A crazy last 24 hours has put the market inches away from a record: Here’s what happened

Several market moving events unfolded between the close of U.S. stock markets on Wednesday and the open on Thursday. As a result, the Dow Jones Industrial Average and the S&P 500 both came close to record highs on Thursday. The tariffs are set to increase to 30% from 25% on about $250 billion worth of Chinese goods. ECB lowers ratesOn Thursday morning the European Central Bank (ECB) announced a cut to its deposit rates by 10 basis points, to negative 0.5%. The Consumer Price Index, which is used


Several market moving events unfolded between the close of U.S. stock markets on Wednesday and the open on Thursday. As a result, the Dow Jones Industrial Average and the S&P 500 both came close to record highs on Thursday. The tariffs are set to increase to 30% from 25% on about $250 billion worth of Chinese goods. ECB lowers ratesOn Thursday morning the European Central Bank (ECB) announced a cut to its deposit rates by 10 basis points, to negative 0.5%. The Consumer Price Index, which is used
A crazy last 24 hours has put the market inches away from a record: Here’s what happened Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: michael sheetz
Keywords: news, cnbc, companies, away, announced, increase, president, market, vice, hours, inches, crazy, stock, rose, record, inflation, heres, tariffs, happened, ecb, investors


A crazy last 24 hours has put the market inches away from a record: Here's what happened

Several market moving events unfolded between the close of U.S. stock markets on Wednesday and the open on Thursday. As a result, the Dow Jones Industrial Average and the S&P 500 both came close to record highs on Thursday. Here’s what investors need to know.

Delayed tariffs

Stock futures climbed Wednesday evening after President Donald Trump announced he would be delaying the planned increase of tariffs on Chinese goods by 15 days, as a “gesture of good will.” The tariffs are set to increase to 30% from 25% on about $250 billion worth of Chinese goods. Treasury Secretary Steven Mnuchin told CNBC on Thursday morning that the president “could do a deal any time” with China but won’t until “it’s a good deal.” “The president delayed it because of a request from the vice premier,” Mnuchin added. He clarified that China’s Vice Premier Liu He made the request because Oct. 1 is the 70th anniversary of the establishment of the People’s Republic of China and said raising the tariffs on that day “caused them grave concern on the symbolism.”

ECB lowers rates

On Thursday morning the European Central Bank (ECB) announced a cut to its deposit rates by 10 basis points, to negative 0.5%. The ECB also announced a substantial bond-buying program of 20 billion euros per month, as a part of its quantitative easing (QE) initiative. The Euro initially fell to its lowest level against the dollar in nearly two weeks but later rebounded, sitting at around $1.104, as foreign exchange investors remain uneasy about whether the ECB’s policies will successfully increase inflation. Additionally, bond yields in the Euro zone dropped, with Germany’s benchmark 10-year bond yield falling to negative 0.64%. Investors were pleased the ECB was trying quantitative easing again, hoping the new program would give the global economy a jolt.

Tame inflation

About an hour before U.S. stock markets opened on Thursday, the Labor Department reported that consumer prices slowed last month. The Consumer Price Index, which is used as a measure of inflation, rose only slightly in August. However, the core CPI measurement rose to 2.4% year-over-year – the highest level since 2008. The tame inflation was likely to keep the Federal Reserve on track to cut interest rates next week.

Stock indexes near all time highs


Company: cnbc, Activity: cnbc, Date: 2019-09-12  Authors: michael sheetz
Keywords: news, cnbc, companies, away, announced, increase, president, market, vice, hours, inches, crazy, stock, rose, record, inflation, heres, tariffs, happened, ecb, investors


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Stocks in Asia mixed as investors await ECB interest rate decision; Apple suppliers mostly jump

Shares in Asia were mixed on Wednesday as investors awaited the European central bank’s interest rate decision later in the week. Mainland Chinese shares were lower on the day, with the Shenzhen component declining 0.935% to about 1,671.54 and the Shenzhen composite down 1.12% to 9,853.72. Meanwhile, Hong Kong’s Hang Seng index rose 1.51%, as of its final hour of trading. Elsewhere in Japan, the Nikkei 225 rose 0.96% to close at 21,597.76 while the Topix index gained 1.65% on the day to 1,583.66


