NEW YORK - Wall Street stocks finished a choppy session little changed on Tuesday, with Apple advancing as it unveiled new products and outlined a launch date for its streaming service.
Stocks spent much of the session in negative territory as investors pointed to somewhat better sentiment on trade talks that was offset by lower optimism on the economy.
But stocks finished the session on a strong note, with the Dow ending up 0.3 percent at 26,909.43.
The broad-based S&P 500 edged up less than 0.1 percent to 2,979.39, while the tech-rich Nasdaq Composite Index slipped less than 0.1 percent to 8,084.16.
Apple gained 1.2 percent as it unveiled new iPhones, including a lower-priced offering of $699, part of a bid to spur new upgrades in a slumping global smartphone market.
The tech giant also set launch dates on Tuesday for its original video offering, Apple TV+, and its game subscription service. The streaming announcement weighed on Netflix, which shed 2.2 percent.
With the new devices and services, "I think there are more reasons to stay with Apple than to defect from Apple," added Patrick Moorhead, analyst at Moor Insights & Strategy.
Ford fell 1.4 percent, a day after Moody's downgraded the credit rating of the auto company, citing a weak financial outlook as it embarks on ambitious restructuring.
Leading banks rose for a second straight day after JPMorgan Chase chief executive Jamie Dimon said the US consumer economy remains solid, even as business investment has slowed.
Dimon on Tuesday cut the bank's projections for net interest income due to Federal Reserve interest rate cuts. JPMorgan shares gained 1.2 percent.
This week's calendar includes reports on consumer prices and retail sales for August. The European Central Bank is also expected to announce new stimulus measures.
source: news.abs-cbn.com
NEW YORK - Wall Street stocks plunged Monday after a forceful response by Beijing to the latest US tariff announcement escalated an ongoing trade war, exacerbating global growth worries.
The Dow Jones Industrial Average sank 2.9 percent or around 770 points to 25,717.74 in the worst session of the year.
The broad-based S&P 500 slumped 3.0 percent to 2,844.74, while the tech-rich Nasdaq Composite Index tumbled 3.5 percent to 7,726.04.
Stocks opened sharply lower after China's currency tumbled below 7.0 against the dollar, seen as a retaliatory step after US President Donald Trump announced last week he would impose 10 percent tariffs on $300 billion in Chinese imports.
Stocks pushed lower following weak US services sector data and went lower still after Chinese state media reported that Chinese firms have stopped buying US farm produce.
China's purchase decision means more pain for the US agricultural sector, which could hit the farm states that helped elect Trump in 2016.
Analysts offered a range of views on whether Monday's moves by Beijing will lead to further tit-for-tat moves.
Chris Krueger, a Washington strategist at Cowen, an investment bank, said of China's rebuttal, "on a scale of 1-10, it's an 11," compared with other possible measures.
The actions "seem designed for maximum political impact," he said. "We expect a quick (and possibly intemperate) response from the White House and consequently expect a more rapid escalation of trade tensions."
But other analysts noted has sometimes not gone ahead with such measures, alluding to reports that the latest tariff announcement was opposed by some key White House aides.
"Negotiations will continue to take place," said Alan Skrainka of Cornerstone Wealth Management. "What we're seeing is hardball negotiations playing out in the public eye."
Losses were broad-based but some companies suffered especially bruising declines.
Apple, which manufactures iPhones and other goods in China, shed 5.2 percent.
Chip companies, which also import from the country, including Intel and Micron Technology lost 3.5 percent and 4.9 percent respectively.
Retailers experienced another painful session in the wake of Trumps' latest tariff, with Macy's, Best Buy and Ralph Lauren all off more than 3 percent.
source: news.abs-cbn.com
NEW YORK - Wall Street stocks edged higher on Wednesday after Federal Reserve minutes further signaled the US central bank's dovish posture on monetary policy.
The Dow Jones Industrial Average added 0.2 percent at 25,954.44.
The broad-based S&P 500 also gained 0.2 percent to 2,784.70, while the tech-rich Nasdaq Composite Index edged up less than 0.1 percent to 7,489.07.
