbreak in China. The S&P 500 was on track for an about 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} drop in April, based on Thursday’s closing level.
“There’s a lot of rerating going on, whether it’s the rerating of equity valuations, the rerating of interest rate expectations, or the rerating of inflation expectations, against tightening happening at the Fed,” Todd Jablonski, Principal Global Asset Allocation chief investment officer, told Yahoo Finance Live. “The threats of a slower economy, the threats of inflation, and the threats of higher energy prices out of the conflict in Ukraine [are] all sort of coming together to really stymie investor confidence and sentiment.”
Plus, the data this week on corporate profits and the broad economy have shown signs of decelerating growth. Results from Big Tech companies including Alphabet and Twitter pointed to a slowdown in online ad businesses as companies pull back on marketing spending in the wake of moderating consumer demand. And throughout this earnings season, a plethora of companies across industries have pointed to elevated input and labor costs, as well as ongoing supply chain disruptions.
Against this backdrop, the U.S. economy contracted for the first time since the second quarter of 2020 at the start of this year, government data Thursday showed. The 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} annualized contraction in first-quarter U.S. GDP came as net trade, inventories and government investment each weighed on overall domestic output, and as consumer spending came in less robustly than expected.
However, the weaker-than-expected GDP print may also bolster the case for members of the Federal Reserve to exercise more caution as they prepare to raise interest rates further and begin rolling assets off the central bank’s balance sheet. These moves would raise borrowing costs and help bring down demand to stem inflation — but also risk tipping the economy into a deeper downturn if financial conditions tighten too quickly.
“There’s just so much concern around, do we go into a recession in the next 24 months because the Fed may just raise interest rates too much?” Ryan Payne, Payne Capital Management president, told Yahoo Finance Live. “I think that’s what’s really weighing on the markets, and more so than the fact that we have a war in Ukraine and these inflationary numbers have just been through the roof.”
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10:15 a.m. ET: Consumer sentiment revised down slightly for April, but still leaps compared to March: U. Michigan
The University of Michigan’s closely watched consumer sentiment index was revised down slightly in the final April print, though the index still held well above March’s levels.
The headline consumer sentiment index from the university’s Surveys of Consumers came in at 65.2 in April, according to the final monthly print released Friday. This compared to the 65.7 reported previously. In March, the consumer sentiment index had been at 59.4, or the lowest since 2011.
“The downward slide in confidence represents the impact of uncertainty, which began with the pandemic and was reinforced by cross-currents, including the negative impact of inflation and higher interest rates, and the positive impact of a persistently strong labor market and rising wages,” Richard Curtin, Surveys of Consumer chief economist, wrote in a press statement Friday. “The global economy has added even more uncertainties about prospects for the U.S. economy, including the growing involvement in the military support for Ukraine, and renewed supply line disruptions from the COVID crisis in China.”
“Moreover, consumers have lost confidence in economic policies, with fiscal actions increasingly hampered by partisanship in the run-up to the Congressional elections,” he added.
A subindex tracking consumers’ 1-year inflation expectations held steady at 5.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, which matched March’s level for the highest since 1981.
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9:31 a.m. ET: Stocks open sharply lower
Here were the main moves in markets as of 9:31 a.m. ET:
S&P 500 (^GSPC): -48.99 (-1.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,238.51
Dow (^DJI): -169.33 (-0.50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,747.06
Nasdaq (^IXIC): -192.56 (-1.50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 12,678.97
Crude (CL=F): +$1.10 (+1.04{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $106.46 a barrel
Gold (GC=F): +$18.60 (+0.98{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,909.90 per ounce
10-year Treasury (^TNX): +4.9 bps to yield 2.9120{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
8:47 a.m. ET: Personal spending unexpectedly rose in March, even adjusted for inflation
Consumers continued to spend in March despite elevated inflation.
Personal spending rose 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} last month, the Bureau of Economic Analysis said in a report Friday. This was well above the 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} rate consensus economists were expecting, according to Bloomberg consensus data. And February’s spending rate was also revised higher to 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, from the 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} previously reported.
