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Midday Report: Wall St. Pulls Back From Earlier Highs Wall St. Is Mostly Higher
(about 1 hour later)
United States markets were mostly lower on Thursday, though shares of banks and other financial companies were doing well. Other big winners were health care and industrial companies, while safe-haven assets like utilities and phone companies slumped. The market was following a big rally on Wednesday after the election of Donald J. Trump as the next president. United States markets were mostly higher on Thursday, with the Dow Jones industrial average on course to beat its closing high from August. Consumer-focused companies, utilities and technology stocks were among the biggest decliners. The market was following a big rally on Wednesday after the election of Donald J. Trump as the next president.
KEEPING SCORE Near midday, the Dow Jones industrial average rose 0.9 percent, and the Standard & Poor’s 500-stock index was up 0.06 percent. The Nasdaq composite index tumbled 1.17 percent. KEEPING SCORE In early afternoon trading, the Dow rose 1.49 percent, and the Standard & Poor’s 500-stock index was up 0.66percent. The Nasdaq composite index fell 0.26 percent.
TRUMP BOUNCE Mr. Trump’s election put many investors in a buying mood, giving many global stock indexes a lift early Thursday. Traders were focusing on Mr. Trump’s promises to bolster economic growth through infrastructure spending, rather than uncertainties such as what he might do with trade agreements. Before the election, markets were worried about a Trump presidency because his campaign promises carried few policy details, making him an unknown quantity compared with his rival, Hillary Clinton.TRUMP BOUNCE Mr. Trump’s election put many investors in a buying mood, giving many global stock indexes a lift early Thursday. Traders were focusing on Mr. Trump’s promises to bolster economic growth through infrastructure spending, rather than uncertainties such as what he might do with trade agreements. Before the election, markets were worried about a Trump presidency because his campaign promises carried few policy details, making him an unknown quantity compared with his rival, Hillary Clinton.
THE QUOTE “We had a gangbuster day yesterday; call it a Trump rally,” said Doug Cote, chief market strategist for Voya Investment Management. “Today we’re having a little breather, a little rest, but the key thing that will also keep the market going is the S.&P. 500 corporate earnings for the third quarter are positive for the first time in six quarters.”THE QUOTE “We had a gangbuster day yesterday; call it a Trump rally,” said Doug Cote, chief market strategist for Voya Investment Management. “Today we’re having a little breather, a little rest, but the key thing that will also keep the market going is the S.&P. 500 corporate earnings for the third quarter are positive for the first time in six quarters.”
DROPPING THE PHONE Phone companies were trading lower, part of a sell-off in telecom and other safe-haven stocks. Shares of AT&T lost 1.7 percent, while Verizon Communications stock slid 1.8 percent. Shares of T-Mobile slid 2.5 percent.DROPPING THE PHONE Phone companies were trading lower, part of a sell-off in telecom and other safe-haven stocks. Shares of AT&T lost 1.7 percent, while Verizon Communications stock slid 1.8 percent. Shares of T-Mobile slid 2.5 percent.
MIXED RESULTS Shares of the biopharmaceutical company Novavax slumped 20 percent after the company reported third-quarter revenue that fell short of financial analysts’ forecasts. TECH SLIDE Some big names in the technology industry were trading lower. Netflix stock slumped 5 percent, while shares of Amazon slid 3.3 percent. Microsoft stock fell 2 percent.
BANKS SURGE Shares of several big banks were moving higher among speculation that Mr. Trump’s administration could result in higher interest rates and less government regulation, which tend to benefit banks and other financial stocks. JPMorgan Chase stock climbed 2.9 percent, the highest gainer in the Dow. Goldman Sachs stock rose 2.1 percent. MIXED RESULTS Shares of the biopharmaceutical company Novavax slumped 18.8 percent after the company reported third-quarter revenue that fell short of financial analysts’ forecasts.
BETTER QUARTER Shares of the department store chain Macy’s rose 8.5 percent after the company raised its sale outlook for the year, citing improved business in the third quarter. BANKS SURGE Shares of several big banks were moving higher among speculation that Mr. Trump’s administration could result in higher interest rates and less government regulation, which tend to benefit banks and other financial stocks. JPMorgan Chase stock climbed 2.9 percent, the highest gainer in the Dow. Goldman Sachs stock rose 2.1 percent. Wells Fargo gained $3.01, or 6.3 percent, to $51, while Discover Financial Services added $3.03, or 5 percent, to $63.32.
