Energy stocks lead gains on S&P; IBM drags as profit margin misses estimate

The benchmark S&P 500 index posted slight gains on Wednesday, helped by gains from industrial and energy stocks, but IBM's disappointing results and a sell-off in semiconductor stocks weighed on the Nasdaq and the Dow.

IBM fell 6.2 per cent after the company reported quarterly profit margins that fell short of Wall Street expectations.

Semiconductor stocks also took a hit, led by Lam Research's 5 per cent drop after what analysts called a disappointing shipment forecast. The S&P technology index fell about 0.5 per cent.

Not all results were disappointing. Morgan Stanley rose 3 per cent after it reported a 40 per cent jump in quarterly profit, driven by its trading business.

United Airlines rose 1.6 per cent after reporting a rise in profit and CSX Corp jumped 7 per cent after the railroad operator topped profit estimates. That helped lift the Dow Jones Transport index by 1.2 per cent.

Oil prices jumped about 2 per cent, lifted by a reported decline in US crude inventories and the risk of supply disruptions. Exxon and Chevron were up about 1.3 per cent.

Nasdaq drops nearly 1% as Facebook leads slide in tech stocks

Wall Street's main indexes opened lower on Monday as reports of Facebook's user data being misused weighed on technology stocks and the broader market.

The Dow Jones Industrial Average fell 90.8 points, or 0.36 percent, to 24,855.71. The S&P 500 lost 11.84 points, or 0.430231 percent, to 2,740.17. The Nasdaq Composite dropped 63.99 points, or 0.86 percent, to 7,418.00.

Dow extends losses, down over 300 pts, as trade war fears hurt industrials

The Dow industrials fell more than 300 points on Friday on mounting fears of a global trade war following President Donald Trump's promise to impose import tariffs on steel and aluminum.

Europe promised to act firmly and China said it would defend its interests appropriately if Trump followed through with his pledge of imposing tariffs of 25 percent on imported steel and 10 percent on aluminum.

The blue-chip index turned negative for the year following the news and is now down 1.4 percent for the period.

Boeing's 3.8 percent fall weighed the most on the index as worries about higher costs troubled investors.

Drop in Apple shares due to weak iPhone X demand drags Wall Street lower

Wall Street's main indexes came under pressure on Tuesday following a 2.8 per cent drop in Apple's shares on a report of weak iPhone X demand.

Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units, Taiwan's Economic Daily reported, citing unidentified sources.

That, along with some bearish brokerage calls on iPhone X demand, put its shares on track for their worst single-day percentage fall since Aug. 10.

Shares of companies that supply parts to Apple, including Broadcom, Skyworks Solutions, Finisar and Lumentum Holdings, fell between 1.8 per cent and 3.5 per cent.

The S&P technology index fell 0.9 per cent, the only loser among the 11 major S&P 500 sectors.

Most markets around the world, including parts of Europe and Asia, were shut on Tuesday. Trading volumes are also expected to be light in the holiday week.

"It's going to be slow trading for most of the week. A market that's going to stay within a trading range, we could have a plus or a negative day, but nothing exciting," said Peter Cardillo, the chief market economist at First Standard Financial in New York.

At 9:34 a.m. ET (1434 GMT), the Dow Jones Industrial Average was down 8.32 points, or 0.03 per cent, at 24,745.74 and the S&P 500 was down 2.4 points, or 0.09 per cent, at 2,680.94.

The Nasdaq Composite was down 29.11 points, or 0.42 per cent, at 6,930.86.

Sucampo Pharma surged 6 per cent after Mallinckrodt said it would acquire the drugmaker for $1.2 billion, to gain access to its constipation drug Amitiza. Mallinckrodt shares rose 4.3 per cent.
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S&P, Dow move higher as bank stocks climb again

The S&P 500 and the Dow indexes rose in morning trading on Wednesday as bank stocks added to gains following strong economic data and encouraging comments from Federal Reserve officials that sealed the case for a December rate increase.
JPMorgan climbed 1.9 percent and Bank of America rose 2.2 percent, making the S&P financial index the biggest gainer among S&P 500 sectors.