Shares in Asia were mixed on Wednesday as investors awaited the European central bank’s interest rate decision later in the week. Mainland Chinese shares were lower on the day, with the Shenzhen component declining 0.935% to about 1,671.54 and the Shenzhen composite down 1.12% to 9,853.72. Meanwhile, Hong Kong’s Hang Seng index rose 1.51%, as of its final hour of trading. Elsewhere in Japan, the Nikkei 225 rose 0.96% to close at 21,597.76 while the Topix index gained 1.65% on the day to 1,583.66
Stocks in Asia mixed as investors await ECB interest rate decision; Apple suppliers mostly jump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: eustance huang
Keywords: news, cnbc, companies, stocks, decision, tariffs, shares, rose, asia, index, ecb, shenzhen, investors, rate, day, south, china, mixed, suppliers, interest, jump, await, composite


Stocks in Asia mixed as investors await ECB interest rate decision; Apple suppliers mostly jump

Shares in Asia were mixed on Wednesday as investors awaited the European central bank’s interest rate decision later in the week.

Mainland Chinese shares were lower on the day, with the Shenzhen component declining 0.935% to about 1,671.54 and the Shenzhen composite down 1.12% to 9,853.72. The Shanghai composite slipped 0.41% to around 3,008.81. Meanwhile, Hong Kong’s Hang Seng index rose 1.51%, as of its final hour of trading.

Elsewhere in Japan, the Nikkei 225 rose 0.96% to close at 21,597.76 while the Topix index gained 1.65% on the day to 1,583.66. South Korea’s Kospi closed 0.84% higher at 2,049.20. Over in Australia, the S&P/ASX 200 advanced 0.36% to end its trading day at 6,638.00.

Overall, the MSCI Asia ex-Japan index rose 0.64%.

On the trade front, China’s Ministry of Finance announced that 16 American products will be exempted from additional tariffs. On Tuesday, the South China Morning Post reported that China has offered to increase U.S. agricultural purchases in exchange for a delay in tariffs and easing of a supply ban against telecommunications giant Huawei Technologies.


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: eustance huang
Keywords: news, cnbc, companies, stocks, decision, tariffs, shares, rose, asia, index, ecb, shenzhen, investors, rate, day, south, china, mixed, suppliers, interest, jump, await, composite


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Stocks making the biggest moves midday: AT&T, Chipotle, Las Vegas Sands, Energizer & more

Check out the companies making headlines midday Monday:AT&T — AT&T rose 1.5% after noted Wall Street activist Elliott Management disclosed a $3.2 billion stake in the company. Chipotle — Shares of fast-food Mexican restaurant chain Chipotle gained as much as 2.6% following an upgrade to outperform from neutral by Wedbush. Las Vegas Sands — An analyst at Deutsche Bank upgraded the casino operator to buy from hold, lifting its stock by more than 3%. Altice USA — Altice USA shares slipped 2.5% afte


Check out the companies making headlines midday Monday:AT&T — AT&T rose 1.5% after noted Wall Street activist Elliott Management disclosed a $3.2 billion stake in the company. Chipotle — Shares of fast-food Mexican restaurant chain Chipotle gained as much as 2.6% following an upgrade to outperform from neutral by Wedbush. Las Vegas Sands — An analyst at Deutsche Bank upgraded the casino operator to buy from hold, lifting its stock by more than 3%. Altice USA — Altice USA shares slipped 2.5% afte
Stocks making the biggest moves midday: AT&T, Chipotle, Las Vegas Sands, Energizer & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: fred imbert
Keywords: news, cnbc, companies, stock, las, stocks, sands, rose, telecom, shares, energy, biggest, usa, moves, vegas, midday, analyst, making, bank, america, company, energizer, chipotle


Stocks making the biggest moves midday: AT&T, Chipotle, Las Vegas Sands, Energizer & more

Traders work on the floor of the New York Stock Exchange.

Check out the companies making headlines midday Monday:

AT&T — AT&T rose 1.5% after noted Wall Street activist Elliott Management disclosed a $3.2 billion stake in the company. Elliott – founded by Paul Singer – said in letter to AT&T’s board that it hopes to help the telecom company trim unneeded assets and it could see shares above $60 after refocusing its business strategy.

