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U.S. stocks trade near session highs; Dow up 220 points or 1%; S&P 500 gains 0.7%
Shares of General Electric Co. dropped 1.3% in morning trade Tuesday, enough to pace the Dow Jones Industrial Average's decliners, after Stifel Nicolaus cut its price target, citing continued challenges at its power business and overall growth concerns. The stock was trading just above the March 26 close of $12.89, which was the lowest close since July 29, 2009. Stifel analyst Robert McCarthy cut his price target to $13 from $15, while maintaining the hold rating he's had on the stock since Oct. 23, 2017. His price target is now the second lowest among the 19 analysts surveyed by FactSet. McCarthy expects slower overall growth across GE's long-cycle businesses and challenges from inflation of materials costs. He proposes management consider capping the pension benefits for high-level, long-tenured employees "to provide the appropriate 'virtue' signaling in GE's current cash priority environment." The stock has plunged 28.7% over the past three months, while the Dow has slipped 4.5%.
S&P 500 briefly joins Nasdaq in negative territory in early intraday trade
Nasdaq slips into negative territory in early trade
U.S. stock indexes opened modestly higher Tuesday, with investors trading a day after a broad selloff in the previous session took the S&P 500 below a key technical level and erased the Nasdaq's gains for the year. The Dow Jones Industrial Average rose 120 points, or 0.5%, at 23,766, the S&P 500 index gained 11 points, or 0.4%, at 2,593, after the broad-market index closed below its 200-day moving average for the first time in about two years. Meanwhile, the Nasdaq Composite Index traded up 0.5% at 6,904, after erasing its gains for 2018 and now showing a year-to-date decline of 0.5% as of Monday's close. In corporate news, Tesla Inc. could see heavy trade amid questions about the electric-car maker's ability to turn out as many Model 3 sedans as promised. On Monday, Monday's selloff was broad-based and deep. Looking ahead, music-streaming company Spotify Technology S.A. is set to make its debut as public company in the U.S. later Tuesday.
The consumer-discretionary sector rose on Tuesday, recovering from a steep decline in the previous session as two of its largest components gained on the day. The sector rose 1%, the biggest percentage gainer among the 11 primary S&P 500 industry groups. The sector was supported by Amazon.com Inc. , which rose 2.1% in a rebound from the previous session's sharp drop, which was spurred by President Donald Trump repeatedly tweeting against the company. The online retail giant is by far the largest component of the discretionary sector, accounting for about 20% of its market capitalization. Netflix Inc. , another highly influential stock in the sector, climbed 3.8%. The Dow Jones Industrial Average rose 0.6% while the S&P 500 was up 0.6% and the Nasdaq Composite Index rose 0.8%.
Dow industrials rise 102 points to 23,747
Nasdaq Composite rises 0.8% to 6,927.18
S&P 500 up 0.4% at 2,593.05
Stocks open with gains a day after tech rout
Shares of Landstar System Inc. were indicated up over 1% in premarket trade Tuesday, after the trucking company raised its first-quarter profit and revenue outlook, amid strength in truckload volume and pricing trends. The company now expects first-quarter earnings per share of $1.35 to $1.40, up from previous guidance of $1.22 to $1.27. The new outlook includes about 3 cents per share of excess tax benefits. Revenue is now expected to be $1.03 billion to $1.05 billion compared with previous guidance of $925 million to $975 million. The company said during the first eight weeks of 2018, the number of loads hauled via truck increased 11% from a year ago, while revenue per load on loads hauled via truck jumped 21%. "The momentum we experienced closing out 2017 has carried over into 2018," said Chief Executive Jim Gattoni. "We continue to drive strong year over year volume growth and are currently experiencing an exceptional pricing environment." The stock has run up 24.8% over the past 12 months, while the Dow Jones Transportation Average has climbed 12.2% and the Dow Jones Industrial Average has gained 14.5%.
The recent weakness in the Nasdaq-100 index of large-capitalization stocks traded on the exchange has wreaked havoc on its components, with about three-fourths of the stocks in the index seeing double-digit percentage declines from their most recent peaks. According to FactSet data, 35 components of the Nasdaq-100 are in bear-market territory, defined as a drop of at least 20% from a recent peak. Among the notable names that have seen drawdowns of this magnitude, Facebook Inc. has shed 20.4% while Micron Technology Inc. is off 21.1%. Biogen Inc. has shed about 28% from its most recent peak. In a sign of how much the index has struggled of late, just 23 of the Nasdaq-100's components are not in correction territory, meaning they remain within 10% of their most recent peaks. Some of the index's largest and most influential names have held their ground, preventing deeper declines in the overall index. Among the stocks not in correction territory are Apple Inc. , Microsoft Corp. , and Intel Corp. , although all three saw steep declines on Monday and are within a few percentage points of dropping into correction territory. The Nasdaq-100 itself is 11.1% below its own 52-week high, while the Nasdaq Composite Index is down about 10% from its own. The Nasdaq fell 2.7% on Monday while the Dow Jones Industrial Average lost 1.9% and the S&P 500 was off 2.2%.