BRIGHT OUTLOOK Shares of the retailer Kohl’s surged 15.5 percent after the company said it saw positive trends heading into the coming holiday shopping season. BETTER QUARTER Shares of the department store chain Macy’s rose 6.6 percent after the company raised its sale outlook for the year, citing improved business in the third quarter.
BONDS The sell-off in bonds continued, sending prices lower and kicking up the yield on the 10-year Treasury note to 2.08 percent from 2.06 percent late Wednesday. That yield is a benchmark used to set interest rates on many kinds of loans including home mortgages. Traders have been selling bonds more aggressively to hedge against the possibility that interest rates, which have been ultralow for years, could rise steadily again under Mr. Trump’s administration. BRIGHT OUTLOOK Shares of the retailer Kohl’s surged 11.9 percent after the company said it saw positive trends heading into the coming holiday shopping season.
EUROPEAN MARKETS The market mood has turned around since the immediate aftermath of Mr. Trump’s victory. In Germany, the DAX lost 0.1 percent, and in France, the CAC 40 sank 0.3 percent. The FTSE 100 was down 1.2 percent in Britain. Russia was one of the biggest gainers in Europe as optimism there grew that Mr. Trump’s election would improve relations. The Micex index in Moscow was up 2.3 percent. BONDS The sell-off in bonds continued, sending prices lower and kicking up the yield on the 10-year Treasury note to 2.10 percent from 2.06 percent late Wednesday. That yield is a benchmark used to set interest rates on many kinds of loans including home mortgages. Traders have been selling bonds more aggressively to hedge against the possibility that interest rates, which have been ultralow for years, could rise steadily again under Mr. Trump’s administration.
EUROPEAN MARKETS In Germany, the DAX lost 0.1 percent, and in France, the CAC 40 sank 0.3 percent. The FTSE 100 was down 1.2 percent in Britain. Russia was one of the biggest gainers in Europe as optimism there grew that Mr. Trump’s election would improve relations. The Micex index in Moscow was up 2.3 percent.
ASIAN MARKETS The results of the American election prompted widespread selling on Wednesday in Asia. On Thursday, Asian shares posted hefty gains as they responded to the optimism subsequently recorded in Europe and the United States. The Nikkei 225 rose 6.7 percent in Japan, while in Hong Kong, the Hang Seng gained 1.9 percent. The Shanghai composite index added 1.4 percent in China. The Kospi climbed 2.3 percent in South Korea. In Australia, the S.&P./ASX 200 gained 3.3 percent.ASIAN MARKETS The results of the American election prompted widespread selling on Wednesday in Asia. On Thursday, Asian shares posted hefty gains as they responded to the optimism subsequently recorded in Europe and the United States. The Nikkei 225 rose 6.7 percent in Japan, while in Hong Kong, the Hang Seng gained 1.9 percent. The Shanghai composite index added 1.4 percent in China. The Kospi climbed 2.3 percent in South Korea. In Australia, the S.&P./ASX 200 gained 3.3 percent.
CURRENCIES One country keenly aware of potential problems ahead is Mexico. Mr. Trump repeatedly said he wanted a wall built to keep illegal Mexican immigrants out of the United States, and he has threatened to tear up the North American Free Trade Agreement.CURRENCIES One country keenly aware of potential problems ahead is Mexico. Mr. Trump repeatedly said he wanted a wall built to keep illegal Mexican immigrants out of the United States, and he has threatened to tear up the North American Free Trade Agreement.
On Thursday, the Mexican peso recouped some losses after plunging against the dollar on Wednesday. The dollar weakened to 20.46 Mexican pesos, still near its lowest level in decades.On Thursday, the Mexican peso recouped some losses after plunging against the dollar on Wednesday. The dollar weakened to 20.46 Mexican pesos, still near its lowest level in decades.
In other currencies, the euro was down 0.3 percent at $1.0874, while the dollar rose 0.9 percent to 106.60 yen. In other currencies, the euro was down 0.2 percent at $1.0894, while the dollar rose 0.9 percent to 106.56 yen.
ENERGY In oil markets, United States benchmark crude oil fell 55 cents, to $44.72 a barrel on the New York Mercantile Exchange while Brent crude, used to price international oils, dropped 48 cents, to $45.92 a barrel in London. ENERGY In oil markets, United States benchmark crude oil fell 52 cents, to $44.75 a barrel on the New York Mercantile Exchange while Brent crude, used to price international oils, dropped 46 cents, to $45.90 a barrel in London.