Fed chair nominee Jerome Powell said on Tuesday the case for a December rate hike was coming together and also hinted at lighter bank regulation, while Fed chair Janet Yellen said on Wednesday that a strengthening economy will warrant continued rate increases.

"Economic data has been very strong and the economy looks as good now as it ever has," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

The second revision of third-quarter gross domestic product showed growth increased at a 3.3 annual rate, up from the previously reported 3 percent.

The Fed's preferred gauge of inflation, the personal consumption expenditures (PCE) price index excluding food and energy, rose 1.4 percent in the third quarter, in line with the forecast by economists polled by Reuters.

Investors are keeping a keen eye on progress on US tax bill. Senate Republicans on Tuesday rammed forward the bill, which corporate America is hoping will slash business tax rates, in an abrupt, partisan committee vote that set up a full vote by the Senate as soon as Thursday.
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Technology stocks boost Nasdaq to record high

Wall Street indexes opened higher on Tuesday, with the Nasdaq hitting a record high, led by gains in technology stocks.

The Dow Jones Industrial Average rose 94.06 points, or 0.4 percent, to 23,524.39. The S&P 500 gained 8.57 points, or 0.33 percent, to 2,590.71. The Nasdaq Composite added 30.99 points, or 0.46 percent, to 6,821.71.
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Wall Street slips amid tax reform uncertainty, General Electric losses

US stocks were lower in morning trading on Monday as uncertainty over a US tax reform deal and GE's dismal outlook hit investor sentiment.

General Electric fell 3.5 percent after the industrial conglomerate cut its 2018 profit forecast, slashed dividend and unveiled a restructuring plan. The stock weighed the most on the S&P 500 index.

The S&P and the Dow ended the week lower for the first time in nine weeks on Friday after Senate Republicans unveiled a new tax plan that differed from the House of Representatives' version.

Hopes of lower taxes, one of President Donald Trump's main campaign promises, have helped drive the S&P 500 up 20 percent since the 2016 presidential election.

"We're entering a period of uncertainty until the tax bill is either passed or till we have more details," said Peter Cardillo, chief market economist at First Standard Financial in New York.

"Any disappointment on corporate tax deductions will probably set the stage for the market to pull back."

With third-quarter earnings season on its last leg, investors are closely tracking developments around the tax bill as well as economic data to make their bets.
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Wall St pauses on downbeat earnings; Boeing slips 1% after results

Wall Street was slightly lower on Wednesday after a barrage of lacklustre earnings reports from companies, including AT&T, and Dow component Boeing weighed after revealing a surprise charge in the latest quarter.

AT&T fell 2.12 per cent and was the biggest drag on the S&P 500 index after the US No 2 wireless carrier's quarterly results missed estimates.

Boeing fell about 1 per cent after it booked a charge related to its troubled KC-46 aerial refuelling tanker.

The declines come after the Dow closed at another record high on Tuesday led by gains in industrial giants Caterpillar and 3M.

The earnings season has been largely positive, with more than 70 per cent of the S&P 500 companies that have reported so far beating profit expectations.

"The market is looking for additional fuel to continue the drive higher, whether it comes in the form of earnings or tax reform," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

Investors were also keeping an eye on the nomination of the next Federal Reserve chief.

The dollar got a lift from a report that Republican senators were favouring Stanford University economist John Taylor over current Fed Governor Jerome Powell.
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Technology stocks boost Wall Street to hit fresh records

Major Wall Street indexes hit fresh records at the open on Monday on gains in financial and technology stocks even as investors awaited a barrage of earnings reports this week.

Apple gained 1.05 percent, providing the biggest boost to the Nasdaq and the S&P after KeyBanc upgraded the stock to "overweight".

Financial stocks gained for the first time in four days, led by bank stocks. Reactions to bank results last week were muted on concerns about credit card losses at JPMorgan and Citigroup and weak trading activity across the sector.

Investment banks Goldman Sachs and Morgan Stanley report before markets open on Tuesday. Insurer Travelers jumped 2 percent, providing the biggest boost to the Dow.

