Tag: stocks

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Stocks advance as debt ceiling deadline fears abate

Stocks advanced Thursday, with investors cheering developments in Washington as lawmakers reached an agreement that would temporarily avert a government default by mid-month.  

The three major indexes extended gains after Senate Majority Leader Chuck Schumer said Thursday morning that lawmakers had reached a deal to extend the government’s debt limit through the beginning of December. Such a move would offer time to prevent a government default that many pundits said could come as soon as around Oct. 18. 

The issue of the debt ceiling has been a focal point for corporate leaders and market participants alike. Earlier Wednesday, President Joe Biden met with top business leaders including JPMorgan CEO Jamie Dimon and Nasdaq CEO Adena Friedman, who urged lawmakers to raise the debt limit and prevent a government default they warned would be catastrophic to the U.S. economy. Treasury Secretary Janet Yellen also told CNBC she expected a government default would cause a recession.

“The debt ceiling is one of many factors right now that we think are causing these gyrations in the markets. Certainly the market will take some comfort when there is a deal, when it is more formalized,” Yung-Yu Ma, chief investment strategist for BMO Wealth Management, told Yahoo Finance. 

The ongoing debt ceiling debate has been just one of a number of concerns to the market in recent weeks, which have all come together to catalyze volatility across risk assets. 

In addition to concerns over the debt limit, “markets are looking for some resolution, or at least an end in sight to the supply chain issues, the inflation pressures that are building,” Ma added. “The markets are also starting to look toward the November meeting of the Fed, and hoping that the Fed is not going to show excessive increases in future interest rates as well … So several things are going on.”

A spike in energy and commodity prices has also weighed on investor optimism, reinforcing the persistent trend in rising price pressures across the global economy. 

U.S. crude oil futures gained on Thursday to reverse some of Wednesday’s losses, after Bloomberg reported the U.S. Energy Department said it did not plan to release crude oil from the government strategic petroleum reserve at this time. A day earlier, the Financial Times had reported that U.S. Energy Secretary Jennifer Granholm had not ruled out tapping the SPR as one means to try and bring prices in check. 

“The surge in energy prices is just going to make all the supply chain issues that we’ve been experienced over the past year even worse. I suspect that the supply chain issues are going to get worse before they get better,” Troy Vincent, senior market analyst at DTN, told Yahoo Finance Live.

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11:22 a.m. ET: Stocks extend gains

The three major indexes added to gains Thursday mid-morning after Senate Majority Leader Chuck Schumer said the chamber had reached an agreement to extend the debt limit into December avert a government default this month. 

Each of the S&P 500, Dow and Nasdaq were up at least 1.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in intraday trading, and the small-cap Russell 2000 outperformed with a gain of 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The materials, healthcare and consumer discretionary sectors led the way higher in the S&P 500, and all 11 major sectors were in positive territory during the session.

Nearly every component in the 30-stock Dow traded higher on Thursday. Materials company Dow Inc. and Nike outperformed, gaining more than 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively. 

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9:32 a.m. ET: Stock futures jump, Dow adds 350+ points, or 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Here were the main moves in markets as of 9:32 a.m. ET: 

  • S&P 500 (^GSPC): +37.28 (+0.95{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,405.18

  • Dow (^DJI): +372.34 (+1.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,789.33

  • Nasdaq (^IXIC): +150.61 (+1.04{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,652.31

  • Crude (CL=F): -$0.47 (-0.61{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $76.96 a barrel

  • Gold (GC=F): -$8.90 (-0.51{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,752.90 per ounce

  • 10-year Treasury (^TNX): +2.8 bps to yield 1.552{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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8:55 a.m. ET: Pfizer asks FDA to authorize COVID-19 vaccine for children ages 5-11 

Pfizer (PFE) and BioNTech (BNTX) on Thursday said they were submitting data to the Food and Drug Administration to seek emergency use authorization of their COVID-19 vaccine for children between the ages of 5 to 11. Shares of both drugmakers were higher in early trading. 