Chipotle — Shares of fast-food Mexican restaurant chain Chipotle gained as much as 2.6% following an upgrade to outperform from neutral by Wedbush. The firm hiked its 12-month price target to $980 from $780, expecting the company’s digital sales to drive up sales by 30% by the end of 2021. The stock hit a new 52-week high on Monday.

Las Vegas Sands — An analyst at Deutsche Bank upgraded the casino operator to buy from hold, lifting its stock by more than 3%. The analyst said bearish sentiment around Macau’s gaming market is creating an “attractive” entry point for longer-term investors.

Altice USA — Altice USA shares slipped 2.5% after the telecom company unveiled a new wireless phone service for $20 per month. CEO Dexter Goei said in a conference call the company intends to make this service profitable.

Exxon Mobil, Chevron, Noble Energy, Helmerich & Payne — Energy-related stocks rose broadly as oil prices got a boost from Saudi Energy Minister Abdulaziz bin Salman’s comments on production cuts. He said a deal to lower oil production by 1.2 million barrels per day would survive. U.S. crude traded 2.7% higher. Exxon and Chevron both gained more than 0.75%. Noble Energy and Helmerich & Payne jumped 4.6% and 8.6, respectively.

Acadia Pharmaceuticals — Acadia shares surged 63.2% after the company announced an early ending to a successful Phase 3 trial for its Pimavanserin drug. The drug meets its “primary endpoint” with patients suffering from dementia-related psychosis, the company said in a release.

Energizer — Shares of the battery maker rose 7% after an analyst at Bank of America upgraded them to buy from underperform. The analyst said all the major risks facing the company are known, adding there is “confidence” in Energizer’s ability to turn the business around.

Bank of America, Citigroup, J.P. Morgan Chase — Bank stocks got a lift as Treasury yields rose after China reportedly offered to increase U.S. agricultural product purchases in exchange for easing sanctions on telecom giant Huawei. The 10-year yield rose to 1.63% while the 2-year rate climbed to 1.57%. Bank of America and J.P. Morgan Chase both rose more than 2% while Citigroup advanced 4.3%.

—CNBC’s Tom Franck and Maggie Fitzgerald contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: fred imbert
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Stocks making the biggest moves midday: AT&T, Chipotle, Las Vegas Sands, Energizer & more

Check out the companies making headlines midday Monday:AT&T — AT&T rose 1.5% after noted Wall Street activist Elliott Management disclosed a $3.2 billion stake in the company. Chipotle — Shares of fast-food Mexican restaurant chain Chipotle gained as much as 2.6% following an upgrade to outperform from neutral by Wedbush. Las Vegas Sands — An analyst at Deutsche Bank upgraded the casino operator to buy from hold, lifting its stock by more than 3%. Altice USA — Altice USA shares slipped 2.5% afte


Check out the companies making headlines midday Monday:AT&T — AT&T rose 1.5% after noted Wall Street activist Elliott Management disclosed a $3.2 billion stake in the company. Chipotle — Shares of fast-food Mexican restaurant chain Chipotle gained as much as 2.6% following an upgrade to outperform from neutral by Wedbush. Las Vegas Sands — An analyst at Deutsche Bank upgraded the casino operator to buy from hold, lifting its stock by more than 3%. Altice USA — Altice USA shares slipped 2.5% afte
Stocks making the biggest moves midday: AT&T, Chipotle, Las Vegas Sands, Energizer & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: fred imbert
Keywords: news, cnbc, companies, making, stocks, analyst, energy, usa, bank, biggest, america, energizer, midday, stock, sands, rose, company, telecom, shares, vegas, chipotle, moves, las


Stocks making the biggest moves midday: AT&T, Chipotle, Las Vegas Sands, Energizer & more

Traders work on the floor of the New York Stock Exchange.

Check out the companies making headlines midday Monday:

AT&T — AT&T rose 1.5% after noted Wall Street activist Elliott Management disclosed a $3.2 billion stake in the company. Elliott – founded by Paul Singer – said in letter to AT&T’s board that it hopes to help the telecom company trim unneeded assets and it could see shares above $60 after refocusing its business strategy.

Chipotle — Shares of fast-food Mexican restaurant chain Chipotle gained as much as 2.6% following an upgrade to outperform from neutral by Wedbush. The firm hiked its 12-month price target to $980 from $780, expecting the company’s digital sales to drive up sales by 30% by the end of 2021. The stock hit a new 52-week high on Monday.