The Fed minutes lent color to the central bank's decision of January 30 to not raise interest rates and hinted at caution towards further tightening, saying US growth would "step down" from last year's rapid pace.
"Anyone thinking maybe the Fed did not intend to send the message Powell delivered at the press conference can stop wondering," said FTN Financial's Chris Low. "The Fed really is on long-term hold and the next policy move really could be a cut."
US stocks rose just after the minutes were released at 1900 GMT but pulled back after that around the same time President Donald Trump said he could impose tariffs on European auto imports if there was no new trade deal with the EU.
Investors are also eyeing key trade talks between the Trump administration and Chinese officials.
"Unless we have an absolute disaster, like a recession or Trump calling off the trade talks, the stock market is going to go higher," said LBBW's Karl Haeling.
"There is a lot of cash out there."
CVS Health dived 8.1 percent after reporting an annual loss following a $6.1 billion write-down of its 2015 Omnicare, which provides pharmacy services to long-term care facilities.
American Airlines, United Continental and Delta Air Lines were all down about one percent after smaller rival Southwest Airlines said the US government shutdown dented business more than previously thought.
Southwest now expects a negative revenue hit of $60 million, up from the previous projection of $10 to $15 million. Shares of Southwest slumped 5.7 percent.
source: news.abs-cbn.com
NEW YORK -- Wall Street stocks jumped Tuesday as President Donald Trump downplayed the chance of another government shutdown and said he could delay new tariffs on Chinese imports.
The Dow Jones Industrial Average snapped a 4-day losing streak, soaring more than 370 points to close up 1.5 percent at 25,425.76.
The broader S&P 500 rose 1.3 percent, closing at 2,744.73, while the tech-rich Nasdaq Composite Index also added 1.5 percent, closing at 7,414.62
The US president, while not ruling anything out, suggested his latest funding fight with congressional Democrats over border security would not result in another shutdown.
Trump told reporters he was not pleased with a deal by bipartisan lawmakers to offer nearly $1.4 billion for a barrier along the southern US frontier -- far less than the $5.7 billion he initially sought.
"I can't say I'm happy, I can't say I'm thrilled," Trump said. But he also told a Cabinet meeting in the White House: "I don't think you're going to see a shutdown."
During a back-and-forth with reporters at the same meeting, Trump also said he would consider extending the deadline for a trade deal with China beyond March 1.
"If we're close to a deal, where we think we can make a real deal... I could see myself letting that slide for a little while," Trump said.
The comments came as the third round of trade negotiations were set to resume in Beijing to avert more than doubling tariffs on $200 billion in Chinese imports.
Stocks were in positive territory prior to Trump's remarks, but added to gains.
"We got good news on two hot-button issues," said Jack Ablin, chief investment officer at Cresset Capital Management.
Tuesday's gains were fairly broad-based, with Caterpillar, DowDuPont, Intel, 3M and UnitedHealth Group among the Dow members rising more than two percent.
Cosmetics company Coty shot up 12.5 percent after JAB Holding Company proposed buying up to 150 million shares, raising its stake to about 60 percent of the company.
JAB manages the fortune of Germany's Reimann family.
Gilead Sciences fell 3.3 percent after reporting disappointing clinical results of a treatment for cirrhosis.
source: news.abs-cbn.com
NEW YORK - Wall Street's 4-session winning streak ended with a thud on Tuesday amid revived worries over US-China trade relations and a sense the January rally is fading.
The Dow Jones Industrial Average dropped finished down 1.2 percent at 24,404.48.
The broad-based S&P 500 dropped 1.4 percent to 2,632.90, while the tech-rich Nasdaq Composite Index tumbled 1.9 percent to 7,020.36.
Stocks were in the red the entire session, a shift from the trend since late December, when investors loaded up on equities after a sell-off earlier that month.
But many analysts now feel the market could be primed for another pullback after four weeks of nearly unbroken gains.
Wall Street had started Tuesday in a gloomy mood a day after the International Monetary Fund had trimmed its global growth forecasts, citing US-China trade uncertainties, Brexit and other factors.
