Here’s what happened to the stock market on Friday

Negative news related to Boeing and Johnson & Johnson weighed on the market while Netflix led Big Tech shares lower. Boeing, JNJ and Netflix zap market’s earnings enthusiasmSharp declines in Boeing and Johnson and Johnson were a drag on the Dow. A baby-powder recall pushed Johnson & Johnson down more than 6%. Meanwhile, Netflix dropped more than 6%, pressuring other Big Tech stocks such as Facebook, Amazon and Alphabet. Meanwhile, better-than-expected earnings results lifted Intuitive Surgical n


Negative news related to Boeing and Johnson & Johnson weighed on the market while Netflix led Big Tech shares lower.
Boeing, JNJ and Netflix zap market’s earnings enthusiasmSharp declines in Boeing and Johnson and Johnson were a drag on the Dow.
A baby-powder recall pushed Johnson & Johnson down more than 6%.
Meanwhile, Netflix dropped more than 6%, pressuring other Big Tech stocks such as Facebook, Amazon and Alphabet.
Meanwhile, better-than-expected earnings results lifted Intuitive Surgical n
Here’s what happened to the stock market on Friday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: fred imbert
Keywords: news, cnbc, companies, boeing, happened, market, earnings, heres, dow, stock, johnson, netflix, tech, surgical, dropped, nearly


Here's what happened to the stock market on Friday

Dow Jones Industrial Average falls 255 points

The Dow fell 255.68. points, or 0.95% to close at 26,770.20. The S&P 500 slid 0.39% to end the day at 2,986.20. The Nasdaq Composite dropped 0.83% to 8,099.54. Negative news related to Boeing and Johnson & Johnson weighed on the market while Netflix led Big Tech shares lower.

Boeing, JNJ and Netflix zap market’s earnings enthusiasm

Sharp declines in Boeing and Johnson and Johnson were a drag on the Dow. Boeing fell 6.79% after the Federal Aviation Administration said the aerospace giant withheld “concerning” pilot messages about the 737 Max’s safety. A baby-powder recall pushed Johnson & Johnson down more than 6%. Meanwhile, Netflix dropped more than 6%, pressuring other Big Tech stocks such as Facebook, Amazon and Alphabet. Those declines zapped some of the market’s enthusiasm around corporate earnings from earlier in the week. The earnings season started with most companies posting earnings that topped analyst expectations.

L Brands drops, Intuitive Surgical surges

Shares of Victoria’s Secret-parent L Brands plunged nearly 10% and were the biggest decliners in the S&P 500. The stock dropped after an analyst at Credit Suisse downgraded it to underperform, citing a “multitude of challenges” the company is facing. Meanwhile, better-than-expected earnings results lifted Intuitive Surgical nearly 7%.

What happens next?


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: fred imbert
Keywords: news, cnbc, companies, boeing, happened, market, earnings, heres, dow, stock, johnson, netflix, tech, surgical, dropped, nearly


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Treasury Secretary Mnuchin says libra backers dropped out because the project is ‘not ready’ to meet regulatory standards

After six corporate backers of Facebook’s libra cryptocurrency dropped out of the project, Treasury Secretary Steven Mnuchin said Monday he thinks those companies may have feared government enforcement action. Visa, Mastercard, Stripe, eBay and Mercado Pago all announced they no longer intended to participate in the program, which originally had 28 corporate backers. Lawmakers were still left with questions after libra project lead David Marcus testified in July. Facebook, libra and the five oth


After six corporate backers of Facebook’s libra cryptocurrency dropped out of the project, Treasury Secretary Steven Mnuchin said Monday he thinks those companies may have feared government enforcement action. Visa, Mastercard, Stripe, eBay and Mercado Pago all announced they no longer intended to participate in the program, which originally had 28 corporate backers. Lawmakers were still left with questions after libra project lead David Marcus testified in July. Facebook, libra and the five oth
Treasury Secretary Mnuchin says libra backers dropped out because the project is ‘not ready’ to meet regulatory standards Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: lauren feiner
Keywords: news, cnbc, companies, regulatory, meet, steven, mnuchin, backers, treasury, secretary, ready, libra, standards, dropped, facebook, corporate, interview, project


Treasury Secretary Mnuchin says libra backers dropped out because the project is 'not ready' to meet regulatory standards

Secretary of the Treasury Steven Mnuchin answers questions from the press after an interview on CNBC on the North Lawn of the White House in Washington, September 12, 2019. REUTERS/Sarah Silbiger.