Real personal spending, which adjusts for inflation, posted a surprise increase of 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, whereas consensus economists were looking for a decline of 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in March. February’s real personal spending was also upwardly revised to show a 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase, from the 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} drop previously reported.
Personal income edged higher by 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in March following a 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase in February.
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8:32 a.m. ET: PCE inflation accelerates to 6.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year rate in March
A closely watched measure of inflation ramped further in March, further underscoring the widespread inflationary pressures present across the U.S. economy.
The Bureau of Economic Analysis said Wednesday that personal consumption expenditures (PCE) increased at a 0.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} monthly rate in March compared to a 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} rate in February. On a year-over-year basis, PCE rose 6.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, also accelerating compared to the 6.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} clip during the prior month.
However, excluding volatile food and energy prices, core PCE inflation showed some signs of moderating. Core PCE rose 0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in March to match February’s rate. And over last year, the core PCE increased by 5.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, slowing from February’s downwardly revised rate of 5.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
—
7:31 a.m. ET Friday: Stock futures hold overnight losses
Here’s where markets were trading Friday morning ahead of the opening bell:
S&P 500 futures (ES=F): -38.25 points (-0.89{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,245.25
Dow futures (YM=F): -153 points (-0.45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,675.00
Nasdaq futures (NQ=F): -160.75 points (-1.19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,294.00
Crude (CL=F): +$1.22 (+1.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $106.58 a barrel
Gold (GC=F): +$25.70 (+1.36{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,917.00 per ounce
10-year Treasury (^TNX): +0.8 bps to yield 2.871{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
6:11 p.m. ET Thursday: Stock futures sink as Amazon, Apple shares decline
Here’s where stocks were trading Thursday evening:
S&P 500 futures (ES=F): -35.75 points (-0.83{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,247.75
Dow futures (YM=F): -62 points (-0.18{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,766.00
Nasdaq futures (NQ=F): -219.5 points (-1.63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,235.25
NEW YORK, NEW YORK – APRIL 28: Traders work on the floor of the New York Stock Exchange (NYSE) on April 28, 2022 in New York City. The Dow Jones Industrial Average was up in morning trading as markets continued to move through a period of volatility over inflation concerns and the war in Ukraine. (Photo by Spencer Platt/Getty Images)
Stocks rose Wednesday to recover some losses after a volatile start to the week, as concerns over the impact of the punitive measures countries and companies have taken against Russia weighed on U.S. equity markets.
The S&P 500 closed 2.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} higher at 4,277.89 — posting its biggest gain since June 2020. The Dow gained 650 points, or 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, closing at 33,286.25. The Nasdaq jumped 3.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} closing at 13,255.55, logging its biggest advance since exactly a year ago on March 9, 2021. The CBOE Volatility Index, or VIX, dropped nearly 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} but still held above the 30 level. A day earlier, the S&P 500 dropped another 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on Tuesday to bring its year-to-date losses to 12.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The Dow shed more than 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to sink further into a correction, while the Nasdaq Composite extended losses after sliding into a bear market earlier this week.
Crude oil prices pulled back from 14-year highs after Ukraine signaled it was aiming to pursue a diplomatic solution to Russia’s war. West Texas intermediate crude sank to just over $110 per barrel, while Brent crude traded just above $112 per barrel Wednesday afternoon. Gas prices at the pump, however, spiked to a fresh high across the U.S.
“You can’t have the rise at the fuel pumps not hit the economic pockets of everyday Americans, because it’s going to make everything go up in costs,” Victoria Greene, G-Squared Private Wealth founding partner, told Yahoo Finance Live. “Anything that rides on four wheels or six wheels, including all your shipping — it’s going to make all your costs rise. We’re already in an inflationary environment … it really is going to be something that we have to watch.”
“I don’t think that sanctions are going to go away,” she added. “The world is … angry at this situation. So let’s say miraculously we get a ceasefire tomorrow, I think the general shrinkage and the issues with supply chains are going to be a sticky situation for the rest of the year.”