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Whereas nothing seemed to faze the market in 2017, everything seems to be faze it in 2018.
A stock market selloff deepened on Monday after, led by high-flying technology stocks.
Major stateside stock benchmarks are pacing for a better annual performance than much of the rest of the world, despite a volatile few weeks.
It's quite likely the new chair will see more market volatility during his term than did his predecessor. Janet Yellen's time at the helm was marked by mostly serene markets.
Money is flowing back into stocks, a sign that investors believe the market will keep climbing after the recent selloff.
Stop trying to make sense of the stock market, Jason Zweig says.
Here is a selection of factoids about the market's big decline on Monday.
The Dow Jones Industrial Average briefly fell more than 5% from its record high on Monday morning, a pullback that has historically served as an entry-point for bargain-hunting investors.
The stock market's long stretch of calm was interrupted this week.
President Donald Trump on Friday suggested that his election loss would have sparked a plunge in the stock market that's only ever happened eight times.
The year is just 15 trading sessions old and already the stock market has put in almost a full year's worth of gains.
Barring a massive shock before the closing bell on Monday, the S&P 500 will have had 395 trading days without a decline of 5% or more from a record high
Investors are pouring into the stock market as major indexes extend their monstrous rise.
The Nasdaq Composite Index closed at an inflation-adjusted record for the first time in nearly two decades, passing one of the few elusive milestones during this long bull market.
Boeing Co. isn't the biggest firm in the Dow Jones Industrial Average, a blue chip index that also includes the largest U.S.-listed company by market value, Apple Inc.
The stock market had a blowout start to the year. In just four days, the S&P 500 rose 2.6%, its best week since the end of 2016. That's a good omen for the rest of 2018.
The Dow Jones Industrial Average can thank Boeing Co. for its record-breaking run.
No company is more tied to the Dow Jones Industrial Average than General Electric Co. But the Boston-based conglomerate wasn't much help in the blue-chip index's run to its latest milestone.
After a year in which the S&P 500 rose 19%, Wall Street expectations are for a more modest rise in 2018.
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Key U.S. | Last | Chg | Chg % |
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Dow Jones Industrial Average | |||
NASDAQ Composite Index | |||
S&P 500 Index | |||
Russell 2000 Index | |||
Other U.S. | Last | Chg | Chg % |
Dow Jones Transportation Average | |||
Dow Jones Utility Average Index | |||
Dow Jones U.S. Total Stock Market Index | |||
NASDAQ 100 Index (NASDAQ Calculation) | |||
S&P 400 Mid Cap Index | |||
NYSE Composite Index | |||
Barron's 400 Index | |||
CBOE Volatility Index | |||
Global | Last | Chg | Chg % |
Global Dow Realtime USD | |||
Asia/Pacific | Last | Chg | Chg % |
The Asia Dow Index USD | |||
S&P/ASX 200 Benchmark Index | |||
Shanghai Composite Index | |||
Hang Seng Index | |||
S&P BSE Sensex Index | |||
NIKKEI 225 Index | |||
FTSE Straits Times Index | |||
Europe | Last | Chg | Chg % |
STOXX Europe 50 Index EUR | |||
STOXX Europe 600 Index EUR | |||
CAC 40 Index | |||
DAX | |||
IBEX 35 Index | |||
FTSE 100 Index GBP | |||
Americas | Last | Chg | Chg % |
BOVESPA Index | |||
S&P/TSX Composite Index | |||
IPC Indice de Precios Y Cotizaciones |
Company | Last | Chg | Chg % |
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Johnson & Johnson | |||
UnitedHealth Group Inc. | |||
Nike Inc. Cl B | |||
Boeing Co. | |||
Coca-Cola Co. | |||
Microsoft Corp. | |||
American Express Co. | |||
Travelers Cos. Inc. | |||
Intel Corp. | |||
McDonald's Corp. | |||
Walmart Inc. | |||
Goldman Sachs Group Inc. | |||
Cisco Systems Inc. | |||
JPMorgan Chase & Co. | |||
Pfizer Inc. | |||
Exxon Mobil Corp. | |||
DowDuPont Inc. | |||
Chevron Corp. | |||
Procter & Gamble Co. | |||
VISA Inc. Cl A | |||
Caterpillar Inc. | |||
Apple Inc. | |||
Home Depot Inc. | |||
Merck & Co. Inc. | |||
Verizon Communications Inc. | |||
United Technologies Corp. | |||
Walt Disney Co. | |||
3M Co. | |||
International Business Machines Corp. | |||
General Electric Co. |