Las Vegas Sands — An analyst at Deutsche Bank upgraded the casino operator to buy from hold, lifting its stock by more than 3%. The analyst said bearish sentiment around Macau’s gaming market is creating an “attractive” entry point for longer-term investors.

Altice USA — Altice USA shares slipped 2.5% after the telecom company unveiled a new wireless phone service for $20 per month. CEO Dexter Goei said in a conference call the company intends to make this service profitable.

Exxon Mobil, Chevron, Noble Energy, Helmerich & Payne — Energy-related stocks rose broadly as oil prices got a boost from Saudi Energy Minister Abdulaziz bin Salman’s comments on production cuts. He said a deal to lower oil production by 1.2 million barrels per day would survive. U.S. crude traded 2.7% higher. Exxon and Chevron both gained more than 0.75%. Noble Energy and Helmerich & Payne jumped 4.6% and 8.6, respectively.

Acadia Pharmaceuticals — Acadia shares surged 63.2% after the company announced an early ending to a successful Phase 3 trial for its Pimavanserin drug. The drug meets its “primary endpoint” with patients suffering from dementia-related psychosis, the company said in a release.

Energizer — Shares of the battery maker rose 7% after an analyst at Bank of America upgraded them to buy from underperform. The analyst said all the major risks facing the company are known, adding there is “confidence” in Energizer’s ability to turn the business around.

Bank of America, Citigroup, J.P. Morgan Chase — Bank stocks got a lift as Treasury yields rose after China reportedly offered to increase U.S. agricultural product purchases in exchange for easing sanctions on telecom giant Huawei. The 10-year yield rose to 1.63% while the 2-year rate climbed to 1.57%. Bank of America and J.P. Morgan Chase both rose more than 2% while Citigroup advanced 4.3%.

—CNBC’s Tom Franck and Maggie Fitzgerald contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: fred imbert
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Oil jumps 2.4% as new Saudi minister commits to output cuts, Netanyahu calls for action against Iran

Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country’s policy of limiting crude output to support prices. “The move is bullish for oil prices,” Phil Flynn, an analyst at Price Futures Group in Chicago, said in a note. “Prince Abdulaziz bin Salman is known as an oil production cutter. Crude prices were also supported by comments made by Israeli Prime Minister Benjamin Netanyahu. OPEC oi


Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country’s policy of limiting crude output to support prices. “The move is bullish for oil prices,” Phil Flynn, an analyst at Price Futures Group in Chicago, said in a note. “Prince Abdulaziz bin Salman is known as an oil production cutter. Crude prices were also supported by comments made by Israeli Prime Minister Benjamin Netanyahu. OPEC oi
Oil jumps 2.4% as new Saudi minister commits to output cuts, Netanyahu calls for action against Iran Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09
Keywords: news, cnbc, companies, saudi, oil, rose, output, jumps, commits, united, crude, abdulaziz, iran, production, opec, prices, salman, minister, netanyahu, cuts, calls


Oil jumps 2.4% as new Saudi minister commits to output cuts, Netanyahu calls for action against Iran

Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country’s policy of limiting crude output to support prices.

Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), replaced Khalid al-Falih on Sunday.

“The move is bullish for oil prices,” Phil Flynn, an analyst at Price Futures Group in Chicago, said in a note. “Prince Abdulaziz bin Salman is known as an oil production cutter. He has been instrumental in securing production cuts in the past.”

Crude prices were also supported by comments made by Israeli Prime Minister Benjamin Netanyahu. He said Monday that Iran has a secret nuclear facility and called for action against the Middle Eastern nation.

Brent crude futures gained $1.31, or 2.3%, to $62.58 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.33, or 2.4%, to $57.85 a barrel.

Prince Abdulaziz said the pillars of Saudi Arabia’s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would survive.

He added that the so-called OPEC+ alliance between OPEC and non-member countries including Russia was staying for the long term.

Russia’s oil output in August exceeded its quota under the OPEC+ agreements.

OPEC oil output in August rose for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by Saudi Arabia and losses caused by U.S. sanctions on Iran.