And beyond the growing list of government-imposed sanctions against Russia, a myriad of major U.S. companies announced fresh plans to stop doing business in Russia for the foreseeable future. In the restaurants space, McDonald’s (MCD), Starbucks (SBUX), Coca-Cola (KO) and PepsiCo (PEP) said they would close some or all operations in Russia. Amazon Web Services said it would stop bringing on new sign-ups from Russia and Belarus, and Shopify announced it was suspending operations in the countries as well.
Given the ongoing geopolitical uncertainty and push to isolate Russia from the global economy, some strategists suggested investors should brace for more market volatility.
“I don’t think we’ve seen the bottom yet. And I’d like to be more optimistic, but the reason I say this is, when it comes to oil [and] other commodities, we’re still seeing shocks make their way through the system,” Ann Berry, Wheelhouse chief investment officer, told Yahoo Finance Live on Tuesday.
“We’re not done when it comes to oil and gas yet,” she added. “The U.K. and Europe have said that by the end of this year they’ll start weaning themselves from Russian exports – it’s not fast enough. And if the situation in Ukraine doesn’t get better, I do think there’s a scenario here where Europe will be pushed to take tougher actions faster, which is going to send oil prices only one way which is up from where it is right now.”
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4:00 p.m. ET: Nasdaq jumps 3.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in biggest advance in a year
Here were the main moves in markets as of 4:00 p.m. ET:
S&P 500 (^GSPC): +107.16 (+2.57{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,277.86
Dow (^DJI): +652.65 (+2.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,285.29
Nasdaq (^IXIC): +459.99 (+3.59{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,255.55
Crude (CL=F): -$14.10 (-11.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $109.60 a barrel
Gold (GC=F): -$49.40 (-2.42{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,993.90 per ounce
10-year Treasury (^TNX): +7.6 bps to yield 1.9480{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
1:11 p.m. ET: Crude oil prices sink, Brent drops more than 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} after Ukraine official says country is ‘ready for a diplomatic solution’
Prices for West Texas intermediate and Brent crude oil prices sank Wednesday afternoon after a Ukrainian foreign policy aide to President Volodymyr Zelenskiy said the country was “ready for a diplomatic solution,” according to an interview with Bloomberg Television.
“Our first and foremost pre-condition for having such kind of negotiations is immediate cease-fire and withdrawal of Russian troops,” Ihor Zhovkva, deputy chief of staff to Zelenskiy, told Bloomberg. He added, however, that Ukraine would not trade “a single inch” of Ukrainian territory to Russia, and noted that Ukraine will continue to pursue NATO membership.
Zelenskiy also reiterated to German media outlet Bild TV Wednesday that he believed “only after the direct talks between the two presidents can we end this war,” referring to discussions with Russian President Vladimir Putin. For now, Zelenskiy has not had direct contact with Putin.
Brent crude oil prices dropped more than 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to trade just above $112 per barrel, while West Texas intermediate sank to hover just over $111 per barrel.
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10:47 a.m. ET: Bitcoin prices jump 9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, topping $42,000 after Biden announces crypto regulation executive order
The White House on Wednesday unveiled President Joe Biden’s executive order creating a framework for agencies to study and come up with a government-wide approach to regulating cryptocurrencies.
Bitcoin prices jumped nearly 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to top $42,000 following the announcement, which had been hinted at for weeks now. The executive order was originally set to be signed last month, though the timing was shifted due to the Russia-Ukraine crisis, Yahoo Finance’s Jennifer Schonberger reported.
One of the key tenets of the order calls for the government to explore a central bank digital currency (CBDC).
“The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests,” according to the White House. “The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work.”
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10:14 a.m. ET: Job openings hold near record high in January: JOLTS
U.S. job openings held at a near-record level in January, with widespread labor shortages still weighing on the domestic economy while keeping leverage high for workers looking to switch jobs.
Vacancies totaled 11.263 million in the first month of 2022, the Labor Department said in its Job Openings and Labor Turnover Summary (JOLTS) on Wednesday. This compared to an upwardly revised 11.4 million openings in December, which marked a record in data going back to 2001. Consensus economists were looking for 10.950 million vacancies for January, according to Bloomberg consensus data.