The FDA previously set a tentative advisory committee meeting to discuss the vaccine for pediatric use on Oct. 26. So far, the Pfizer vaccine has received full approval for use in individuals 16 and older, and emergency use authorization for those aged 12 to 15.  

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8:35 a.m. ET: Weekly jobless claims fell more than expected last week

New weekly unemployment claims posted a sharper than expected drop last week, with impacts to the labor market relating to Hurricane Ida and the Delta variant beginning to recede.

Initial jobless claims totaled 326,000 for the week ended Oct. 2, the Labor Department said Thursday. This came in below the prior week’s 364,000, which was upwardly revised from the 362,000 previously reported.

As of the week ended Sept. 18, about 4.2 million individuals were claiming benefits across all unemployment programs, compared to 5 million during the prior week. These figures have come down sharply in recent weeks in large part due to the expiration of crisis-era federal unemployment programs on Sept. 6. Continuing jobless claims totaled 2.714 million during the week ended Sept. 25, reaching the lowest level since March 2020. 

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7:25 a.m. ET Thursday: Stock futures jump, Nasdaq futures gain 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} 

Stocks headed for a higher open Thursday morning. Here were the main moves across markets: 

  • S&P 500 futures (ES=F): +39.25 points (+0.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,393.25

  • Dow futures (YM=F): +269 points (+0.78{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,560.00

  • Nasdaq futures (NQ=F): +167.00 points (+1.13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,926.00

  • Crude (CL=F): -$1.12 (-1.45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $76.31 a barrel

  • Gold (GC=F): +$2.70 (+0.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,764.50 per ounce

  • 10-year Treasury (^TNX): -0.3 bps to yield 1.521{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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6:05 p.m. ET Wednesday: Stock futures hold higher

Here’s where markets were trading Wednesday evening:

  • S&P 500 futures (ES=F): +3.5 points (+0.08{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,357.5

  • Dow futures (YM=F): +25 points (+0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,316.00

  • Nasdaq futures (NQ=F): +15.5 points (+0.11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,774.50

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)

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)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

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Street analysts see long-term potential in stocks like Dell & Nike

Dell CEO Michael Dell speaks for the duration of an job interview with CNBC on the flooring of the New York Inventory Trade, July 2, 2018

Brendan McDermid | Reuters

The fourth quarter has just begun, and Wall Avenue analysts are finding out the organizations they imagine have prospective for the extended operate.

From movie match producers to holiday vacation possession companies, the specialists have weighed in on these companies’ stocks, and they are bullish.

TipRanks is a monetary info aggregator that makes use of its dynamic process like a radar, choosing up what Wall Street’s analysts have to say about the existing market ambiance. The point out of money markets continues to be a tangled entire world of facts for even savvy investors, but by working with TipRanks’ exclusive tools, 1 can get a clearer standpoint on what the specialists are saying.

Let’s take a seem at what their hypotheses are on these five stocks.

Nike

If viewed correctly, quick-time period considerations have the possible to be reworked into prolonged-expression gains.

Nike (NKE) not long ago described earnings, and even though it confirmed boosts in demand from customers and powerful underlying enterprise fundamentals, the business did admit to struggling with persisting source chain concerns. Sam Poser of Williams Buying and selling, on the other hand, sees this as the time to open a bullish placement. (See Nike inventory charts on TipRanks)

Poser rated the stock a Invest in, and declared a price tag concentrate on of $196.

The 5-star analyst asserted that inspite of the provide chain troubles, “the world wellbeing of the Nike brand has in no way been greater.” He perceives the headwinds to be of limited-lived problem for traders and the corporation, and expects Nike to outperform its peers in equally the near and distant long term.

In its earnings get in touch with, Nike reduced its assistance expectations, but Poser calculates that the attire retailer is on track to meet 2025 targets.