Video-streaming pioneer Netflix reports third-quarter results after market.

"The market still wants to be optimistic, it wants to continue to move higher from here," said Robert Pavlik, chief market strategist at Boston Private Wealth.
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Dow, Nasdaq eke out record highs over Trump's proposed tax reforms

US stocks inched higher on Monday, with the Dow and the Nasdaq hitting fresh records, on rising optimism over President Donald Trump's proposed tax overhaul.

The Dow Jones Industrial Average rose 7.43 points, or 0.03 percent, to 22,781.1. The S&P 500 gained 2.06 points, or 0.08 percent, to 2,551.39. The Nasdaq Composite added 7.26 points, or 0.11 percent, to 6,597.44.
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Nasdaq, S&P slip; Dow ticks above 22,647 level, hits new record high

The Nasdaq and the S&P fell on Wednesday as investors likely took profits on tech stocks, the best performing sector in the recent rally, while the Dow touched a record high.

Seven of 11 major S&P indexes were down, led by the information technology and Industrials.
The S&P information technology index, up about 26 per cent this year, was on pace to post its first losses in seven sessions.

"The market has been on a slow drift upward, in anticipation of the earnings season coming and the hopes about tax reform," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City.

"I think you're just seeing some small profit taking in the absence of new news."

The dollar was off seven-week highs on speculation that US President Donald Trump's choice for the next head of the Federal Reserve could be a less hawkish candidate than had previously been expected.

US Federal Reserve Chair Janet Yellen is scheduled to address the Community Banking in the 21st Century Research and Policy Conference hosted by the Federal Reserve Bank of St Louis.
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US oil surges to $50 a barrel as demand improves; Dow at new closing high

Rising demand pushed US crude above $50 a barrel on Thursday, while Sterling jumped after the Bank of England said it was likely to raise interest rates for the first time in a decade in coming months.

Energy shares rose on Wall Street and in Europe, but stocks were mixed worldwide. A gauge of global equity indexes fell slightly, as did the S&P 500 in the United States, while major European indexes gained and the Dow set a new closing high.

West Texas Intermediate, the U.S. crude benchmark, rose more than 2 percent before paring gains after a forecast by the International Energy Agency on Wednesday and dollar weakness prompted bullish sentiment in the oil market.

"Anticipation is growing that this could quicken the pace of oil market rebalancing," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

US crude rose 9 cents to settle at $49.89 a barrel and Brent settled up 31 cents at $55.47.

Brent has climbed more than $10 a barrel over the past three months and is close to where it was at the beginning of the year, roughly trading between $55 and $57 a barrel.
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Dow hits record high again on back of robust July jobs data

The Dow hit another record high and the Nasdaq opened slightly higher on Monday, while the S&P was little changed.

The Dow closed at a record high for the eighth straight session on Friday, powered by a robust July employment report that showed US employers added more jobs than expected in the month.

The report is likely to clear the way for the Federal Reserve to announce a plan to start shrinking its $4.2 trillion bond portfolio in September, and could strengthen its case to raise rates for the third time this year in December.

"The jobs report was quite well-received on Friday despite suffering the same pitfall that has plagued the US recovery for years, inadequate wage growth," said Craig Erlam, senior market analyst at online forex broker Oanda.

At 9:36 a.m. ET (1336 GMT), the Dow Jones Industrial Average was down 8.3 points, or 0.04 per cent, at 22,084.51, the S&P 500 was down 0.42 points, or 0.01 per cent, at 2,476.41.

The Nasdaq Composite was up 9.36 points, or 0.15 per cent, at 6,360.92.

Six of the 11 major S&P sectors were lower, with the energy index's 0.49 per cent fall leading the decliners.
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Equities weaken after Dow breaks 22,000; dollar soft

World stock markets fell on Wednesday even as Wall Street's key Dow Jones Industrial Average broke the 22,000 barrier on strength in Apple shares, while the US dollar fell to near 15-month lows on doubts about another rate hike this year.

Shares of Apple, the largest US company by market capitalization, surged 4.9% to a record high of $159.75 in the wake of its earnings, helping lift the Dow above the key 22,000 mark.