On Sunday, the United Arab Emirates’ energy minister Suhail al-Mazrouei said OPEC and non-OPEC producers were “committed” to achieving oil market balance.

The OPEC+ deal’s joint ministerial monitoring committee meets on Thursday in Abu Dhabi.

Trade and geopolitical tensions are affecting the market, Mazrouei said.

Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the U.S.-China trade war and increasing U.S. supplies.

Elsewhere, China’s crude oil imports gained about 3% in August from a month earlier, customs data showed on Sunday, buoyed by a recovery in refining margins despite a persistent surplus of oil products and tepid demand.

The United States is “very concerned” about China’s purchases of Iranian oil, Dan Brouillette, deputy secretary of the U.S. Department of Energy, said on Monday.

The United States last year withdrew from a nuclear deal that world powers had done with Iran in 2015, and reimposed sanctions to strangle Iran’s vital oil trade.


Company: cnbc, Activity: cnbc, Date: 2019-09-09
Keywords: news, cnbc, companies, saudi, oil, rose, output, jumps, commits, united, crude, abdulaziz, iran, production, opec, prices, salman, minister, netanyahu, cuts, calls


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Asia markets higher as Chinese exports unexpectedly decline

Asia markets rose on Monday as investors reacted to a series of recent data releases in major economies including the United States and China. Mainland Chinese stocks were higher on the day, with the Shanghai composite adding 0.84% to about 3,024.74 and Shenzhen component up 1.82% to 10,001.93. Hong Kong’s Hang Seng index, was largely flat as of its final hour of trading, following another weekend of protests in the embattled city. In South Korea, the Kospi added 0.52% to finish its trading day


Asia markets rose on Monday as investors reacted to a series of recent data releases in major economies including the United States and China. Mainland Chinese stocks were higher on the day, with the Shanghai composite adding 0.84% to about 3,024.74 and Shenzhen component up 1.82% to 10,001.93. Hong Kong’s Hang Seng index, was largely flat as of its final hour of trading, following another weekend of protests in the embattled city. In South Korea, the Kospi added 0.52% to finish its trading day
Asia markets higher as Chinese exports unexpectedly decline Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: eustance huang
Keywords: news, cnbc, companies, following, unexpectedly, exports, rose, asia, trading, shenzhen, shares, markets, largely, index, decline, flat, higher, chinese, day


Asia markets higher as Chinese exports unexpectedly decline

Asia markets rose on Monday as investors reacted to a series of recent data releases in major economies including the United States and China.

Mainland Chinese stocks were higher on the day, with the Shanghai composite adding 0.84% to about 3,024.74 and Shenzhen component up 1.82% to 10,001.93. The Shenzhen composite also surged 1.913% to approximately 1,689.21.

Hong Kong’s Hang Seng index, was largely flat as of its final hour of trading, following another weekend of protests in the embattled city.

In Japan, the Nikkei 225 rose 0.56% to close at 21,318.42 while the Topix index added 0.91% on the day to 1,551.11. Shares of Japanese automaker Nissan slipped 0.22% following reports that company Chief Executive Hiroto Saikawa has expressed his desire to resign, following an admission last week to being improperly compensated.

Japan’s economy grew an annualized 1.3% in the April to June quarter, according to revised data from the Cabinet Office on Monday. That was lower than the initial estimate of a 1.8% expansion, but matched market expectations.

In South Korea, the Kospi added 0.52% to finish its trading day at 2,019.55, with shares of chipmaker SK Hynix jumping 2.93%. Australia’s S&P/ASX 200 closed largely flat at 6,648.00.

Overall, the MSCI Asia ex-Japan index traded 0.27% higher.


Company: cnbc, Activity: cnbc, Date: 2019-09-09  Authors: eustance huang
Keywords: news, cnbc, companies, following, unexpectedly, exports, rose, asia, trading, shenzhen, shares, markets, largely, index, decline, flat, higher, chinese, day


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The disappointing jobs report would have been much worse without newly hired Census workers

Without the temporary hiring of Census workers, the disappointing August jobs report would have been even worse. The federal government hired 25,000 temporary workers in preparation for the 2020 Census in August, giving the overall jobs gain a big bump. The weakness largely came from the retail sector, which saw a net decline in workers of 11,100 in August alone. Beside the big job additions ahead of the 2020 population count, professional and business services also added 37,000 jobs. Health car