The Covid-19 pandemic had initially dragged down brick and mortar retailer gross sales, but this metric has practically rebounded to the standing it held prior to the federal government-mandated lockdowns. In North The usa, in-retail store gross sales amplified extra than 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} quarter-in excess of-quarter, indicating a “robust need” for Nike products.

In a pool of more than 7,000 professional analysts, Poser is rated by TipRanks as No. 249. His inventory scores have attained him a good results price of 55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and introduced him an ordinary return of 24.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Otonomo Systems

For SaaS companies, large facts is the title of the sport.

The power of processing billions of information details from millions of cars on the street has supplied Otonomo Systems (OTMO) with a promising small business model. The details analytics company not long ago went general public, and analysts now see even far more upside and option for monetization of its solution offerings. (See Otonomo stock assessment on TipRanks)

One particular of all those bullish analysts is Jack Andrews of Needham & Co., who wrote that Otonomo operates a “linchpin technological innovation” that unlocks income for initial equipment producer and related automobile investments.” From his calculations, the inventory presents a “favorable possibility/reward set up with materials upside,” if it is productive in capturing its complete potential.

Andrews initiated a Acquire ranking on the inventory, and decided a 12-month price concentrate on of $10 for every share.

The leading analyst stated that the firm has established a bridge involving two promising sectors: automotive data and its analytics. As related auto prevalence increases, so do the variety of doable programs for the knowledge they create. He noted that outside of big motor vehicle makers, new income prospects could come up from insurance plan organizations and concierge platforms incorporating OTMO’s details.

In addition to enterprise players, Otonomo gives intelligence for municipal governments about how to style and design safer and additional productive urban ideas.

1 issue for the agency is a likely regulatory change towards shopper privateness of the information and facts shared by the vehicles, which would disrupt OTMO’s specifications of info.

Out of a lot more than 7,000 analysts on TipRanks, Andrews ranks as No.158. Of his scores, he succeeded 63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the time, and returned an regular of 25.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on just about every one.

Marriot Vacations Around the world

The Covid-19 pandemic has proved a formidable foe for the travel and leisure field. Following recurring government mandated shutdowns, the delta variant arrived late spring and brought about much more disruption. Marriot Vacations Worldwide (VAC) survived the storm, and is remaining related even in the latest dynamic climate.

David Katz of Jefferies asserted that the business is poised for upside, and is a person of his top inventory picks for the leisure business. (See Marriot Vacations insider trading activity on TipRanks)

Katz rated the stock a Acquire, and assigned a 12-thirty day period value target of $190.

This bullish target will take into account headwinds from Covid-19, as very well as ongoing wildfires across the western U.S. He expects the crafted-up purchaser demand from customers for holidays and timeshares to lead the corporation towards recovering from its pandemic-induced losses.

While the overall industry is established to encounter this potent desire, Katz thinks that VAC’s links to Marriot Worldwide (MAR) and its brand name awareness set it aside from the opposition. Furthermore, this link presents VAC “access to the major loyalty software in hospitality,” offering the agency with a enormous set up base.

On TipRanks, Katz will come in at No. 418 out of more than 7,000 fiscal analysts. From his rankings, he was prosperous 62{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the time, and introduced in an typical return of 21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for each rating.

Dell Technologies

Dell Systems (DELL) not long ago held its pivotal investor day, and laid out a obvious roadmap to growing no cost hard cash movement, current market share, and general course for the organization in the lengthy-phrase. Share repurchasing strategies, a concentration on high quality shopper merchandise, and probable upside in infrastructure jobs, all issue the multinational tech firm toward an eventual higher valuation.

Amit Daryanani of Evercore ISI reported on the meeting, bullishly reiterating a Obtain rating and a 12-month $114 price tag target.

Daryanani stated that Dell declared a share repurchase application truly worth $5 billion in inventory, as perfectly as a quarterly dividend. In an hard work to enhance cost-free funds move, the tech enterprise will maintain its investments in mergers and acquisitions at a considerably less major profile. The analyst reported that the meeting sentiment was on-par to higher than his expectations. (See Dell Technologies hazard elements on TipRanks)

Dell’s infrastructure and cloud-based mostly storage going through companies could see “considerable option” in the lengthy-time period, these as in remote accessibility options and telecommunications computer software. The Covid-19 pandemic and the work-from-residence shift bolstered developments toward PCs and gaming components. Dell understands this and intends to concentrate on a lot more quality items for each day people.