The number of quits in January edged down just slightly, or by 151,000 compared to December, to reach 4.3 million. And the quits rate decreased to 2.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, which was still elevated but retreated from December’s record high of 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
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9:32 a.m. ET: Stocks open sharply higher, Nasdaq gains more than 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
The three major indexes posted a rebound Wednesday morning to pare some recent declines as investors eyed the fallout from Russia’s invasion of Ukraine and mounting global sanctions.
The S&P 500, Dow and Nasdaq moved sharply higher Wednesday morning. Technology stocks led the way higher, helping the Nasdaq jump more than 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The Dow added more than 500 points, or 1.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. In the S&P 500, the consumer discretionary, information technology and financial sectors led the way higher.
Treasury yields rose across the curve as peak concerns over U.S. and global economic growth came down, and investors rotated back toward risk assets. The benchmark 10-year yield rose by nearly 4 basis points to break above 1.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
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7:22 a.m. ET: Stocks point to a higher open, Dow futures gain 450+ point
Here’s where markets were trading Wednesday morning:
S&P 500 (^GSPC): +64.75 points (+1.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,233.50
Dow (^DJI): +459.00 (+1.41{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,061.00
Nasdaq (^IXIC): +257.50 (+1.94{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,524.50
Crude (CL=F): -$2.81 (-2.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $120.89 a barrel
Gold (GC=F): -$21.60 (-1.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $2,021.70 per ounce
10-year Treasury (^TNX): +3.9 bps to yield 1.91{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
6:10 p.m. ET Tuesday: Stock futures open lower
Here’s where stocks were trading Tuesday evening:
S&P 500 futures (ES=F): -11.50 points (-0.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,157.25
Dow futures (YM=F): -44 points (-0.13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 32,558.00
Nasdaq futures (NQ=F): -53.25 points (-0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,213.75
NEW YORK, NEW YORK – MARCH 08: Traders work on the floor of the New York Stock Exchange (NYSE) on March 08, 2022 in New York City. The Dow was up slightly in morning trading as the Russian invasion of Ukraine continues to unsettle global markets. (Photo by Spencer Platt/Getty Images)
A file image dated September 10, 2018 exhibits mega yacht named “Dilbar” belonging to Uzbek-born Russian business-magnate Alisher Usmanov as it refuels by a tanker in Mugla, Turkiye. Germany seizes Russian billionaire Usmanov’s yacht at Port of Hamburg.
Sabri Kesen | Anadolu Agency | Getty Images
At least two superyachts owned by Russian oligarchs have been seized by authorities in the European Union after the executives were being sanctioned subsequent their country’s invasion of Ukraine.
Russian billionaire and enterprise tycoon Alisher Usmanov’s superyacht “Dilbar” was restricted from leaving its anchorage by German authorities on Thursday, in accordance to an formal with information of the issue.
The official, speaking on the ailment of anonymity, reported the yacht has not been physically seized but instead is not permitted to move from its present area in the German port town of Hamburg. The human being included that much more actions will be taken afterwards.
The remarkable yacht, named right after Usmanov’s mother, extends over 500-feet and is geared up with the greatest indoor swimming pool at any time set up on a non-public vessel. The Section of Treasury estimates that the latest worth of Usmanov’s yacht is somewhere around $735 million.
A Treasury official referred CNBC’s inquires for an update on motor yacht Dilbar to German authorities. The formal, speaking on the condition of anonymity, reported any motion taken by German authorities would not include transferring the vessel to the United States below Treasury’s Office of Foreign Property Regulate, or OFAC, sanctions.
Usmanov and his superyacht entered U.S. crosshairs on Thursday when the Biden administration introduced extra sanctions on Russian elites with Kremlin ties.
The Treasury Department wrote in a launch that Usmanov is close to Russian President Vladimir Putin and that his “Kremlin ties enrich him and help his lavish life-style.”
The new U.S. sanctions listing Usmanov’s yacht as blocked house properly indicates that any transactions linked to the yacht, which include maintenance, the choosing of crew, payment of docking service fees executed with U.S. people or in U.S. dollars are prohibited.