Without the temporary hiring of Census workers, the disappointing August jobs report would have been even worse. The federal government hired 25,000 temporary workers in preparation for the 2020 Census in August, giving the overall jobs gain a big bump. The weakness largely came from the retail sector, which saw a net decline in workers of 11,100 in August alone. Beside the big job additions ahead of the 2020 population count, professional and business services also added 37,000 jobs. Health car
The disappointing jobs report would have been much worse without newly hired Census workers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: yun li
Keywords: news, cnbc, companies, jobs, report, hired, pace, sector, total, rose, census, overall, trade, services, temporary, workers, worse, disappointing, newly


The disappointing jobs report would have been much worse without newly hired Census workers

Without the temporary hiring of Census workers, the disappointing August jobs report would have been even worse.

The federal government hired 25,000 temporary workers in preparation for the 2020 Census in August, giving the overall jobs gain a big bump. Nonfarm payrolls increased by 130,000 last month, which fell short of Wall Street estimates for 150,000.

Employment in federal government rose by 28,000 in total in August, the Labor Department said Friday. Private-sector employment was up by only 96,000, the lowest pace since February.

The weakness largely came from the retail sector, which saw a net decline in workers of 11,100 in August alone. Trade, transportation and utilities also lost 11,000 jobs, and mining and logging lost 5,000 positions.

“The weaker than expected job gains do make sense when looking at yesterday’s ISM and Markit figures on employment and just understanding how businesses respond to the slowing pace of growth and trade worries,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Companies have taken a time out on hiring until visibility becomes less cloudy, it’s only prudent.”

The ISM gauge of U.S. manufacturing showed the sector contracted in August, its first decline since 2016.

The overall labor market is still in good shape. The unemployment rate stayed at 3.7% as expected, and wage growth remained strong, with average hourly earnings increasing by 0.4% for the month and 3.2% over the year.

Beside the big job additions ahead of the 2020 population count, professional and business services also added 37,000 jobs. Health care contributed 24,000 to the total number and financial services rose by 15,000.

—CNBC’s Jeff Cox contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: yun li
Keywords: news, cnbc, companies, jobs, report, hired, pace, sector, total, rose, census, overall, trade, services, temporary, workers, worse, disappointing, newly


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Treasury yields jump after US and China trade leaders agree to meet in Washington

U.S. government debt yields rose across the board Thursday after the China’s Ministry of Commerce said that the leaders of the U.S. and Chinese trade delegations held a phone call and agreed to meet next month in Washington, D.C. The yield on the benchmark 10-year Treasury note rose 11 basis points to 1.562%, while the yield on the 30-year Treasury bond jumped a similar 9 basis points to 2.055%. The 2-year note yield traded higher at 1.47%; yields rise as prices fall. Thursday’s pivot away from


U.S. government debt yields rose across the board Thursday after the China’s Ministry of Commerce said that the leaders of the U.S. and Chinese trade delegations held a phone call and agreed to meet next month in Washington, D.C. The yield on the benchmark 10-year Treasury note rose 11 basis points to 1.562%, while the yield on the 30-year Treasury bond jumped a similar 9 basis points to 2.055%. The 2-year note yield traded higher at 1.47%; yields rise as prices fall. Thursday’s pivot away from
Treasury yields jump after US and China trade leaders agree to meet in Washington Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: thomas franck
Keywords: news, cnbc, companies, jump, trade, leaders, china, rose, meet, commerce, chinas, agree, treasury, yields, month, chinese, washington, tariffs, yield


Treasury yields jump after US and China trade leaders agree to meet in Washington

U.S. government debt yields rose across the board Thursday after the China’s Ministry of Commerce said that the leaders of the U.S. and Chinese trade delegations held a phone call and agreed to meet next month in Washington, D.C.

Though a formal trade agreement remains a distant prospect, Wall Street welcomed the news of the meeting as one of the first positive developments between the world’s two largest economies over the past several weeks.

The yield on the benchmark 10-year Treasury note rose 11 basis points to 1.562%, while the yield on the 30-year Treasury bond jumped a similar 9 basis points to 2.055%. The 2-year note yield traded higher at 1.47%; yields rise as prices fall.