Rating No. 355 out of around 7,000 analysts on TipRanks, Daryanani maintains a 63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} achievements charge on his ratings. His inventory picks now ordinary out to a 16.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} return.

Activision Blizzard

Though people today have been below pandemic-induced lockdowns, many folks picked up actively playing video online games as a way to go the time. The organizations that develop these recreation franchises benefitted from the pattern, and Activision Blizzard (ATVI) was no outlier. Now, the company has a “wave of material” headed to consumers’ consoles, and analysts are bullish on the robust pipeline.

Andrew Uerkwitz of Jefferies delineated his bullish speculation on the stock, stating that Activision has an “underappreciated portfolio of significant-quality content material in the speediest growing segment in leisure.”

Uerkwitz declared the stock a Obtain, and assigned a 12-thirty day period cost target of $120 for each share.

After functioning several doable eventualities relating to launch dates and shopper reception for its approaching titles, the five-star analyst nonetheless finds it tough to envision further more draw back, even in bearish cases. Uerkwitz calculated a situation whereby a particular title underperformed, and Activision Blizzard nonetheless exceeded estimates for FY2021 earnings per share. (See Activision Blizzard’s earnings history on TipRanks)

The firm maintains strong gross margins, which are giving it with substantial working leverage. Elaborating on Activision’s solutions, Uerkwitz extra that it has instruments for advancement, these as share buyback techniques and investments in written content, and can examine inorganic growth by mergers and acquisitions.

Activision recently came to a settlement with the Equal Work Possibility Fee with regards to a sexual harassment scenario. In his impression, Uerkwitz sees the $18 million deal with the U.S. federal agency as a speed bump in an or else sleek 12 months. The settlement eliminates worries over worse regulatory penalties, while a considerably less-than-stellar operate environment could verify as draw back if expertise is to be pushed absent.

On TipRanks, Uerkwitz maintains a rank of No. 122 out of above 7,000 skilled analysts. His achievement level stands at 62{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and for every rating he averages a return of 27.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

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Stocks Rebound but Still Close Out Worst Week Since Winter | Business News

By STAN CHOE, AP Enterprise Writer

Wall Avenue rebounded on Friday, led by firms that would reward most from a much healthier financial state, but not by sufficient to hold the inventory marketplace from its worst 7 days due to the fact the winter season.

The S&P 500 rose 49.50, or 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to 4,357.04 subsequent yet another choppy day of trading. It swung involving a loss of .4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a obtain of 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} by way of the working day.

The Dow Jones Industrial Typical climbed 482.54 factors, or 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to 34,326.46, and the Nasdaq composite received 118.12, or .8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to 14,566.70.

Merck assisted pace the market and leaped 8.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} immediately after it stated its experimental tablet to address COVID-19 minimize hospitalizations and deaths by 50 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Prospective customers for an further resource to tame the pandemic assisted elevate shares of airways, hotels and organizations damage by limitations on journey and other activities.

Political Cartoons

United Airways soared 7.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, on line casino operator Caesars Enjoyment swept 6.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} bigger and Dwell Nation Leisure jumped 8.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Vitality producers, economical organizations and other corporations whose gains are typically closely tied to the economy’s strength have been also encouraging to direct the way.

The market’s common gains weren’t sufficient to make up for a dismal final couple of times. The S&P 500 continue to dropped to a weekly loss of 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, its worst considering the fact that February. A swift rise in fascination fees earlier this week rattled the marketplace and compelled a reassessment of whether stocks had developed too highly-priced, especially the most common types.

On Friday, the generate on the 10-year Treasury fell again to 1.46{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from 1.52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} late Thursday. That’s nevertheless well over its perch of 1.32{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from a 7 days and a half back.