A picture taken on March 3, 2022 in a shipyard of La Ciotat, in close proximity to Marseille, southern France, displays a yacht, Amore Vero, owned by a business linked to Igor Sechin, main executive of Russian strength huge Rosneft.
Nicolas Tucat | AFP | Getty Photos
The shift to concentrate on these assets will come as the U.S. Justice Department announced a new process force that will assist implement sweeping sanctions in opposition to Russian oligarchs. The undertaking pressure will use different instruments at its disposal, such as cryptocurrency tracing, to track down property to seize and prosecute individuals who violate the sanctions.
Meanwhile, the United States and its allies have placed what could be devastating sanctions on Putin and vital Russian fiscal institutions, together with the nation’s central lender.
French authorities seized a substantial yacht they say is connected to Igor Sechin, a Russian billionaire who is CEO of condition oil corporation Rosneft. He beforehand served as Russia’s deputy key minister inside Putin’s govt. Forbes noted that Sechin is acknowledged in Russian organization circles as “Darth Vader.”
Sechin was earlier targeted with sanctions by the EU after the invasion of Ukraine.
This story will be routinely up-to-date if other yachts are seized. Make sure you verify again for updates.
Stocks, US Treasury yields and oil sink as new COVID-19 strain rattles markets.
By Sunil JagtianiBloomberg
Published On 26 Nov 2021
Stocks, Treasury yields and oil sank Friday while the yen jumped as a new Covid-19 strain discovered in southern Africa sent a wave of caution across global markets.
An Asia-Pacific equity gauge was set for the worst slide since March, with Japan and Hong Kong underperforming and travel shares among the biggest decliners. U.S. and European futures fell and the 10-year Treasury yield dropped to 1.56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
The World Health Organization and scientists in South Africa are studying the recently identified variant described as very different to previous versions and of serious concern. The U.K. and Israel banned flights from South Africa and some neighboring countries. Hong Kong confirmed two cases of the strain.
The dollar was at a 16-month high, while South Africa’s rand weakened and commodity currencies retreated. Crude shed 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and gold rose. U.S. markets, closed Thursday for Thanksgiving, will have a shortened Black Friday session.
The detection of the strain comes on top of concerns in markets about high inflation and the prospect of quicker exit from ultra-loose monetary settings. Global shares are up about 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this year, weathering a plethora of risks after investors poured almost $900 billion into equity exchange-traded and long-only funds in 2021 — topping the combined total from the past 19 years.
“It’s a scary headline” about the virus variant, so it may have caused a knee-jerk reaction, said Kyle Rodda, an analyst at IG Markets Ltd. He added that “North America off the desks means there’s a wall of buyers missing” and that thinner markets make for more pronounced moves.
Variant ‘playbook’
December futures on the Cboe Volatility Index, a gauge of implied equity swings for the S&P 500, advanced as traders braced for turbulence when U.S. markets reopen.
Justin Tang, head of Asian research at United First Partners, pointed out that “the world has gone through this before with delta,” adding “there is already a playbook for such situations” and that “mutations are expected and not something unknown.”
Meanwhile, Goldman Sachs Group Inc. economists said they expect the Fed to tighten policy faster than previously anticipated, including doubling the pace at which it tapers bond purchases to $30 billion a month from January. They see an interest-rate liftoff from near zero in June.
In China, regulators have asked Didi Global Inc.’s top executives to devise a plan to delist from U.S. bourses, people familiar with the matter said. That may revive fears about Beijing’s intentions for its giant technology industry. A gauge of Chinese tech stocks slid.
The Chinese economy continued to slow in November with car and homes sales dropping again as a housing market crisis dragged on, according to Bloomberg’s aggregate index of eight early indicators.
For more market analysis, read our MLIV blog.