After six corporate backers of Facebook’s libra cryptocurrency dropped out of the project, Treasury Secretary Steven Mnuchin said Monday he thinks those companies may have feared government enforcement action.

In an interview on CNBC’s “Squawk Box,” Mnuchin said he met with libra representatives on multiple occasions and has been “very clear … that if they don’t meet … our money-laundering standards and the standards that we have at [Financial Crimes Enforcement Network] that we would take enforcement actions against them. And I think they realized that they’re not ready, they’re not up to par. And I assume some of the partners got concerned and dropped out until they meet those standards.”

On Friday, five more corporate backers joined PayPal in exiting the Libra Association, the nonprofit developed to govern the new cryptocurrency envisioned by Facebook. Visa, Mastercard, Stripe, eBay and Mercado Pago all announced they no longer intended to participate in the program, which originally had 28 corporate backers. The loss of five payments companies could be a particularly large blow to the project, which is already facing scrutiny from governments around the world. The announcements came before the first Libra Association Council meeting in Geneva on Monday.

Officials at the Treasury Department are not the only ones looking closely at libra. The House Financial Services Committee has called on Facebook CEO Mark Zuckerberg to testify on Oct. 23, his first time returning for an open congressional testimony since 2018, when he discussed the Cambridge Analytica scandal. Lawmakers were still left with questions after libra project lead David Marcus testified in July. Several representatives encouraged Facebook to abandon its plans until sufficient regulatory mechanisms were in place, but Facebook has not made such a firm commitment, though it said it does plan to address concerns from lawmakers.

Reached for comment, a Visa spokesperson pointed to the company’s statement on Friday announcing that it would no longer join the Libra Association. In the statement, the spokesperson said, ‘We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.”

Facebook, libra and the five other former corporate backers did not immediately respond to requests for comment.

Subscribe to CNBC on YouTube.

Watch: CNBC’s full interview with Secretary Steven Mnuchin on China trade progress


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: lauren feiner
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Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t


Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t
Stocks in Asia decline amid US-China trade uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, decline, uschina, washington, stocks, asia, negotiations, shares, tech, dropped, tariffs, uncertainty, amid, trade


Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. The Shenzhen composite also slipped 0.347%. Hong Kong’s Hang Seng index shed 0.68% as shares of Chinese tech behemoth Tencent dropped 1.24%. The Nikkei 225 in Japan slipped 0.64% while the Topix index shed 0.42%. In Australia, the S&P/ASX 200 declined 0.7% as most of the sectors traded lower. Overall, the MSCI Asia ex-Japan index shed 0.57%. Markets in South Korea are closed on Wednesday for a holiday.

Apple suppliers fall

Shares of Apple suppliers in Asia largely declined following criticism from Chinese state media on the U.S. tech giant’s decision to allow an app on its app store used by protestors in Hong Kong. The app in question, HKmap.live, tracks the movement of police around the city. In Japan, shares of Sharp dropped 2.63% while Murata Manufacturing rose 0.11%. Sunny Optical shares in Hong Kong plunged 3% as AAC Tech also fell 3.26%. Contract manufacturer Pegatron’s stock fell 1.27%, as did shares of Taiwan Semiconductor Manufacturing Company, which was down 1.22%. iPhone assembler Hon Hai Precision Industry, better known as Foxconn, also dropped 0.81%. Shares of China-based Luxshare and GoerTek fell 5.08% and 4.09%, respectively. Both companies assemble Apple’s AirPods.