September was also the worst thirty day period for the S&P 500 since March 2020, when markets plunged as COVID-19 shutdowns took maintain. Among the worries that have weighed on the industry: The Federal Reserve is close to allowing off the accelerator on its aid for markets, economic knowledge has a short while ago been combined next an upturn in COVID-19 bacterial infections, corporate tax prices could be established to increase and political turmoil continues in Washington.

There is certainly also higher inflation however enveloping the planet. Oil price ranges rose roughly 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} this week, approaching a seven-12 months substantial, although all-natural fuel charges have been up about 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

The Federal Reserve has explained that it expects significant inflation to be only transitory and that it is really the final result of an economic system roaring back to existence from its previously shutdown. But if it is really mistaken, the Fed might have to increase fascination costs previously or a lot more aggressively than it truly is telegraphed to marketplaces.

Economic reviews on Friday were combined. The nation’s manufacturing grew speedier than predicted final thirty day period, but an August looking through for the Federal Reserve’s chosen measure for inflation was a bit increased than forecast. They follow a disappointing report on Thursday displaying much more persons submitted for unemployment gains than predicted.

This kind of data implies “you hear the word ‘stagflation’ arrive up as soon as in a whilst, which would be the worst outcome” stated Wealthy Weiss, main financial investment officer of multi-asset methods at American Century Investments.

Stagflation is when financial advancement stagnates but inflation stays significant. Weiss would not assume that to occur, so lengthy as the pandemic will not result in far more international shutdowns, but he also is not positioning his investments as if he’s optimistic about large potential gains for shares.

“We’re not swinging at the pitch appropriate now,” he stated. “We are neutral.”

Weiss stated the market would want to fall by about a third right before he’d call shares attractively valued primarily based on where interest fees are now, all else equal.

Asian stock markets fell earlier in the working day, irrespective of Japan’s lifting of a pandemic state of unexpected emergency and a survey of massive Japanese producers displaying sentiment at a just about 3-yr superior.

Japan’s Nikkei 225 index slumped 2.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and South Korea’s Kospi fell 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

European inventory indexes also fell.

AP Company Writer Elaine Kurtenbach contributed.

Copyright 2021 The Involved Press. All rights reserved. This material may possibly not be revealed, broadcast, rewritten or redistributed.

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US stocks suffer worst monthly loss since March 2020 | Financial Markets News

Bloomberg

Buyers are warily eyeing the world strength crunch, the US personal debt ceiling discussion and programs by the US Federal Reserve to wind down some of its pandemic-relevant financial help, among the other things.

By Rita Nazareth and Kamaron LeachBloomberg

Volatility ongoing to roil fiscal marketplaces, with U.S. equities notching their greatest regular selloff considering that March 2020.

Shares pushed reduced on Thursday even right after confirmation that the Dwelling handed a nine-week spending invoice to avert a U.S. government shutdown. For traders, that was just just one within just a litany of risks. Buyers are also bracing for the Federal Reserve to wind down its stimulus amid mounting fears about slowing economic expansion, elevated inflation, supply-chain bottlenecks, a world-wide power crunch and regulatory hazards emanating from China.

Political wrangling in Washington is threatening to force the U.S. into default and drive President Joe Biden to scale back again his spending agenda. Democratic Senator Joe Manchin wishes the social-spending deal reduce by extra than half to $1.5 trillion. Dwelling Speaker Nancy Pelosi was urgent forward with a vote on a bipartisan infrastructure invoice, even even though progressive Democrats reported they have the quantities to stall it till the Senate agrees on a extra expansive tax and spending deal.

“The aged adage, the sector climbs a wall of stress, is not shed on us,” claimed Tom Mantione, managing director at UBS Personal Prosperity Management. “Worries about China, the pandemic, the personal debt ceiling and tax legislation are weighing on traders appropriate now, but it is important to understand which concerns could build structural modify and which kinds create small-time period volatility that investors can get advantage of.”