Here are some key events this week:
Bank of England Governor Andrew Bailey speaks with Mohamed El Erian at a Cambridge Union event. Thursday Some of the main moves in markets:
Stocks
S&P 500 futures fell 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of 5 a.m. in London. The S&P 500 rose 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on Wednesday
Nasdaq 100 futures fell 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The Nasdaq 100 rose 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on Wednesday
Japan’s Topix index dropped 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Australia’s S&P/ASX 200 index fell 1.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
South Korea’s Kospi index shed 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Hong Kong’s Hang Seng index declined 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
China’s Shanghai Composite index lost 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Euro Stoxx 50 futures tumbled 2.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Currencies
The Bloomberg Dollar Spot Index rose 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
The euro was at $1.1223, up 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
The Japanese yen was at 114.72 per dollar, up 0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
The offshore yuan was at 6.3934 per dollar, down 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Bonds
The U.S. 10-year Treasury yield fell eight basis points to 1.56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Australia’s 10-year bond yield fell nine basis points to 1.78{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Commodities
West Texas Intermediate crude fell 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $76.06 a barrel
Gold was at $1,797.75 an ounce, up 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Stocks sank on Thursday in the final session of September and the third quarter, with stocks extending a weeks-long streak of volatility as concerns over inflation, the economic backdrop and debates in Washington over a host of measures weighed on equities.
The S&P 500 ended the day lower by 1.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The index fell by more than 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in September for its first monthly decline since January, with concerns around fiscal and monetary policy, inflation, regulations in China and the ongoing pandemic all colliding to knock equities from their upward trajectory. Still, the S&P 500 remained up by about 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the year-to-date through Thursday’s close.
Cyclical stocks, though down during Thursday’s session, led the way higher in September as investors bet on higher inflation and rising rates. A jump in crude oil prices helped make the energy sector by far the best performer in the S&P 500. Financial stocks also outperformed, with rising Treasury yields serving as a tailwind to bank profitability.
The Nasdaq has underperformed over the past month as traders rotated away from the growth and technology stocks that pulled the market higher last year. High-flying technology stocks also got hit as Treasury yields jumped over the past week, with the rising borrowing costs weighing on the valuations of growth companies that rely heavily on expectations of strong future earnings.
“This feels a lot worse than it actually is because we haven’t had much volatility since last October, last September,” Paul Schatz, Heritage Capital President, told Yahoo Finance Live on Wednesday.
“But remember, all the reasons why we’re going down — nothing is new,” he added. “You’ve got the debt ceiling and the government shutdown and Evergrande and inflation. All known things. None of these are going to befall the bull market or cause a recession. There’s always some kind of short-term thing the market focuses on to get a pullback going. We’ve got it. I think it’s one you buy with both hands in the next week or so, and I think we’re going strongly to new highs in Q4.”
Other pundits, however, were less upbeat on stocks given the medley of concerns.
“We think there are several other headwinds, not directly related to [the Fed’s asset-purchase] tapering, that might weigh on the stock market for a while,” Thomas Mathews, markets economist for Capital Economics, wrote in a note on Wednesday. “Among other things, we think its valuation is already fairly stretched, that there is limited scope for further upward revisions to earnings estimates given how far they have come, and that long-dated bond yields may rise for other reasons than tapering.”
“As a result, we expect the U.S. stock market to make fairly limited gains over the next couple of years,” he added.
Thursday night also marks the deadline for Congress to come to an agreement to fund the government beyond the Sept. 30 fiscal year, or else risk a shutdown taking place beginning on Friday. The Senate and House of Representatives each passed a short-term appropriations bill Thursday afternoon to keep the government running through Dec. 3, and have sent the legislation to President Joe Biden for approval.
—
4:09 p.m. ET: S&P 500 drops more than 4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in Sept. for first monthly decline since Jan.; House passes government funding bill as shutdown looms
Here were the main moves in markets as of 4:09 p.m. ET:
S&P 500 (^GSPC): -51.92 (-1.19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,307.54
Dow (^DJI): -546.80 (-1.59{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,843.92
Nasdaq (^IXIC): -63.86 (-0.44{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,448.58
Crude (CL=F): +$0.11 (+0.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $74.94 a barrel
Gold (GC=F): +$33.70 (+1.96{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,756.60 per ounce
10-year Treasury (^TNX): -1.2 bps to yield 1.5290{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
2:02 p.m. ET: Still-low interest rates continue to support company borrowing, IPOs: Suzanne Shank
Even given the run-up in Treasury yields over the past week, rates still remain relatively low on a historical basis, largely supported by the Federal Reserve’s still-accommodative monetary policies. This has, in turn, helped support corporate borrowing and deal-making.