Thursday’s pivot away from Treasurys came after China’s Commerce Minister said Liu He, China’s top negotiator on trade, spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Beijing said the two sides agreed to hold another round of trade negotiations next month while consultations and other strategists will convene in September in preparation for the meeting, according to a translation of the Chinese Commerce Ministry statement.

The U.S. and China have in recent months escalated their trade war with new tariffs and barbed rhetoric, weighing on investor sentiment and fueling a bid for safer assets like U.S. debt. U.S. tariffs on $112 billion of Chinese imports took effect earlier this month, with additional duties set for later this year.

Company payrolls surged by 195,000 in August, according to a report from ADP and Moody’s Analytics, topping economist expectations of a gain of just 140,000. August’s growth was the best since the 255,000 added in April.


Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: thomas franck
Keywords: news, cnbc, companies, jump, trade, leaders, china, rose, meet, commerce, chinas, agree, treasury, yields, month, chinese, washington, tariffs, yield


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Dow jumps more than 350 points after China and US agree to trade talks next month, tech leads gains

Stocks surged on Thursday after the U.S. and China agreed to meet next month in Washington to discuss trade. The Dow Jones Industrial Average jumped 372.68 points, or 1.4% to 26,728.15. The S&P 500 climbed 1.3% to close at 2,976, led by a 2.1% gain in the tech sector, and closed around 1.7% from its record high. “I think we’re going to have a tough time breaking through it unless there is some news other than they’re going to talk.” Bank stocks such as J.P. Morgan Chase and Citigroup each closed


Stocks surged on Thursday after the U.S. and China agreed to meet next month in Washington to discuss trade. The Dow Jones Industrial Average jumped 372.68 points, or 1.4% to 26,728.15. The S&P 500 climbed 1.3% to close at 2,976, led by a 2.1% gain in the tech sector, and closed around 1.7% from its record high. “I think we’re going to have a tough time breaking through it unless there is some news other than they’re going to talk.” Bank stocks such as J.P. Morgan Chase and Citigroup each closed
Dow jumps more than 350 points after China and US agree to trade talks next month, tech leads gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: fred imbert
Keywords: news, cnbc, companies, trade, china, going, jumps, dow, stocks, rose, closed, climbed, talks, tech, leads, gains, semiconductor, think, points, month, careful


Dow jumps more than 350 points after China and US agree to trade talks next month, tech leads gains

Stocks surged on Thursday after the U.S. and China agreed to meet next month in Washington to discuss trade.

The Dow Jones Industrial Average jumped 372.68 points, or 1.4% to 26,728.15. The S&P 500 climbed 1.3% to close at 2,976, led by a 2.1% gain in the tech sector, and closed around 1.7% from its record high. The Nasdaq Composite advanced 1.75% to 8,116.83.

“You have to be careful as we come up to 3,000 on the S&P 500,” said JJ Kinahan, chief market strategist at TD Ameritrade. “I think we’re going to have a tough time breaking through it unless there is some news other than they’re going to talk.”

“At some point, the proof is going to have to be in the pudding,” he added. “I don’t know that we’re necessarily going to see that, so I think investors are going to have to be careful about getting too excited.”

The VanEck Vectors Semiconductor ETF (SMH) climbed 3% as Advanced Micro Devices rose 1.8%. On Semiconductor gained 2.6%. Bank stocks such as J.P. Morgan Chase and Citigroup each closed more than 2% higher while trade bellwethers Caterpillar and Boeing rose 3.3% and 1%, respectively.

China’s Commerce Ministry issued a statement Thursday morning saying that Liu He, Beijing’s top negotiator on trade, had spoken with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.


Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: fred imbert
Keywords: news, cnbc, companies, trade, china, going, jumps, dow, stocks, rose, closed, climbed, talks, tech, leads, gains, semiconductor, think, points, month, careful


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Companies may be terrified of tariffs, but consumers clearly aren’t

At a time when the tariff battle occupies much of the market’s attention, consumers seem to be largely disregarding the issue. The latest evidence of a resilient consumer comes from the July spending numbers, which showed a 0.6% monthly gain in personal spending even amid a more tepid 0.1% rise in personal income. While corporate America frets over the impact the U.S.-China trade war will have on future costs, consumer just keep right on rolling. Faucher said he doesn’t expect the current strong