The S&P 500 shut at the most affordable amount since July, extending its September losses to practically 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Economically sensitive firms like industrials and financials had been among the worst performers on Thursday. The slide virtually wiped out the index’s gains for the quarter.

A close to-report technological streak for the S&P 500 has some bulls anxious that a sharp pullback is overdue.

“The S&P 500 has now gone an incredible 317 buying and selling times in a row higher than its 200-day shifting typical, just one of the longest streaks ever,” according to Ryan Detrick, chief marketplace strategist at LPL Money. “What we are getting at is a 5-7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} pullback could potentially come at any time provided we have not had a single in so extensive.”

In other places, oil closed the month virtually 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} better just after a tumultuous session for the duration of which China was stated to buy its prime electrical power businesses to secure electrical power supplies at all expenditures amid shortages, prompting the White Dwelling to reiterate its very own issues about climbing selling prices.

In this article are some occasions to enjoy this week:

  • Univ. of Michigan sentiment, ISM manufacturing, U.S. construction paying out, spending/private earnings, Friday

Some of the most important moves in markets:

Stocks

  • The S&P 500 fell 1.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of 4 p.m. New York time
  • The Nasdaq 100 fell .4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • The Dow Jones Industrial Average fell 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • The MSCI World index fell .6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Currencies

  • The Bloomberg Greenback Place Index fell .2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • The euro fell .1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $1.1581
  • The British pound rose .4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $1.3475
  • The Japanese yen rose .6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 111.29 for every dollar

Bonds

  • The yield on 10-calendar year Treasuries was tiny changed at 1.52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • Germany’s 10-year yield innovative one foundation level to -.20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
  • Britain’s 10-12 months generate innovative three basis points to 1.02{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Commodities

  • West Texas Intermediate crude rose .2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $75.01 a barrel
  • Gold futures rose 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $1,756.70 an ounce

Posted on

Stocks recover some losses after Nasdaq’s worst day since March

Stocks traded mixed on Wednesday, with the S&P 500 and Dow ending higher as Treasury yields steadied near multi-month highs. 

The Nasdaq ended a choppy session lower, erasing some gains from earlier in the session. The index had closed out Tuesday’s regular session lower by 2.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, posting its biggest drop since March. 

The decline in technology stocks came as Treasury yields rapidly rose, with the swift move higher in borrowing costs pressuring valuations for growth and technology stocks. 

“A lot of Big Tech is overpriced,” Teddy Parrish, CEO and chief investment officer of Parrish Capital, told Yahoo Finance on Tuesday. “Those valuations are going to have to go a little lower in one or two ways: They either sell off, or earnings continue to go up and the stocks trade sideways. You can have a little of both, but to look at some of these larger tech companies that aren’t growing nearly as fast as their P/E [price-to-earnings] multiples might imply, I think that a lot of them are ahead of themselves.” 

The yield on the benchmark 10-year note spiked to as much as 1.56{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, or its highest level since June, before pulling back to just over 1.51{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Wednesday morning. The 10-year yield has also risen markedly over a relatively short period of time, gaining more than 16 basis points from its low from last Friday to its peak on Tuesday.

Some strategists suggested the latest move lower on Tuesday may not spark a deeper drawdown or formal correction in the very near-term. Cyclical sectors including energy and industrials outperformed, buoyed by rising commodity prices as heightened inflation expectations pushed up prices of everything from crude oil to cotton so far this week. 

“I don’t think it’s the start of a correction necessarily, but certainly we’ve seen rotational corrections throughout the entirety of this year,” Art Hogan, National Securities Corporation chief market strategist, told Yahoo Finance of Tuesday’s market moves. “This feels much more like a realignment. So, obviously we get strange machinations in the markets towards the end of a quarter and that’s knocking on the door tomorrow.”