Apple reported better-than-expected iPhone sales, revenue and earnings per share and signalled its upcoming 10th-anniversary phone is on schedule.

But Apple's gains were not enough to prop up the broader US stock indexes, with the benchmark S&P 500 and Nasdaq both lower.

"Round numbers are a focal point, they are kind of arbitrary but people seem to focus and it can affect sentiment," said Brian Jacobsen, senior investment strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

"If there's going to be something that gives the market more fuel it has to come from fundamentals. Excitement about a round number can only carry it so far."

The Dow Jones Industrial Average rose 40.21 points, or 0.18%, to 22,004.13, the S&P 500 lost 4.96 points, or 0.20%, to 2,471.39 and the Nasdaq Composite dropped 29.78 points, or 0.47%, to 6,333.16.
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Dollar hits a year-low, global stocks rally set to end over strong euro

The US dollar sank to its lowest in more than a year against key world currencies on Friday as investors assessed comments from the European Central Bank (ECB) and obstacles to US President Donald Trump's domestic agenda, while world stock markets were poised to snap a 10-session streak of gains.

Gains in the yen, gold and US Treasuries pointed to moves into safe-haven assets compared with stocks that are considered riskier. Oil prices sank more than 1 per cent.

The euro built on sharp gains from a day earlier, rising to near two-year highs against the dollar and undermining European stocks, with Germany's DAX equity index down 1.7 per cent.

ECB President Mario Draghi said on Thursday financing conditions remained broadly supportive, and that the euro's appreciation had "received some attention." However, he did not cite that as a problem nor did he directly try to talk the currency down.

"The fact that Draghi didn't necessarily argue too much against the strength of the euro... certainly gave the greenlight for individuals to want to own the currency again or actually add to their positions," said Dean Popplewell, chief currency strategist at Oanda in Toronto.

MSCI's gauge of stocks across the globe shed 0.32 per cent, falling after 10 days of gains.

US stock indexes opened lower, pulling back from record high levels reached earlier in the week.
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Nasdaq, S&P hit record highs as tech, health stocks rise

The Nasdaq and the S&P 500 opened at record highs on Wednesday, powered by technology and healthcare stocks, while the Dow was weighed down by a fall in IBM's shares.

IBM fell 3.9 percent after the company's quarterly revenue came in below expectations.

The tech-heavy Nasdaq closed at a record high on Tuesday, helped by a jump in Netflix, with the index posting its longest streak of gains since February 2015.

The S&P tech sector has been the best performing sector this year despite concerns about stretched valuations as investors look for growth sectors immune to policy uncertainties.

"Netflix's strong results has caused money to move to tech stocks in anticipation of stronger earnings," said Adam Sarhan, chief executive officer at 50 Park Investments.

"If the big names such as Alphabet, Facebook, Amazon are able to show growth in an otherwise low-growth environment, then investors will pay for these stocks."

All three big tech names will report results next week.

Microsoft, which reports results on Thursday, was up 0.6 percent and was among the biggest boosts to the S&P and the Nasdaq.

At 9:45 a.m. ET (1345 GMT), the Dow Jones Industrial Average was up 4.76 points, or 0.02 percent, at 21,579.49, the S&P 500 was up 6.35 points, or 0.25 percent, at 2,466.96.
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Wall Street flat as James Comey's testimony underway

US stocks were little changed in choppy late morning trading on Thursday as former FBI Director James Comey's testimony got underway.

Comey is being grilled by Washington politicians over his claims that President Donald Trump asked him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia's alleged meddling in the 2016 presidential election.

Comey said he had no doubt that Russia interfered with the election but was confident that no votes had been altered.

"Today is about Washington and the drama surrounding Comey's testimony. But the talk about the demise of President Trump's presidency or growth agenda seems premature, short of a smoking gun," said Terry Sandven, chief equity strategist at US Bank Wealth Management in Minneapolis.

"I expect equities to generally tend sideways today, short of any new revelations coming out of the testimony."