“Interest rates continue to be very attractive. We’re all watching the Fed and have an expectation that rates will rise. So I think companies are really going to market to take advantage of very positive conditions right now,” Suzanne Shank, president and CEO of Siebert Williams Shank, said during an episode of Yahoo Finance Influencers.
These conditions have also helped create a constructive backdrop for burgeoning companies looking to hit the public markets. The second quarter of 2021 was the biggest quarter for initial public offerings in terms of number of deals and total proceeds, according to data from Renaissance Capital.
“I think low interest rates have pushed up valuations for growth companies, and the hundreds of unicorns in the pipeline are looking to take advantage of that,” she added. “And I think we’re seeing companies that both benefited from the pandemic as well as those that are sort of rebooting post-pandemic that have really been sparking this increased deal flow. Earlier in the year, inflation concerns had investors worried that the Federal Reserve might change in policy. But after the Fed said that inflation wouldn’t change over the long-term, it’s really been robust IPO time.”
The three major indexes sank in intraday trading, led by a drop in the cyclical areas of the market most sensitive to economic conditions. The Dow, which contains a number of energy, financial and other cyclical stocks, dropped 400 points, or over 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
The communication services and information technology sectors outperformed in the S&P 500, though all 11 major sectors were in the red. Consumer staples and industrials lagged.
—
11:18 a.m. ET: ‘The market is very fully priced, value stocks are not’: Strategist
September has seen a swift rotation away from growth stocks that had led the market higher throughout 2020. According to at least one strategist, the biggest opportunity for investors is to continue looking away from growth and focusing on value stocks still underpriced by the market.
“The market is very fully priced, value stocks are not,” Rob Arnott, founder of Research Affiliates, told Yahoo Finance Live on Thursday. He suggested value stocks could return 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or more over the market over the next five to 10 years.
“One thing people forget is, just like a stock can go up and down relative to its fundamentals, a strategy can too,” he said. “And so value stocks were priced back in 2007 about one-fourth as expensive as growth stocks: A four-to-one ratio. They tumbled. By August of 2020, they had fallen to one-thirteenth the price of growth stocks, cheapening by 70{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} relative to growth, but underperforming by 58{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.”
“It’s a huge shortfall. But it’s smaller than the amount by which they got cheaper,” he added. “If they rebound back to a four-to-one ratio, you would see value outperform growth by upwards of 200{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. So that’s what we’re looking at in terms of the magnitude of the rout for value investing.”
—
10:41 a.m. ET: ‘We’ve got a market priced for perfection’: Strategist
Stocks have come down sharply in September as a medley of concerns on inflation and the economic recovery, debates among Washington lawmakers, and the ongoing pandemic all came together. These issues could generate more choppiness in an equity market that has already run up more than 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} so far this year, according to some strategists.
“We’ve got a market priced for perfection. The cyclically adjusted PE [price-to-earnings] ratio is at 38.3. Now that’s really high on a historical basis. So that means that stocks are priced for a lot of growth going forward. And there’s a lot to get through,” Leonore Elle Hawkins, chief macro strategist for Tematica Research, told Yahoo Finance Live on Thursday.
“You’ve got a market that’s priced to perfection, and you’ve got an economy that is decidedly not dealing with perfection. We’ve got those supply chain problems. That’s going to take time to work out,” she added. “You’ve also got the labor market, where we’ve got a shift undergoing with people deciding how do they really want to live, and that’s going to take some time to work out. You’ve got these pricing pressures that are going to take time to work out. All of that put together, on top of what’s going on in Capitol Hill.”