“We certainly have enough of a basket of concerns in general about the future, whether it’s inflation or how sticky that will be, the Fed’s tapering [and] what that might mean towards earnings … and certainly what’s going on in Washington and what they can and can’t accomplish this week,” he added. “I think you bundle all that together with yield on the 10-year that’s risen pretty significantly in a short period of time, and I really think it’s about the pace, not the ultimate level.”  

In Washington, lawmakers are racing to pass legislation to fund the government beyond the end of the fiscal year on Thursday. Republican lawmakers have balked at tying a continuing resolution to fund the government with a measure to raise the debt limit through the end of 2022, putting lawmakers at an impasse ahead of a Thursday night deadline to avert a shutdown. This also comes alongside ongoing debates around a bipartisan $1 trillion infrastructure deal and $3.5 trillion budget reconciliation package, with key actions on each of these also set to take place later this week. 

“It is really important that we separate the shutdown, which is terrible, from the debt limit, which is catastrophic,” Jason Grumet, Bipartisan Policy Center president, told Yahoo Finance on Tuesday. “There could be, I think, a very short shutdown of the government Friday night going into Saturday, Sunday. And I think that you would then see a short continuing resolution to get the government running again.”

“The government shutdown isn’t really the problem we’re grappling with,” he added. “The problem we’re grappling with really is the debt ceiling. Democrats tried to join them together. That did not make the sale for Republicans. Some Democrats have a different approach on the debt ceiling. But I am not particularly concerned about a government shutdown.”

—

4:04 p.m. ET: Stocks end mixed as Treasury yields steady; Dow adds 91 points, or 0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Here were the main moves in markets as of 4:04 p.m. ET:

  • S&P 500 (^GSPC): +6.83 (+0.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,359.46

  • Dow (^DJI): +90.73 (+0.26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,390.72

  • Nasdaq (^IXIC): -34.24 (-0.24{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,512.44

  • Crude (CL=F): -$0.62 (-0.82{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $74.67 a barrel

  • Gold (GC=F): -$12.30 (-0.71{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,725.20 per ounce

  • 10-year Treasury (^TNX): +0.7 bps to yield 1.5410{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

12:20 p.m. ET: ‘Yesterday’s selloff was really largely driven by rate movement’: CIO 

A number of strategists pointed to the speed of the jump in Treasury yields, rather than the absolute level of rates, as the key factor triggering Tuesday’s tech-led selloff in U.S. equities. 

“Yesterday’s selloff was really largely driven by rate movement,” Timothy Chubb, chief investment officer for wealth advisory firm Girard, told Yahoo Finance Live on Wednesday. “It wasn’t necessarily the size of the rate movement, [but it was] really the speed that it took place. 

“This move taking place over the last 10 days actually was two standard deviations from the mean,” Chubb added. “As has been typical in history, when we see rates rise, the correlation of a steepening yield curve and higher rates on the longer end and through the belly of the [yield] curve that we’ve seen in the last week, [it] tends to bode very well for a lot of cyclical growth assets.” 

—

10:42 a.m. ET: ‘The market is testing the resolve of lawmakers to do the right thing’: Portfolio Manager

Sparring among lawmakers in Washington, D.C., over government funding and raising the debt ceiling have been a central concern for markets over the past couple weeks, compounding with existing jitters over the outlook for inflation, supply chain constraints and the trajectory of coronavirus infections. 

“There’s a reason why September’s one of the worst months for the markets, and one of those reasons is because that’s when the end of the fiscal year is for the U.S. government,” Diane Jaffee, TCW Group senior portfolio manager, told Yahoo Finance Live on Wednesday. “There’re always a lot of power plays and brokering and brinkmanship. And that’s 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} true, since everything is really focused on some of these bills here this week.”

Despite the near-term concerns on Capitol Hill, however, the backdrop for equities still appears to be solid, Jaffee maintained. 

“It’s not abnormal to have market corrections, three or four short spurts downwards of 3-5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in any calendar year,” she said. We’ve gone several months without anything really hectic, and that’s because we’ve got this tremendous monetary and fiscal stimulus holding us up, being a booster. So while I think there is some nail-biting going around … this lift from the stimulus is really supportive going into 2022. So yes there will be some waves along the way, but the trajectory we think is quite positive for stocks.”

