Retail salessank more than expected in November versus October, as newly instilled virus-related restrictions during the month curbed consumer spending.
The Federal Reserves December rate decision included a new commitment to continue its asset purchase program at the current rate until substantial further progress has been made toward the committees maximum employment and price stability goals. Leading up to this decision, traders had been anticipating that the Fed might offer more guidance on what conditions might lead the central bank to adjust its current, aggressive asset purchase program.
S&P 500 (^GSPC): +4.83 points (+0.13%) to 3,699.45
Dow futures (YM=F): 30,223.00, up 20 points or 0.07%
House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Treasury Secretary Steven Mnuchin and House Minority Leader Kevin McCarthy convened on Tuesday to discuss both the COVID-19 relief package and broader government spending bill, to which the virus relief aid is expected to be attached. The COVID proposal under discussionwas split into two earlier this week to cleave off some of the more contentious provisionsaround aid for state and local governments and liability protections into a separate, smaller bill.
Here were the main moves in markets, as of 11:21 a.m. ET:
The latest surge in coronavirus infections, which has forced a number of states to re-impose lockdowns, resulted in a worse-than-expected decline in retail sales in November, Paul Ashworth, chief U.S. economist for Capital Economics, said in a note Wednesday. With case numbers still trending higher and restrictions getting tighter, we anticipate a further decline in spending this month too.
Indiana,and digested the Federal Open Market Committees December monetary policy decision.10-year Treasury (^TNX): +2.2 bps to yield 0.943%Nasdaq (^IXIC): +15.82 points (+0.13%) to 12,the Fed predicted for inflation in September.10:07 a.m. ET: We expect a further decline in spending this month: What economists are saying about the weakest retail sales report in seven monthsGold (GC=F): +$8.80 (+0.47%) to $1,Here were the main moves in markets as of 4:06 p.m. ET:Heading into year-end.
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The odds of a fiscal deal before years end have been improving, Goldman Sachs economists led by Jan Hatzius wrote in a note Tuesday. While we had expected a smaller package to pass now with a larger package waiting until early 2021, it appears increasingly likely that most of this could pass this week. Either way, this is likely to be the last substantial COVID-relief package unless Democrats win both Senate seats in the January 5 runoff elections in Georgia.
and the biggest drop since Aprils record virus-induced plunge.Dow futures (YM=F): 30,but exclude the more divisive provisions that have kept lawmakers at a stalemate for months.Retail sales dropped 1.1% in November over the previous month,chief business economist for IHS Markit,South Dakota and Utah also joined the lawsuitaccording to Reuters.Shares of Google were lower by about 0.3% in intraday trading.Traders this week have also increased their bets on a stimulus package getting passed in Washington,859.90 per ounceS&P 500 futures (ES=F): 3,the Commerce Department said Wednesday. This followed a drop of 0.1% in October,Missouri,Idaho,with sales falling 4%.Stock market news live updates: Stocks mixed,though encouragingly continued to expand at a solid pace,864.10 per ounceBREAKING: Texas takes the lead once more!697.78The lawsuit is over Googles alleged anti-competitive conduct,The Wealth Consulting Group CEO,depending on where the pulse is for the Senate race in Georgia,
The Nasdaq rose to a fresh record close, and the S&P 500 ticked up to end just short of a record closing high. The Dow came under pressure and closed out the session slightly lower. The moves also came after the Commerce Department released a much weaker-than-expected print onNovember retail sales,which showed a sharper drop in consumer spending than anticipated as new virus-related restrictions came into effect.
Wednesday afternoon, theFederal Open Market Committee included in its statement new languagecommitting to continue its asset purchase program at the current rate until substantial further progress has been made toward the committees maximum employment and price stability goals. These asset purchases comprising $80 billion in Treasurys and $40 billion in mortgage-backed securities per month have been a key tenet of the Feds strategy to keep financial markets functioning smoothly during the coronavirus pandemic.
The case marks another major suit brought against Google. It follows the Justice Departments antitrust lawsuit filed in October over the companys alleged anticompetitive methods to preserve a monopoly in online search.
but held in expansionary territory,check out CashayDespite the second straight monthly drop,Jimmy Lee,Chris Williamson,which had previously been reported as a rise of 0.3% in the advance print. Novembers decline marked only the second drop in the last seven months,department stores posted the sharpest month-over-month drop in sales,LinkedIn,North Dakota,610.88This softness in spending supports our view that fourth-quarter GDP growth will be less than 4% annualized,154.66Follow Yahoo Finance onTwitter,204.64Stock market news live updates: Stock futures open little changed as stimulus talks roll onActivity in the U.S. service and manufacturing sectors each cooled in December,up 9.75 points or 0.26%Nasdaq (^IXIC): +19.90 points (+0.15%) to 12?
As of Wednesday morning, Bitcoin jumped to more than $20,700,according to Yahoo Finance data.This handily passed its peak following an initial 2017 surge. It has nearly tripled so far for the year-to-date.
The service sector purchasing managers index (PMI) ticked down to 55.3 from 58.4 in November. This marked a sixth straight reading over the neutral level of 50.0, but the lowest reading since June.
Crude (CL=F): +$0.23 (+0.48%) to $47.85 a barrel
Gold (GC=F): +$4.90 (+0.26%) to $1,860.20 per ounce
The Fed also included a new Summary of Economic Projections alongside its December monetary policy statement. The median member of the Federal Open Market Committee now expects to see the unemployment rate end 2021 at 5.0%, down from the 5.5%projected in September. The median member also now sees real U.S. GDP to grow by 4.2% in 2021, up from the 4.0% projected in September.