Earlier on Thursday, the European Central Bank signalled no further interest rate cuts as euro zone prospects improved but said subdued inflation meant it would continue to pump more stimulus into the region's economy.

Investors are also keeping an eye on the outcome of the UK general election, with opinion polls showing Theresa May's Conservative Party leading between 5 and 12 percentage points over the main opposition Labour Party, suggesting she would increase her majority.

At 10:35 am ET (1435 GMT), the Dow Jones Industrial Average was up 5.62 points, or 0.03 per cent, at 21,179.31, the S&P 500 was down 1.51 points, or 0.06 per cent, at 2,431.63.

The Nasdaq Composite was down 0.56 points, or 0.01 per cent, at 6,296.82.

Eight of the 11 major S&P sectors were lower, with the defensive utilities index's 1.08 per cent loss topping the decliners.

Shares of Alibaba Group Holding were up 9.5 per cent at $137.55 after the company said it expects revenue growth of 45-49 per cent in the 2018 financial year.

Yahoo, which owns a 15.5 per cent stake in Alibaba also rose 7.2 per cent to $54.18.

Nordstrom jumped 11.4 per cent to $45.09 after the department store operator said that some members of the controlling Nordstrom family have formed a group to consider taking the company private.

Among other retailers, Macy's was up 2.1 per cent, and JC Penney 1.2 per cent.

Declining issues outnumbered advancers on the NYSE by 1,410 to 1,252. On the Nasdaq, 1,408 issues rose and 1,162 fell.
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Wall Street opens higher after $110 bn arms deal between US, Saudi Arabia

Wall Street opened higher on Monday as oil prices climbed and defense stocks rose following a $110 billion arms deal between the United States and Saudi Arabia.

The Dow Jones Industrial Average rose 74.81 points, or 0.36 per cent, to 20,879.65.

The S&P 500 gained 6.99 points, or 0.29 percent, to 2,388.72.

The Nasdaq Composite added 17.51 points, or 0.29 per cent, to 6,101.21.
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Wall Street opens higher as Donald Trump slump eases

US stocks opened higher on Friday, led by technology stocks, as a sense of calm prevailed over Wall Street in a week that was dominated by political uncertainty surrounding Donald Trump's presidency.

The Dow Jones industrial average was up 34.11 points, or 0.17 per cent, at 20,697.13, the S&P 500 was up 6.46 points, or 0.273067 per cent, at 2,372.18 and the Nasdaq composite was up 19.85 points, or 0.33 per cent, at 6,074.98.
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S&P 500, Nasdaq hit record highs as oil price rise boosts energy stocks

The Nasdaq Composite and the S&P 500 touched record highs in late morning trading on Monday as a rise in oil prices boosted energy stocks and investors shrugged off the impact of a global cyber attack.

Oil hit its highest in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step towards extending the Organisation of the Petroleum Exporting Counties (Opec)-led deal to support prices for longer than originally agreed.

Shares of oil majors Exxon and Chevron helped boost the S&P energy index, which was on track to close higher for the first time in three sessions.

"The rebound in oil prices and lack of bad news on the geopolitical front has led to a bit of a relief rally in equities," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

"At this level, there isn't too big a correlation between oil and equities but since we've seen oil fall quite a bit in a month or so, today's rally in oil is helping the market grind higher."

At 10:53 am ET (14:53 GMT), the Dow Jones Industrial Average was up 89.46 points, or 0.43 per cent, at 20,986.07. The S&P 500 was up 12.54 points, or 0.52 per cent, at 2,403.44 and the Nasdaq Composite was up 30.37 points, or 0.50 per cent, at 6,151.61.

All the 11 major S&P 500 sectors were higher, with the energy and materials index leading the gainers.

Investors seemed to mostly shrug off fears from a successful missile test by North Korea and a cyber attack that disrupted operations at car factories, hospitals, shops and schools.

Shares of cybersecurity firms such as Fireye, Symantec and Palo Alto Networks were all up.

Cisco's 2.5 per cent rise provided the biggest boost to the Nasdaq and S&P.

US stocks slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over department stores.
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