US-China tensions

Investors watch for market reaction to overnight developments in U.S.-China tensions. Washington expanded its trade blacklist to include some of China’s top artificial intelligence firms on Monday, in response to Beijing’s alleged treatment of predominantly Muslim ethnic minorities. For its part, China’s Ministry of Commerce said the U.S. should “stop interfering” in the country’s internal affairs and “remove” the relevant entities from the list “as soon as possible.” Those latest developments cloud the outlook for the upcoming U.S.-China trade negotiations, set to kick off on Thursday amid the looming prospect of more tariffs from Washington on goods from Beijing. The White House has scheduled an increase in U.S. tariffs on $250 billion worth of Chinese goods to 30% from 25% on Oct. 15. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the trade negotiations with China are definitely not getting any closer to resolution. If anything, they’re getting further away,” Carl Tannenbaum, chief economist at Northern Trust, told CNBC’s “Squawk Box” on Wednesday. “The two sides — even though there are still negotiations scheduled for Thursday of this week in Washington — seem to be taking steps on both sides to distance themselves from one another,” Tannenbaum added. “In that context, the trade headwind that the economy has been facing around the world is certainly going to remain there if not intensify.” The protracted trade fight between the U.S. and China has already lasted for more than a year, with both parties slapping tariffs on billions of dollars worth of each other’s goods, denting investor sentiment and raising fears over the outlook for the global economy.

Asia-Pacific Market Indexes Chart

Overnight on Wall Street, stocks tumbled amid the dented hopes for a U.S.-China trade deal. The Dow Jones Industrial Average plunged 313.98 points to close at 26,164.04 while the S&P 500 slipped 1.6% to end its trading day stateside 2,893.06. The Nasdaq Composite dropped 1.7% to close at 7,823.78.

Currencies and oil


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
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The Dow dropped more than 800 points in two days — here’s what’s going on

Stock indices were nearing record high levels until October and the fourth quarter began. In the last two days, the U.S. markets have fallen broadly as investors began showing concern about fresh signs of an economic slowdown. The Dow Jones industrial average’s losses deepened on Wednesday, bringing its two-day decline to 838 points. The Dow has lost 3.1% so far this quarter, already wiping out the 1.2% gain of the third quarter. EconomyThe drop in the Dow began after a key measure of U.S. manuf


Stock indices were nearing record high levels until October and the fourth quarter began. In the last two days, the U.S. markets have fallen broadly as investors began showing concern about fresh signs of an economic slowdown. The Dow Jones industrial average’s losses deepened on Wednesday, bringing its two-day decline to 838 points. The Dow has lost 3.1% so far this quarter, already wiping out the 1.2% gain of the third quarter. EconomyThe drop in the Dow began after a key measure of U.S. manuf
The Dow dropped more than 800 points in two days — here’s what’s going on Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: michael sheetz
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The Dow dropped more than 800 points in two days — here's what's going on

Stock indices were nearing record high levels until October and the fourth quarter began. In the last two days, the U.S. markets have fallen broadly as investors began showing concern about fresh signs of an economic slowdown. The Dow Jones industrial average’s losses deepened on Wednesday, bringing its two-day decline to 838 points. The Dow has lost 3.1% so far this quarter, already wiping out the 1.2% gain of the third quarter. It still remains up 11.8% for the year.

Economy

The drop in the Dow began after a key measure of U.S. manufacturing saw its lowest reading in more than 10 years on Tuesday. September’s reading of manufacturing data from the Institute of Supply Management (ISM) came in at 47.85% – the second consecutive month of contract for the index. Any reading of the ISM index below 50% signals a contraction. Shortly behind last month’s slowdown in manufacturing was the month’s private payrolls report on Wednesday, which revealed that the pace of hiring is easing as the labor market continues to tighten. ADP and Moody’s Analytics said companies hired an additional 135,000 workers in September, a slowing from 157,000 hirings during the previous month. What’s more, the August numbers were revised sharply lower, as there were 195,000 more workers previously reported for the month.

Impeachment

The two economic warning signs come as President Donald Trump faces a push for impeachment from Democrats, which want to see Trump removed for allegations that he abused his power as president. The possibility of impeachment has been negative for U.S. stocks; although some investors say that if Trump is removed there may be a Clinton-like rally in equities. One of the main concerns from investors is that impeachment proceedings will undermine trade negotiations, especially with China. Last week Washington policy analysts warned clients that an impeachment inquiry is likely to waylay the U.S. from passing the United States-Mexico-Canada Agreement (USMCA) or coming to a resolution with Beijing. With the escalating trade war weighing on U.S. companies, Wall Street remains concerned that Trump will not be able to reach a deal that would result in the removal of the tariffs on billions of dollars worth of imports.

Technical breakdown


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: michael sheetz
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Here’s what happened to the stock market on Friday

The Dow fell 70.87 points, or 0.3%, to 26,820.25. The S&P 500 slid 0.5% to close at 2961.79. The S&P 500 ended the week down 1%, its second straight weekly decline. U.S. equity markets reversed early gains and sank after reports that the White House is now considering limits to U.S. investment in China. Chinese stocks trading on U.S. exchanges dropped on fears they could be delisted, with shares of Alibaba losing 5%.


The Dow fell 70.87 points, or 0.3%, to 26,820.25. The S&P 500 slid 0.5% to close at 2961.79. The S&P 500 ended the week down 1%, its second straight weekly decline. U.S. equity markets reversed early gains and sank after reports that the White House is now considering limits to U.S. investment in China. Chinese stocks trading on U.S. exchanges dropped on fears they could be delisted, with shares of Alibaba losing 5%.
Here’s what happened to the stock market on Friday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-27  Authors: thomas franck
Keywords: news, cnbc, companies, stocks, white, weekly, dropped, early, fell, china, investment, 500, happened, stock, market, heres


Here's what happened to the stock market on Friday

The Dow fell 70.87 points, or 0.3%, to 26,820.25. The S&P 500 slid 0.5% to close at 2961.79. The Nasdaq Composite dropped 1.1% to 7939.63. The S&P 500 ended the week down 1%, its second straight weekly decline.

U.S. equity markets reversed early gains and sank after reports that the White House is now considering limits to U.S. investment in China. Stocks with exposure to China including Boeing and Apple fell following the news of the administration’s considerations, which if pursued could endanger billions of dollars in investments tied to major indexes and escalate the trade war. Chinese stocks trading on U.S. exchanges dropped on fears they could be delisted, with shares of Alibaba losing 5%.

A person familiar with the deliberations told CNBC that a block of all U.S. financial investment in China was among the options under review, though cautioned that any such moves are in the early stages of discussion.


Company: cnbc, Activity: cnbc, Date: 2019-09-27  Authors: thomas franck
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Kirsten Gillibrand has dropped out of the 2020 presidential race

Gillibrand had positioned herself as a progressive and the strongest advocate for women’s issues among the Democratic field, which at its peak included two dozen presidential candidates. Sen. Kirsten Gillibrand, D-N.Y., dropped out of the 2020 presidential race Wednesday, ending a campaign weighed down by fundraising problems and a lack of public support. She sold her 2006 win in a Republican-held district as evidence that she could garner bipartisan support in a presidential election. Though Gi


Gillibrand had positioned herself as a progressive and the strongest advocate for women’s issues among the Democratic field, which at its peak included two dozen presidential candidates. Sen. Kirsten Gillibrand, D-N.Y., dropped out of the 2020 presidential race Wednesday, ending a campaign weighed down by fundraising problems and a lack of public support. She sold her 2006 win in a Republican-held district as evidence that she could garner bipartisan support in a presidential election. Though Gi
Kirsten Gillibrand has dropped out of the 2020 presidential race Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: kevin breuninger
Keywords: news, cnbc, companies, 2020, dropped, democrat, support, gillibrands, campaign, kirsten, gillibrand, presidential, york, run, senate, race, million


Kirsten Gillibrand has dropped out of the 2020 presidential race

Senator Kristen Gillibrand, a Democrat from New York, listens during a news conference on the September 11th Victim Compensation Fund at the U.S. Capitol in Washington, D.C., July 18, 2019.

She also touted her staunch opposition to President Donald Trump, having voted against more of Trump’s nominees than any Democrat in the Senate.

Gillibrand had positioned herself as a progressive and the strongest advocate for women’s issues among the Democratic field, which at its peak included two dozen presidential candidates.

Sen. Kirsten Gillibrand, D-N.Y., dropped out of the 2020 presidential race Wednesday, ending a campaign weighed down by fundraising problems and a lack of public support. Gillibrand’s decision to drop out of the race comes after she failed to qualify for the third Democratic debate on Sept. 12 in Houston.

But the contrast between Gillibrand’s progressive platform and her past conservative views as a U.S. representative in upstate New York gave her critics ammunition.

She sold her 2006 win in a Republican-held district as evidence that she could garner bipartisan support in a presidential election. But at the time, she ran as a fiscally conservative, pro-gun Democrat who was reportedly against “amnesty for illegal immigrants.” In 2018, she said she was “embarrassed ” about her past positions and that they were “wrong. ”

Gillibrand didn’t officially launch her campaign until March, but she announced in January on “The Late Show with Stephen Colbert” that she would run for the White House.

“I’m going to run for president of the United States because as a young mom, I’m going to fight for other people’s kids as hard as I would fight for my own,” she told Colbert.

Gillibrand received national attention when she became the first Democrat in the Senate to call on former Minnesota Sen. Al Franken to step down amid allegations of sexual misconduct from multiple women. More than two dozen Senate Democrats followed suit, and Franken quickly vacated his seat while denying most of the allegations against him. Some in the party later resented Gillibrand’s outspoken condemnation of her colleague.

Though Gillibrand had $10 million left over from her 2018 Senate run, she struggled to raise money for her presidential campaign.

The list of donors she had amassed evaporated following her announcement in January, The New York Times reported. And despite her head start on outreach to big-money donors, her quarterly fundraising numbers were lackluster: Gillibrand posted $3 million in the first fiscal quarter, placing her near the bottom of the pack. She raised $2.3 million in the following quarter.

Gillibrand’s campaign never gained traction, according to national polls. The RealClearPolitics rolling average, for instance, show Gillibrand mostly below 2% support throughout 2019.


Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: kevin breuninger
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Dow plummets more than 600 points after Trump orders US manufacturers to leave China

Stocks plunged on Friday after President Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China. The Dow Jones Industrial Average closed 623.34 points lower, or 2.4% at 25,628.90. The Nasdaq Composite dropped 3% to end the day at 7,751.77. The Dow dropped about 1% this week while the S&P 500 pulled back 1.4%. But traders may have wanted a clearer suggestion that the Fed would cut rates in September.


Stocks plunged on Friday after President Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China. The Dow Jones Industrial Average closed 623.34 points lower, or 2.4% at 25,628.90. The Nasdaq Composite dropped 3% to end the day at 7,751.77. The Dow dropped about 1% this week while the S&P 500 pulled back 1.4%. But traders may have wanted a clearer suggestion that the Fed would cut rates in September.
Dow plummets more than 600 points after Trump orders US manufacturers to leave China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: fred imbert
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Dow plummets more than 600 points after Trump orders US manufacturers to leave China

Stocks plunged on Friday after President Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China. Apple led the way lower.

The Dow Jones Industrial Average closed 623.34 points lower, or 2.4% at 25,628.90. The S&P 500 slid 2.6% to close at 2,847.11. The Nasdaq Composite dropped 3% to end the day at 7,751.77. The losses brought the Dow’s decline for August to more than 4%.

The major indexes also posted weekly losses for the fourth straight time. The Dow dropped about 1% this week while the S&P 500 pulled back 1.4%. The Nasdaq lost 1.8%.

Trump tweeted on Friday: “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..your companies HOME and making your products in the USA.” However, it is not clear how much authority the president has on this front.

“The threats have always been out there but there’s been no need to provoke that,” said Art Hogan, chief market strategist at National Securities. “It’s almost like the administration was expecting the Fed to announce a rate cut at the Jackson Hole meeting.”

Apple shares dropped 4.6%. The VanEck Vectors Semiconductor ETF (SMH) slid 4.1% as Nvidia and Broadcom both fell around 5%. Caterpillar shares, meanwhile, pulled back 3.3%.

Friday’s decline added to a series of sharp moves down this month. The Nasdaq has now fallen at least 1% six times this month while the Dow has posted five drops of 1% or more. The S&P 500 has closed down 1% or more four times in August. Those moves come as the U.S.-China trade war intensifies while the bond market flashes a recession signal.

Trump’s tweets come after China unveiled new tariffs on Chinese goods. China will implement new tariffs on another $75 billion worth of U.S. goods, including autos. The tariffs will range between 5% and 10% and will be implemented in two batches on Sept. 1 and Dec. 15.

Earlier in the day, stocks teetered around the flatline after Federal Reserve Chairman Jerome Powell delivered a speech from an annual central banking symposium in Jackson Hole, Wyoming.

In it, he said the Fed will do what it can to sustain the current economic expansion. “Our challenge now is to do what monetary policy can do to sustain the expansion so that the benefits of the strong jobs market extend to more of those still left behind, and so that inflation is centered firmly around 2 percent.”

He also noted there is no “rulebook” for the current U.S.-China trade war, adding that “fitting trade policy uncertainty into this framework is a new challenge.”

But traders may have wanted a clearer suggestion that the Fed would cut rates in September. The market was looking for a more aggressive walk-back of his now infamous “midcycle adjustment” comment that signaled the July rate cut was just an adjustment and not the start of a trend.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: fred imbert
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European stocks close lower in choppy session

The pan-European Stoxx 600 finished the session provisionally down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses dropped into the red. European stocks traded lower Thursday amid a volatile session following a global sell-off as bond markets stoked fears of an impending recession. Global markets were routed on Wednesday as the U.S. 2-year/10-year Treasury yield curve inverted for the first time since 2007, while the U.K. 2-year/10-yea


The pan-European Stoxx 600 finished the session provisionally down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses dropped into the red. European stocks traded lower Thursday amid a volatile session following a global sell-off as bond markets stoked fears of an impending recession. Global markets were routed on Wednesday as the U.S. 2-year/10-year Treasury yield curve inverted for the first time since 2007, while the U.K. 2-year/10-yea
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Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: elliot smith
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European stocks close lower in choppy session

The pan-European Stoxx 600 finished the session provisionally down 0.33% in afternoon trade, autos leading losses with a 1.5% fall as the majority of sectors and major bourses dropped into the red. Utilities were the standout performers, gaining 0.7%.

European stocks traded lower Thursday amid a volatile session following a global sell-off as bond markets stoked fears of an impending recession.

Global markets were routed on Wednesday as the U.S. 2-year/10-year Treasury yield curve inverted for the first time since 2007, while the U.K. 2-year/10-year curve inverted for the first time in over a decade. Yield curve inversions are traditionally seen as indicators of an oncoming recession. German and French bond yields also hit record lows.

Weak economic data out of Germany and the euro zone compounded fears within Europe, with the German economy contracting in the second quarter.

Earlier, Asian stocks tumbled Thursday, led by the Japanese Nikkei 225, which fell 1.56%.

Stateside, the Dow Jones Industrial Average dropped over 800 points, posting its worst day of 2019 and falling to a two-month low. Shortly after the open Thursday, all three major indices were hovering unsteadily around the flat-line.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: elliot smith
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Cisco drops on poor guidance, says China business dropped 25%

Cisco shares fell by as much as 7% after hours on Wednesday after the company reported weaker-than-expected guidance. Here’s what the company reported:Earnings: 83 cents per share, excluding certain items, vs. 82 cents per share as expected by analysts, according to Refinitiv. 83 cents per share, excluding certain items, vs. 82 cents per share as expected by analysts, according to Refinitiv. He said in the quarter Cisco company saw “significant impact” on business in China because of the U.S.-Ch


Cisco shares fell by as much as 7% after hours on Wednesday after the company reported weaker-than-expected guidance. Here’s what the company reported:Earnings: 83 cents per share, excluding certain items, vs. 82 cents per share as expected by analysts, according to Refinitiv. 83 cents per share, excluding certain items, vs. 82 cents per share as expected by analysts, according to Refinitiv. He said in the quarter Cisco company saw “significant impact” on business in China because of the U.S.-Ch
Cisco drops on poor guidance, says China business dropped 25% Cached Page below :
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Cisco drops on poor guidance, says China business dropped 25%

Cisco shares fell by as much as 7% after hours on Wednesday after the company reported weaker-than-expected guidance. It had already dropped 4% during the day on a disastrous day for stocks.

Here’s what the company reported:

Earnings: 83 cents per share, excluding certain items, vs. 82 cents per share as expected by analysts, according to Refinitiv.

83 cents per share, excluding certain items, vs. 82 cents per share as expected by analysts, according to Refinitiv. Revenue: $13.43 billion, vs. $13.38 billion as expected by analysts, according to Refinitiv.

Revenue grew 6% on an annualized basis in the quarter, according to a statement.

“We did see in July some slight early indications of some macro shifts that we didn’t see in the prior quarter,” Cisco CEO Chuck Robbins told analysts on a Wednesday conference call. He said in the quarter Cisco company saw “significant impact” on business in China because of the U.S.-China trade war.

In China, Cisco’s revenue was down 25% on an annualized basis in the quarter, Kelly Kramer, the company’s chief financial officer, said on the call.

“What we’ve seen is in the state on enterprises … we’re just being — we’re being uninvited to bid,” Robbins said. “We’re not being allowed to even participate anymore.” Sales to carriers declined more forcefully as well, he said.

The majority of Cisco’s revenue comes from sales of data center networking products, including switches and routers. That business is represented by Cisco’s Infrastructure Platforms segment, which came up with quarterly revenue of $7.88 billion, above the $7.84 billion consensus among analyst polled by FactSet.

The Applications segment had $1.49 billion in revenue, in line with the $1.49 billion FactSet analyst consensus. Cisco’s Security business contributed $714 million in revenue, less than $739.9 million FactSet consensus estimate.

Heading into the report, some analysts expressed concerns about Cisco given storage hardware company NetApp’s decision to lower its fiscal-year guidance at the beginning of August.

“We expect a large portion of NetApp’s headwinds to have limited implications for Cisco, except for cautious spending from large accounts which we believe Cisco is well positioned to offset through a strong product cycle and broader customer exposure,” JP Morgan analysts led by Samik Chatterjee wrote in a Monday note.

Cisco’s broad customer base could help the company weather softer macroeconomic conditions, wrote the JP Morgan analysts, who have an overweight rating on Cisco stock.

In the quarter Cisco announced new Wi-Fi products and a plan to acquire Acacia Communications for $2.6 billion.

As for guidance, Cisco said it expects to report 80 to 82 cents in earnings per share, excluding certain items, and flat to 2% revenue growth in the first quarter of its 2020 fiscal year. Analysts polled by Refinitiv were looking for 83 cents in earnings per share, excluding certain items, and $13.40 billion in revenue, or 2.5% growth, for that period.

Shares of the company are up 17% since the beginning of the year.

WATCH: This is why RiskReversal Advisors’ Dan Nathan is watching Cisco stock


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jordan novet
Keywords: news, cnbc, companies, share, poor, items, revenue, business, china, company, drops, cents, quarter, analysts, billion, guidance, 25, excluding, dropped, cisco


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‘Trump is ruining our markets’: Struggling farmers are losing a huge customer to the trade war — China

Agriculture exports to China dropped by more than half last year. In 2017, China imported $19.5 billion in agricultural goods, making it the second-largest buyer overall for American farmers. In 2018, that dropped to $9.2 billion as the trade war escalated, according to the United States Department of Agriculture. Analysts estimate that soybean prices have dropped 9% since the beginning of the trade war. The U.S. currently leverages 25% tariffs on $250 billion in Chinese goods, while China tarif


Agriculture exports to China dropped by more than half last year. In 2017, China imported $19.5 billion in agricultural goods, making it the second-largest buyer overall for American farmers. In 2018, that dropped to $9.2 billion as the trade war escalated, according to the United States Department of Agriculture. Analysts estimate that soybean prices have dropped 9% since the beginning of the trade war. The U.S. currently leverages 25% tariffs on $250 billion in Chinese goods, while China tarif
‘Trump is ruining our markets’: Struggling farmers are losing a huge customer to the trade war — China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-10  Authors: emma newburger
Keywords: news, cnbc, companies, soybean, president, china, trade, farmers, war, customer, billion, struggling, losing, markets, dropped, trump, huge, ruining, tariffs, agricultural


'Trump is ruining our markets': Struggling farmers are losing a huge customer to the trade war — China

Corn and soybean farmer William Hejl checks one of his soybean fields in Amenia, North Dakota, July 6, 2018.

U.S. farmers lost one of their biggest customers this week after China officially cancelled all purchases of U.S. agricultural products, a retaliatory move following President Donald Trump’s pledge to slap 10% tariffs on $300 billion of Chinese imports.

China’s exit piles on to a devastating year for farmers, who have struggled through record flooding and an extreme heat wave that destroyed crop yields, and trade war escalations that have lowered prices and profits this year.

“It’s really, really getting bad out here,” said Bob Kuylen, who’s farmed for 35 years in North Dakota.

“Trump is ruining our markets. No one is buying our product no more, and we have no markets no more.”

Agriculture exports to China dropped by more than half last year. In 2017, China imported $19.5 billion in agricultural goods, making it the second-largest buyer overall for American farmers. In 2018, that dropped to $9.2 billion as the trade war escalated, according to the United States Department of Agriculture.

This year, China’s agricultural imports from the U.S are down roughly 20%, and U.S. grain, dairy and livestock farmers have seen their revenue evaporate as a result. Over the last 6 years, farm income has dropped 45% from $123.4 billion in 2013 to $63 billion last year, according to the USDA.

Kuylen, who farms roughly 1,500 acres of wheat and sunflowers, lost $70 per acre this year, despite growing good crops. Current government subsidies only cover about $15 per acre, he said.

“There’s no incentive to keep farming, except that I’ve invested everything I have in farming, and it’s hard to walk away,” he said.

“When four to five generations ahead of you have succeeded, and you come along and fail, you don’t see it as not your fault. You snap.”

Zippy Duvall, president of the American Farm Bureau Federation, said China’s exit is a “body blow to thousands of farmers and ranchers who are already struggling to get by.”

China’s exit will most impact U.S. grain farmers. China is the world’s top buyer of American soybeans, buying about 60% of U.S. soybean exports last year. Analysts estimate that soybean prices have dropped 9% since the beginning of the trade war. Soybean exports to China have dropped by 75% from September 2018 to May 2019, compared to the same nine-month period in 2017 and 2018, according to data from the USDA.

“It’s killing us,” said Mark Watne, a wheat and soybean farmer who is president of the North Dakota Farmers Union. Watne said he lost $3 per bushel of soybeans he planted this year.

The U.S. currently leverages 25% tariffs on $250 billion in Chinese goods, while China tariffs on U.S. imports are currently at $110 billion. China will also consider imposing tariffs on U.S. agricultural imports it has already purchased.


Company: cnbc, Activity: cnbc, Date: 2019-08-10  Authors: emma newburger
Keywords: news, cnbc, companies, soybean, president, china, trade, farmers, war, customer, billion, struggling, losing, markets, dropped, trump, huge, ruining, tariffs, agricultural


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