Stocks edge higher; Gap, Nordstrom sink on weak results
Wall Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of the Thanksgiving holiday in the U.S.
PrintWall Street capped another wobbly day of trading Wednesday with an uneven finish for the major stock indexes ahead of the Thanksgiving holiday.The Standard & Poor’s 500 index rose 0.2% after wavering between small gains and losses most of the morning. The benchmark index regained its footing in the final hour of trading.
The Dow Jones industrial average slipped less than 0.1% after having been down 0.6% in the early going. The Nasdaq composite rose 0.4%, getting a lift from a late-afternoon rally in technology stocks.The Federal Reserve released the minutes from its October policy meeting, which showed that Fed officials discussed how they “would not hesitate” to take appropriate actions to
that posed risks to the economy.AdvertisementThe minutes also revealed Fed officials maintained that the surge in inflation seen this year was still likely to be transitory while acknowledging that the rise in prices had been greater than expected. The minutes covered a meeting in which the Fed voted to take the first steps to roll back the massive support it has provided to the economy struggling to recover from the global pandemic. headtopics.com
Supply chain problems and pressure from inflation have been key concerns for a wide range of industries. Many companies have warned that they are having trouble meeting demand and are dealing with higher costs for raw materials. Those higher costs are being passed along to consumers, who have been paying more for food and other staples as well as a variety of retail items.
How to find (and survive) a Buy Nothing groupBuy Nothing groups are easier to find and join than ever. But there are rules and ethics and etiquette to consider.“You’ve got an environment where the persistence of supply chain issues is starting to wear on people,” said Eric Freedman, chief investment officer at U.S. Bank Wealth Management.
The S&P 500 rose 10.76 points to 4,701.46. The index set an all-time high last Thursday. The Dow slipped 9.42 points to 35,804.38, and the Nasdaq advanced 70.09 points to 15,845.23.Small-company stocks also rose. The Russell 2000 index added 3.60 points, or 0.2%, to end at 2,331.46.
Slightly more stocks in the S&P 500 index fell than rose. Gains in technology, real estate and energy stocks outweighed a slide in banks, materials companies and other sectors.Investors kept an eye on the latest batch of quarterly report cards. Computer maker HP rose 10.10% for the biggest gain in the S&P 500 after reporting solid financial results. Autodesk slumped 15.5% after the design software company warned investors that the pace of its recovery is being hurt by supply chain problems and pressure from inflation. headtopics.com
A mix of retailers that rely on direct consumer spending also turned choppy. Online crafts marketplace Etsy rose 6.2%. Gap nosedived 24.1% after the clothing chain said supply chain problems crimped its third-quarter earnings and revenue. Department store operator Nordstrom plunged 29% after reporting weak third-quarter earnings.
Energy stocks made gains as crude oil prices remained relatively stable and natural gas prices rose. Devon Energy rose 3.8%.High gas prices are hitting heavy-duty pickup owners hard. Here’s what they’re sayingSales of ever-larger pickup trucks have been keeping the U.S. auto industry flush in recent years. Now gas that can top $6 per gallon is changing the math around owning one.
Bond yields were mixed. The yield on the 10-year Treasury slipped to 1.64% from 1.67% late Tuesday. That weighed down banks, which rely on higher yields to charge more lucrative interest on loans. JPMorgan Chase fell 0.8%.The latest update onconsumer spending
showed an October rebound with a 1.3% rise, according to the Commerce Department. That’s slightly more than double the gain in September.It’s been an otherwise uneventful and short week for investors. Markets will be closed Thursday for the Thanksgiving holiday and will close early on Friday. headtopics.com
Investors received several upbeat economic updates Wednesday.The Commerce Department reported thatthe U.S. economy slowedto a modest annual growth rate of 2.1% in the third quarter, slightly better than its first estimate. But economists are predicting a solid rebound in the current quarter as long as higher inflation and a recent uptick in COVID cases do not derail activity.Read more: Los Angeles Times »
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horrible What about Ye's line with Gap? I thought I was a game changer.
Stocks making the biggest moves premarket: Deere, Gap, Nordstrom, VMware, HP & moreThese are the stocks posting the largest moves before the bell. GoldmanSachs keeps dumping on retail bagholders, getting ready for StockMarket crash - MichaelBurry Warns Retail Traders About the 'Mother of All Crashes'
Wall Street ends higher; Nvidia surge offsets Nordstrom, Gap slideWall Street ended higher on Wednesday, lifted by gains in Nvidia and other tech stocks, while Gap and Nordstrom shares tumbled following weak quarterly reports.
What to watch today: Wall Street looks lower as tech stocks come under pressure againDow futures fell sharply Wednesday as investors digested a slew of economic numbers. I have been very fruitful ever since I have been investing with Hendricksnino contacted Mr Hendricksnino after series of testimonies i saw online, i took courage and started investing with him. I have made my third withdrawal which are ten times the initial investment.
Gap CEO defends air freight investments despite margin hit, says it's about competing for holidays'I would much rather have a supply problem than a demand problem ... and that's what we're navigating,' Gap CEO Sonia Syngal told CNBC's Jim Cramer. The pig token $PIG 🐷🔥🚀 PIGFLYING pigtoken30x Pig_Finance will be very valuable, buy it when it's cheap They really messed up. If they can't sell the stuff at a decent price they are gonna be hurting. People still shop at gap?
New German government vows to tackle wide gender pay gapGermany's new government on Wednesday pledged to tackle the country's gender pay gap, one of the widest in the European Union, vowing to increase wage transparency through stronger legislation. Europe's largest economy comes fourth behind Estonia, Latvia, and Austria in EU rankings of EU countries that show difference in earnings of male and female employees, with women in Germany earning 19.2% less than men. The average EU gender pay gap is 14.1%. The only solution is full transparency. It’s not going to happen. But it’s the only way. Ahhh...more bullshit on this allegedly pay gap that has already been proven to not exist? Women make less because they don't sell themselves to employers. They take whatever they are offered in salary or raises. Men demand more. Companies are not just going to give it to you
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