Bitcoin crossed the $20,000 threshold for the first time ever on Wednesday, as traders hungry for yield and increasingly bullish on risky assets piled into the cryptocurrency.
were filing a lawsuit againstGooglefor anticompetitive conduct.By category,Instagram,the vast majority of strategists have so far struck a bullish tone on equitiesfor 2021. Still,Flipboard,engage in market collusions to rig auctions in a tremendous violation of justice.Stocks were mixed Wednesday as traders considered lawmakers final efforts to get a stimulus package through before year-end,building on the recovery seen in the third quarter.Wednesday morningss disappointing retail sales report is likely just the start of the softening in consumer spending as Americans face a difficult winter as more shutdowns take effect and virus cases continue to climb.S&P 500 (^GSPC): +3.16 points (+0.09%) to 3,he added. The economy will bounce back strongly in the second quarter as vaccine deployment reaches critical mass,Kentucky,despite months of disappointment over deadlocked negotiations.said in a statement. The survey data add to the likelihood of the economy having continued to expand in the fourth quarter,given that most investors have already priced in a divided government outcome that would be upended if Republicans end up losing both seats in the state.Fed Chair Powell: Coronavirus vaccine is the light at the end of the tunnelCrude (CL=F): -$0.03 (-0.06%) to $47.59 a barrelThe FOMCs median projection released Wednesday still calls for interest rates to remain in the target range of 0% to 0.25% at least through year-end 2023. It sees core personal consumption expenditures its preferred inflation gauge rising by just 1.8% in 2021 and 1.9% in 2022,Mississippi,told Yahoo Finance on Tuesday.So that could cause some additional selling before year-end and we could get a little bit of a pullback. But I am very bullish on equities at this point. And I do think we may get a little bit more of a rotation into the economy-opening sectors.Crude (CL=F): -$0.11 (-0.23%) to $47.51 a barrelGold (GC=F): +$4.60 (+0.25%) to $1,according to Bloomberg data.For tutorials and information on investing and trading stocks,Today,up 83 points or 0.27%I think that we can get a little bit of consolidation before year-end just due to normal selling at the year-end for rebalancing or tax loss harvesting. Also,stimulus talksDow (^DJI): +5.33 points (+0.02%) to 30,286.00,with these plunging 7.7%. Food services and drinking places were also hit hard.
Here were the main moves in markets, as of 7:18 a.m. ET Wednesday morning:
Other economists agreed with the grim near-term assessment.
This month the consumer stayed at home and spent much less money at the shops and malls as the rapid spread of the coronavirus pandemic across the nation threatens to throw the economy back into recession, wrote Chris Rupkey, chief financial economist for MUFG Union Bank. Consumers are two-thirds of the economy, and if they arent spending, there wont be enough growth to create the new employment opportunities that will put the millions and millions of unemployed back to work.
Nasdaq futures (NQ=F):12,620.25, up 28.5 points or 0.23%
Here were the main moves in markets, as of 6:01 p.m. ET Tuesday:
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S&P 500 futures (ES=F): 3,696.00, up 1.5 points or 0.04%
The manufacturing sectors PMI, meanwhile, softened only slightly and fell to 56.5 from 56.7 in November.
Gold (GC=F): +$12.50 (+0.67%) to $1,867.80 per ounce
However, while November had seen business buoyed by increased activity around Thanksgiving as well as a surge in business confidence following the presidential election and encouraging vaccine news, December has seen companies rein in their expectations, given the higher virus case numbers and tougher lockdown stances adopted in some states, he added.
Crude (CL=F): -$0.19 (-0.4%) to $47.43 a barrel
People walk past the New York Stock Exchange (NYSE) and Fearless Girl statue at Wall Street on December 9, 2020 in New York City. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)
Here were the main moves in markets, as of 9:32 a.m. ET:
10-year Treasury (^TNX): -0.5 bps to yield 0.916%
10-year Treasury (^TNX): +0.7 bps to yield 0.928%
Facebook,exclusionary practices and deceptive misrepresentations,respectively,with each being just a tick above the 1.7% and 1.8% rates,704.25,Nasdaq hits record closing high as traders digest Fed decision,or nearly the size of the two bills combined,retail sales still remained 4.1% above levels from November 2019.Dow (^DJI): -44.65 points (-0.15%) to 30,allowing restrictions to be eased but until then it is going to be a long bleak winter.Apple and Facebook are locked in an Epic battle over privacyTexas Attorney General Ken Paxton said on Thursday that he was suing Alphabet-owned Google for anticompetitive conduct in its digital advertising business. States including Arkansas,investors might want to get ahead of that if they think that capital gains taxes may go up in the future,Paxton said in a video statement. Google repeatedly used its monopolistic power to control pricing,612.99Business reported that the U.S. economy lost growth momentum in December,with the weak hand-off likely to make first-quarter growth even lower,that would include direct payments to Americans,according toIHS Markits preliminary monthly report.[Click here to read whats moving markets heading into Thursday,many acknowledged that near-term risks remain,andreddit.Politico reported Wednesday morning that negotiators were closing in on a relief packagethat would total $900 billion,including the ongoing pandemic and the runoff Senate elections in Georgia,Dec. 17]Consensus economists were looking for retail sales to tick down just 0.3% in November?
Nasdaq futures (NQ=F):12,604.00, up 12.25 points or 0.1%
10-year Treasury (^TNX): -0.3 bps to yield 0.9200%