“The market is testing the resolve of lawmakers to do the right thing. A correction is typically 5-10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},” she added. “We’re not there yet but we’re bouncing along here. I believe that we are going to come out the other side of even just this week in a better way.”

—

10:00 a.m. ET: Pending home sales far exceed expectations in August, rebounding from July dip

Home contract signings jumped far more than expected in August, rising for the first time in three months as improving inventory levels helped partially offset elevated prices and brought more buyers back into the market. 

Pending home sales rose 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in August month-on-month, according to the National Association of Realtors. This exceeded estimates for a 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} monthly rise, based on Bloomberg consensus data. In July, pending home sales fell by 2.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, with this figure downwardly revised from the 1.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} drop previously reported.

“Rising inventory and moderating price conditions are bringing buyers back to the market,” Lawrence Yun, NAR’s chief economist, said in a press statement. “Affordability, however, remains challenging as home price gains are roughly three times wage growth.”

Even after the August jump, pending home sales were still down 6.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on a seasonally unadjusted basis compared to last year, when low interest rates and demand for more space pushed up sales. However, this was better than July’s 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year drop in contract signings. 

—

9:30 a.m. ET: Stocks open higher as Treasury yields pull back

The three major indexes held onto overnight gains to open higher Wednesday morning, buoyed by some moderation in Treasury yields.

The Nasdaq opened higher by about 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, recouping some of its 2.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} drop on Tuesday. The S&P 500 and Dow also traded in the green.

U.S. crude oil prices gave back some recent gains, dropping 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to trade below $75 per barrel. Brent crude also pulled back from a three-year high reached earlier this week. 

—

7:24 a.m. ET Wednesday: Stock futures recover some losses after Nasdaq’s worst day since March

Here’s where markets were trading Wednesday morning: 

  • S&P 500 futures (ES=F): +24 points (+0.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,367.5

  • Dow futures (YM=F): +165 points (+0.48{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,340.00

  • Nasdaq futures (NQ=F): +13.5 points (+0.09{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,778.25

  • Crude (CL=F): -$0.44 (-0.58{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $74.85 a barrel

  • Gold (GC=F): +$6.30 (+0.36{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,743.80 per ounce

  • 10-year Treasury (^TNX): -2.3 bps to yield 1.513{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

6:15 p.m. ET Tuesday: Stock futures edge higher

Here were the main moves in markets as of Tuesday evening:

  • S&P 500 futures (ES=F): +7.5 points (+0.17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 4,351.00

  • Dow futures (YM=F): +76 points (+0.22{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), to 34,251.00

  • Nasdaq futures (NQ=F): +13.5 points (+0.09{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,778.25

Traders work at the trading floor in the New York Stock Exchange in New York, the United States, Aug. 19, 2021. The S&P 500 Index closed at 4,405.80 points, up 5.53 points, or 0.13 percent. The Dow Jones Industrial Average closed at 34,894.12 points, down 66.57 points, or 0.19 percent.The Nasdaq Composite Index closed at 14,541.79 points, up 15.88 points, or 0.11 percent. (Photo by Wang Ying/Xinhua via Getty Images)

Traders work at the trading floor in the New York Stock Exchange in New York, the United States, Aug. 19, 2021. The S&P 500 Index closed at 4,405.80 points, up 5.53 points, or 0.13 percent. The Dow Jones Industrial Average closed at 34,894.12 points, down 66.57 points, or 0.19 percent.The Nasdaq Composite Index closed at 14,541.79 points, up 15.88 points, or 0.11 percent. (Photo by Wang Ying/Xinhua via Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

Posted on

Stocks sink in whipsaw session, S&P 500 posts first monthly decline since January

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.”

—

12:50 p.m. ET: Stocks turn sharply lower, erasing earlier gains

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}

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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)

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)

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter