Oil prices fall as Saudi Arabia plans output increase

Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran. Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel. Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist J


Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran. Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel. Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist J
Oil prices fall as Saudi Arabia plans output increase Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: heinz-peter bader
Keywords: news, cnbc, companies, cents, crude, prices, plans, sanctions, barrel, kingdom, arabia, saudi, futures, output, oil, fall, increase, fell, brent


Oil prices fall as Saudi Arabia plans output increase

Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran.

Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel.

Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist Jamal Khashoggi, while the kingdom, the world’s largest oil exporter, has pledged to retaliate to any sanctions with “bigger measures.”

Saudi energy minister Khalid al-Falih told Russia’s TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: heinz-peter bader
Keywords: news, cnbc, companies, cents, crude, prices, plans, sanctions, barrel, kingdom, arabia, saudi, futures, output, oil, fall, increase, fell, brent


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US weekly jobless claims fall, while continuing claims drop to the lowest level since 1973

New applications for U.S. unemployment benefits dropped last week and the number of Americans on jobless rolls fell back to levels last seen in 1973, suggesting a further tightening in labor market conditions. A strong labor market and robust economy likely keep the Federal Reserve on course to increase interest rates again in December. The U.S. central bank raised rates in September for the third time this year and removed the reference to monetary policy remaining “accommodative.” Initial clai


New applications for U.S. unemployment benefits dropped last week and the number of Americans on jobless rolls fell back to levels last seen in 1973, suggesting a further tightening in labor market conditions. A strong labor market and robust economy likely keep the Federal Reserve on course to increase interest rates again in December. The U.S. central bank raised rates in September for the third time this year and removed the reference to monetary policy remaining “accommodative.” Initial clai
US weekly jobless claims fall, while continuing claims drop to the lowest level since 1973 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: getty images
Keywords: news, cnbc, companies, fall, ended, lowest, fell, benefits, jobless, tightening, claims, 1973, week, unemployment, level, rates, weekly, continuing, drop, labor, market


US weekly jobless claims fall, while continuing claims drop to the lowest level since 1973

New applications for U.S. unemployment benefits dropped last week and the number of Americans on jobless rolls fell back to levels last seen in 1973, suggesting a further tightening in labor market conditions.

A strong labor market and robust economy likely keep the Federal Reserve on course to increase interest rates again in December. The U.S. central bank raised rates in September for the third time this year and removed the reference to monetary policy remaining “accommodative.”

Initial claims for state unemployment benefits decreased 5,000 to a seasonally adjusted 210,000 for the week ended Oct. 13, the Labor Department said on Thursday. Claims fell to 202,000 during the week ended Sept. 15, which was the lowest level since November 1969.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: getty images
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Dow falls more than 300 points as the market’s October struggles persist

Among the reasons for selling on Thursday, according to investors, were worries about the U.S.-China trade war, rising interest rates and lingering worries about possible overvalued U.S. tech stocks. Several stocks seen as economic bellwethers fell sharply in the U.S., including United Rentals and Textron, which dropped at least 11 percent each. Large-cap tech shares like Facebook and Amazon both fell more than 2.5 percent, along with Alphabet and Netflix. The country is losing and needs to cry


Among the reasons for selling on Thursday, according to investors, were worries about the U.S.-China trade war, rising interest rates and lingering worries about possible overvalued U.S. tech stocks. Several stocks seen as economic bellwethers fell sharply in the U.S., including United Rentals and Textron, which dropped at least 11 percent each. Large-cap tech shares like Facebook and Amazon both fell more than 2.5 percent, along with Alphabet and Netflix. The country is losing and needs to cry
Dow falls more than 300 points as the market’s October struggles persist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: fred imbert, bryan r smith, afp, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images
Keywords: news, cnbc, companies, tech, market, stocks, markets, dow, trade, persist, rising, struggles, 300, points, fell, worries, sent, rates, raich, falls


Dow falls more than 300 points as the market's October struggles persist

Among the reasons for selling on Thursday, according to investors, were worries about the U.S.-China trade war, rising interest rates and lingering worries about possible overvalued U.S. tech stocks. Stocks also fell as Treasury Secretary Steven Mnuchin pulled out of a Saudi Arabia investment conference as traders worried a large global investor in the kingdom is coming under greater scrutinee.

Several stocks seen as economic bellwethers fell sharply in the U.S., including United Rentals and Textron, which dropped at least 11 percent each. Snap-on and Caterpillar, meanwhile, fell 9.6 percent and 3.9 percent, respectively. Large-cap tech shares like Facebook and Amazon both fell more than 2.5 percent, along with Alphabet and Netflix.

The Shanghai Composite dropped 2.9 percent and hit its lowest level since November 2014.

“Mr. Market is speaking loud and clear on China. The country is losing and needs to cry uncle,” Nick Raich, CEO of The Earnings Scout, said in a note to clients.

“Chinese stocks are now at a four year low as rising U.S. interest rates and the likelihood of less favorable trade deals is going to adversely impact Chinese companies profits next year and its market price is re-setting lower to reflect that,” Raich said.

This drop in Chinese stocks increased fears that China’s economy, the world”s second largest, could be slowing down, dragging down global growth. These worries increased Thursday after European Central Bank President Mario Draghi said one of the risks for the economy was countries trying to circumvent EU budget rules.

Draghi’s comments sent Italian bond yields to their highs of the day and sent major European stock-market indexes to their session lows.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: fred imbert, bryan r smith, afp, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images
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Asian stocks slip; China leads losses

Stocks in Asia were broadly lower on Thursday, as a Fed report hinted at more rate hikes ahead. The Greater China markets were largely lower, as Hong Kong’s Hang Seng index slipped by 0.47 percent in the afternoon. In Japan, the Nikkei 225 was lower by 0.8 percent to close at 22,658.16, while the Topix index slipped 0.54 percent to end the trading day at 1,704.64. The ASX 200 ended the trading day Down Under slightly higher at 5,942.4. Jobs data in Australia showed employment numbers for the mon


Stocks in Asia were broadly lower on Thursday, as a Fed report hinted at more rate hikes ahead. The Greater China markets were largely lower, as Hong Kong’s Hang Seng index slipped by 0.47 percent in the afternoon. In Japan, the Nikkei 225 was lower by 0.8 percent to close at 22,658.16, while the Topix index slipped 0.54 percent to end the trading day at 1,704.64. The ASX 200 ended the trading day Down Under slightly higher at 5,942.4. Jobs data in Australia showed employment numbers for the mon
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Asian stocks slip; China leads losses

Stocks in Asia were broadly lower on Thursday, as a Fed report hinted at more rate hikes ahead.

The Greater China markets were largely lower, as Hong Kong’s Hang Seng index slipped by 0.47 percent in the afternoon.

Over on the mainland, the Shanghai composite dropped by 2.94 percent to close at around 2,486.42 while the Shenzhen composite fell by 2.74 percent to end the trading day at about 1,232.01, with shares of Chinese oil giant PetroChina plunged almost 8 percent.

In Japan, the Nikkei 225 was lower by 0.8 percent to close at 22,658.16, while the Topix index slipped 0.54 percent to end the trading day at 1,704.64. Earlier on Thursday, data showed thatJapan’s exports fell in September for the first time since 2016 as shipments to the United States and China declined, adding to concerns about the broadening impact of an escalating Sino-U.S. trade war.

One economist, however, said the decline in exports was probably “temporary.”

Speaking with CNBC on Thursday, Kazuo Momma, an executive economist at Mizuho Research Institute, said natural disasters had caused “a huge disruption on supply chain and some industry production and also transport in September.”

“I am expecting some fairly reasonable bounce back in October and possibly in November,” he added.

Over in South Korea, the Kospi fell by 0.89 percent to close at 2,148.31, with shares of chipmaker SK Hynix dropping by 2.41 percent. The country’s central bank had earlier opted to keep monetary policy steady.

The ASX 200 ended the trading day Down Under slightly higher at 5,942.4. The heavily weighted financials subindex was 0.45 percent higher, while the energy sector recovered partially from its earlier losses but still saw a decline of 0.15 percent and materials fell by 0.67 percent.

Jobs data in Australia showed employment numbers for the month of September falling short of expectations from a Reuters poll. The unemployment rate declined by 0.3 percent from the previous month to 5.0 percent.

That employment data “is volatile and can have a short term impact on the currency,” said an ANZ Research note in the morning.

“Our bias continues to favour trading AUD with a cautious tone given simmering global risks,” it said.

The Australian dollar was at $0.7126, following a slide from above 0.715 in the previous session.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: eustance huang
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US housing starts fall more than expected in September

Housing starts fell 5.3 percent to a seasonally adjusted annual rate of 1.201 million units last month, the Commerce Department said on Wednesday. Data for August was revised down to show starts rising to a rate of 1.268 million units instead of the previously reported pace of 1.282 million units. Economists polled by Reuters had forecast housing starts declining to a pace of 1.220 million units last month. They, however, remain below the level of single-family starts, suggesting limited scope f


Housing starts fell 5.3 percent to a seasonally adjusted annual rate of 1.201 million units last month, the Commerce Department said on Wednesday. Data for August was revised down to show starts rising to a rate of 1.268 million units instead of the previously reported pace of 1.282 million units. Economists polled by Reuters had forecast housing starts declining to a pace of 1.220 million units last month. They, however, remain below the level of single-family starts, suggesting limited scope f
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US housing starts fall more than expected in September

U.S. homebuilding dropped more than expected in September as construction activity in the South fell by the most in nearly three years, likely held down by Hurricane Florence.

Housing starts fell 5.3 percent to a seasonally adjusted annual rate of 1.201 million units last month, the Commerce Department said on Wednesday. Data for August was revised down to show starts rising to a rate of 1.268 million units instead of the previously reported pace of 1.282 million units.

Starts in the South, which accounts for the bulk of homebuilding, tumbled 13.7 percent last month. That was the biggest decline since October 2015. Hurricane Florence slammed North and South Carolina in mid-September and flooding from the storm probably depressed homebuilding last month.

Building permits fell 0.6 percent to a rate of 1.241 million units in September. That was the second straight monthly decline in permits and suggested homebuilding is likely to remain tepid.

Economists polled by Reuters had forecast housing starts declining to a pace of 1.220 million units last month. Starts surged 29 percent in the Northeast and rose 6.6 percent in the West. They fell 14.0 percent in the Midwest.

The housing market has been a weak spot in a robust economy. Economists blame the sluggishness on rising mortgage rates, which have combined with higher house prices to make home purchasing unaffordable for some first-time buyers.

The 30-year fixed mortgage rate jumped 19 basis points to 4.90 percent last week, the highest level since mid-April 2011, according to data from mortgage finance agency Freddie Mac. The mortgage rate has risen about 91 basis points this year.

Single-family homebuilding, which accounts for the largest share of the housing market, decreased 0.9 percent to a rate of 871,000 units in September. Single-family homebuilding has lost momentum since hitting a pace of 948,000 units last November, which was the strongest in more than 10 years.

A survey on Tuesday showed confidence among single-family homebuilders rose in October, but builders said “housing affordability has become a challenge due to ongoing price and interest rate increases.”

Permits to build single-family homes rose 2.9 percent in September to a pace of 851,00 units. They, however, remain below the level of single-family starts, suggesting limited scope for a strong rebound in homebuilding.

Starts for the volatile multi-family housing segment plunged 15.2 percent to a rate of 330,000 units in September. Permits for the construction of multi-family homes declined 7.6 percent to a pace of 390,000 units.


Company: cnbc, Activity: cnbc, Date: 2018-10-17
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Weekly mortgage applications tank 7.1% as interest rates surge to a near 8-year high

The Columbus Day holiday may have closed some lending offices, but rising interest rates are more likely the culprit for weakness in the mortgage market. Total mortgage application volume fell 7.1 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Rates have moved 22 basis points higher in the past four weeks and have jumped 96 points in the past year. Mortgage applications to purchase a home also fell sharply, down 6 percent for the week. Homebuyer


The Columbus Day holiday may have closed some lending offices, but rising interest rates are more likely the culprit for weakness in the mortgage market. Total mortgage application volume fell 7.1 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Rates have moved 22 basis points higher in the past four weeks and have jumped 96 points in the past year. Mortgage applications to purchase a home also fell sharply, down 6 percent for the week. Homebuyer
Weekly mortgage applications tank 7.1% as interest rates surge to a near 8-year high Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: diana olick
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Weekly mortgage applications tank 7.1% as interest rates surge to a near 8-year high

The Columbus Day holiday may have closed some lending offices, but rising interest rates are more likely the culprit for weakness in the mortgage market.

Total mortgage application volume fell 7.1 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. There was no adjustment made for the holiday. Volume was 15 percent lower compared with the same week one year ago.

Applications to refinance a home loan, which are highly sensitive to even the smallest rate moves, fell 9 percent for the week and were 33.5 percent lower than a year ago. Rates have moved 22 basis points higher in the past four weeks and have jumped 96 points in the past year. With fewer borrowers now able to benefit, refinance volume, which had been the majority of mortgage business following the recession, fell to 38.1 percent of total applications from 39 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since February 2011, 5.10 percent, from 5.05 percent, with points increasing to 0.55 from 0.51 (including the origination fee) for loans with 20 percent down payments.

“Treasury rates increased over the week, mainly as communication from Federal Reserve officials pointed to a continued path of rate hikes, based on the strength of the economy and hot job market,” said Joel Kan, an MBA economist. “Furthermore, four out of the five rates tracked in our survey increased.”

Mortgage applications to purchase a home also fell sharply, down 6 percent for the week. They were 2.5 percent higher compared with the same week one year ago. Homebuyer demand is strong, but affordability was weakening even before rates began to rise, as tight supply pushed home prices sharply higher. The combination now of high prices and rising rates is clearly throwing cold water on the heat in housing earlier this year.

Mortgage bankers meeting at the MBA’s annual convention this week expressed concern about shrinking volume and shrinking profits, but the association’s new CEO, Robert Broeksmit, had a brighter outlook.

“Well of course I’m concerned, but I’m optimistic because the economy is so strong and the millennials are out buying houses and the demand is so high. We do have to work on the supply side,” said Broeksmit. “I think what you’ll see is as the rates continue to tick up, home price appreciation, the pace will slow, and there will be an equilibrium over time.”


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: diana olick
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Housing stocks get hit hard amid weak data and worries on Wall Street about rising interest rates

Housing stocks fell broadly Wednesday after analysts at Credit Suisse lowered their ratings and price targets on several companies in the sector because of fears of rising interest rates. Sigman also lowered his price target on Home Depot to $204 per share from $222 and his Lowe’s target to $111 from $115. Meanwhile, the Commerce Department said housing starts fell more than expected last month, marking the second straight monthly decline. Sigman also trimmed his price target on Floor & Decor Ho


Housing stocks fell broadly Wednesday after analysts at Credit Suisse lowered their ratings and price targets on several companies in the sector because of fears of rising interest rates. Sigman also lowered his price target on Home Depot to $204 per share from $222 and his Lowe’s target to $111 from $115. Meanwhile, the Commerce Department said housing starts fell more than expected last month, marking the second straight monthly decline. Sigman also trimmed his price target on Floor & Decor Ho
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Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: fred imbert, jim r bounds, bloomberg, getty images
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Housing stocks get hit hard amid weak data and worries on Wall Street about rising interest rates

Housing stocks fell broadly Wednesday after analysts at Credit Suisse lowered their ratings and price targets on several companies in the sector because of fears of rising interest rates. A drop in housing starts data also weighed on the stocks.

Home Depot and Lowe’s dropped 4.3 percent and 3.3 percent, respectively; Floor & Decor Holdings and Meritage Homes fell at least 4 percent and KB Home and Lennar pulled back at least 2 percent.

Two exchange-traded funds that track housing stocks also dropped. The iShares U.S. Home Construction ETF (ITB) fell 2.2 percent — its sixth decline in seven sessions — while the SPDR S&P Homebuilders ETF (XHB) declined half a percent.

The home construction ETF is down more than 9 percent in October, its worst month since February, on fears about higher interest rates slowing demand. KB Home is down more than 12.6 percent this month.

Credit Suisse analyst Seth Sigman downgraded Home Depot and Lowe’s to neutral from outperform. Sigman also lowered his price target on Home Depot to $204 per share from $222 and his Lowe’s target to $111 from $115. Home Depot and Lowe’s traded around $185 and $102, respectively.

“Our key concern is that home prices will continue to moderate, at least temporarily, as higher rates weigh on affordability, and inventory creeps up,” Sigman said in a note. “Why is this important? Home prices have been a key driver of big ticket projects, supporting strong average ticket growth (similar to this point in prior cycles), and driving nearly all of the comps growth as of late.”

The 10-year Treasury note yield — which is used as a benchmark for mortgage rates —rose to 3.26 percent last week, its highest level since October 2011. The rise in rates pushed the average rate for 30-year fixed-rate mortgages up to its highest level February 2011. This led to weekly mortgage applications tanking by 7.1 percent last week.

Meanwhile, the Commerce Department said housing starts fell more than expected last month, marking the second straight monthly decline.

Sigman also trimmed his price target on Floor & Decor Holdings to $33 from $50 per share, but kept his outperform rating on the stock.

Susan Maklari, another analyst at Credit Suisse, downgraded Lennar and Meritage Homes to neutral from outperform in one swoop. She also lowered her rating on KB Home to underperform. The analyst said she expects “more tempered demand and rising affordability concerns to weigh on homebuilding sentiment and broader group valuation.”

“This comes as rate hikes and inflation pressures signal that we are moving closer to the latter stages of the cycle. Although we believe housing — and macro — fundamentals remain intact … unit gains are likely to moderate,” Maklari said in a note.

—CNBC’s Michael Bloom contributed to this report.

Clarification: This story has been updated to reflect the ITB ETF posted its sixth decline in seven sessions.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: fred imbert, jim r bounds, bloomberg, getty images
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Stocks making the biggest moves after hours: Constellation Brands, Alcoa and more

Check out the companies making headlines after the bell:Helios and Matheson Analytics, MoviePass’ parent company, stock fell as much as 4 percent during after-hours trading on Wednesday. Constellation Brands stock fell as much as 2.7 percent during after-hours after the company announced that CEO Rob Sands will step down on March 1, 2019. Alcoa’s stocks rose more than 5 percent after the market closed as the company beat expectations on their quarterly report. The aluminum maker beat on both its


Check out the companies making headlines after the bell:Helios and Matheson Analytics, MoviePass’ parent company, stock fell as much as 4 percent during after-hours trading on Wednesday. Constellation Brands stock fell as much as 2.7 percent during after-hours after the company announced that CEO Rob Sands will step down on March 1, 2019. Alcoa’s stocks rose more than 5 percent after the market closed as the company beat expectations on their quarterly report. The aluminum maker beat on both its
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Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: waverly colville, scott eells, bloomberg, getty images
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Stocks making the biggest moves after hours: Constellation Brands, Alcoa and more

Check out the companies making headlines after the bell:

Helios and Matheson Analytics, MoviePass’ parent company, stock fell as much as 4 percent during after-hours trading on Wednesday. New York Attorney General Barbara Underwood has opened an investigation into the company for possibly misleading investors about its financials, a source told CNBC.

Constellation Brands stock fell as much as 2.7 percent during after-hours after the company announced that CEO Rob Sands will step down on March 1, 2019. He ran the family-controlled company that brews Corona for 11 years. Bill Newlands, the chief growth officer and president, will become CEO. The company’s stock later regained its after-hours losses and traded up as much as 1.25%.

Alcoa’s stocks rose more than 5 percent after the market closed as the company beat expectations on their quarterly report. The aluminum maker beat on both its top and bottom lines, reporting earnings of 63 cents a share on $3.39 billion in revenue. Analysts had expected earnings of 36 cents per share on $3.31 billion in revenue.

Sealed Air stock fell more than 6 percent after-hours after the packaging company lowered its 2018 earnings guidance. It now expects earnings of $2.40-$2.45 per share, down from $2.45-$2.55 per share.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: waverly colville, scott eells, bloomberg, getty images
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Dow jumps 500 points in best day since March on strong earnings

The S&P 500 gained 1.9 percent as the tech and health care sectors jumped more than 2 percent each. Both the Dow and S&P 500 were on track to post their best day since March. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19 percent. The Dow and S&P 500 fell more than 4 percent last week as worries over higher borrowing costs sent equities tumbling


The S&P 500 gained 1.9 percent as the tech and health care sectors jumped more than 2 percent each. Both the Dow and S&P 500 were on track to post their best day since March. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19 percent. The Dow and S&P 500 fell more than 4 percent last week as worries over higher borrowing costs sent equities tumbling
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Dow jumps 500 points in best day since March on strong earnings

Why you shouldn’t panic when stocks are getting slammed 9:47 AM ET Fri, 12 Oct 2018 | 02:11

Stocks rose sharply on Tuesday after the release of strong quarterly results from some of the largest U.S. companies helped the market recover from last week’s sell-off.

The Dow Jones Industrial Average surged 500 points, with UnitedHealth outperforming. The S&P 500 gained 1.9 percent as the tech and health care sectors jumped more than 2 percent each. Both the Dow and S&P 500 were on track to post their best day since March. The Nasdaq Composite advanced 2.6 percent.

With Tuesday’s sharp gains and following a rally on Friday, the Dow has risen more than 4 percent from the lows seen last week.

Morgan Stanley jumped more than 5.5 percent after reporting better-than-expected earnings. Goldman Sachs’ profits also beat estimates, sending the stock up 2.6 percent. Dow-members Johnson & Johnson and UnitedHealth both posted better-than-expected earnings, sending their shares higher.

Kim Forrest, senior portfolio manager at Fort Pitt Capital, said more companies should report stronger-than-expected earnings moving forward. “We were overly worried about the economy at the start of October,” Forrest said. “I think the bar has been set pretty low by sell-side analysts.”

Investors will turn their eyes to Netflix after the close on Tuesday, as the company releases its quarterly results. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected. The stock rose more than 2 percent ahead of the report’s release.

Investors came into the earnings season with high hopes. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19 percent.

However, Dow-component Walmart slashed its fiscal 2019 earnings forecast on Tuesday, citing its Flipkart acquisition. The earnings season comes as Wall Street tries to recover from sharp losses seen last week.

The Dow and S&P 500 fell more than 4 percent last week as worries over higher borrowing costs sent equities tumbling. The Nasdaq also fell 3.7 percent last week as tech shares dropped broadly.

But Bill Nygren, portfolio manager and chief investment officer at Harris Associates, said these worries about higher rates are misplaced.

“Over the past 50 years the 10-year bond has averaged about 6 percent and it’s at about 3 percent today,” Nygren told CNBC’s “Halftime Report” on Tuesday. “This concern about the jiggles in the 10-year rate going up 20 or 30 basis points I think is disconnected from 50 years of history of living with a bond [yield] that was much, much higher than it is today.”

Tuesday’s moves come after fell in the previous session, led by tech, continuing from their overall trend last week. The S&P 500 slipped by 0.6 percent to close at 2,750.79 while the Nasdaq composite fell by 0.9 percent to end the trading day stateside at 7,430.74. The Dow also shed 89.44 points to close at 25,250.55.

Morgan Stanley’s quarterly results were driven by a 15 percent jump in investment-banking revenue. Goldman Sachs’ investment banking business also drove it to a better-than-expected profit.

In data, job openings hit a record by surging above 7 million in August, according to the Labor Department.

“That’s very encouraging,” said Forrest of Fort Pitt Capital. “That’s the utmost in confidence, when you put up the ‘Help Wanted’ sign. It means your business is demanding growth.”

—CNBC’s Spriha Srivastava contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-16  Authors: fred imbert
Keywords: news, cnbc, companies, season, dow, points, earnings, fell, 500, strong, sp, tech, report, results, week, jumps, best, day


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Asia markets: Wall Street, US-China trade war, currencies in focus

Stocks in Asia slipped on Monday afternoon as investors remained cautious, following global losses in the previous week. In the Greater China region, the Hang Seng index in Hong Kong fell by around 1.32 percent as of 3:31 a.m. HK/SIN. In Japan, the Nikkei 225 fell by 1.87 percent to close at 22,271.30, while the Topix index slipped by 1.59 percent at 1,675.44, with most sectors ending the trading day lower. Meanwhile, South Korea’s Kospi also saw losses of 0.77 percent to close at 2,145.12, with


Stocks in Asia slipped on Monday afternoon as investors remained cautious, following global losses in the previous week. In the Greater China region, the Hang Seng index in Hong Kong fell by around 1.32 percent as of 3:31 a.m. HK/SIN. In Japan, the Nikkei 225 fell by 1.87 percent to close at 22,271.30, while the Topix index slipped by 1.59 percent at 1,675.44, with most sectors ending the trading day lower. Meanwhile, South Korea’s Kospi also saw losses of 0.77 percent to close at 2,145.12, with
Asia markets: Wall Street, US-China trade war, currencies in focus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: eustance huang
Keywords: news, cnbc, companies, asia, trading, bank, war, fell, china, currencies, wall, slipped, sectors, day, saw, street, losses, trade, focus, uschina, markets, close


Asia markets: Wall Street, US-China trade war, currencies in focus

Stocks in Asia slipped on Monday afternoon as investors remained cautious, following global losses in the previous week.

In the Greater China region, the Hang Seng index in Hong Kong fell by around 1.32 percent as of 3:31 a.m. HK/SIN.

The Shanghai composite also slipped by 1.49 percent to close at around 2,568.10 — its lowest since November 2014 — while the Shenzhen composite declined by 1.178 percent to end the trading day at about 1,281.08.

The moves in China came as new reserve requirements for lenders went into effect, in a move by the People’s Bank of China which is expected to inject 750 billion yuan (around $108.4 billion) into the banking system.

In Japan, the Nikkei 225 fell by 1.87 percent to close at 22,271.30, while the Topix index slipped by 1.59 percent at 1,675.44, with most sectors ending the trading day lower.

Meanwhile, South Korea’s Kospi also saw losses of 0.77 percent to close at 2,145.12, with industry heavyweight Samsung Electronics slipping by 0.45 percent and chipmaker SK Hynix falling by 2.9 percent.

In Australia, the benchmark ASX 200 fell around 1 percent to end the trading day Down Under at 5,837.1 with most sectors lower. The heavily weighted financial subindex fell 1.62 percent as major banking shares saw losses — Commonwealth Bank was down 2.09 percent, ANZ fell 1.85 percent, Westpac was lower by 1.59 percent and the National Australia Bank declined by 1.58 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: eustance huang
Keywords: news, cnbc, companies, asia, trading, bank, war, fell, china, currencies, wall, slipped, sectors, day, saw, street, losses, trade, focus, uschina, markets, close


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