At a time when the tariff battle occupies much of the market’s attention, consumers seem to be largely disregarding the issue. The latest evidence of a resilient consumer comes from the July spending numbers, which showed a 0.6% monthly gain in personal spending even amid a more tepid 0.1% rise in personal income. While corporate America frets over the impact the U.S.-China trade war will have on future costs, consumer just keep right on rolling. Faucher said he doesn’t expect the current strong
Companies may be terrified of tariffs, but consumers clearly aren’t Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: jeff cox
Keywords: news, cnbc, companies, economist, consumer, war, economy, companies, terrified, clearly, tariffs, rose, income, spending, consumers, arent, trade, personal, tariff


Companies may be terrified of tariffs, but consumers clearly aren't

At a time when the tariff battle occupies much of the market’s attention, consumers seem to be largely disregarding the issue.

The latest evidence of a resilient consumer comes from the July spending numbers, which showed a 0.6% monthly gain in personal spending even amid a more tepid 0.1% rise in personal income. That comes on top of data earlier in the week indicating that personal consumption rose 4.7% in the second quarter and saving compared to disposable income edging lower, from 8% to 7.7%.

While corporate America frets over the impact the U.S.-China trade war will have on future costs, consumer just keep right on rolling.

“Despite the concerns about the ongoing trade war between the U.S. and China and slower global economic growth, consumers remain in good shape, continuing to push the U.S. economy forward,” Gus Faucher, chief economist at PNC, said in a note.

The increased spending did not come, as might be expected, with a jump in inflation. The core personal consumption expenditures price index, which strips out food and energy, rose just 1.6% annualized, while the headline number was up a mere 1.4%, according to Commerce Department figures.

That’s well below the Federal Reserve’s target, though the three-month average was right on the 2% level that the central bank considers healthy.

“Net, net, the economy is riding high on the backs of the consumer who is hitting the shops and malls with credit cards out and clearing the store shelves of all that retailers have got this summer,” wrote Chris Rupkey, chief financial economist at MUFG Union Bank. “The consumer isn’t worried, sitting at home watching the political debates concerned about the country’s direction, they are out shopping and dipping into their savings to do it.”

The main question now will be how long it can last.

Faucher said he doesn’t expect the current strong pace to hold up as the trade war continues, particularly if the jobs market starts to weaken. While payrolls rose 164,000 in July, hours worked declined, sparking some concern of an early sign that the decadelong hiring boom was unwinding.

Friday’s data menu also came with some bad news — the closely watched University of Michigan consumer sentiment measure for August was revised lower to 89.8, representing a 9.8-point tumble that was the biggest monthly slide since December 2012.

Indeed, companies and analysts are more concerned about the future than consumers.

The Goldman Sachs Analyst Index, which surveys equity analysts on business conditions across multiple categories, fell to a two-year low in August. Its reading of 48.2 reflects economic contraction and showed across-the-board weakness fueled by tariff concerns.

“Analyst commentary suggests that further tariff escalation has ‘dampened [the] outlook’ for some sectors. Several responses indicated that some companies are rerouting supply chains and relocating production to mitigate exposure to the trade war,” Goldman economist Ronnie Walker wrote.

Still, signs of a recession appear distant, despite what the bond market and its inverted yield curve might be suggesting.

The Atlanta Fed is tracking third quarter GDP at 2.3% following a 2% gain in Q2. After-tax income continues to rise, gaining 3% annualized in July.

“The trade dispute with China may be escalating at a rapid pace but, despite the concerns of Fed officials, there is still little evidence that this is having a significant impact on the economy,” said Andrew Hunter, senior U.S. economist at Capital Economics.

One of the more bearish forecasting firms, Capital has taken up its Q3 growth estimate to 2% from 1.5%, though it still, like most of its peers, doesn’t think that will derail the Fed from again cutting interest rates in September.

“The direct impact of those tariffs should be manageable, but there is risk that uncertainty over the outcome of the conflict starts to weigh more heavily on the economy,” Hunter wrote. “So far, however, there is only limited evidence of that in the data.”


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: jeff cox
Keywords: news, cnbc, companies, economist, consumer, war, economy, companies, terrified, clearly, tariffs, rose, income, spending, consumers, arent, trade, personal, tariff


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