Adding to that unease on Tuesday were afternoon reports in The Financial Times and CNBC that the United States had rejected Beijing's offer to hold a preparatory meeting in Washington ahead of next week's high-level trade talks.
The White House denied the report shortly before the closing bell, lifting stocks a bit but not enough to push them into positive territory.
Among individual companies, Johnson & Johnson dropped 1.4 percent after projecting 2019 sales and profits below analyst expectations. The company, which is embroiled in lawsuits alleging cancer links to its talcum powder, reported a jump in litigation costs.
Aluminum parts company Arconic sank 16 percent after it ended plans to potentially sell itself. The company had reportedly been in talks to be acquired by Apollo Global Management for more than $10 billion.
EBay surged 6.1 percent amid speculation it could break up as it faces pressure from shareholders.
Activist fund Elliott Management, which owns four percent of the company, released a letter calling for an overhaul of the company's operations and "substantial" shareholder payouts.
source: news.abs-cbn.com
NEW YORK - Wall Street swung to a loss on Monday as fears for the global economy dampened investor sentiment just as earnings season got under way.
The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019.
The benchmark Dow Jones Industrial Average fell 0.4 percent to close at 23,909.85 while the broader S&P 500 lost 0.5 percent, settling at 2,582.61.
The tech-heavy Nasdaq fell hardest, losing 0.9 percent and closing at 6,905.92.
Early Monday, Chinese trade data had underscored worries about a slowdown in the world's second biggest economy.
The country's exports fell 4.4 percent in December from a year earlier, while imports dropped 7.6 percent, reflecting sluggish demand at home and abroad.
"There is a concern that the global economy could slow down. The data for the last few months has supported the fact that the economy is slowing in China and around the globe," Adam Sarhan of 50 Park Investments told AFP.
"The global economy does well when China does well."
Sarhan added that the partial shutdown of the US government was also a worry for investors as it dragged into its fourth week.
"The stock market is concerned because eventually the shutdown will cause a significant slowdown on the economy," he said.
Meanwhile, Citigroup posted mixed results, with better-than-expected fourth-quarter earnings, in part due to lower expenses, but revenues that lagged expectations. One factor was a drop in Treasury bonds trading amid heavy market volatility.
Shares closed up sharply, adding nearly four percent.
Oil prices also dipped $1.49 in New York, sending energy stocks lower. Exxon Mobil fell 0.2 percent, while fellow supermajor Chevron fell 0.8 percent.
source: news.abs-cbn.com
NEW YORK - Wall Street stocks finished lower on Tuesday with technology and transportation shares sagging in light-volume trading ahead of the Independence Day holiday.
The Dow Jones Industrial Average fell 0.5 percent to 24,174.82.
The broad-based S&P 500 shed 0.5 percent to 2,713.22, while the tech-rich Nasdaq Composite Index tumbled 0.9 percent to 7,502.67.
Wall Street stocks had opened mostly higher, with petroleum-linked shares achieving solid gains as US oil prices topped $75 a barrel.
But analysts said sentiment shifted after oil prices retreated from that level at mid-session. Market swings were accentuated by low trading volumes, with US markets closing early on Tuesday for the July 4th holiday.
Technology shares, which had outperformed the rest of the broader market on Monday, suffered a weak session.
Facebook tumbled 2.4 percent after confirming it faces investigations by the Securities and Exchange Commission and the Federal Bureau of Investigation on its release of consumer data to now-defunct political consultancy Cambridge Analytica.
Tesla Motors was another weak tech stock, dropping 7.2 percent a day after the company reported meeting a key production target for its Model 3 sedan.
Other large technology companies, including Apple, Google parent Alphabet and Microsoft, also fell.
American Airlines, Delta Air Lines and United Continental all dropped at least one percent following a downgrade by Deutsche Bank.
General Motors fell 1.2 percent despite reporting a 4.6 percent increase in second-quarter US sales.
Ford fell 1.0 percent after reporting a 1.2 percent increase in June US sales but a 1.8 percent drop in sales for the first half of the year.
source: news.abs-cbn.com