—
9:58 a.m. ET: Tesla loses fraud case in China, ordered to pay $235,000 in damages: Bloomberg
A Beijing court ordered Tesla (TSLA) to pay $235,000 in damages to a Chinese driver, who sued the electric car-maker over a purchase of a used Model S vehicle, according to a report from Bloomberg on Thursday. The court said Tesla had misrepresented the condition of the Model S vehicle sold to the drive.
The penalty marked a blow for the car-maker, which has faced a string of regulatory and safety concerns in both the U.S. and China in recent months. China has also been a critical electric-vehicle market for Tesla and its competitors.
Shares of Tesla were little changed to slightly higher during intraday trading on Thursday. Shares have risen 6.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over the past month, outperforming the S&P 500, which has fallen 3.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
—
9:30 a.m. ET: Stocks open higher
Here’s where the three major indexes were trading shortly after the opening bell:
S&P 500 (^GSPC): +20.09 (+0.46{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,379.55
Dow (^DJI): +159.03 (+0.46{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,549.75
Nasdaq (^IXIC): +74.79 (+0.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,592.83
Crude (CL=F): -$1.22 (-1.63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $73.61 a barrel
Gold (GC=F): +$16.00 (+0.93{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,738.90 per ounce
10-year Treasury (^TNX): +0.2 bps to yield 1.541{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
8:40 a.m. ET: Second-quarter GDP was revised up to a 6.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} annualized growth rate
U.S. economic output was upwardly revised for the April through June quarter, according to the Bureau of Economic Analysis’ (BEA) third revision on domestic GDP.
GDP rose at a 6.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} annualized pace during the second quarter, compared to the 6.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} rate previously reported. The increase tracked a similar upward revision in personal consumption, which rose 12.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the second quarter, instead of the 11.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} rate posted in the prior estimate. Personal consumption comprises about two-thirds of domestic economic activity.
“Upward revisions to personal consumption expenditures (PCE), exports, and private inventory investment were partly offset by an upward revision to imports, which are a subtraction in the calculation of GDP,” the BEA said in its report Thursday.
—
8:35 a.m. ET: New weekly jobless claims post unexpected rise, increasing for a third straight week
The number of individuals filing first-time unemployment claims unexpectedly rose last week, signaling some slowing in the labor market’s recovery even as companies across industries looked to bring on more workers to fill vacancies.
New jobless claims came in at 362,000 for the week ended Sept. 25, according to Labor Department data Thursday morning. That was above the 330,000 consensus economists expected, and grew from the unrevised 351,000 filings posted during the prior week.
This week’s report was also the first to account for the national federal expiration of enhanced unemployment benefits, which took place Sept. 6. As of the latest data, just over 5 million individuals were claiming benefits across all programs for the week ended September 11. That compared to 11.3 million individuals on state and federal unemployment programs as of the week ended Sept. 4.
—
7:21 a.m. ET Thursday: Stock futures hold onto overnight gains
Here’s where markets were trading ahead of the opening bell:
S&P 500 futures (ES=F): +19 points (+0.44{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,368.75
Dow futures (YM=F): +144 points (+0.42{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,409.00
Nasdaq futures (NQ=F): +75.25 points (+0.51{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,815.00
Crude (CL=F): -$0.18 (-0.24{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $74.65 a barrel
Gold (GC=F): +$0.30 (+0.02{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,723.20 per ounce
10-year Treasury (^TNX): -0.8 bps to yield 1.5310{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
6:15 p.m. ET Wednesday: Stock futures rise
Here were the main moves in markets as of Wednesday evening:
S&P 500 futures (ES=F): +6.5 points (+0.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,356.25
Dow futures (YM=F): +51 points (+0.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,316.00
Nasdaq futures (NQ=F): +22 points (+0.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,761.75
NEW YORK, NEW YORK – SEPTEMBER 16: People walk by the New York Stock Exchange (NYSE) on September 16, 2021 in New York City. Despite a rise in retail sales, the Dow slipped lower on Thursday as investors continue to have concerns from the Delta variant and news of a slight rise in jobless claims. (Photo by Spencer Platt/Getty Images)
